Megharaja CBS01

THE FUNDAMENTAL ANALYSIS OF SELECTED CEMENT
INDUSTRY STOCKS AT UNICAP FINANCIAL SERVICES
EXECUTIVE SUMMARY
Internship project report on “Fundamental Analysis of Indian selected Cement companies”.

So, this study involves examining the economic, industry, and Company factors to
determine its intrinsic value.
The current study focuses on a fundamental analysis of the f top 5 Cement companies,
The main objective of the study is to analyze the performance of selected cement
companies using ratio analysis, Economy analysis, and industry analysis in order to suggest the
most suitable stocks.
The data is mostly collected from the annual report of companies and company websites. A
total of five companies are selected from the cement sector which is listed in NSE
and BSE.
In the Economic analysis, we can see that the Indian Economy is in good condition and a good
time to invest, and also Indian cement sector is booming so investors can invest with low
risk. And Shree cement companies maintained good net profit compare to
other companies so investors can invest in these companies.
According to Economic, Industry, and Company analysis cement industry is in good

condition so an investor can invest in the cement industry.
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CHAPTER 1
INTRODUCTION TO STUDY
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The fundamental analysis of selected cement industry stocks at

Unicap Financial Services
Introduction about topic

Fundamental analysis is a method of evaluating a security in an attempt to measure its
intrinsic value, by examining related economic, financial and other qualitative and
quantitative factors. It is the study related to finding anything that can affect the security's value,
including macroeconomic factors such as the overall economy and industry conditions, and
microeconomic factors such as financial conditions and company management. The end goal
of fundamental analysis is to produce a quantitative value that an investor can compare with a
security's current price, thus indicating whether the security is undervalued or overvalued.
Introduction to the cement industry

India is the second-largest producer of cement in the world. It accounts for more than 7% of the
global installed capacity. India has a lot of potential for development in the infrastructure and
construction sector and the cement sector is expected to largely benefit from it. Furthermore, on
the back of rising rural housing demand, the consumption of cement in India has been growing
consistently as it is one of the cheapest products to buy in terms of Rs. /kg. Strong expansion of
the industrial sector, which has fully recovered from the COVID-19 pandemic shock, is one of
the main demand drivers for the cement industry. As a result, there is a strong potential for an
increase in the long-term demand for the cement industry. Some of the recent initiatives, such as
the development of 98 smart cities, is expected to provide a major boost to the sector.
Aided by suitable Government foreign policies, several foreign players such as Lafarge-Holcim,
Heidelberg Cement, and Vicat have invested in the country in the recent past. A significant factor
which aids the growth of this sector is the ready availability of raw materials for making cement,
such as limestone and coal.
At present, the Installed capacity of cement in India is 500 MTPA with a production of 298
MTPA.
Cement is a capital-intensive, energy-consuming and critical sector for the construction of
nationwide infrastructure. The international cement industry, while constituting a limited share
of the world’s output has been rising at an increasing pace compared to the local demand in recent
years. Attempts to protect the environment in developing countries, particularly Europe have
forced cement manufacturing plants to migrate to countries with less strict environmental
regulations. Along with consistently rising real prices, this has provided a trend for economic
performance and environmental enforcement [1].
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It is worth noting that cement is known to be one of the most important construction materials in
the world. It is primarily used in the manufacture of concrete. Concrete is a combination of inert
mineral aggregates such as sand, gravel, crushed stones and cement. Consumption and production
of cement are directly connected to the building sector and thus to the general economic activity.
Cement is one of the most developed goods in the world, due to its importance as a building
material and the geographical availability of the main raw materials, i.e., limestone, cement is
manufactured in almost all countries. The widespread development is also due to the
comparatively low price and high density of cement, which, due to the relatively high costs,
decreases ground transport. Export trade (excluding border-based plants) is typically limited
relative to global production.
Cement-based materials, such as concrete and mortars, are used in very significant amounts. For
example, concrete production amounted to more than 10 billion tonnes in 2009. Cement plays an
important role in terms of economic and social importance as it is necessary to develop and
enhance infrastructure. This sector, on the other hand, is also a strong polluter. Cement processing
emits 5–6% of the carbon dioxide emitted by human activity, accounting for around 4% of global
warming. It may emit vast quantities of chronic chemical contaminants, such as dioxins and heavy
metals and particulate matter. Energy use is also important. Cement production accounts for about
0.6% of all electricity generated in the United States. On the other hand, the chemistry driving the
manufacture of cement and its applications can be very beneficial in solving these environmental
concerns.
Cement manufacturing is an extremely energy-intensive method of processing. The energy
consumption is measured at around 2% of global primary energy consumption, or approximately
5% of total manufacturing energy consumption [2], regarding the prevalent use of carbon-
intensive fuels, e.g., coal, in the manufacture of clinkers. In addition to energy consumption, the
clinker process also releases CO2 as a result of the calcination process. Ecofys Energy and
Climate and Berkeley National Laboratory, therefore, carried out an appraisal for the IEA
Greenhouse Gas R&D Program on the role of the cement industry in the development of CO2
and the options for lowering carbon dioxide emissions. This discusses the historical development
and global distribution of cement production [3]
MARKET SIZE
The cement demand in India is estimated to touch 419.92 MT by FY 2027. As India has a high
quantity and quality of limestone deposits throughout the country, the cement industry promises
huge potential for growth. India has a total of 210 large cement plants out of which 77 are in the
states of Andhra Pradesh, Rajasthan, and Tamil Nadu. Nearly 33% of India's cement production
capacity is based in South India, 22% in North India, 13% in Central and West India, and the
remaining 19% is based in East India. India's cement production is expected to increase at a
CAGR of 5.65% between FY16-22, driven by demands in roads, urban infrastructure and
commercial real estate. The consumption of cement in India is expected to grow to a CAGR of
5.68% from FY16 to FY22. As per Crisil Ratings, the Indian cement industry is likely to add ~80
million tonnes (MT) capacity by FY24, the highest in the last 10 years, driven by increasing
spending on housing and infrastructure activities.
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GOVERNMENT INITIATIVES
In order to help private sector companies, thrive in the industry, the Government has been
approving their investment schemes. Some of the initiatives taken by the Government of late are
as below:
❖ As per the Union Budget 2022-23:
➢ Higher allocation for infrastructure– US$ 26.74 billion in roads and US$ 18.84 billion in
railways is likely to boost demand for cement.
➢ Under the housing for all segments, 8 million households will be identified according to
Rs. 48,000 crores (US$ 6.44 billion) set aside for PM Awas Yojana.
➢ The government approved an outlay of Rs. 199,107 crores (US$ 26.74 billion) for the
Ministry of Road Transport and Highways, and this step is likely to boost the demand for
cement.
❖ As per Invest India, National Infrastructure Pipeline (NIP) expanded to 9,305 projects from
7,400 projects.
❖ In October 2021, Prime Minister, Mr Narendra Modi, launched the ‘PM Gati Shakti - National
Master Plan (NMP)’ for multimodal connectivity. Gati Shakti will bring synergy to create a
world-class, seamless multimodal transport network in India. This will boost the demand for
cement in the future.
❖ The Union Budget allocated Rs. 13,750 crores (US$ 1.88 billion) and Rs. 12,294 crores (US$
1.68 billion) for Urban Rejuvenation Mission: AMRUT and Smart Cities Mission and Swachh
Bharat Mission.
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INVESTMENTS
FDI inflows in the industry, related to the manufacturing of cement and gypsum products,
reached US$ 5.48 billion between April 2000-June 2022.
• As per DGCIS, India’s export of Portland cement, aluminous cement, slag cement,
supersulphate cement and similar hydraulic types of cement stood at US$ 118.15 million
in FY21.
• In 2021, working remotely is being adopted at a fast pace and demand for affordable
houses with ticket sizes below Rs. 40-50 lakh (US$ 53,694-67,118) is expected to rise in
Tier 2 and 3 cities, leading to an increase in demand of cement.
Some of the major investments and development in the Indian cement industry are as follows:
• In June 2022, UltraTech Cement approved Rs. 12,886 crores (US$ 1.65 billion) capital
expenditure to increase capacity by 22.6 million tonnes per annum (MTPA) through
brownfield and greenfield projects.
• PE/VC investments in real estate and infrastructure stood at US$ 338 million and US$
795 million respectively in September 2022.
• Cement production in India increased by 12.1% in September 2022 compared to

September 2021.
• In October 2022, UltraTech announced that it has been granted Environmental Product
Declaration (EPD) certificates for four of its cement products, which are Ordinary
Portland Cement (OPC), Portland Pozzolana Cement (PPC), Portland Slag Cement (PSC)
and PCC (Portland Composite Cement).
• In May 2022, Adani Group acquired a 63.1% stake in Ambuja Cements Ltd along with
related assets. Ambuja's local subsidiaries include ACC Ltd, which is also publicly traded.
• In February 2022, ACC Limited, announced the successful commissioning of a 1.6 MTPA
Grinding Unit (GU) at Tikaria in Uttar Pradesh.
• In November 2021, UltraTech Cement announced its commitment to the Global Cement
and Concrete Association (GCCA) 2050 Cement and Concrete Industry Roadmap to
produce carbon-neutral concrete by 2050.
• November 2021, Dalmia Cement announced plans to produce 100% low carbon cement
by 2031. The company has a US$ 405-million carbon capture and utilisation (CCU)
investment plan to help it realise its goal.
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• Dalmia Cement plans to spend US$ 1.35 billion to increase its installed cement capacity
by 52% to 50MT/yr. from 33MT/yr. before FY2024.
• In November 2021, Dalmia Cement announced plans to invest US$ 70.1 million for
setting up its upcoming 2MT/yr. cement plant in Bokaro, Jharkhand.
• In October 2021, JK Cement Ltd. signed a long-term strategic Memorandum of

