The Tool Desk
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Start with ownership and reporting scope. India Cements is now described by the company as a subsidiary of UltraTech Cement, so investors should not compare it as if it were still an independent operator on the same footing as before the acquisition. Compare each company on the same reporting period and accounting perimeter, then assess operating scale, profitability, debt, geographic cost position, growth plans and valuation. Available FY2024–25 figures offer useful peer reference points, but they do not establish a like-for-like India Cements ranking or a current investment call.
Why India Cements needs a different comparison frame
The Competition Commission of India (CCI), in a Press Information Bureau release dated 20 December 2024, said it had approved UltraTech Cement’s proposed acquisition of India Cements. The notice described a proposed purchase of 32.72% of paid-up equity from promoters and an open offer for up to 26%; it identified India Cements’ core business as grey cement and ready-mix concrete. India Cements’ company-hosted director document subsequently labels it “A subsidiary of UltraTech Cement Limited” and lists UltraTech executives among its non-executive directors.
For an investor, the practical issue is the reporting boundary. Keep these three views separate:
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Repair Windows errors before they cause bigger problemsFix Now →Scan for outdated or missing drivers - takes under a minuteDriver Scan →- India Cements standalone: the listed company’s own accounts, excluding subsidiaries where applicable.
- UltraTech consolidated: the parent’s group accounts, which may already include India Cements and other subsidiaries.
- Post-acquisition or pro forma operations: operating results reported for acquired assets or periods that may not match either company’s full-year accounts.
Always record the reporting date, whether a figure is standalone or consolidated, and which units it includes. Adding India Cements’ figures to UltraTech’s consolidated totals would double-count them when those operations are already consolidated. Also distinguish regulatory approval from later evidence of the group relationship: the CCI release documents approval, while the India Cements company document identifies the later subsidiary relationship.
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- Essential Cement Testing: Specifically designed to determine the Initial Setting Time and Final Setting Time of hydraulic cement pastes, crucial for construction quality control.
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- High Precision Reading: Features a clear, calibrated scale in millimeters (MM) for precise measurement of needle penetration depth during testing.
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What the FY2024–25 reference figures show
These company-reported figures help place the listed peers in context; they are not a uniform peer ranking. The metrics and reporting boundaries differ, so read the qualification alongside each figure.
| Company | FY2024–25 reference figures | Scope and interpretation |
|---|---|---|
| UltraTech Cement | India installed capacity of 183.36 MTPA, production of 127.44 MMT, capacity utilisation of 78%, and total sales volume of 135.83 MMT. | UltraTech’s India capacity figure includes 14.45 MTPA at India Cements subsidiary. Separately, consolidated grey cement capacity was 188.8 MTPA at year end, including overseas capacity. The report groups 26.3 MTPA of capacity from the India Cements and Kesoram cement-business acquisitions together; it is not an India Cements-only capacity figure. (UltraTech Cement FY2024–25 annual report.) |
| ACC | Revenue from operations of ₹21,762 crore, cement sales volume of 39 million tonnes, reported EBITDA margin of 18%, and cash and cash equivalents of ₹3,593 crore. | ACC said it remained debt-free. Its FY2022–23 financial year covered 15 months, so that period is not directly comparable with a standard 12-month year without adjustment. (ACC FY2024–25 annual report.) |
| Ambuja Cements | Cement sales volume of 63 MMT; capacity during the reporting period was 88.9 MTPA. | Ambuja reported total capacity of 100.3 MTPA after the reporting period, following Orient Cement’s acquisition and subsequent capacity additions. That later figure should not be paired with FY2024–25 sales as if both were period-end measures. (Ambuja Cements FY2024–25 reporting.) |
| JSW Cement | Manufacturing capacity of 20.6 MTPA and reported debt of ₹6,166 crore. | JSW’s report describes a capital-raising journey and proposed IPO; its scale and financing context differ from more mature, larger cement groups. (JSW Cement FY2024–25 annual report.) |
| India Cements | UltraTech said efficiency improvements at India Cements enabled EBITDA break-even in the March 2025 quarter. | This is a parent-company statement about the acquired operation, not evidence of full-year standalone profitability or a directly comparable annual margin. A complete audited India Cements FY2024–25 peer series has not been established here. (UltraTech Cement FY2024–25 annual report.) |
MTPA means million tonnes per annum; MMT means million metric tonnes. Capacity is a rate, while production and sales volume are quantities over a reporting period. They answer different questions and should not be treated as interchangeable.
Compare operating scale without mistaking it for performance
Capacity, production and sales
Capacity indicates the potential size of an operation, not how much cement it actually makes or sells. Compare installed cement capacity with cement capacity—not clinker capacity—and check whether the figure covers India or a consolidated global footprint. Then place it alongside production, sales volume and utilisation for the same period. Acquired or newly commissioned plants can change capacity after year end, so mark whether each number is a period-end value or a later update.
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Utilisation and regional reach
Utilisation helps show how much installed capacity is being used, but it does not explain why. A company may have lower utilisation because of commissioning, maintenance, weak demand in a region or constraints in distribution. Map plants and grinding units against sales markets, freight exposure and access to limestone, fuel, power, rail, ports and distribution. Cement is heavy and transport-sensitive, so delivered cost and local pricing can matter more than national capacity alone.
