HeidelbergCement India Limited

HEIDELBERG.NS

Construction Materials · Basic Materials

Price

₹156.27

-0.90 (-0.57%)

Market Cap

₹35.41B

Exchange

National Stock Exchange of India

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 9, 2026 · filings through Jun 30, 2026

HeidelbergCement India Limited makes and sells cement, which is used to build homes, roads, bridges, and other structures. Its main customers are construction companies, real estate developers, and individual homebuilders across India. The company is a subsidiary of the global building materials giant Heidelberg Materials (formerly HeidelbergCement), giving it access to international expertise and technology.

The company earns money by selling bags of cement and bulk cement to customers, primarily in central and northern India. It operates several manufacturing plants and is a mid-sized player in India's highly competitive cement industry, where scale and proximity to raw materials like limestone are key advantages. India's long-term infrastructure spending and housing demand provide a growth tailwind, but the business faces real risks from rising energy costs — fuel and power are major expenses in cement production — as well as intense price competition from larger domestic rivals like UltraTech and Ambuja Cements.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+5.5% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-10.7% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

71.5%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$4.3B cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

HeidelbergCement India Limited is growing revenue at 6% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

+0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 226.6M (2022) → 226.7M (2026)

Score breakdown

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Quality

Gross Margin

40.9%

Healthy — 40.9% gross margin

Operating Margin

6.0%

Modest — 6.0% operating margin

ROCE

2.8%

Weak — 2.8% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+6.6%

Slow sales growth (+6.6% YoY)

EPS YoY

+1.0%

Flat earnings

Single-digit earnings growth — steady but not exciting.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

72%

Modest — 72% of profit becomes cash

FCF Margin

2.6%

Thin free cash flow (2.6%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

N/A

Data not available

Interest Cover

10.56x

Comfortably covers interest (10.6x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

30.4x

Pricey — P/E 30.4

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

+7.6

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (30.4 → 22.8)

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Dividends

Dividend Yield

4.48%

Healthy income — 4.48% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend Growth

+18.4%

Dividend growing fast (18.4% YoY)

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