Understanding (MoU) with Punjab Renewable Energy Systems Private Limited
(PRESPL). The MoU is part of JK Cement’s attempts to decarbonize its operations and
significantly scale up the use of biomass-based and alternate fuels as replacements to fossil
fuels, like coal, in its manufacturing operations.
• In October 2021, JSW Group collaborated with Salesforce to support an ambitious digital
strategy. Using Salesforce’s Sales Cloud and Service Cloud, JSW Group will offer a single
group interface, enhancing distribution, customer experience and supply chain for the
large project division across its steel and cement businesses.
• In October 2021, Hyderabad-based Penna Cement Industries, received approval from the
capital markets regulator Securities and Exchange Board of India (SEBI), to go ahead with
its Rs. 1,550 crores (US$ 206.75 million) initial public offering (IPO).
• In September 2021, Ambuja Cement launched ‘Concrete Futures Laboratory’, a one-stop

solution that will enable budding professionals to test, learn and experience various
aspects of cement and concrete.
• In September 2021, the Odisha government approved Ramco Cements’ expansion plan
with an additional grinding capacity of 0.9 MTPA capacity at Haridaspur in Jajpur with
an investment value of Rs.190 crore (US$ 25.5)
OBJECTIVES
1. To study how fundamental analysis can help one make decisions about investing in stocks
2. To study the fundamental analysis of the cement sector
3. To find out which stock is good for investment grounded on the fundamental analysis
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CHAPYER 2
INTRODUTION TO COMPANY
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UNICAP FINANCIAL SERVICES
INTRODUCTION
UNICAP Financial Services is a fintech start-up established with a group of finance professionals
carrying a decade of experience providing cutting-edge access to market data & world-class news
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Our Products
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Our product Turbo profits and Smart-I (in association with “Kotak Securities”) is leveraging
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Accurate Information for Informed Decisions
We are providing Mobile News App and website to enable quick access to financial news, and
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Turbo profits are leveraging its success for all its subscribers by applying collective intelligence
in the financial domain, we provide information and access that helps locate profitable market
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class news feed that covers the Indian Financial Markets.
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Our Vision
We aim to be the Best Financial App Service Provider in India.
Our Mission & Goals
To educate investors about the opportunities that India’s emerging growth story presents, It is
important that Indian investors get maximum benefit by investing in great ideas that the Indian
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Our firm belief is that our nation’s overall economic growth and development will uplift all
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Across the country, we have taken along with us Research Professionals, Financial Analysts,
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CHAPTER 3
INDUSTRY PROFILE
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Ultra Tech Cement
Type: Public
Traded as: BSE: 532538
NSE: ULTRACEMCO
BSE SENSEX Constituent
NSE NIFTY 50 Constituent
Industry: Building materials
Founded: 1983
Headquarters: Mumbai, Maharashtra, India
Key people: K.C.Jhanwar, Managing Director
Products: Cement
Number of employees: 22,000
Parent: Aditya Birla Group
INTRODUCTION
UltraTech Cement Limited is the cement flagship company of the Aditya Birla Group. A USD
7.1 billion building solutions powerhouse, UltraTech is the largest manufacturer of grey cement,
ready mix concrete (RMC) and white cement in India. It is the third largest cement producer in
the world, excluding China. UltraTech is the only cement company globally (outside of China)
to have 100+ MTPA of cement manufacturing capacity in a single country. The Company’s
business operations span UAE, Bahrain, Sri Lanka and India.
UltraTech has a consolidated capacity of 126.75 million Tonnes Per Annum (MTPA) of grey
cement. UltraTech has 23 integrated manufacturing units, 28 grinding units, one clinkerisation
unit and 8 Bulk Packaging Terminals. In the white cement segment, UltraTech goes to market
under the brand name Birla White. It has one White Cement unit and three Wall Care putty units,
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with a current capacity of 1.98 MTPA. With 185+ Ready Mix Concrete (RMC) plants in 85+
cities, UltraTech is India’s largest concrete manufacturer. It also has a slew of speciality concretes
that meet the specific needs of discerning customers. The Building Products business is an
innovation hub that offers an array of scientifically engineered products to cater to new-age
constructions.
UltraTech pioneered the UltraTech Building Solutions (UBS) concept to provide individual home
builders with a one-stop-shop solution for building their homes. This is the first pan-India multi-
category retail chain catering to the needs of individual home builders (IHBs). The purpose of
this initiative is to engage with home builders at all stages of the construction cycle, empower
them with quality construction products and services, and assist in the completion of their dream
homes.
UltraTech is a founding member of the Global Cement and Concrete Association (GCCA). It is
a signatory to the GCCA Climate Ambition 2050 and has committed to the Net Zero Concrete
Roadmap announced by GCCA. UltraTech is focused on accelerating the decarbonisation of its
operations. It has adopted new-age tools like the Science Based Targets Initiative (SBTi) and
Internal Carbon Price as well as set ambitious environmental targets through both EP100 and
RE100. UltraTech is the first company in India and the second company in Asia to issue dollar-
based sustainability-linked bonds.
UltraTech works to actively contribute to the social and economic development of the
communities in which it operates. The Company’s social initiatives focus on education,
healthcare, sustainable livelihoods, community infrastructure and social causes. UltraTech
reaches out to more than 1.6 million beneficiaries in over 500 villages in 16 states across India.
History
Ultratech Cement was incorporated in 2000 as Larsen & Toubro. Later it was demerged and
acquired by Grasim and was renamed as Ultra Tech Cement in 2004. Today Ultratech cement a
part of Aditya Birla group, is the country’s largest exporter of cement clinker. UltraTech Cement
Limited has an annual capacity of 52 million tonnes. It manufactures and markets Ordinary
Portland Cement, Portland Blast Furnace Slag Cement and Portland Pozzalana Cement. It also
manufactures ready-mix concrete (RMC). All the plants have received ISO 9001 certification.
The company has 11 integrated plants, one white cement plant, one clinkerisation plant in UAE,
15 grinding units 11 in India, 2 in UAE, one in Bahrain and Bangladesh each and five terminals,
four in India and one in Sri Lanka.
The export markets span countries around the Indian Ocean, Africa, Europe and the Middle East.
Narmada Cement Company Limited was amalgamated with UltraTech in May 2006, while
Samruddhi Cement Limited was amalgamated with UltraTech Cement Limited in July 2010.
UltraTech Cement Middle East Investments Limited, a wholly-owned subsidiary of the Company
acquired management control of ETA Star Cement together with its operations in the UAE,
Bahrain and Bangladesh in September 2010
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UltraTech's other subsidiaries are Dakshin Cements, Harish Cements, UltraTech Ceylinco (P) and
UltraTech Cement Middle East Investment
Products
It manufactures ordinary portland cement commonly used in dry–lean mixes, general–purpose
ready–mixes, and even high strength pre–cast and pre–stressed concrete.
It produces a Portland blast furnace that has features like a lighter colour, better concrete
workability, easier finish ability, higher compressive and flexural strength, improved resistance
to aggressive chemicals and more consistent plastic and hardened consistency. It also
manufactures portland pozzolana cement.
Ultratech cement exports over 2.5 million tonnes per annum which accounts for 30% of the
country’s total exports. It exports to countries like Africa, Europe and the Middle East.
Our Vision
To be the leader in Building Solutions
Our Mission
To deliver superior value to stakeholders on the four pillars of
• Sustainability
• Innovation
• Customer Centricity
• Team Empowerment
Our Products
▪ Ordinary Portland Cement
▪ Portland Blast Furnace Slag Cement
▪ Portland Pozzalana Cement
▪ White Cement, Ready Mix Concrete
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Milestone
Ultratech Cement received Greentech Environment Excellence Award by the Greentech
Foundation, New Delhi in the year 2000–2001
The Aditya Birla Group is the 11th largest cement producer in the world and the seventh largest
in Asia.
In 2004–05 it received State and Zonal level I prize for overall performance in Mines safety.
SHREE CEMENT LTD
Type: Public
NSE: SHREECEM
NSE NIFTY 50 Constituent
Headquarters: Kolkata, West Bengal, India
Key people: Benu Gopal Bangur
(Executive Chairman)
Hari Mohan Bangur
(Managing Director)
Products: Cement
Number of employees: 6,185 (2021)
The world of Shree Cement is one without boundaries – changing and challenging every day. We
make cement and through it, we touch the lives of millions of people every day. From the house
you live in, and the roads you drive on, to the bridges you cross, we strive to deliver unparalleled
quality through our customised products and value-added solutions.
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Since our founding year in 1979, we have been committed to the cause of sustainable, inclusive
growth and this has been possible by building a culture that promotes continuous improvement,
innovation, care and collaboration, through which we drive operational excellence in products,
processes and people. This has made us a company that cares for its customers and has enabled
us to serve markets across India and the Middle East. Shree Cement has a consolidated Cement
Production Capacity of 47.4 million tonnes per annum (including overseas) and a Power
Generation Capacity of 752 Megawatts.
Our operations span across India and the UAE with 4 integrated plants in India, 1 in UAE and 9
Grinding Units. Shree Cement was also among the industry
pioneers for the use of alternate fuel resources in the production of cement and today we have the
highest installed capacity of Waste Heat Recover Power plants in the world, second only to China.
While our past performance has been among the best in the industry we don't believe in resting
on laurels since it breeds complacency. Instead, we take pride in a culture that encourages taking
opportunities as challenges and pursuing them to build a competitive edge. And that enables us
to continue to break new grounds, create new synergies and set new benchmarks
Our Vision
Lead in creating prosperity and happiness for all stakeholders through innovation and sustainable
practices.
As an organisation, we spread happiness amongst everyone connected with our ecosystem and
create wealth for investors, and employees. business associates and communities where we
operate by experimenting and implementing new ideas for improving efficiencies and maximising
the ratio of output product to input resources.
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AMBUJA CEMENT LTD
Type: Public
NSE: AMBUJACEM
Founded: 1983
Key people: Suresh Kumar Neotia (Founder)
Narotam Sekhsaria (Co-Founder and Chairman)
Ajay Kapur (Whole-time Director & CEO)
Products: Cement
Parent: Adani Group
Ambuja Cements Ltd. is among the leading cement companies in India. It is a member of the
Adani Group - the largest and fastest-growing portfolio of diversified sustainable businesses.
Ambuja Cement has provided hassle-free, home-building solutions with its uniquely sustainable
development projects and environment-friendly practices since it started operations. Currently,
Ambuja Cement has a cement capacity of 31 million tonnes with six integrated cement
manufacturing plants and eight cement grinding units across the country.
The company has many firsts to its credit – a captive port with four terminals that has facilitated
timely, cost-effective, cleaner shipments of bulk cement to its customers. To further add value to
our customers, the company has launched innovative products like Ambuja Plus, Ambuja Cool
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Walls, Ambuja Kawach and Ambuja Cement Compocem. The new products not only fulfil
important customer needs but also help in significantly reducing carbon footprints.
Ambuja Cement is the industry leader in the responsible use of resources, both natural and man-
made. The company has been certified over eight times water positive, a feat achieved through
conservation efforts and increasing water efficiency in its plants. It is also plastic-negative, by
burning as much as over 1,26,000 tonnes of plastic waste in its kilns, equivalent to 3.5 times of
total plastic used. The company also generated 2.7% of its power needs from renewable resources.
Sustainable profitable growth is ingrained in the company’s DNA. Ambuja Cement’s multi-
pronged strategy, including triple bottom line accounting method; True Value; good corporate
governance practices; overarching corporate environment policy; and sustainable supply chain
policy have helped cement the company's credentials as a sustainable manufacturer. Ambuja
Cement's Sustainable Development Ambition 2030 provides strategic direction to the company's
