Sanghi Industries Limited is engaged in the manufacturing and marketing of cement and cement products in domestic and export markets. The Company’s manufacturing facilities are at Sanghipuram, Gujarat. The company sells in Gujarat, Rajasthan, Maharashtra and Kerala and International Markets of the Middle East, Africa and the Indian subcontinent. It also sells Ready Mix Concrete in Ahmedabad and Rajkot markets.[1]
Product Portfolio Revenue Split FY23The Co. manufactures Clinker & different types of Cement such as:Ordinary Portland Cement (OPC) - 66%Portland Pozzolana Cement (PPC)- 33%Portland Slag Cement (PSC) - 1%.[1]
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | UltraTech Cem. | 12255.00 | 49.24 | 361129.32 | 0.63 | 1237.98 | 75.23 | 19606.93 | 20.33 | 10.89 | 81724.53 | 18.35 | 7334.75 | 1231.58 | 5.01 | 5.19 | 0.35 |
| 2. | Grasim Inds | 2795.80 | 43.96 | 190260.27 | 0.36 | 1498.04 | 68.24 | 39899.58 | 16.59 | 7.50 | 159663.26 | 20.07 | 4327.58 | 553.48 | 1.91 | 1.69 | 2.06 |
| 3. | Ambuja Cements | 549.55 | 23.64 | 135839.06 | 0.36 | 2302.28 | 233.64 | 9174.49 | 21.48 | 10.50 | 38772.67 | 18.83 | 5746.21 | 1935.75 | 2.42 | 7.02 | 0.02 |
| 4. | Shree Cement | 27550.00 | 57.83 | 99402.46 | 0.40 | 309.82 | 303.60 | 4761.07 | 17.44 | 6.71 | 20146.65 | 23.33 | 1718.89 | 308.51 | 4.43 | 3.97 | 0.10 |
| 5. | J K Cements | 5712.00 | 42.65 | 44135.62 | 0.26 | 159.25 | 275.56 | 3019.20 | 17.93 | 13.99 | 12883.19 | 18.56 | 1034.93 | 160.53 | 6.81 | 5.11 | 1.00 |
| 6. | Dalmia BharatLtd | 2177.30 | 36.70 | 40838.73 | 0.41 | 239.00 | 413.04 | 3417.00 | 10.69 | 5.58 | 14325.00 | 20.13 | 1112.86 | 236.00 | 2.31 | 2.48 | 0.40 |
| 7. | ACC | 1728.10 | 10.04 | 32451.52 | 0.43 | 1119.26 | 401.44 | 5931.67 | 27.99 | 17.44 | 24060.83 | 14.84 | 3230.72 | 1119.23 | 1.63 | 9.46 | 0.02 |
| 8. | Sanghi Industrie | 64.33 | – | 1661.81 | 0.00 | -116.55 | -56.48 | 284.93 | 88.07 | -3.91 | 1124.52 | 10.41 | -445.82 | -116.55 | 3.95 | -10.78 | 5.93 |
| – | Median: 34 Co. | 200.0 | 30.02 | 3043.93 | 0.2 | 19.92 | 119.45 | 601.69 | 16.98 | 6.11 | 2503.97 | 11.98 | 65.69 | 22.52 | 2.31 | 1.46 | 0.62 |
Standalone figures in ₹ crores
| Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 230 | 134 | 226 | 167 | 181 | 189 | 285 | 223 | 152 | 259 | 335 | 245 | 285 |
Expenses | 232 | 152 | 238 | 263 | 209 | 212 | 226 | 226 | 148 | 229 | 299 | 220 | 260 |
Operating Profit | -2 | -18 | -13 | -96 | -28 | -23 | 59 | -3 | 3 | 30 | 36 | 25 | 25 |
Other Income | 12 | 1 | 1 | 4 | 95 | -58 | -10 | 11 | -109 | 4 | 11 | 42 | 4 |
Profit before tax | -59 | -118 | -105 | -189 | -39 | -201 | -19 | -89 | -196 | -60 | -117 | -75 | -117 |
Tax % | -25% | 22% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 61% | 0% | 0% | 0% |
Net Profit | -44 | -144 | -105 | -189 | -39 | -202 | -19 | -89 | -196 | -97 | -117 | -75 | -117 |
EPS in Rs | -1.77 | -5.57 | -4.05 | -7.33 | -1.50 | -7.80 | -0.74 | -3.44 | -7.57 | -3.75 | -4.53 | -2.92 | -4.51 |
Standalone Figures in ₹ Crores / Yearly
| Jun 2014 | Jun 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 1,048 | 932 | 840 | 998 | 1,026 | 1,061 | 888 | 939 | 1,129 | 928 | 828 | 969 | 1,125 |
Expenses | 851 | 775 | 689 | 799 | 811 | 907 | 695 | 696 | 938 | 942 | 899 | 902 | 1,008 |
Operating Profit | 197 | 157 | 151 | 198 | 216 | 154 | 193 | 244 | 192 | -14 | -71 | 67 | 117 |
