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Repair Windows errors before they cause bigger problemsFix Now →Scan for outdated or missing drivers - takes under a minuteDriver Scan →Clear out junk files and repair common Windows errorsFree Scan →Compare India Cements with other listed Indian cement companies only after you establish which entity and reporting period each figure describes. India Cements is now identified by the company as a subsidiary of UltraTech Cement, so its standalone listed-company accounts, UltraTech’s consolidated accounts and post-acquisition operating data are not interchangeable. The FY2024–25 figures below offer useful reference points, but they do not support a current valuation or a like-for-like ranking of India Cements against its peers.
Start with ownership and the reporting boundary
The Competition Commission of India said in a Press Information Bureau release dated 20 December 2024 that 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 described India Cements’ core business as manufacturing and selling grey cement and ready-mix concrete.
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India Cements’ company-hosted director document now describes it as “(A subsidiary of UltraTech Cement Limited)” and lists UltraTech executives among its non-executive directors. That establishes the present group relationship, but the CCI approval notice alone does not establish every later transaction-completion or control date.
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For any figure you compare, label the boundary explicitly:
#1 Best Overall
- 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.
- Complete Testing Kit: Supplied as a full set, including the main frame, a Brass Vicat Mold (or Mould), a removable Plunger, and both the Initial and Final Setting Needles, along with a Glass Plate.
- Durable & Robust Construction: Built with a sturdy Cast Iron Base and bright metallic moving parts to ensure stability and longevity in a demanding laboratory environment.
- India Cements standalone: the listed company’s own accounts and operations, as defined in its standalone filing.
- India Cements consolidated: the company and the entities included in its consolidated accounts.
- UltraTech consolidated: UltraTech and its consolidated subsidiaries, potentially including India Cements. Do not add India Cements’ results or capacity to UltraTech’s consolidated totals if they are already included.
- Pro forma or post-acquisition operations: a separately identified view of acquired operations; check the dates and units included rather than treating it as an audited full-year result.
Control can change who allocates capital, directs operations and sets group priorities. Minority shareholders still need to assess India Cements as a listed security, including its own reported results and governance, rather than assuming the parent’s consolidated performance belongs to the subsidiary’s shareholders.
What the FY2024–25 reference figures show—and do not show
The following figures are company-reported reference points, not a same-perimeter ranking. MTPA means million tonnes per annum; MMT means million metric tonnes. The distinction between installed capacity, production and sales matters: they measure different things and may cover different boundaries.
| Company | FY2024–25 reference figures | Boundary and timing to keep in view |
|---|---|---|
| UltraTech Cement | India installed capacity: 183.36 MTPA, including 14.45 MTPA at its India Cements subsidiary; production: 127.44 MMT; utilisation: 78%; total sales volume: 135.83 MMT. Consolidated grey cement capacity was 188.8 MTPA at year end. | UltraTech’s annual report reports India and consolidated capacity separately. It groups 26.3 MTPA from the India Cements and Kesoram cement-business acquisitions together; that combined figure is not India Cements’ capacity alone. |
| ACC | Revenue from operations: ₹21,762 crore; cement sales volume: 39 million tonnes; reported EBITDA margin: 18%; cash and cash equivalents: ₹3,593 crore. The company said it remained debt-free. | ACC’s FY2022–23 financial year covered 15 months, so that year is not directly comparable with standard 12-month years without adjustment. Confirm reporting perimeter and dates before comparing its cash or debt with another company’s. |
| Ambuja Cements | Cement sales volume: 63 MMT; capacity during the reporting period: 88.9 MTPA. | Ambuja reported 100.3 MTPA after the reporting period, following the Orient Cement acquisition and subsequent capacity additions. Do not pair that later capacity figure with FY2024–25 sales as if both were period-end measures. |
| JSW Cement | Manufacturing capacity: 20.6 MTPA; reported debt: ₹6,166 crore. | The company’s report discusses its capital journey and proposed IPO. Its scale and stage of development differ from those of UltraTech and Adani-group cement businesses. |
| India Cements within UltraTech | 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. It is not evidence of full-year standalone profitability or a directly comparable FY2024–25 peer margin. |
Sources: UltraTech Cement FY2024–25 annual report; ACC Limited FY2024–25 report; Ambuja Cements Limited FY2024–25 report; JSW Cement FY2024–25 report; and the CCI/PIB release dated 20 December 2024. The figures are reported by the companies and should not be read as independently verified recommendations.
Rank #2
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Compare operating scale without mistaking it for efficiency
For each company, look at installed cement capacity, production, sales volume and utilisation for the same period and reporting boundary. Check whether the capacity figure is cement or clinker capacity, whether it is domestic or consolidated, and whether it includes acquired or commissioned assets. An announced project is not operating capacity; a post-period addition is not a period-end figure.
Utilisation can help show how much installed capacity was used, but it does not by itself explain profitability. A producer with lower utilisation could have better margins because of its market mix or costs; a larger company can still earn poor returns if capacity is underused or expansion is expensive. Compare the figures as separate operating indicators, then look for explanations in unit economics and regional exposure.
