HEIDELBERG
HeidelbergCement India share price & financials
- Price
- ₹157.69
- Market cap
- ₹3.4k Cr
- Sector
- Construction Materials
- Calls analysed
- 6
Heidelberg Cem. Q4 FY26
What went well
- EBITDA for FY26 was 19.8% higher compared to last year.
- PAT for FY26 was 25.5% higher compared to last year.
- Sales volume for FY26 increased by 8.8% over the last year.
What to watch
- Q4 FY26 saw pricing pressure, resulting in a loss of about INR105 at the gross price level.
- Anticipated cost impact of INR100 to INR150 per ton in the near term due to fuel mix and other factors.
What HeidelbergCement India Limited does
HeidelbergCement India Limited manufactures and sells blended cement, operating an integrated clinkerisation-and-grinding unit at Narsingarh (Damoh, Madhya Pradesh) along with manufacturing plants at Ammasandra (Karnataka) and Jhansi (Uttar Pradesh). Cement is sourced from captive limestone mines (including Patharia) and sold under the Mycem brand family through trade and non-trade (institutional/retail) channels across central, northern and southern India, moved via road and rail. The company is the Indian subsidiary of Heidelberg Materials AG (Germany), a global building-materials group with cement, aggregates and ready-mixed-concrete operations.
Segments
- Cement
- Installed cement grinding capacity
- 6.26 MTPA
- Manufacturing plants
- Integrated clinkerisation & grinding unit at Narsingarh (Damoh, MP); plants at Ammasandra (Karnataka) and Jhansi (UP)
- Registered office / plant-office locations
- 10 locations mapped across India incl. Gurugram (HQ), Lucknow, Varanasi, Bhopal, Gaya, Jabalpur, Bengaluru
- Waste heat recovery power capacity
- 13.5 MW (Narsingarh, Damoh)
- Captive limestone mines
- Patharia and other captive limestone mines feeding plants
- Parent group
- Heidelberg Materials AG (Germany) — global building-materials group
Guidance record · Q4 FY26
what the last two calls moved 14 tracked 3 delivered 3 missed 8 open- Premium Cement Share delivered said Q4 FY24 Promised: ~45% in next 2 years (by FY26) Q4 FY26: Achieved 52% premium product share of total trade volumes in FY26, exceeding the original target of ~45%.
- Debottlenecking Capacity Addition missed said Q2 FY23 Promised: 3 lakh tons clinker, 4.5 lakh tons cement by FY24-FY25 Q4 FY26: Promise deadline passed in FY25. Management confirmed debottlenecking capex is done, but official capacity approval is pending.
- Gujarat Plant Startup delayed said Q2 FY23 Promised: EC by May/June 2023, plant start by FY27 Q4 FY26: Still awaiting environmental clearance from the government. No new timeline provided.
All 14 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 5.0%, net profit down 35.4% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 461 | 543 | 612 | 598 | 512 +11% | 574 +6% | 646 +6% | 628 +5% |
| EBITDA | 37 | 33 | 91 | 89 | 58 +57% | 53 +61% | 88 −3% | 67 −25% |
| Net profit | 11 | 5 | 50 | 48 | 25 +127% | 16 +220% | 45 −10% | 31 −35% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −31.6% 1Y
1Y: ₹218.96 on 10 Sept 2025 → ₹149.8. High ₹219.53 (11 Sept 2025), low ₹137.55 (30 Mar 2026).
How the price took the results
close before → close after
- Q4 FY26
- −0.9%
- 29 May
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 1.4% a year over 3 years, FY23 to FY26. Operating margin widened to 12.4%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹2.2k Cr | ₹2.4k Cr | ₹2.1k Cr | ₹2.3k Cr |
| Operating profit | ₹249 Cr | ₹316 Cr | ₹239 Cr | ₹288 Cr |
| Operating margin | 11.1% | 13.4% | 11.1% | 12.4% |
| Interest | ₹47 Cr | ₹35 Cr | ₹30 Cr | ₹17 Cr |
| Depreciation | ₹112 Cr | ₹109 Cr | ₹109 Cr | ₹109 Cr |
| Net profit | ₹100 Cr | ₹167 Cr | ₹106 Cr | ₹134 Cr |
| Net margin | 4.5% | 7.1% | 4.9% | 5.8% |
| Cash from operations | ₹226 Cr | ₹350 Cr | ₹265 Cr | ₹198 Cr |
| Free cash flow | ₹199 Cr | ₹277 Cr | ₹165 Cr | ₹146 Cr |
| ROCE | 11.0% | 16.0% | 11.0% | 15.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹227 Cr | ₹227 Cr | ₹227 Cr | ₹227 Cr | ₹227 Cr | ₹227 Cr |
| Reserves | ₹1.3k Cr | ₹1.3k Cr | ₹1.2k Cr | ₹1.2k Cr | ₹1.1k Cr | ₹1.1k Cr |
| Borrowings | ₹306 Cr | ₹199 Cr | ₹182 Cr | ₹137 Cr | ₹77 Cr | ₹14 Cr |
| Other liabilities | ₹1.0k Cr | ₹1.1k Cr | ₹1.0k Cr | ₹1.1k Cr | ₹1.1k Cr | ₹1.1k Cr |
| Total liabilities | ₹2.8k Cr | ₹2.8k Cr | ₹2.7k Cr | ₹2.7k Cr | ₹2.4k Cr | ₹2.4k Cr |
| Fixed assets | ₹1.6k Cr | ₹1.6k Cr | ₹1.5k Cr | ₹1.4k Cr | ₹1.3k Cr | ₹1.4k Cr |
| Capital work in progress | ₹19 Cr | ₹27 Cr | ₹6 Cr | ₹28 Cr | ₹133 Cr | ₹10 Cr |
| Investments | ₹0 Cr | ₹5 Cr | ₹5 Cr | ₹14 Cr | ₹20 Cr | ₹20 Cr |
| Other assets | ₹1.2k Cr | ₹1.2k Cr | ₹1.2k Cr | ₹1.2k Cr | ₹991 Cr | ₹1.0k Cr |
| Total assets | ₹2.8k Cr | ₹2.8k Cr | ₹2.7k Cr | ₹2.7k Cr | ₹2.4k Cr | ₹2.4k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, the public added +0.53 pp while FIIs trimmed −0.28 pp. The shareholder count shrank 6% to 78,468.