Other Income | 8 | 7 | -59 | 2 | 22 | 27 | 12 | 6 | 11 | 19 | 13 | -82 | 62 |
Interest | 14 | 27 | 22 | 64 | 72 | 57 | 78 | 73 | 82 | 238 | 284 | 228 | 231 |
Depreciation | 148 | 106 | 54 | 73 | 72 | 71 | 62 | 64 | 64 | 93 | 107 | 218 | 317 |
Profit before tax | 44 | 31 | 16 | 63 | 93 | 53 | 65 | 113 | 57 | -326 | -449 | -462 | -369 |
Net Profit | 50 | 31 | 16 | 63 | 93 | 53 | 65 | 78 | 41 | -326 | -449 | -498 | -406 |
EPS in Rs | 2.25 | 1.39 | 0.73 | 2.87 | 3.72 | 2.10 | 2.60 | 3.12 | 1.62 | -12.61 | -17.37 | -19.29 | -15.71 |
Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | – |
Standalone figures in ₹ crores
| Jun 2014 | Jun 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 220 | 220 | 220 | 220 | 251 | 251 | 251 | 251 | 251 | 258 | 258 | 258 | 258 |
Reserves | 670 | 691 | 831 | 894 | 1,347 | 1,399 | 1,464 | 1,543 | 1,583 | 1,301 | 852 | 354 | 162 |
Borrowings | 651 | 535 | 603 | 599 | 740 | 771 | 1,256 | 1,415 | 1,397 | 1,548 | 2,084 | 2,506 | 2,494 |
Other Liabilities | 217 | 314 | 366 | 352 | 316 | 394 | 433 | 395 | 589 | 602 | 434 | 615 | 848 |
Total Liabilities | 1,757 | 1,760 | 2,020 | 2,066 | 2,654 | 2,816 | 3,404 | 3,604 | 3,820 | 3,710 | 3,628 | 3,733 | 3,762 |
Fixed Assets | 1,266 | 1,238 | 1,478 | 1,452 | 1,509 | 1,605 | 1,706 | 1,652 | 3,163 | 3,117 | 3,185 | 3,090 | 3,013 |
Gross Block | 2,194.88 | 2,287.28 | 2,535.64 | 2,581.96 | 2,710.68 | 2,877.64 | 3,038.91 | 3,046.20 | 4,554.71 | 4,586.33 | 4,615.72 | 4,738.97 | – |
Accumulated Depreciation | 929.32 | 1,049.24 | 1,057.31 | 1,130.09 | 1,201.96 | 1,272.58 | 1,332.71 | 1,394.12 | 1,391.64 | 1,469.03 | 1,430.79 | 1,649.11 | – |
CWIP | 59 | 56 | 82 | 167 | 294 | 437 | 1,004 | 1,338 | 42 | 42 | 4 | 149 | 152 |
Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Other Assets | 432 | 466 | 460 | 447 | 852 | 774 | 694 | 614 | 614 | 550 | 439 | 494 | 597 |
Total Assets | 1,757 | 1,760 | 2,020 | 2,066 | 2,654 | 2,816 | 3,404 | 3,604 | 3,820 | 3,710 | 3,628 | 3,733 | 3,762 |
Standalone Figures in ₹ Crores / Yearly
| Jun 2014 | Jun 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | 210 | 197 | 142 | 76 | 222 | 122 | 71 | 302 | 402 | -25 | -245 | -249 |
Cash from Investing Activity | -44 | -44 | -124 | -8 | -684 | -112 | -471 | -342 | -298 | 29 | 236 | -128 |
Cash from Financing Activity | -167 | -152 | -19 | -68 | 463 | -10 | 401 | 39 | -105 | -3 | 182 | 225 |
Net Cash Flow | -0 | 0 | -0 | -0 | 0 | 0 | 2 | -1 | -1 | 1 | 172 | -152 |
Standalone Figures in ₹ Crores / Yearly
| Jun 2014 | Jun 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 4 | 6 | 8 | 9 | 11 | 15 | 16 | 19 | 30 | 20 | 0 | 22 |
Inventory Days | 561 | – | 729 | 863 | 811 | 891 | 1,814 | 1,500 | 1,612 | – | 308 | 1,550 |
Days Payable | 290 | – | 758 | 658 | 730 | 725 | 668 | 589 | 1,348 | – | 129 | 508 |
Cash Conversion Cycle | 275 | 6 | -21 | 214 | 93 | 181 | 1,163 | 930 | 294 | 20 | 179 | 1,063 |
Working Capital Days | 9 | -25 | -42 | -14 | -32 | -54 | -74 | -45 | -88 | -112 | -86 | -12 |
ROCE % | 4% | 4% | 6% | 8% | 8% | 5% | 5% | 6% | 4% | -3% | -5% | -4% |
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Stock Analysis
Sanghi Industries Limited manufactures and markets cement and cement products, with facilities in Gujarat. It is part of the Adani Cement umbrella, alongside Ambuja Cements and ACC.
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