Test profitability on a like-for-like basis
Headline revenue and EBITDA margins can conceal differences in mix, costs and reporting scope. Where companies disclose the figures consistently, compare:
- EBITDA per tonne and EBITDA margin: use the same period, product basis and standalone or consolidated perimeter.
- Realisation per tonne: consider product mix and regional market mix rather than assuming that higher revenue per tonne automatically means better economics.
- Power and fuel cost, freight cost and clinker factor: these help explain the cost base and exposure to energy or transport changes.
- Blended and premium cement share: product mix can affect both realisation and cost, so compare definitions as well as percentages.
ACC attributes some cost efficiencies to group synergies in logistics and power or coal. That is useful operating context, but a company’s explanation of its own cost advantage is not an independently measured comparison. Do not set an India Cements annual margin beside a parent-reported quarterly break-even statement and call the result a peer ranking.
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- 72hr Lab Fee Included - No further costs to process your sample
- PLM Testing Method - Your results will tell you which kind of asbestos was detected along with a percentage concentration
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Check balance-sheet risk and capital needs
Debt alone is not a full measure of financial risk. For the same date and reporting perimeter, review gross debt, cash and equivalents, net debt, interest expense and working capital. Add planned capital expenditure, acquisition funding, credit ratings and dividend policy to understand whether a company can fund expansion while maintaining its balance sheet.
The FY2024–25 references illustrate why dates and scope matter: ACC reported ₹3,593 crore of cash and said it remained debt-free, while JSW Cement reported ₹6,166 crore of debt. Those figures are not enough on their own to rank financial strength; reconcile their reporting dates and perimeters and consider cash flow and investment commitments.
Separate growth plans from capacity already operating
For each company, classify capacity as operating, commissioned, under construction, announced or acquired. Compare expected completion dates, funding and integration progress rather than treating every planned tonne as current production potential.
Rank #4
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Acquisition disclosures need particular care. UltraTech’s FY2024–25 report groups 26.3 MTPA from the India Cements and Kesoram cement-business acquisitions, so investors cannot attribute that combined figure to India Cements alone. Ambuja’s 100.3 MTPA capacity is a post-period update, not its FY2024–25 period capacity. The operational benefits and costs of integrating acquired sites may also emerge on a different timeline from the accounting consolidation.
Include sustainability and regulatory exposure
For a long holding period, compare emissions intensity, alternative-fuel use, renewable power, water use, mine restoration and environmental permissions using common units, boundaries and reporting methods. India Cements reported generating 28.4 TJ of energy from alternative fuel in FY2023–24 and reducing traditional fossil-fuel consumption per tonne of clinker by 7.2%. These are historical company-reported figures for that year, not a current peer ranking.
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Operating comparisons do not tell you whether a share is cheap or expensive. For a valuation comparison, use share prices and market capitalisations from the same date, then calculate enterprise value with debt and cash defined consistently. Relevant measures can include EV/EBITDA, price-to-book and dividend yield, but the earnings period, consolidation perimeter and treatment of acquisitions must be clear.
Best Value
- High Precision: The bulk density tester for powder provides accurate measurement results. There is a level at the bottom to adjust the level. Attention: Data measurement needs to be conducted in a balanced state
- Measurement Principle: Let the powder fall from a funnel(taper 60°±0.5°,Volume 120ml) at a certain height until the measuring cup(100ml) is filled, and weigh a specific volume of bulk powder, which is the bulk density
- High Quality Stainless Steel: The natural accumulation density tester uses thickened stainless steel material for the volumetric meter, with sufficient wall thickness and hardness, durability, and wear resistance. The measuring frame is made of stainless steel to prevent dust from falling during loading
- Stable Base: The powder stacking density tester adopts a fixed stainless steel base, and the base has triangular adjustable screws that can adjust the height according to needs
- Widely Used: Bulk density meter can measure the density of various powders. For example: metal powder, rare metal powder, alloy powder, soil, dye, abrasive, paint, cement, water sediment powder, etc
No current October 2026 market prices, market capitalisations or valuation multiples are established by the figures above, which are principally FY2024–25 operating disclosures. They therefore support no conclusion here about which cement stock is cheapest, most attractive or a buy.
A practical comparison sequence
- Fix the date and entity boundary. Label every input as standalone or consolidated and identify the assets included.
- Align periods. Use the same financial year or adjust unusual periods, such as ACC’s 15-month FY2022–23.
- Compare physical operations. Put capacity, production, sales and utilisation side by side, with geography and timing stated.
- Explain unit economics. Compare per-tonne costs and margins only where definitions match.
- Assess funding and returns. Review debt, cash, interest, working capital, capital expenditure and shareholder distributions together.
- Reconcile growth and valuation. Separate future capacity from operating capacity, and use same-date market data before making a valuation judgment.
This sequence makes India Cements’ position easier to assess without confusing a subsidiary’s listed-company accounts, an acquired operation’s early performance and UltraTech’s consolidated scale.
Quick Recap
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