long-term sustainability vision. All Ambuja Cement plants are ISO 14001 certified.
Ambuja Knowledge Centres (AKCs), a unique initiative by the company, serves as a knowledge-
sharing platform for construction professionals that includes practical workshops on mixed design
and quality supervision. Currently, 19 AKCs are functional across India.
The company also works closely with communities that live around its plants, through its CSR
arm, the Ambuja Cement Foundation (ACF). ACF implements need-based and participatory
programmes in the thematic areas of water resource development, health and sanitation, women
empowerment, rural infrastructure, education and agro-based/skill-based livelihood creation.
The company's most distinctive attribute is its approach to business. Ambuja Cement follows a
unique homegrown philosophy that gives people the authority to set their own targets and the
freedom to achieve their goals. Its focus has been consistent on two major building blocks that
have resonated through its daily operations – Quality (of products) and Safety (of all those
involved in the creation of its products).
The company's quintessential spirit has ensured a product that embodies Giant Strength.
VISION
• To be the most sustainable and competitive company in our industry.
MISSION
• To create value for all
• Delighted Customers
• Inspired Employees
• Enlightened Partners
• Energised Society
• Loyal Shareholders
• Healthy Environment
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PRODUCTS
1. Ambuja Cement
2. Ambuja Kawach
3. Ambuja Plus
4. Ambuja Cool Walls
5. Ambuja Compocem
6. Ambuja Builder
7. Ambuja Powercem
8. Ambuja Railcem
9. Alccofine
ACC CEMENT LTD
Type: Public
NSE: ACC
Founded: 1 August 1936; 86 years ago
Key people: N. S. Sekhsaria (Chairman)
Neeraj Akhoury (MD & CEO)
Products: Cement
Parent: Adani Group
ACC Limited (ACC) is a leading player in the Indian building materials space, with a pan-India
operational and marketing presence. It is a member of the Adani Group - the largest and fastest-
growing portfolio of diversified sustainable businesses. Synonymous with cement, ACC has
established its reputation as a pioneer organisation that has consistently set new benchmarks with
its innovative research and product development. With experience and expertise spanning over
eight decades, ACC has actively contributed to India’s progress.
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ABOUT ADANI
Headquartered in Ahmedabad, India, Adani is the largest and fastest-growing portfolio of
diversified businesses in India with interests in Logistics (seaports, airports, logistics, shipping
and rail), Resources, Power Generation and Distribution, Renewable Energy, Gas and
Infrastructure, Agro (commodities, edible oil, food products, cold storage and grain silos), Real
Estate, Public Transport Infrastructure, Defence & Aerospace, and other sectors. Adani owes its
success and leadership position to its core philosophy of ‘Nation Building’ and ‘Growth with
Goodness’ – a guiding principle for sustainable growth. The Group is committed to protecting the
environment and improving communities through its CSR programmes based on the principles
of sustainability, diversity and shared values. For more in
OUR VISION
To be one of the most respected companies in India; recognized for challenging conventions and
delivering on our promises.
PURPOSE
To be a driving force in creating a confident future for our people, our customers, our shareholders
and our nation.
Heritage
Ours has been an interesting story - one that inspired a book. ACC was formed in 1936 when ten
existing cement companies came together under one umbrella in a historic merger - the country's
first notable merger at a time when the term mergers and acquisitions was not even coined.
The history of ACC spans a wide canvas beginning with the lonely struggle of its pioneer F E
Dinshaw and other Indian entrepreneurs like him who founded the Indian cement industry. Their
efforts to face competition for survival in a small but aggressive market mingled with the stirring
of a country's nationalist pride that touched all walks of life - including trade, commerce and
business.
The first success came in a move towards cooperation in the country's young cement industry and
culminated in the historic merger of ten companies to form a cement giant. These companies
belonged to four prominent business groups - Tatas, Khataus, Killick Nixon and F E Dinshaw
groups. ACC was formally established on August 1, 1936. Sadly, F E Dinshaw, the man
recognized as the founder of ACC, died in January 1936; just months before his dream could be
realized.
ACC at a Glance
ACC Limited (ACC) is a leading player in the Indian building materials space, with a pan-India
manufacturing and marketing presence. With 17 cement manufacturing units, 85 ready mix
concrete plants, over 6,600 talented employees, a vast distribution network of 56,000 dealers &
retailers and a countrywide spread of sales offices, it contributes tremendously to the landscape
of the country.
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For over 80 years, ACC has been synonymous with cement, establishing its reputation as a
pioneer organisation that consistently sets new benchmarks in research and innovative product
development.
History was created more than eight decades ago when the doyens of the Indian cement industry
unified their operations to build the foundation of a company that has only grown stronger with
every passing year. From the Bhakra Nangal Dam in 1960 to the Mumbai-Pune Expressway,
ACC cement is at the heart of iconic landmarks across the country.
Our success over the years can be attributed to our unrelenting focus on customer centricity,
ethical business practices and sustainable development. We pay tribute to our motto of
‘Cementing Relationships’ with every single interaction with our range of stakeholders.
ACC’s brand architecture comprises the gold range and Silver range of products assuring superior
quality for general construction as well as for specialised applications and environments. The
ready-mix concrete product range provides one-stop solutions from basic requirements to high
grades of concrete to build the country’s tallest structures.
Sustainability is an integral part of our business strategy, with our Sustainable Development 2030
Plan focused on four broad themes: Climate, Circular Economy, Water & Nature and People &
Communities. Our corporate social responsibility efforts benefit local communities across the
country by furthering economic and social progress. ACC’s earliest initiatives in community
development date back to the 1940's – long before the term 'corporate social responsibility' was
coined.
ACC was among the first Indian companies to include commitment to environmental protection
as one of its corporate objectives. Since inception, we have integrated this commitment into all
activities of our value chain, from mining to sales to promoting the use of alternative fuels and
resources, resulting in one of the lowest carbon footprints in the cement industry.
In 2022, ACC became a part of Adani Group - the largest and fastest-growing portfolio of
diversified sustainable businesses.
Products
• Gold Range
• Silver Range
• Bulk Cement
• Solutions & Products
• Ready Mixed Concrete
• Ready Mixed Concrete Value
Milestones
From its extraordinary beginning out of a historic merger of ten cement companies in 1936, the
journey of ACC Limited has been eventful. Every decade has seen the company take pioneering
steps not just in cement and concrete but also in the areas of corporate governance, sustainable
development and social volunteering.
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Dalmia Bharat
Type: Public
Industry: Conglomerate
Founded: 1930; 93 years ago
Founder: Jaidayal Dalmia
Headquarters: Kolkata, India
Key people: Jai Hari Dalmia & Yadu Hari Dalmia
(Directors)
Pradeep Kumar Singh
(Managing Directors)
Products: Refractories
Sugar
Cement
Number of employees: 99,545
Subsidiaries: Starium Innovative Healthcare (1.4%)
Dalmia Bharat Foundation, popularly known as DBF, is a registered not-for-profit organisation
set up under the Income Tax Act, 1961. The Foundation started its journey in the year 2009, as
the Corporate Social Responsibility (CSR) arm of the group companies, along the lines with UN
Millennium Development Goals (MDGs). It is committed to carry forward the eight-decade long
legacy of Dalmia Bharat Group through conscientious corporate citizenship. The foundation
operates in 18 districts across 12 states and covering vast regions in the South, North, East, North-
east and some areas in the West as well.
The Dalmia Bharat Group was founded in 1939 by the late Shri Jaidayal Dalmia.
Having been around for more than 80 years, the group now enjoys leadership in core sectors such
as Cement, Refractories and Sugar.
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The Cement business, through sustainability initiatives, has achieved the lowest carbon footprint
in the cement sector globally and is amongst the most efficient cement companies in the world.
Being one of the leading sugar producers in the country, the sugar business is geographically well
diversified and committed to ‘Green Growth’ which empowers the group to enhance value for all
its customers.
Traditionally present in southern, eastern, northern and north-eastern India, the group, through its
refractories business, has expanded its footprints globally by making various acquisitions in
Germany and other European countries.
In the last sixteen years, the group’s sales have grown at a CAGR of 24% to over ₹ 13,800 Cr in
the year 2021 and the market cap has also grown to ₹ 31,191 Cr in the year 2021.
As of today, the group’s companies collectively employ over 8500 people.
The group’s strong commitment towards nation-building has been represented in the construction
of landmark projects such as the Hirakud Dam, the Dhola Sadiya Bridge, the Kochi Metro and
the Chennai Metro.
Dalmia DNA
At Dalmia Bharat Group, we have worked with a strong cultural connect, commitment, and jazbaa
for over 80 years. Twenty years ago, we moved to Dalmia 2.0, and today, we are known as one
of the leading brands in cement and sugar. We have an equally strong presence in the refractory
business.
Sustainable growth has been a part of our ethos for years now which is a result of the four strong
pillars of profitability, growth, sustainability, and reputation. Dalmia Bharat Group is a leading
contributor to global sustainability efforts, through our philosophy of “Clean and Green is
Profitable and Sustainable”.
As an organisation, we have always felt that to grow from good to great, we should always live
by a certain set of values and live by a positive DNA. We are proud to say that we have stayed
the course and built our organisation on a strong foundation of Indian values and culture which is
reflected by our DNA.
Introducing Dalmia DNA – The Six Fundamental Behaviors
Committed
Open
Bold
Fast
Collaborative
Trusted
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Our Vision
To unleash the potential of everyone we touch.
Our Goal
To be in the top two in all our businesses on the strength of our people and the speed of our
innovation.
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CHAPTER 4
LITERATURE REVIEW
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Literature Review
1). Dr Kavitha Muthukumaran and Dr. Vani Haridasan (2018)
“Performance Analysis of Select Companies in Cement Industry Using Various Models”, the
study is carried on those companies (Ultratech Cements, Shree Cements, Ambuja Cements, ACC
cements, Dalmia Bharat) and concluded that each company has different values for the ratios and
there is sudden and lowering of the values. This was due to the external market conditions
affecting the company. The study has determined that the investment is surely dependent on the
past performance of the company, the external factors (economic) and obviously the price of the
stock. The results vary for different models and on different perspectives of people i.e., for high
and quick growth, steady growth, high profits, less affected by external factors and so on.
2). Richard C. Grimm (2012)
explains that fundamental analysis is to determine its application as an Austrian approach to
common stock selection. The Fundamental analysis supports the conclusion that fundamental
security analysis can be practiced in a manner consistent with traditional Austrian views and is
suitable as a common stock selection method by those who wish to select the stocks.
3). Rajiv Kumar Bhatt (2011)
has analysed the impact of recent global financial crisis on Indian Economy. The paper is divided
into three sections. In this paper each and every concept has been explained in an in-depth manner
in the form of section for economy, industry and company analysis.
4). Jenni L., Bettman, Stephen. J. Sault, Emma.JSchultz (2008),
proposes an equity valuation model integrating Fundamental and Technical analysis, they tend to
recognize their potential as complements rather than as substitutes. Testing confirms the
complementary nature of Fundamental and Technical analysis by showing that in spite of each
performing in isolation models integrating both have superior explanatory power.
5). Sanjay Seghal and Meenkashi gupta (2005)
examines the survey which aims at providing insights about the way technical traders operate in
the financial market and the trading strategies that they adopt. The survey covered institutional
and individual technical traders with a long and active trading record for the Indian market. In
this study also it is observed that the sample respondents tend to use Technical analysis along
with Fundamental analysis for security selection.
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CHAPTER 5
THEORETICAL FRAMEWORK
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What Is Fundamental Analysis?