Test profitability on a per-tonne and like-for-like basis
Where companies disclose consistent figures, compare EBITDA per tonne alongside EBITDA margin. Per-tonne measures can make operating performance easier to interpret when companies have different sales volumes, while the margin shows EBITDA relative to revenue. Neither resolves differences in accounting boundary, product mix or period length, so use the same period and standalone-or-consolidated basis for both companies.
Rank #3
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Then examine the drivers of the result:
- Realisation: revenue earned per tonne, with attention to product and regional mix.
- Power and fuel: cost per tonne and the extent to which fuel mix or power sourcing changes it.
- Freight and logistics: transport cost and the distances between plants, grinding units and customers.
- Clinker and blended cement: clinker factor and the share of blended or premium products, where disclosed on a comparable basis.
ACC attributes some cost efficiencies to group synergies in logistics and power or coal. That is relevant operating context, not proof that another producer can achieve the same savings or that the reported margin is comparable without checking the underlying definitions.
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Do not stop at a headline debt figure. Check gross debt, cash and cash equivalents, net debt, interest expense, working capital, planned capital expenditure and dividends, using the same reporting date and entity boundary. Also review credit ratings and funding plans where available. A cash-rich, debt-free balance sheet and a debt-funded expansion programme present different risk profiles; neither number alone captures future obligations or returns.
ACC reported ₹3,593 crore of cash and equivalents and said it remained debt-free in FY2024–25. JSW Cement reported ₹6,166 crore of debt for that year. Those disclosures are useful starting points, but a direct comparison needs consistent dates, definitions and reporting perimeters. Treat capital expenditure as part of the same analysis: capacity growth can require substantial funding before it contributes sales or operating profit.
Rank #4
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Account for geography, input access and delivered cost
Cement is heavy and transport-sensitive. A company’s competitive position depends not just on total capacity but on where its plants and grinding units sit relative to customers, limestone, fuel and power, rail links, ports and distribution. Compare regional sales exposure and logistics costs where companies disclose them; a national capacity total can hide a strong regional position or a costly gap between production and demand.
Claims of a cost advantage should be treated as company claims unless measured on a consistent, independently comparable basis. Group access to logistics or energy can influence costs, but it is not a substitute for checking realised freight, fuel and power costs per tonne.
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1Clear out junk files and repair common Windows errors2Fix the driver behind crashes, sound loss and screen glitches3Repair Windows errors before they cause bigger problemsSeparate capacity plans from completed growth
For each expansion or acquisition, distinguish announced capacity from commissioned capacity and identify the expected timing, funding and integration status. Compare the investment required with the expected addition to operating volume, not just the headline project size.
Best Value
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Period labels are especially important in this comparison: UltraTech’s FY2024–25 report combines India Cements and Kesoram cement-business acquisitions in its 26.3 MTPA acquired-capacity figure, while Ambuja’s 100.3 MTPA figure followed its FY2024–25 reporting period. Neither should be reassigned to India Cements alone or used as though it described Ambuja’s FY2024–25 period-end capacity.
Use sustainability data only when the measures match
Long-term investors may compare emissions intensity, alternative-fuel use, renewable power, water use, mine restoration and environmental permissions. Check that the companies use the same units, boundaries and calculation methods, and note whether a figure covers cement, clinker or a wider group.
India Cements reported that it generated 28.4 TJ of energy from alternate fuel in FY2023–24 and reduced traditional fossil-fuel consumption per tonne of clinker by 7.2%. These are historical company-reported measures for that period, not a current peer ranking.
Value the shares with same-date market data
After establishing comparable operating and balance-sheet figures, use market prices and market capitalisations from the same date to assess valuation. Potential measures include enterprise value to EBITDA, price-to-book and dividend yield. Define the earnings period, debt and cash included in enterprise value, share count and reporting boundary; otherwise, a multiple can look precise while comparing different things.
No October 2026 share prices, market capitalisations or valuation multiples are established here. The available operating references cannot show which stock is cheap or expensive, or which is the better investment. Any valuation view requires current, same-date market data and comparable audited financials.
A practical comparison checklist
- Fix the entity and date: label each figure standalone, consolidated or pro forma, and record the period end.
- Align the periods: use like-for-like financial years and adjust for unusual periods such as ACC’s 15-month FY2022–23.
- Compare operating measures: record capacity, production, sales volume and utilisation separately, with domestic or consolidated coverage stated.
- Compare unit economics: use EBITDA per tonne, margin and disclosed cost drivers only where definitions and boundaries align.
- Check financial resilience and investment needs: assess debt, cash, interest, working capital, capex and dividends together.
- Then assess valuation: use market data from one date and earnings that match the selected entity boundary.
A numeric peer ranking for India Cements needs its audited FY2024–25 standalone and consolidated statements reconciled with UltraTech’s consolidation notes, including the relevant control and reporting dates. Without that comparison and current same-date market inputs, investors can use the operating references to frame questions, but not to make a reliable India Cements-versus-peers ranking.
Quick Recap
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