Anjani Portland Cement Limited

Basic Materials — Building Materials · NSE

₹90.10+₹1.56 (+1.76%)

DalalBaazaar Score

37 / 100

🔴 Weak

Verdict

CAUTION

Risk

Very High

Driven by short-term liabilities exceed short-term assets, negative free cash flow, the company is currently loss-making.

In simple words: The company is currently losing money, but sales are shrinking. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:57 pm

Understanding the Business

Company site ↗

The 60-second version of Anjani Portland Cement Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Anjani Portland Cement Limited manufactures and trades in cement in India. It operates through the Cement and Power Plant segments. The company offers ordinary Portland, Portland pozzolana, rapid hardening Portland, and composite cement.

IndustryBuilding Materials

SectorBasic Materials

Employees175

Annual revenue₹453 Cr

How does it make money?

Turns over ₹453 Cr a year. Of every ₹100 of sales, about ₹-6 reaches shareholders as profit, with ₹8 left at the operating level before interest, tax and depreciation. Each of its 175 employees supports ₹2.59 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹2.59 Cr

Who are its competitors?

The closest listed comparisons in its industry are ULTRATECH CEMENT LIMITED, GRASIM INDUSTRIES LTD, AMBUJA CEMENTS LTD, SHREE CEMENT LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Little sign of one

Returns on capital of 0.1% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

Peer median ROE7.4%

What has been driving growth?

Sales and margins have both contributed to where profit is now. Over 3 years revenue moved -31% while net margin moved -28% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect-31%

Margin effect-28%

DalalBaazaar Score

37/ 100

Weak

Weighted across six categories. Every point is explained below.

✗ Revenue has contracted at 11.8% a year
✗ Latest-year revenue growth of -35.7% is below the longer-term trend — momentum is fading

Quality vs. Valuation

Company Quality

35/ 100

Weak

How good the business is, ignoring the share price entirely.

Valuation

36/ 100

Expensive

What you are being asked to pay, ignoring how good the business is.

Weak on business quality and not cheap enough to compensate.

vs. its own history

Not enough price and earnings history

vs. sector peers

Not enough peers with a usable P/E

vs. generic bands

N/A

No P/E — the company is lossmaking

EV/EBITDA

15.6x

PEG

—

What's Good / What's Bad

🟢 What's Going Well4

Margins are improving
EBITDA margin is up from 3.6% to 7.7% over 3 years.
Debt is being paid down
Total debt is down 36% over 3 years.
Return on equity is rising
ROE has improved from -17.4% to -7.8%.
Return on capital is rising
ROCE has improved from -3.6% to 0.1%.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

5 items require attention · 3 high · 2 watch

🔴Thin interest coverageFinancial
Operating profit covers interest only 0.0x — little room if earnings dip.
🔴Profit up while operating cash flow fallsFinancial
Reported profit rose but cash generated by operations declined — worth checking whether earnings are being supported by non-cash items or working capital.
🔴The company is lossmakingFinancial
Net profit of -₹29 Cr in the latest reported year.
🟡Free cash flow is negativeFinancial
Free cash flow was -₹37 Cr in the latest year.
🟡Short-term liquidity is tightFinancial
Current ratio of 0.93 — near-term obligations exceed near-term assets.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 3.6% to 7.7%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Deleveraging frees up earnings
Debt is down 36% over 3 years. Every rupee of interest not paid drops to the bottom line, so profit can grow even if revenue does not.

🔴 Bear CaseWhat could go wrong?

The debt load needs earnings to hold up
Debt is 8.0x EBITDA. At that level a downturn in earnings turns a manageable balance sheet into a refinancing problem, and lenders get paid before shareholders.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.
Several serious flags at once
3 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1EBITDA margin holds above 6%✓ 7.7%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Debt / EBITDA falls below 3x✗ 8.0x
Already stretched, so this is a reduction target rather than a level to hold. Around 3x is where lenders typically start attaching conditions.
3Free cash flow remains positive✗ -₹37 Cr
Profit that never becomes cash eventually stops being profit.
4Interest cover stays above 3x✗ 0.0x
How much operating profit can fall before interest stops being comfortably covered.
5ROCE stays above 8%✗ 0.1%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

4 / 11 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✗ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✗ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