Fundamental analysis (FA) measures a security's intrinsic value by examining related economic
and financial factors. Intrinsic value is the value of an investment based on the issuing
company's financial situation and current market and economic conditions.
Fundamental analysts study anything that can affect the security's value, from macroeconomic
factors such as the state of the economy and industry conditions to microeconomic factors like
the effectiveness of the company's management.
KEY TAKEAWAYS
• Fundamental analysis is a method of determining a stock's real or "fair market" value.
• Fundamental analysts search for stocks currently trading at prices higher or lower than
their real value.
• If the fair market value is higher than the market price, the stock is deemed undervalued,
and a buy recommendation is given.
• If the fair market value is lower than the market price, the stock is deemed overvalued,
and the recommendation might be not to buy or to sell if the stock is held.
• In contrast, technical analysts favour studying the historical price trends of the stock to
predict short-term future trends.
Understanding Fundamental Analysis
Fundamental analysis is usually done from a macro-to-micro perspective to identify securities
that are not correctly priced by the market.
Analysts typically study, in order:
• The overall state of the economy
• The strength of the specific industry
• The financial performance of the company issuing the stock
Sources for Fundamental Analysis
Fundamental analysis uses publicly available financial data to evaluate the value of an investment.
The data is recorded on financial statements such as quarterly and annual reports and filings like
the 10-Q (quarterly) or 10-K (annual). The 8-K is also informative because public companies
must file it any time a reportable event occurs, like an acquisition or upper-level management
change.
Quantitative and Qualitative Fundamental Analysis
The problem with defining the word fundamentals is that it can cover anything related to the
economic well-being of a company. They include numbers like revenue and profit, but they can
also include anything from a company's market share to the quality of its management.
The various fundamental factors can be grouped into two categories: quantitative and qualitative.
The financial meaning of these terms isn't much different from well-known definitions:
Quantitative: information that can be shown using numbers, figures, ratios, or formulas
Qualitative: rather than a quantity of something, it is its quality, standard, or nature
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CHAPTER 6
RESEARCH METHODOLOGY
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RESEARCH METHODOLOGY
The top 5 companies are taken for analysis based on their revenue in the last financial years. The
company must be listed in National Stock Exchange (NSE) India. The analysis is based on
secondary data published by the respective companies. The following companies were
selected for data analysis.
1. UltraTech Cement
2. Shree Cement
3. Ambuja Cement
4. ACC Cement
5. Dalmia Bharat
Period of the Study
The study covers the 5 financial years as a period from 2018-19 to 2021-22
Data Collection
• The data was mostly collected from the annual report of company websites.
Data Analysis Tools
Working capital ratio
Current ratio
Quick ratio
Earning per share
Price-earnings ratio
Debt-equity ratio
Return on equity
Profit margin ratio
Receivable turnover ratio
Dividend payable ratio
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CHAPTER 7
ANLYSISI AND INTERPRETATION
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Dividend: A stock dividend is a payment to shareholders that consists of additional shares

rather than cash. The distributions are paid in fractions per existing share. For example.
FORMULA: ANNUALIZED DIVIDEND AMOUNT
WEIGHTED AVERAGE SHARE COUNT
YEARS DIVIDEND
2018 10.5
2019 17.5
2020 13
2021 37
2022 38
Divident
40
35
30
25
20
15
10
0
2018 2019 2020 2021 2022
INTERPRETATION:
We are pleased to announce that our company is increasing its dividends for 2021 and 2022. Our
dividend growth from 2018 to 2020 has been steady, with dividend payments increasing from
10.5 in 2018 to 17.5 in 2019, 13 in 2020, 37 in 2021, and 38 in 2022
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Profit Before Tax: Profit before tax is a measure that looks at a company's profits before the
company has to pay corporate income tax. It essentially is all of a company’s profits without the
consideration of any taxes.
Profit before tax can be found on the income statement as operating profit minus interest. Profit
before tax is the value used to calculate a company’s tax obligation.
YEARS PBT
2018 120.24
2019 127.16
2020 185.85
2021 273.55
2022 287.29
350 PBT
300
250
200
150
100
50
0
2018 2019 2020 2021 2022
INTERPRETATION:
The company’s Profit Before Tax (PBT) has seen steady growth over the past few years. In 2018
PBT was 120.24, which increased to 127.16 in 2019 and 185.85 in 2020. This year, achieved an
even markable 273.55 in 2021 and are expecting an even greater 287.29 by the end of 2022.
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Profit Before Tax RATIO: Profit before tax is a measure that looks at a company's profits
before the company has to pay corporate income tax. It essentially is all of a company's profits
without the consideration of any taxes. Profit before tax can be found on the income statement as
operating profit minus interest.
YEARS PBT RATIO

2018 11.08
2019 8.73
2020 12.84
2021 18.26
2022 16.36
20
PBT Ratio
18
16
14
12
10
0
2018 2019 2020 2021 2022
INTERPRETATION:
In 2018, our PBT ratio was 11.08%, and by 2019 it had risen to 8.73%. It continued to increase
in 2020, reaching 12.84% and 2021 saw an even more impressive 18.26%. Currently, our PBT
ratio stands at 16.36%.
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REVENUE: Revenue is the money generated from normal business operations, calculated as
the average sales price times the number of units sold. It is the top-line (or gross income) figure
from which costs are subtracted to determine net income. Revenue is also known as sales on the
income statement.
YEARS REVENUE
2018 30384.8
2019 40495.45
2020 51375.75
2021 43977.02
2022 51275.29
REVENUE
60000
50000
40000
30000
20000
10000
0
2018 2019 2020 2021 20220
INTERPRETATION:
Based on the data provided, the revenue of the company increased from 30384.8 in 2018 to
51275.29 in 2022. The highest revenue was recorded in 2020 at 51375.75, which was an increase
of almost 10,000 from the previous year. However, there was a slight decrease in revenue in 2021,
which was 43977.02, but it still remained higher than the revenue in 2018. Overall, the company
has seen a consistent increase in revenue over the past five years.
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Earning on Dividend: When a company pays cash dividends to its shareholders, its
stockholders' equity is decreased by the total value of all dividends paid; however, the effect of
dividends changes depending on the kind of dividends a company pays.
YEARS EOD
2018 274.52
20219 247.63
2020 380.56
2021 374.95
2022 1067.03
EOD
1200
1000
800
600
400
200
0
2018 2019 2020 2021 2022
INTERPRETATION:
The data provided shows the Equity Share Dividend (EOD) prices of a particular stock in the
years 2018-2022. It can be observed that the EOD price in 2018 was Rs. 274.52, which declined
in 2019 to Rs. 247.63. However, in 2020 the EOD price showed a significant increase and reached
Rs. 380.56. The EOD price in 2021 was Rs. 374.95, which is a little less compared to the previous
year but still higher compared to the EOD price in 2019. The highest EOD price was recorded in
the year 2022, which was Rs. 1067.03.
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Tax on Dividend: A dividend tax is a tax imposed by a jurisdiction on dividends paid by a

corporation to its shareholders (stockholders).
YEARS TOD
2018 55.89
2019 0
2020 0
2021 0
2022 0
TOD
60
50
40
30
20
10
0
2018 2019 2020 2021 2022
INTERPRETATION:
In 2018, the tax on dividends was 55.89. However, from 2019 to 2022, there was no tax on
dividend. This suggests that the government may have made changes to the tax laws regarding
dividend income or may have implemented a tax holiday during this period. This could potentially
benefit individuals and companies who receive dividends as they would not be subject to paying
any tax on that income.
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DIVIDEND
YEARS DIVIDEND
2018 50
2019 60
2020 110
2021 60
2022 90
Divident
120
100
80
60
40
20
0
2018 2019 2020 2021 2022
INTERPRETATION:
The table represents the dividend payments made in each year from 2018 to 2022. The dividend
payment increased from 50 in 2018 to 60 in 2019 and then significantly increased to 110 in 2020.
It then decreased to 60 in 2021 and increased again to 90 in 2022.
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Profit Before tax

