NSE: INDIACEM | BSE: 530005

Expensive Performer

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385.30 2.55 (0.67%)

296.0K NSE+BSE Volume

NSE 03 Jul, 2026 3:31 PM (IST)

11,940.3

Market Cap

Above industry Median

Beta 1Year

High Volatility

India Cements Ltd. share price target and research reports

Latest analyst research reports with target prices and PDF download for INDIACEM, BSE:530005 India Cements Ltd.

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India Cements Ltd.

26 Apr 2026

385.30

0.67%

Beat led by strong operating performance

Sell: India Cements Ltd.

Target

Motilal Oswal

India Cements (ICEM) reported EBITDA of INR1.6b (~37% beat) in 4QFY26 vs. INR11m in 4QFY25. EBITDA beat was led by all-round operating strength. EBITDA/t increased ~62% QoQ to INR498 (vs. est. INR396).

India Cements Ltd. is trading below all available SMAs

India Cements Ltd.

23 Jan 2026

385.30

0.67%

EBITDA above estimate, led by strong volume growth

Sell: India Cements Ltd.

Target

Motilal Oswal

India Cements (ICEM) reported EBITDA of INR795m (~35% beat) in 3QFY26 vs. an operating loss of INR1.9b in 3QFY25. EBITDA beat was led by higher volume and lower opex/t vs. our estimates.

India Cements Ltd. is trading below all available SMAs

India Cements Ltd.

11 Dec 2025

385.30

0.67%

Back to fundamentals

Hold: India Cements Ltd.

Recommendation Target

ICICI Securities Limited

India Cements (ICEM) has seen it all – from M&A-led buoyancy (over past few years) to a more recent overhang of stakesale by new promoter UltraTech Cement (UTCEM; to comply with minimum public shareholding norms).

India Cements Ltd. has an average target of 386.00 from 2 brokers.

India Cements Ltd.

21 Jul 2025

385.30

0.67%

Improved cost control drives EBITDA beat

Sell: India Cements Ltd.

Target

Motilal Oswal

India Cements (ICEM) reported EBITDA of INR819m (21% beat) in 1QFY26 vs. operating loss of INR310m in 1QFY25. The improvement in operating performance was led by cost control measures, as opex/t was down ~15% YoY in 1QFY26.

India Cements Ltd. is trading below all available SMAs

India Cements Ltd.

28 Apr 2025

385.30

0.67%

Strong volume growth; profitability targets set for FY26-28

Sell: India Cements Ltd.

Target

Motilal Oswal

India Cements (ICEM), following the recent change in management (the first quarter after UTCEM took control), has reported an improved performance in 4QFY25. It has reported an EBITDA of INR5m (vs. an estimate of an operating loss of INR1.2b) in 4QFY25.

India Cements Ltd. has an average target of 386.00 from 2 brokers.

India Cements Ltd.

21 Jan 2025

385.30

0.67%

Miss estimates; awaiting clarity on group synergy benefits

Sell: India Cements Ltd.

Target

Motilal Oswal

India Cements (ICEM) reported an operating loss of INR1.9b (vs. estimated loss of INR854m) in 3QFY25. Sales volume increased ~5% YoY to 2.1mt (~2% below our estimate), while blended realization declined ~20% YoY to INR4,333 (~5% below our estimate).

India Cements Ltd. has an average target of 386.00 from 2 brokers.

India Cements Ltd.

23 Sep 2023

385.30

0.67%

Non-core asset sale – a sentimental positive

Sell: India Cements Ltd.

ICICI Securities Limited

India Cements (ICEM) is ‘walking-the-talk’ regarding the sale of its non-core assets. In a second such transaction, ICEM has agreed to sell its surplus land in Andhra Pradesh (near Vizag) for INR 700mn to industry-leader UltraTech Cement (UTCEM). In Oct’22, ICEM sold its entire stake in subsidiary Springway Mining Pvt Ltd (SMPL) to JSW Cement for INR 4.77bn.

India Cements Ltd. is trading below all available SMAs

India Cements Ltd.

08 Aug 2023

385.30

0.67%

Profitability continues to drag

Sell: India Cements Ltd.

ICICI Securities Limited

Profitability continued to drag its feet at India Cements (ICEM) even as EBITDA for Q1FY24 turned positive (albeit a mere INR 50mn). Performance continues to be impacted by: a) poor volume growth (flat YoY), b) weak realisations (down ~1% QoQ), and c) high operating cost – leaving little on the table for the company.

India Cements Ltd. is trading below all available SMAs

India Cements Ltd.

07 Aug 2023

385.30

0.67%

Operating losses continue in the cement segment

Sell: India Cements Ltd.

Target

Motilal Oswal

India Cements Ltd. is trading below all available SMAs

India Cements Ltd.

25 May 2023

385.30

0.67%

A hat-trick of EBITDA loss

Sell: India Cements Ltd.

ICICI Securities Limited

India Cements (ICEM) has posted an EBITDA loss for the third consecutive quarter. EBITDA loss in Q4FY23 stood at Rs445mn vs a loss of Rs695 in Q3FY23 and a profit of Rs615mn in Q4FY22. While volumes rose ~5% YoY, weak cement prices and elevated fuel cost got the better of ICEM.

India Cements Ltd. has an average target of 386.00 from 2 brokers.

Is India Cements Ltd. worth buying?

320 Votes:

Buy 70.94%

Sell 17.5%

Hold 11.56%

RESEARCH REPORTS

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Sell SEE REPORTS >

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