2 good · 3 neutral · 6 weak

Market Cap

₹265 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

Not meaningful

Loss-making

Earnings are negative, so a P/E multiple can't be read here

P/B Ratio

0.72x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹-11.04

Loss-making

Negative earnings per share — the business is losing money

ROE

-7.8%

Weak

Weak capital efficiency

ROCE

0.1%

Weak

Low return on total capital employed

Debt/Equity

0.62x

Moderate

Moderate leverage

Revenue Growth (YoY)

-35.7%

Shrinking

Sales are contracting

Profit Growth (YoY)

64.4%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

-₹37 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

-6.8%

Weak

Thin margins leave little room for error

Net Margin

-8.0%

Weak

Very little revenue reaches the bottom line

Current Ratio

0.93

Adequate

Adequate, but no real cushion

Beta (vs Nifty)

0.64

Defensive

Steadier than the market

52W Range Position

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

93.1 / 98.2

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

27.5

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹661 Cr	₹623 Cr	₹428 Cr	₹453 Cr	-11.8%
EBITDA	₹24 Cr	₹30 Cr	-₹17 Cr	₹35 Cr	+13.1%
EBITDA Margin	3.6%	4.7%	-4.1%	7.7%	—
PAT (Net Profit)	-₹58 Cr	-₹39 Cr	-₹81 Cr	-₹29 Cr	—
EPS	₹-22.35	₹-13.3	₹-27.51	₹-9.8	—
ROE	-17.4%	-13.3%	-37.8%	-7.8%	—
ROCE	-3.6%	-2.3%	-8.9%	0.1%	—
Total Debt	₹436 Cr	₹427 Cr	₹463 Cr	₹277 Cr	-14.0%
Free Cash Flow	₹7 Cr	₹38 Cr	-₹4 Cr	-₹37 Cr	—

🔴 Revenue has shrunk at 11.8% a year over 3 years.

🟢 EBITDA has grown at 13.1% a year over 3 years.

🟢 EBITDA Margin has risen from 3.6% to 7.7% over 3 years (+4.0 pts).

🟢 ROE has risen from -17.4% to -7.8% over 3 years (+9.6 pts).

🟢 ROCE has risen from -3.6% to 0.1% over 3 years (+3.8 pts).

🟢 Total Debt has shrunk at 14.0% a year over 3 years.

🔴 Free Cash Flow has turned negative, from ₹7 Cr to -₹37 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹915 Cr

Total Liabilities

₹470 Cr

Cash & Equivalents

₹1 Cr

Operating Cash Flow

-₹29 Cr

Capex

-₹8 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

81.2%

Corporate Actions

Ex-Dividend Date

08 Sept 2022

Peer Comparison

Company	P/E	ROE
ULTRATECH CEMENT LIMITED	37.6x	11.1%
GRASIM INDUSTRIES LTD	34.8x	5.5%
AMBUJA CEMENTS LTD	20.4x	7.4%
SHREE CEMENT LIMITED	49.7x	7.0%

Recent News

1 mixed5 general

Anjani Portland Nine Monthly Results, Nine Monthly Earnings for Anjani Portland

The Economic Times, 13 OctResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Anjani Portland Cement (APCL.NS) Holds Near ₹95 as Stock Grinds Higher in a Tight Range - ETF AUM Growth

siam.in, 29 Sept

Anjani Portland Cement Ltd Falls to 52-Week Low of Rs 91 Amidst Prolonged Downtrend

MarketsMojo, 08 Oct

APCL 52 Week Low Streak: Price, Valuation, Peers

Univest, 08 Oct

Anjani Portland Cement transitions cement brand to Chettinad

scanx.trade, 30 Jun

Narmada Agrobase Ltd leads losers in 'B' group

Business Standard, 11 Jun

Watch Items

Revenue growth is negative (-35.7%) on the latest reported period — check if this is one-off or a trend.
Trading very close to its 52-week low — worth checking whether this reflects a temporary setback or a structural problem.
Cross-check against the company's latest quarterly filing / investor presentation before acting.
RSI is in oversold territory — could mean either a bargain or a stock still falling for good reason. Check the 'why' before assuming reversal.

DalalBaazaar Thesis

MiddlingValuation

WeakBusiness Quality · Financial Health · Growth · Profitability · Risk

Points for each in the Score ↑

Weak on the fundamentals

Poor scores on business quality without a price low enough to compensate. There is no obvious argument for owning this over a stronger company at a similar valuation. 3 high-severity red flags sit above this conclusion and should be read first.

4 of 5 tripwires tripped — Debt / EBITDA falls below 3x; Free cash flow remains positive; Interest cover stays above 3x; ROCE stays above 8% · see Key things to watch ↑