YEARS PBT
2018 524.44
2019 310.4
2020 543.3
2021 838.61
2022 812.34
900
PBT
800
700
600
500
400
300
200
100
0
2018 2019 2020 2021 2022
INTERPRETATION:
The data provided represents the profit before tax (PBT) of a company in millions of dollars for
the years 2018 to 2022. It shows a fluctuation in the company's financial performance over the
years, with the highest PBT being recorded in 2021 at 838.61 million dollars and the lowest in
2019 at 310.4 million dollars. The PBT for 2020 showed an increase compared to 2019, but was
still lower than the PBT recorded in 2021. In 2022, the PBT decreased slightly compared to the
previous year, but remained higher than the previous years.
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Profit Before Tax Ratio

YEARS PBT RATIO
2018 18.58
2019 19.22
2020 16.46
2021 24.03
2022 20.48
PBT Ratio
30
25
20
15
10
0
2018 2019 2020 2021 2022
INTERPRETATION:
The P/EBITDA (price-to-earnings before interest, taxes, depreciation, and amortization) ratio
measures a company's valuation in relation to its earnings before certain expenses. The trend in
the P/EBITDA ratio from 2018 to 2022 shows that the company's valuation has been volatile,
with ups and downs. In 2018, the ratio was 18.58, meaning that for every $1 of EBITDA, the
company's stock was valued at $18.58. This increased to 19.22 in 2019 but dropped to 16.46 in
2020. In 2021, the ratio rose again to 24.03 and then fell to 20.48 in 2022. This could indicate
changes in investor sentiment or fluctuations in the company's financial
performance over the years.
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REVENUE
YEARS REVENUE
2018 10222.15
2019 11967.4
2020 12175.62
2021 13046.39
2022 14843.22
Revenue
16000
14000
12000
10000
8000
6000
4000
2000
0
2018 2019 2020 2021 2022
INTERPRETATION:
The given data shows the revenue in thousands of dollars for the years 2018 to 2022. Over this
five-year period, the revenue has increased consistently with a significant increase from 2021 to
2022. The highest revenue was recorded in the year 2022 with a value of 14,843.22 thousand.
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Earning on dividend
YEARS EOD
2018 153.28
2019 191.6
2020 518.82
2021 0
2022 378.84
EOD
600
500
400
300
200
100
0
2018 2019 2020 2021 2022
INTERPRETATION:
The data represents the end-of-day (EOD) values for a given year. The values show that in 2018
the EOD was 153.28, in 2019 it was 191.6, in 2020 it was 518.82, in 2021 it was 0, and in 2022
it was 378.84. It appears that there was a significant increase in the EOD value from 2018 to 2020,
followed by a drop to 0 in 2021 and a decrease to 378.84 in 2022.
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Tax on Dividend
YEARS TOD
2018 31.2
2019 39.38
2020 106.64
2021 0
2022 0
TOD
120
100
80
60
40
20
0
2018 2019 2020 2021 2022
INTERPRETATION:
The data represents the time of day (TOD) values for a given year. The values show that in 2018
the TOD was 31.2, in 2019 it was 39.38, in 2020 it was 106.64, in 2021 it was 0, and in 2022 it
was 0. It appears that there was a steady increase in the TOD value from 2018 to 2020, followed
by a drop to 0 in both 2021 and 2022.
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AMBUJA CEMENT
DIVIDEND
YEARS DIVIDEND
2017 3.6
2018 1.5
2019 1.5
2020 18
2022 6.3
Dividend
20
18
16
14
12
10
0
2017 2018 2019 2020 2021
INTERPRETATION:
The data represents the dividend values for a given year. The values show that in 2017 the
dividend was 3.6, in 2018 it was 1.5, in 2019 it was 1.5, in 2020 it was 18, and in 2022 it was 6.3.
It appears that the dividend value varied greatly over the years, with a decrease from 3.6 in 2017
to 1.5 in 2018 and 2019, followed by a significant increase to 18 in 2020 and a
decrease to 6.3 in 2022.
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PBT
YEARS PBT
2017 8.15
2018 7.58
2019 9.18
2020 12.16
2021 14.03
PBT
16
14
12
10
0
2017 2018 2019 2020 2021
INTERPRETATION:
The data shows the profit before tax (PBT) of a company for the years 2017-2021.
The PBT has generally increased from 8.15 in 2017 to 14.03 in 2021, with fluctuations in 2018
and 2019.
This indicates positive financial growth for the company.
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PBT RATIO
YEARS PBT RATIO
2017 15.48
2018 13.26
2019 16.69
2020 21.23
2021 19.94
PBT Ratio
25
20
15
10
0
2017 2018 2019 2020 2021
INTERPRETATION:
The data shows the PBT ratio for a company for the years 2017-2021.
The PBT ratio measures the proportion of each sales dollar that remains after all operating
expenses have been paid.
The ratio has increased from 15.48 in 2017 to 21.23 in 2020, before slightly decreasing to 19.94
in 2021.
This suggests that the company has improved its efficiency in generating profits, but had a
slight dip in 2021.
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REVENUE
YEARS REVENUE
2017 10816.19
2018 11731.74
2019 12094.4
2020 11743.86
2021 14250.59
Revenue
16000
14000
12000
10000
8000
6000
4000
2000
0
2017 2018 2019 2020 2021
INTERPRETATION:
The data shows the revenue of a company for the years 2017-2021.
The revenue has generally increased from 10816.19 in 2017 to 14250.59 in 2021, with
fluctuations in 2018 and 2020.
This indicates positive growth in the company's sales over the five-year period.
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EOD
YEARS EOD
2017 555.98
2018 397.13
2019 297.85
2020 337.6
2021 0
EOD
600
500
400
300
200
100
0
2017 2018 2019 2020 2021
INTERPRETATION:
The data shows the ending outstanding debt (EOD) of a company for the years 2017-2021.
The EOD has generally decreased from 555.98 in 2017 to 0 in 2021, with fluctuations in 2018-
2020.
This suggests that the company has been successful in reducing its debt over the five-year period.
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IOD
YEARS IOD
2017 80.66
2018 52.65
2019 34.18
2020 0
2021 0
90
IOD
80
70
60
50
40
30
20
10
0
2017 2018 2019 2020 2021
INTERPRETATION:
The data shows the beginning outstanding debt (IOD) of a company for the years 2017-2021.
The IOD has generally decreased from 80.66 in 2017 to 0 in 2021, with fluctuations in 2018-
2020.
This suggests that the company has been successful in reducing its debt over the five-year period.
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ACC CEMENT
DIVIDEND
YEARS DIVIDEND
2017 26
2018 14
2019 14
2020 14
2021 58
Duvidend
70
60
50
40
30
20
10
0
2017 2018 2019 2020 2021
INTERPRETATION:
The table shows the dividend pay-outs for a particular year. In 2017, the company paid out a
dividend of 26 units. The following year, 2018, and the year after that, 2019, saw a decrease in
dividend pay-outs, with 14 units each. The same pay out of 14 units was also given in 2020.
However, in 2021, there was a significant increase in dividend pay-outs with 58 units.
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PBT
YEARS PBT
2017 69.07
2018 79.49
2019 108.06
2020 89.78
2021 130.88
PBT
140
120
100
80
60
40
20
0
2017 2018 2019 2020 2021
INTERPRETATION:
The Profit Before Tax (PBT) for the years 2017 to 2021 has shown fluctuations. In 2017, the PBT
was 69.07, which increased to 79.49 in 2018. There was a significant jump in the PBT in 2019,
reaching 108.06. However, the PBT dropped in 2020 to 89.78 but saw an increase again in 2021
to 130.88. The overall trend shows an upward trend, but with fluctuations in between.
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PBT RATIO
YEARS PBT RATIO
2017 9.77
2018 10.09
2019 12.97
2020 12.24
2021 15.23
PBT Ratio
16
14
12
10
0
2017 2018 2019 2020 2021
INTERPRETATION:
The PBT (Profit Before Tax) ratio for the years 2017 to 2021 shows an increasing trend, except
for a slight dip in 2020. The highest PBT ratio was in 2021 with 15.23, which indicates a
significant improvement in profitability compared to previous years.
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REVENUE
YEARS REVENUE
2017 13416.25
2018 14939.85
2019 15967.86
2020 13988.52
2021 16356.11
Revenue
18000
16000
14000
12000
10000
8000
6000
4000
2000
0
2017 2018 2019 2020 2021
INTERPRETATION:
The revenue data shows an overall upward trend from 2017 to 2021, with the exception of a
decrease in 2020. The highest revenue was recorded in 2021 at 16356.11, which is significantly
higher than the revenue in 2017. This suggests an increase in sales and revenue
generation over the years.
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EOD
YEARS EOD
2017 319.24
2018 281.68
2019 262.9
2020 262.9
2021 262.9
EOD
350
300
250
200
150
100
50
0
2017 2018 2019 2020 2021
INTERPRETATION:
The EOD (Earnings per Outstanding Share) for the years 2017 to 2021 shows a declining trend.
The highest EOD was in 2017 at 319.24, while the lowest was in 2018 at 281.68. The EOD in
2020 and 2021 remained the same at 262.9. This suggests a decrease in earnings per
share over time.
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Tax on Dividend
YEARS TOD
2017 64.99
2018 57.9
2019 54.04
2020 0
2021 0
TOD
70
60
50
40
30
20
10
0
2017 2018 2019 2020 2021
INTERPRETATION:
The data represents the Tax on Dividend (TOD) values in the years 2017 to 2021. The TOD value
was highest in 2017 at 64.99 µg/m³ and lowest in 2019 at 54.04 µg/m³. There were 0 TOD values
recorded in 2020 and 2021.
QUARTERLY RESULTS OF ULTRATECH CEMENT (in Rs. Cr.)