- Promoters
- 69.4%
- FIIs
- 1.1%
- DIIs
- 13.9%
- Public
- 15.7%
Since Jun 2025
- Public +0.53 pp
- FIIs −0.28 pp
- Government −0.14 pp
How it drifted, 12 quarters
Over this window DIIs went from 9.0% to 13.9% — +4.9 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 69.4%, FIIs 3.9%, DIIs 9.0%, Government 0.1%, Public 17.6%.Dec '23: Promoters 69.4%, FIIs 4.3%, DIIs 10.0%, Government 0.1%, Public 16.1%.Mar '24: Promoters 69.4%, FIIs 4.5%, DIIs 10.8%, Government 0.1%, Public 15.2%.Jun '24: Promoters 69.4%, FIIs 4.4%, DIIs 10.8%, Government 0.1%, Public 15.3%.Sep '24: Promoters 69.4%, FIIs 3.1%, DIIs 11.9%, Government 0.1%, Public 15.4%.Dec '24: Promoters 69.4%, FIIs 2.3%, DIIs 12.7%, Government 0.1%, Public 15.5%.Mar '25: Promoters 69.4%, FIIs 2.3%, DIIs 13.3%, Government 0.1%, Public 14.9%.Jun '25: Promoters 69.4%, FIIs 1.4%, DIIs 14.0%, Government 0.1%, Public 15.1%.Sep '25: Promoters 69.4%, FIIs 1.4%, DIIs 14.1%, Government 0.3%, Public 14.8%.Dec '25: Promoters 69.4%, FIIs 1.2%, DIIs 14.2%, Public 15.2%.Mar '26: Promoters 69.4%, FIIs 1.1%, DIIs 14.2%, Public 15.3%.Jun '26: Promoters 69.4%, FIIs 1.1%, DIIs 13.9%, Public 15.7%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- ICICI Prudential Infrastructure Fund Mutual fund +0.28 pp 3.45% held
The same filing shows 1 holder trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of HeidelbergCement India Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Heidelberg Materials South Asia B.V. | 69.39% | unchanged |
| SBI ELSS Tax Saver Fund Mutual fund | 4.72% | unchanged |
| Life Insurance Corporation Of India Insurer | 3.57% | unchanged |
| ICICI Prudential Infrastructure Fund Mutual fund | 3.45% | +0.28 pp |
| Axis Mutual Fund Trustee Limited A/C Axis Mutual Fund A/C Axis Small Cap Fund Mutual fund | 2.12% | −0.10 pp |
| Nihar Nandan Nilekani | 1.43% | unchanged |
| Heidelberg Materials AG | 0.00% | unchanged |
| Heidelberg Materials International Holding GmbH | 0.00% | unchanged |
| Heidelberg Materials Holding S.à r.l. | 0.00% | unchanged |
| S.A. Heidelberg Materials Benelux N.V. | 0.00% | unchanged |
| Heidelberg Materials Netherlands Holding B.V. | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in HEIDELBERG
Filings to Aug 2026
0 new, 0 added, 0 trimmed, 0 sold out — net +0.00 L shares (+0.0%).
- Held by funds
- ₹168 Cr
- 2 schemes
- Biggest holder
- SBI ELSS Tax Saver Fund
- ₹121 Cr · 0.4% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| SBI ELSS Tax Saver Fund SBI Mutual Fund | ₹121 Cr | held | Nov '23 |
| SBI Multi Asset Allocation Fund SBI Mutual Fund | ₹48 Cr | held | Oct '23 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
0 added, 0 trimmed — net 0 shares (+0.0%)
- Funds are sitting on
- -26%
- vs est. average cost
- Held by funds
- ₹168 Cr
- 2 schemes · ≈ 5.0% of the company
- Biggest holder
- SBI ELSS Tax Saver Fund
- ₹121 Cr · 0.4% of that fund
- Longest holder
- SBI Multi Asset Allocation Fund
- 2y 11m · since Oct '23
Shares held by these funds +1240%
Oct '23 1.07 cr shares Jul '26
All earnings calls (6)
Read the Q4 FY26 call →Learn to analyse HeidelbergCement India Limited
Guides on how to read this kind of business and the numbers that matter.