Vaishno Cement Company Limited

Basic Materials — Building Materials · BSE

₹2.74₹0.00 (0.00%)

DalalBaazaar Score

19 / 100

🔴 Poor

Verdict

HIGH RISK

Risk

Very High

Driven by negative shareholders' equity — the company owes more than it owns, negative free cash flow, the company is currently loss-making.

In simple words: The company owes more than it owns — years of losses have wiped out its net worth, but sales are shrinking. Solvency — whether it can keep funding itself at all — is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:00 pm

Understanding the Business

Company site ↗

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

What does this company do?

Vaishno Cement Company Limited manufactures and sells Portland slag cement based on vertical shaft kiln (VSK) technology in India. It sells cement under the Vaishno Cement brand. Vaishno Cement Company Limited was incorporated in 1992 and is based in Kolkata, India.

IndustryBuilding Materials

SectorBasic Materials

Employees2

Annual revenue₹0 Cr

How does it make money?

Turns over ₹0 Cr a year. Of every ₹100 of sales, about ₹-202173 reaches shareholders as profit, with ₹-198598 left at the operating level before interest, tax and depreciation. Each of its 2 employees supports ₹1,250 of revenue a year, the signature of a people-led business.

Revenue / employee₹1,250

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 -537.9% 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?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved -99% while net margin moved +78271% 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-99%

Margin effect+78271%

DalalBaazaar Score

19/ 100

Poor

Weighted across six categories. Every point is explained below.

✗ Shareholders' equity is negative — accumulated losses exceed the capital in the business

Quality vs. Valuation

Company Quality

18/ 100

Weak

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

Valuation

30/ 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

Multiples unreliable — equity base is negative

EV/EBITDA

—

PEG

—

Red Flags

5 items require attention · 5 high

🔴Negative shareholders' equityFinancial
Liabilities exceed assets — accumulated losses have wiped out the company's net worth.
🔴Debt has risen sharplyFinancial
Total debt is up 70% over 3 years, from ₹1 Cr to ₹2 Cr.
🔴Free cash flow negative for 4 yearsFinancial
The business has not covered its capital spending from operations for several years running, which has to be funded externally.
🔴The company is lossmakingFinancial
Net profit of -₹1 Cr in the latest reported year.
🔴Significant margin compressionFinancial
EBITDA margin has fallen 198340.2 points, from -258.2% to -198598.4%.

Investment Thesis

🟢 Bull CaseWhat could make this work?

No clear supporting case emerges from the available numbers.

🔴 Bear CaseWhat could go wrong?

Solvency comes before everything else
Liabilities exceed assets. Until net worth is rebuilt, the equity is a claim on a business that owes more than it owns, and further losses or a funding squeeze can leave shareholders with nothing.
Margins are being competed away
EBITDA margin has fallen from -258.2% to -198598.4%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
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
5 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 -198600%✓ -198598.4%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Free cash flow remains positive✗ -₹1 Cr
Profit that never becomes cash eventually stops being profit.

Investment Checklist

4 / 10 checks passed

✗ Shareholders' equity is positive (assets exceed liabilities)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✓ 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

0 good · 4 neutral · 7 weak

Market Cap

₹2 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

Not available

No data

Source didn't return this field

EPS (TTM)

₹-0.17

Loss-making

Negative earnings per share — the business is losing money

ROE

Not meaningful

Negative equity

Return on equity can't be read when equity itself is negative

ROCE

-537.9%

Distorted

Distorted by the negative net worth — read this alongside the solvency flag, not on its own

Debt/Equity

Not meaningful

Negative equity

Shareholders' equity is negative, so this ratio can't be read

Revenue Growth (YoY)

-99.9%

Shrinking

Sales are contracting

Profit Growth (YoY)

-1052.7%

Falling

Profits are shrinking

Dividend Yield

None

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

Free Cash Flow

-₹1 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

-76800.0%

Weak

Thin margins leave little room for error

Net Margin

0.0%

Weak

Very little revenue reaches the bottom line

Current Ratio

6.98

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

1.92

High swing

Swings more than the market in both directions

52W Range Position

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

2.9 / 2.8

Bullish alignment (short > long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

0.0

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹0 Cr	—	₹0 Cr	₹0 Cr	-76.8%
EBITDA	-₹0 Cr	-₹0 Cr	₹0 Cr	-₹0 Cr	—
EBITDA Margin	-258.2%	—	51.2%	-198598.4%	—
PAT (Net Profit)	-₹0 Cr	-₹0 Cr	₹0 Cr	-₹1 Cr	—
EPS	₹-0.06	₹-0.08	₹0.06	₹-0.56	—
ROCE	—	—	10.5%	-537.9%	—
Total Debt	₹1 Cr	₹1 Cr	₹2 Cr	₹2 Cr	+19.3%
Free Cash Flow	-₹1 Cr	-₹0 Cr	-₹0 Cr	-₹1 Cr	—

🔴 Revenue has shrunk at 76.8% a year over 3 years.

🔴 EBITDA Margin has fallen from -258.2% to -198598.4% over 3 years (-198340.2 pts).

🔴 ROCE has fallen from 10.5% to -537.9% over 3 years (-548.4 pts).

🔴 Total Debt has grown at 19.3% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹0 Cr

Total Liabilities

₹2 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

-₹1 Cr

Capex

—

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

23.7%

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

SAINIK FINANCE Stock/Share price , NSE/BSE Forecast News and Live Quotes

Equitymaster, 17 Oct

Vaishno Cement Q1FY27 standalone loss widens 195% to ₹8.38 lakh

scanx.trade, 13 Aug

Vaishno Cement schedules 39th AGM for Sep 15, reports FY26 loss

scanx.trade, 19 Aug

Q1 results: ABREL, Godrej, JSW Cement, FirstCry, and 693 more on Aug 13

Business Standard, 13 AugResults

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

Vaishno Cement Company Ltd Passes All Resolutions at Extraordinary General Meeting

scanx.trade, 26 Feb

CCL INTERNATIONAL Stock/Share price , NSE/BSE Forecast News and Live Quotes

Equitymaster, 08 Oct

Watch Items

Revenue growth is negative (-99.9%) 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.
1 metric couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.
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

WeakBusiness Quality · Financial Health · Growth · Profitability · Valuation · Risk

Points for each in the Score ↑

Avoid until solvency is resolved

Vaishno Cement Company Limited owes more than it owns. Whatever the operating numbers show, the equity is a residual claim on a business with negative net worth, and that question has to be settled before any of the rest is worth weighing. 5 high-severity red flags sit above this conclusion and should be read first.

1 of 2 tripwires tripped — Free cash flow remains positive · see Key things to watch ↑