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QUARTERLY RESULTS OF ULTRATECH

CEMENT (in Rs. Cr.) DEC '22 SEP '22 JUN '22 MAR '22
Net Sales/Income from operations 15,008.02 13,481.98 14,715.48 15,167.54
Other Operating Income -- -- -- --
Total Income from Operations 15,008.02 13,481.98 14,715.48 15,167.54
EXPENDITURE
Consumption of Raw Materials 2,171.45 1,937.16 1,945.32 1,989.14
Purchase of Traded Goods 778.99 740.09 703.04 736.26
Increase/Decrease in Stocks -347.72 -294.75 -89.56 151.9
Power & Fuel -- 3,902.57 -- 3,594.84
Employees Cost 648.51 644.49 595.36 586.4
Depreciate 653.53 642.74 628.16 637.39
Other Expenses 9,611.97 4,836.45 8,631.95 5,166.07
P/L Before Other Inc., Int., Except Items &
Tax 1,491.29 1,073.23 2,301.21 2,305.54
Other Income 158.21 164.54 166.13 144.79
P/L Before Int., Except. Items & Tax 1,649.50 1,237.77 2,467.34 2,450.33
Interest 193.7 186.74 199.69 174.71
P/L Before Exceptional Items & Tax 1,455.80 1,051.03 2,267.65 2,275.62
Exceptional Items -- -- -- --
P/L Before Tax 1,455.80 1,051.03 2,267.65 2,275.62
Tax 461.57 332.66 713.63 -178.27
P/L After Tax from Ordinary Activities 994.23 718.37 1,554.02 2,453.89
Prior Year Adjustments -- -- -- --
Extra Ordinary Items -- -- -- --
Net Profit/(Loss) For the Period 994.23 718.37 1,554.02 2,453.89
Equity Share Capital 288.68 288.67 288.67 288.67
Reserves Excluding Revaluation Reserves -- -- -- --
Equity Dividend Rate (%) -- -- -- --
EPS BEFORE EXTRAORDINARY
Basic EPS 34.48 24.91 53.88 85.08
Diluted EPS 34.47 24.9 53.86 85.04
EPS AFTER EXTRAORDINARY
Basic EPS. 34.48 24.89 53.88 85.08
Diluted EPS. 34.47 24.9 53.86 85.04
PUBLIC SHAREHOLDING
Expert’s view
ICICI Securities NSE -0.22 % has a buy call on UltraTech Cement
NSE 1.41 % with a target price of Rs 8500. The current market price of UltraTech Cement is Rs
5405. The time period given by the analyst is one year when UltraTech Cement Ltd.’s price can
reach the defined target
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QUARTERLY RESULTS OF SHREE CEMENTS (in Rs. Cr.)

QUARTERLY RESULTS OF SHREE CEMENTS (in Rs. Cr.) SEP '22 JUN '22 MAR '22
Net Sales/Income from operations 3,780.90 4,202.69 4,098.76
Other Operating Income -- -- --
Total Income from Operations 3,780.90 4,202.69 4,098.76
EXPENDITURE
Consumption of Raw Materials 285.9 303.26 271.97
Purchase of Traded Goods 14.54 8.59 22.1
Increase/Decrease in Stocks 69.12 -135.93 58.9
Power & Fuel 1,226.97 1,442.37 1,072.77
Employees Cost 209.65 217.39 196.66
Depreciate 362.79 327.94 301.34
Other Expenses 1,451.69 1,548.19 1,565.76
P/L Before Other Inc., Int., Except. Items & Tax 160.24 490.88 609.26
Other Income 156.59 -21.58 138.09
P/L Before Int., Except. Items & Tax 316.83 469.3 747.35
Interest 67.56 57.33 53.55
P/L Before Exceptional Items & Tax 249.27 411.97 693.8
Exceptional Items -- -- --
P/L Before Tax 249.27 411.97 693.8
Tax 59.67 96.42 48.59
P/L After Tax from Ordinary Activities 189.6 315.55 645.21
Prior Year Adjustments -- -- --
Extra Ordinary Items -- -- --
Net Profit/(Loss) For the Period 189.6 315.55 645.21
Equity Share Capital 36.08 36.08 36.08
Reserves Excluding Revaluation Reserves -- -- --
Equity Dividend Rate (%) -- -- --
Basic EPS 52.55 87.46 178.82
Diluted EPS 52.55 87.46 178.82
Basic EPS. 52.55 87.46 178.82
Diluted EPS. 52.55 87.46 178.82
PUBLIC SHAREHOLDING
No Of Shares (Crores) -- -- --
Share Holding (%) -- -- --
PROMOTERS AND PROMOTER GROUP
SHAREHOLDING
Expert’s View
Emkay Global has buy call on Shree Cements with a target price of Rs 25300. The current market price of
Shree Cements NSE 3.32 % is Rs 19581.25. Time period given by analyst is one year when Shree Cements
Ltd NSE 3.32 %. price can reach defined target.
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QUARTERLY RESULTS OF AMBUJA CEMENTS (in Rs. Cr.)

QUARTERLY RESULTS OF AMBUJA CEMENTS (in Rs.
Cr.) SEP '22 JUN '22 MAR '22
EXPENDITURE
Increase/Decrease in Stocks -130.92 -155.37 69.56
Power & Fuel 1,414.67 1,319.82 1,030.87
Employees Cost 153.23 163.65 152.94
Depreciate 157.06 153.94 151.47
Other Expenses 1,502.19 1,503.72 1,419.83
P/L Before Other Inc., Int., Except Items & Tax 147.27 530.6 638.94
Other Income 47.03 632.43 36.71
P/L Before Int., Except. Items & Tax 194.3 1,163.03 675.65
Interest 22.79 25.08 21.39
P/L Before Exceptional Items & Tax 171.51 1,137.95 654.26
Exceptional Items -15.21 -- --
P/L Before Tax 156.3 1,137.95 654.26
Tax 18.41 90.05 159.09
P/L After Tax from Ordinary Activities 137.89 1,047.90 495.17
Net Profit/(Loss) For the Period 137.89 1,047.90 495.17
Basic EPS 0.69 5.28 2.49
Diluted EPS 0.69 5.28 2.49
Basic EPS. 0.69 5.28 2.49
Diluted EPS. 0.69 5.28 2.49
PUBLIC SHAREHOLDING
SHAREHOLDING
Export’s view
ICICI Direct has buy call on Ambuja Cements NSE 4.31 % with a target price of Rs 660. The current
market price of Ambuja Cements is Rs 555.9.
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QUARTERLY RESULTS OF ACC (in Rs. Cr.)

QUARTERLY RESULTS OF ACC (in Rs. Cr.) SEP '22 JUN '22 MAR '22
Other Operating Income 76.85 75.12 104.64
EXPENDITURE
Increase/Decrease in Stocks -222.61 -188.69 -57.26
Power & Fuel 1,316.64 1,310.99 1,039.45
Employees Cost 210.7 216.16 192.48
depreciate 172.58 163.8 153.05
Other Expenses 1,595.12 1,677.36 1,659.78
P/L Before Other Inc., Int., Except Items & Tax -157.16 261.53 480.62
Other Income 68.82 52.87 57.55
P/L Before Int., Except. Items & Tax -88.34 314.4 538.17
Interest 17.69 14.86 10.56
P/L Before Exceptional Items & Tax -106.03 299.54 527.61
Exceptional Items -16.25 -- --
P/L Before Tax -122.28 299.54 527.61
Tax -31.19 77.37 135.8
P/L After Tax from Ordinary Activities -91.09 222.17 391.81
Net Profit/(Loss) For the Period -91.09 222.17 391.81
Basic EPS -4.85 11.83 20.86
Diluted EPS -4.85 11.8 20.81
Basic EPS. -4.85 11.83 20.86
Diluted EPS. -4.85 11.8 20.81
PUBLIC SHAREHOLDING
SHAREHOLDING
Expert’s view
ICICI Direct has buy call on ACC NSE 3.62 % with a target price of Rs 2681. The current market
price of ACC is Rs 2656.25. Time period given by analyst is Intra Day when ACC price can reach
defined target. ICICI Direct recommended to keep stop loss at Rs 2624.7.
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QUARTERLY RESULTS OF DALMIA BHARAT (in Rs. Cr.)

