Value: south/east capacity at half the EV/t
| Peer | Status | P/E | ROE | Mkt cap | Why we do not hold it (approved text) | Links |
|---|---|---|---|---|---|---|
| Dalmia Bharat | Held | 35.04 | 6.34% | 32,693 Cr | Value: south/east capacity at half the EV/t | |
| Shree Cement | Not held | n/a | n/a | n/a | Shree trades at ~52x TTM P/E and ~Rs 84,844 cr market cap with a 7.5% ROE; Dalmia's 29x P/E and lower EV/tonne offer more re-rating room for a similar ROE profile. | Screener · Tijori |
| JK Cement | Not held | n/a | n/a | n/a | JK Cement has a superior 15.6% ROE but trades at ~40x P/E with Rs 6,183 cr of borrowings; it is a North/Central play with a larger white-cement/putty business - Dalmia is the cheaper South/East asset base. | Screener · Tijori |
| Ramco Cements | Not held | n/a | n/a | n/a | Ramco is the most direct southern peer but has ROE of 0.4%, ~108x P/E and Rs 3,871 cr of debt on a Rs 20,587 cr market cap; Dalmia has a stronger balance sheet (1.47x net debt/EBITDA) and a diversified East/Central footprint. | Screener · Tijori |
Peer numbers are shown only where the peer is in the security master (fundamentals pulled); "n/a" otherwise — a peer is not added to the data pull without a research request. Reasons are quoted from the one-pager (8 Sep 2026).
Ambuja/ACC is the other consolidator but the Adani group's integration and cost delivery are lagging (EBITDA/t down 13% YoY) and the holding-company structure adds complexity; Shree Cement is the most efficient north Indian producer but trades at 50x+ on a self-imposed growth cap; JK Cement and Ramco are regional stories at leader-like multiples. Among pipes (in our Industrials bucket) we own Astral over Supreme (PMS) because the CPVC-led mix and adhesives optionality offer more growth for a similar price.
All sectors we avoid or underweight →UltraTech (2.8%, Core) is the price-setter: 200+ mtpa after Kesoram and India Cements, a 2–3x cost advantage over marginal players, net debt falling from FY27 and EBITDA/t heading back above ₹1,300 as synergies land; 34x FY28E for a 13% sheet EPS CAGR with EBITDA/t recovery as the upside. Dalmia Bharat (2.4%, Value) is 55 mtpa of well-located south/east capacity heading to ~67 mtpa by FY28 (110–130 mtpa by FY31), trading at an EV/t that is roughly half UltraTech's; a 6% ROE today is the cycle, not the franchise.
| Cement Production - Market Share | 5.65 % | as of Mar 25 |