01 — At a Glance
The Birla Clan’s Forgotten Cement Baby: Still Making Brick by Brick
- 52-Week High / Low₹940 / ₹640
- Q3 FY26 Revenue₹421 Cr
- Q3 FY26 PAT₹12.1 Cr
- TTM EPS₹29.32
- Annualised EPS (Q1-Q3 Avg × 4)₹26.96
- Book Value / Share₹327
- Price to Book2.50x
- 5-Year Sales CAGR6.48%
- 5-Year Profit CAGR-8.96%
- Installed Capacity4.4 MTPA
Flash Summary: Mangalam Cement delivered Q3 FY26 PAT of ₹12.1 crore with quarterly profit jumping 54.9% YoY (but quarterly revenue fell 3.88%). The stock at ₹816 trades at 27.5x P/E, which is expensive for a regional cement player with 5.70% ROE that hasn’t figured out how to grow profitably in the last five years. But wait—the 3-year CAGR is 48.8%, so someone is definitely buying. The board just decided to re-appoint Anshuman V. Jalan as Whole-time Director. Riveting stuff.
02 — Introduction
Fifty Years of Grinding Limestone (And Our Patience)
Mangalam Cement Limited was born in 1976, which means it’s older than most of India’s internet connections and somehow still managing to exist without TikTok fame. It’s a professionally managed company under Smt. Vidula Jalan of the B.K. Birla group — a name that carries more Birla legacy baggage than a first-class cabin on Air India.
The company has two cement plants: one in Morak, Rajasthan (the clinker factory, because every cement company needs to sound like a sci-fi villain), and one in Aligarh, Uttar Pradesh (for grinding, not for grinding our bones into submission). Their installed capacity sits at 4.4 MTPA, which in English translates to “enough to make a dent in North and Central India’s dreams, but not enough to make UltraTech or Grasim lose sleep.”
Q3 FY26 showed quarterly revenue of ₹421 crore but—plot twist—down 3.88% YoY. Net profit was ₹12.1 crore with a 54.9% jump YoY. Translation: they sold less cement at higher margins. Either they found the secret formula, or the competition took a holiday. The cement industry is a cyclical party, and Mangalam showed up late but negotiated better drink prices. Meanwhile, CARE Ratings just reaffirmed their A+/Stable rating because, apparently, being operationally efficient and cost-optimizing is still fashionable in April 2025.
CARE Ratings Note (Apr 2025): CARE A+; Stable reaffirmed for ₹1,163.41 crore in facilities. The rating takes note of MCL’s “healthy scale,” “adequate liquidity,” and “effective cost management.” Translation: Mangalam is boring but stable. Like eating boiled rice daily—it keeps you alive, but don’t expect fireworks.
03 — Business Model: Grinding Rocks Since 1977
How to Make Cement and Annoy UltraTech in Nine Boring Steps
Members get full access to every article.