QUARTERLY RESULTS OF DALMIA BHARAT
(in Rs. Cr.) SEP '22 JUN '22 MAR '22
Net Sales/Income from operations 33 33 34
Total Income from Operations 33 33 34
EXPENDITURE
Consumption of Raw Materials -- -- --
Purchase of Traded Goods -- -- --
Increase/Decrease in Stocks -- -- --
Power & Fuel -- -- --
Employees Cost 22 21 21
depreciate 2 1 2
Other Expenses 8 8 7
P/L Before Other Inc., Int., Except. Items &
Tax 1 3 4
Other Income 88 7 93
P/L Before Int., Except. Items & Tax 89 10 97
Interest -- 1 1
P/L Before Exceptional Items & Tax 89 9 96
Exceptional Items -- -- --
P/L Before Tax 89 9 96
Tax 4 -- --
P/L After Tax from Ordinary Activities 85 9 96
Net Profit/(Loss) For the Period 85 9 96
Equity Share Capital 37 37 37
Basic EPS 4.56 0.46 5.13
Diluted EPS 4.56 0.46 5.13
Basic EPS. 4.56 0.46 5.13
Diluted EPS. 4.56 0.46 5.13
PUBLIC SHAREHOLDING
Expert’s view
Axis Securities has buy call on Dalmia Bharat NSE 2.10 % with a target price of Rs 2230. The
current market price of Dalmia Bharat is Rs 1920.45. Time period given by analyst is 3-4 weeks
when Dalmia Bharat's price can reach defined target. Axis Securities recommended to keep stop
loss at Rs 1780.
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Ultratech Cement
YEARS ROCE %
2018 12
2019 11
2020 12
2021 15
2022 14
ROCE
16
14
12
10
0
ROCE %
2018 2019 2020 2021 2022
INTERPRETATION:
The table shows the return on capital employed (ROCE) percentage for the years 2018 to 2022.
The ROCE measures the efficiency and profitability of a company's use of capital. The data shows
that the ROCE percentage increased from 12% in 2018 to 15% in 2021, but decreased to 14% in
2022. This suggests that the company was more efficient and profitable in 2021 compared to the
previous years, but had a slight decrease in efficiency in 2022.
62 | P a g e
YEARS Dividend pay-out %
2018 13
2019 13
2020 7
2021 20
2022 15
Dividend payout %
25
20
15
10
0
Dividend payout %
2018 2019 2020 2021 2022
INTERPRETATION
The table shows the dividend pay-out percentage for the years 2018 to 2022. The dividend pay-
out percentage represents the amount of earnings that a company distributes to its shareholders as
dividends. The data shows that the dividend pay-out percentage was consistent at 13% in 2018
and 2019, but decreased significantly to 7% in 2020. It then increased to 20% in 2021 but
decreased again to 15% in 2022. This suggests that the company's ability to pay dividends to
shareholders was impacted in 2020, improved in 2021, but decreased again in 2022.
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SHREE CEMENT
YEARS ROCE %
2018 18
2019 13
2020 16
2021 19
2022 17
ROCE
20
18
16
14
12
10
0
ROCE %
2018 2019 2020 2021 2022
INTERPRETATION
that the ROCE percentage increased from 18% in 2018 to 19% in 2021, with slight fluctuations
in between. This suggests that the company was overall efficient and profitable in its use of
capital, with some fluctuations from year to year
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2018 13
2019 21
2020 26
2021 9
2022 14
Dividend payout %
30
25
20
15
10
0
Dividend payout %
2018 2019 2020 2021 2022
INTERPRETATION
The table shows the dividend pay-out percentage for the years 2018 to 2022. The dividend pay-
out percentage represents the number of earnings that a company distributes to its shareholders
as dividends. The data shows that the dividend pay-out percentage increased significantly from
13% in 2018 to 21% in 2019, and then further increased to 26% in 2020. However, it decreased
drastically to 9% in 2021 and then slightly increased to 14% in 2022. This suggests that the
company's ability to pay dividends to shareholders was strong in 2019 and 2020, but decreased
in 2021, and only slightly improved in 2022.
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AMBUJA CEMENT
YEARS ROCE %
2017 14
2018 15
2019 17
2020 18
2021 22
ROCE
25
20
15
10
0
ROCE %
2017 2018 2019 2020 2021
INTERPRETATION
that the ROCE percentage increased consistently from 14% in 2017 to 22% in 2021. This suggests
that the company was overall efficient and profitable in its use of capital, with a steady
improvement over the years.
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2017 47
2018 14
2019 14
2020 151
2022 45
Dividend payout %
160
140
120
100
80
60
40
20
0
Dividend payout %
2017 2018 2019 2020 2022
INTERPRETATION
Overall, the table suggests that the company's dividend pay-out policy was highly variable over
the five-year period, with the pay-out percentage fluctuating from year to year. This could be due
to a variety of factors, including changes in the company's financial performance, changes in its
business strategy, or changes in regulatory requirements. The unusual level in 2020 warrants
further investigation and analysis to understand the reasons behind the drastic increase.
67 | P a g e
ACC CEMENT
YEARS ROCE %
2017 16
2018 16
2019 19
2020 16
2021 9
ROCE
20
18
16
14
12
10
8
6
4
2
0
ROCE %
2017 2018 2019 2020 2021
INTERPRETATION
Overall, the table indicates that the company's ROCE was relatively stable over the four-year
period, with a slight improvement in 2019 followed by a decline in the following two years. This
suggests that the company's profitability from its capital investments has been inconsistent and
may be subject to fluctuations in the business environment or changes in the company's
operations. The significant decline in 2021 warrants further investigation to understand the
reasons behind it.
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2017 53
2018 17
2019 19
2020 18
2021 59
Dividend payout %
70
60
50
40
30
20
10
0
Dividend payout %
2017 2018 2019 2020 2021
INTERPRETATION:
Overall, the table suggests that the company's dividend pay-out policy has been variable over the
five-year period, with the pay-out percentage fluctuating from year to year. This could be due to
a variety of factors, including changes in the company's financial performance, changes in its
business strategy, or changes in regulatory requirements. The significant increase in 2021
suggests that the company's financial performance improved significantly compared to the
previous year.
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DALMIA BHARAT CEMENT
YEARS ROCE %
2018 6
2019 4
2020 4
2021 10
2022 7
ROCE
12
10
0
ROCE %
2018 2019 2020 2021 2022
INTERPRETATION
Overall, the table indicates that the company's ROCE was relatively low and fluctuated from year
to year, with a slight improvement in 2021 followed by a decline in 2022. This suggests that the
company's profitability from its capital investments has been inconsistent and may be subject to
fluctuations in the business environment or changes in the company's operations.
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2018 0
2019 13
2020 17
2021 2
2022 15
Dividend payout %
18
16
14
12
10
8
6
4
2
0
Dividend payout %
2018 2019 2020 2021 2022
INTERPRETATION
Overall, the table indicates that the company's dividend pay-out policy was highly variable over
the five-year period, with the pay-out percentage fluctuating from year to year. This could be due
to a variety of factors, including changes in the company's financial performance, changes in its
business strategy, or changes in regulatory requirements.
71 | P a g e
RATIOS
1. working capital ratio =The working capital ratio shows the ratio of assets to liabilities,
Formula: Working capital ratio = current assets
current liabilities
Company Names 2020 2021 2022

Ultratech Cement 1.03 1.17 0.99
Shree Cement 1.79 2.05 1.69
Ambuja Cement 1.54 0.98 1.26
ACC Cement 1.58 1.74 1.71
Dalmia Cement 20.97 2.52 5.48
Working capital ratio

25
20
15
10
0
2020 2021 2022
Ultratech Cement Shree Cement Ambuja Cement ACC Cement Dalmia Cement
INTERPRETATION
In general, the share prices of these companies experienced fluctuations over the three-year
period, with some companies experiencing growth while others experienced decreases. The
changes in share prices can be influenced by various factors such as company performance,
economic conditions, and investor sentiment.
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2. Current ratio = The current ratio is a liquidity ratio that measures a company's ability to
pay short-term obligations or those due within one year
Formula: Current Ratio Formula = Current Assets
Current Liabilities
ACC Cement 1.58 1.74 1.71
Current ratio
25
20
15
10
5
0
2020 2021 2022
INTERPRETATION
changes in the share prices can be influenced by various factors such as company performance,
73 | P a g e
3. Quick ratio=The quick ratio is calculated by dividing a company's most liquid assets like
cash, cash equivalents, marketable securities, and accounts
Formula: Quick ratio = current Assets-Inventory
Current liabilities

ACC Cement 1.34 1.55 1.5
Quick ratio
25
20
15
10
0
2020 2021 2022
INTERPRETATION
changes in the share prices can be influenced by various factors such as company performance,
74 | P a g e
4. Earnings per share= Earnings per share value is calculated as net income (also known as
profits or earnings) divided by available shares. A more refined calculation adjusts the numerator
and denominator for shares that could be created through options, convertible debt, or warrants.
The numerator of the equation is also more relevant if it is adjusted for continuing operations
Formula: Earnings per share= Net profit
No of equity shares
Company names 2020 2021 2022
Shree Cement 906.21 956.72 945.98
Ambuja Cement 10.44 11.64 13.25
ACC Cement 104.36 109.06 128.6
Earning per share

1200
1000
800
600
400
200
0
2020 2021 2022
INTERPRETATION
In general, the stock prices of these companies experienced fluctuations over the three-year
changes in the stock prices can be influenced by various factors such as company performance,
75 | P a g e
5. Price earnings ratio= The market price per share is used to determine a company's market
capitalization, or "market cap." To calculate it, take a company’s most recent share price and
multiply it by the total number of outstanding shares. 4 This is a simple way of calculating how
valuable a company is to traders at that moment.
Formula: Price earnings ratio= recent share price* total number of outstanding shares
Shree Cement 16910.563 16550.9 19247.1
Ambuja Cement 127.27273 306.173 380.808
ACC Cement 914.55696 929.31 1295.32
Dalmia Cement 38.149738 428.175 337.044
Price earning ratio

25000
20000
15000
10000
5000
0
2020 2021 2022
INTERPRETATION
In general, the market capitalization of these companies experienced fluctuations over the three-
year period, with some companies experiencing growth while others experienced decreases. The
changes in the market capitalization can be influenced by various factors such as company
performance, economic conditions, and investor sentiment.
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6. Debt equity ratio=The debt-to-equity (D/E) ratio indicates how much debt a company is
using to finance its assets relative to the value of shareholders' equity.
Formula: Debt/equity = Total debt
total shareholder's equity
• Total dept (Short term debt + long term debt + other payments)
Ambuja Cement 0 0 0
ACC Cement 0 0 0
Dalmia Cement 0 0.03 0
Debt equity ratio

0.5
0.45
0.4
0.35
0.3
0.25
0.2
0.15
0.1
0.05
0
2020 2021 2022
INTERPRETATION
The EPS is an important financial metric that represents the amount of profit a company generates
for each share of stock. A decrease in EPS can indicate that a company's profit margins are
decreasing or that its expenses are increasing. On the other hand, a stable or increasing EPS can
indicate that a company is performing well and that its financial performance is improving. In this
case, Ultratech Cement and Shree Cement experienced decreases in their EPS over the three-year
period, while Dalmia Cement experienced an increase in 2022. Ambuja Cement and ACC Cement
had no earnings in any of the three years, which could be due to various factors such as financial
losses, restructuring, or a shift in focus to other areas of the business.
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7. Return on equity= (ROE) is a measure of financial performance calculated by dividing

net income by shareholders' equity. Because shareholders' equity is equal to a company’s assets
minus its debt, ROE is considered the return on net assets.
Formula: Return on equity= Net income
Shareholder’s Capital
Shree Cement 12.13 15.16 13.76
ACC Cement 11.79 11.17 12.79
Return on equity
16
14
12
10
0
2020 2021 2022
INTERPRETATION
Overall, these P/E ratios suggest that the market perceives these companies as having varying
levels of growth potential, and is willing to pay different amounts for their earnings. For example,
Ambuja Cement and ACC Cement have relatively lower P/E ratios compared to Ultratech Cement
and Shree Cement, which could indicate that the market sees them as having lower growth
potential. However, it's important to note that P/E ratios can be affected by various factors, such
as market conditions, economic growth, and company-specific events, and should not be used in
isolation for investment decisions.
78 | P a g e
8. Profit margin ratio= The net profit margin ratio shows the percentage of sales revenue a
company keeps after covering all of its costs including interest and taxes. It is one of five
calculations used to measure profitability
Formula: Net profit margin= Net income
Net sales
Shree Cement 13.19 18.36 16.61
ACC Cement 8.67 10.26 11.27
Dalmia Cement 89.4 16.89 135.55
Profit margin ratio

160
140
120
100
80
60
40
20
0
2020 2021 2022
INTERPRETATION
Overall, the table suggests that the financial performance of the cement companies was generally
positive over the three-year period, with most companies experiencing an increase in their
financial performance. However, the level of performance was highly variable, with some
companies performing significantly better than others.
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9. Receivable turnover ratio: The receivables turnover ratio measures the efficiency with
which a company is able to collect on its receivables or the credit it extends to customers. The
ratio also measures how often a company's receivables are converted to cash in a certain period.
Formula: The ratio is calculated by dividing net sales by average account receivables. Net sales
are calculated as sales on credit - sales returns - sales allowances.
Shree Cement 15.532621 27.7347 25.1977
Ambuja Cement 52.809711 128.014 98.7993
ACC Cement 24.914469 30.5295 33.0165
Dalmia Cement 663.88235 809.385 1074.89
Recevable turnover ratio

1200
1000
800
600
400
200
0
2020 2021 2022
INTERPRETATION
Overall, the market capitalization of the five companies in the cement industry varied, with some
companies experiencing increases and others decreasing. It's important to consider other factors
that may have influenced these changes, such as economic conditions and company performance.
80 | P a g e
10. Dividend payable ratio= It is the percentage of earnings paid to shareholders via
dividends. The amount that is not paid to shareholders is retained by the company to pay off debt
or to reinvest in core operations.
Formula: Dividend payable ratio= Dividend per share
Earning per share

Shree Cement 33.04 0 15.94
Ambuja Cement 19.48 188.57 0
ACC Cement 19.34 18.58 14.44
Dalmia Cement 28.88 0 54.64
Divident payable ratio

200
180
160
140
120
100
80
60
40
20
0
2020 2021 2022
INTERPRETATION
Overall, the stock prices of the five companies in the cement industry varied greatly, with some
experiencing large increases and others decreases. It's important to consider factors such as
economic conditions, industry trends, and company performance when interpreting these
changes.
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CHAPTER 8
FINDINGS
82 | P a g e
Findings
• Financial performance: All five companies showed significant growth in terms of revenue
and net profit, driven by higher demand and favourable market conditions.
• Market share: Ultratech Cement emerged as the market leader in the Indian cement
industry, followed by Shree Cement, Ambuja Cement, ACC Cement, and Dalmia Bharat
Cement.
• Expansion: These companies continued to expand their operations in India and abroad,
with a focus on acquiring new assets and increasing production capacity.
• Technology: The companies have been investing in technology and innovation to improve
efficiency, reduce costs, and increase sustainability.
• Sustainability: Sustainability has become a key focus for these companies, with initiatives
aimed at reducing carbon emissions, promoting waste management, and investing in
renewable energy.
• Competition: The Indian cement industry remains highly competitive, with these
companies facing intense competition from both domestic and international players.
• Pandemic impact: The COVID-19 pandemic had a significant impact on the Indian
cement industry, with a temporary slowdown in demand and disruptions to supply chains.
However, the industry has since recovered, with these companies reporting strong
financial results in recent quarters
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CHAPTER 9
SUGGESTION
84 | P a g e
Suggestions.
• Diversification: These companies could consider diversifying their operations into related
industries such as concrete and building materials, in order to reduce their dependence on the
cement market and increase their revenue streams.
• Innovation: These companies could continue to invest in innovation and technology, in

order to improve efficiency, reduce costs, and increase sustainability. This could include
investing in research and development, adopting new production methods, and improving
logistics.
• Market expansion: These companies could consider expanding their operations into new
markets, both domestically and internationally, in order to increase their revenue and market
share.
• Cost reduction: These companies could focus on reducing costs and increasing efficiency,
through measures such as reducing waste, optimizing production processes, and improving
logistics.
• Sustainable practices: These companies could continue to implement sustainable

practices, in order to reduce their carbon footprint and promote environmentally friendly
operations. This could include investing in renewable energy, reducing emissions, and promoting
waste management.
• Customer engagement: These companies could consider enhancing their customer

engagement strategies, in order to improve customer satisfaction and build brand loyalty. This
could include providing high-quality products and services, improving customer support, and
increasing transparency.
• Mergers and acquisitions: These companies could consider pursuing mergers and
acquisitions, in order to increase their market share, expand their operations, and improve their
competitiveness. This could include acquiring complementary companies, entering into joint
ventures, or forming strategic alliances.
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CHAPTER 10
CONCLUSION
86 | P a g e
Conclusion
The Indian cement industry has been growing in recent years, driven by increased government
spending on infrastructure and a recovering economy. The top five players in the industry,
including Ultratech Cement, Shree Cement, Ambuja Cement, ACC Cement, and Dalmia Bharat
Cement, account for a significant share of the market and have been performing well. These
companies have been focused on reducing costs and increasing efficiency through measures such
as technology and innovation, which have helped them to maintain profitability and remain
competitive. With a positive future outlook for the industry and strong financials, these companies
are well-positioned to benefit from the expected growth in demand for cement.
All five companies have reported strong revenue and profit growth over the past few years, driven
by higher demand and favourable market conditions. They have also been investing in expanding
their operations and improving their infrastructure, while reducing debt and improving liquidity.
This financial strength has allowed them to capitalize on the positive outlook for the Indian
cement industry.
These companies have several competitive advantages, including brand recognition, technology,
and efficiency. They also have a strong distribution network and have been investing in expanding
their operations in India and abroad. This focus on innovation and sustainability, combined with
their commitment to expanding their operations, has set them apart from their competitors and
bodes well for their future success.
In conclusion, the Indian cement industry has shown strong growth in recent years and is expected
to continue to grow in the future. The top five players in the industry, including Ultratech Cement,
Shree Cement, Ambuja Cement, ACC Cement, and Dalmia Bharat Cement, are well-positioned
to benefit from this growth, with strong financials, a focus on innovation and sustainability, and
a commitment to expanding their operations.
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BIBLIOGRAPHY
88 | P a g e
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THE FUNDAMENTAL ANALYSIS OF SELECTED CEMENT

INDUSTRY STOCKS AT UNICAP FINANCIAL SERVICES

Internship project report on “Fundamental Analysis of Indian selected Cement companies”.

According to Economic, Industry, and Company analysis cement industry is in good

The fundamental analysis of selected cement industry stocks at

Introduction about topic

Introduction to the cement industry

• Cement production in India increased by 12.1% in September 2022 compared to

• In October 2021, JK Cement Ltd. signed a long-term strategic Memorandum of

• In September 2021, Ambuja Cement launched ‘Concrete Futures Laboratory’, a one-stop

UNICAP FINANCIAL SERVICES

Smart Self-Managed Market Asset for Retail Trader- (Investment)

Turbo Profits Financial Information Mobile App

Ultra Tech Cement

SHREE CEMENT LTD

AMBUJA CEMENT LTD

ACC CEMENT LTD

What Is Fundamental Analysis?

Dividend: A stock dividend is a payment to shareholders that consists of additional shares

YEARS PBT RATIO

Tax on Dividend: A dividend tax is a tax imposed by a jurisdiction on dividends paid by a

Profit Before tax

Profit Before Tax Ratio

QUARTERLY RESULTS OF ULTRATECH CEMENT (in Rs. Cr.)

QUARTERLY RESULTS OF ULTRATECH

QUARTERLY RESULTS OF SHREE CEMENTS (in Rs. Cr.)

QUARTERLY RESULTS OF AMBUJA CEMENTS (in Rs. Cr.)

QUARTERLY RESULTS OF ACC (in Rs. Cr.)

QUARTERLY RESULTS OF DALMIA BHARAT (in Rs. Cr.)

2018 2019 2020 2021 2022

YEARS Dividend pay-out %

2018 2019 2020 2021 2022

2018 2019 2020 2021 2022

YEARS Dividend pay-out %

2018 2019 2020 2021 2022

2017 2018 2019 2020 2021

YEARS Dividend pay-out %

2017 2018 2019 2020 2022

2017 2018 2019 2020 2021

YEARS Dividend pay-out %

2017 2018 2019 2020 2021

DALMIA BHARAT CEMENT

2018 2019 2020 2021 2022

YEARS Dividend pay-out %

2018 2019 2020 2021 2022

Company Names 2020 2021 2022

Working capital ratio

Company Names 2020 2021 2022

Ultratech Cement 1.03 1.17 0.99

Shree Cement 1.79 2.05 1.69

Ambuja Cement 1.54 0.98 1.26

ACC Cement 1.58 1.74 1.71

Dalmia Cement 20.97 2.25 5.48

Company Names 2020 2021 2022

Company names 2020 2021 2022

Ultratech Cement 272.07 269.41 329.9

Shree Cement 906.21 956.72 945.98

Ambuja Cement 10.44 11.64 13.25

ACC Cement 104.36 109.06 128.6

Dalmia Cement 7.38 1.95 10.22

Earning per share

Company Names 2020 2021 2022

Ultratech Cement 5133.9806 6488.03 7029.29