1. At a Glance – Cement Ki Factory Ya Financial Gym?
₹406 crore market cap. ₹138 share price. 3-month return +9.46%. Sounds decent? Now breathe.
Latest Q3 FY26 (Dec 2025) numbers:
Sales ₹80 crore. PAT ₹-20 crore. EPS ₹-6.66.
ROE: -31.8%.
ROCE: -9.07%.
Debt: ₹463 crore.
Debt-to-Equity: 2.26.
Interest coverage: -0.61.
This is not a cement bag. This is a stress ball.
While the cement giants are printing money, Anjani Portland Cement Ltd is printing red ink. The stock trades at 1.97x book value despite negative earnings. EV/EBITDA sits at 52.6. Yes, fifty-two.
The company is part of the Chettinad group, has 2.44 MTPA capacity, captive mines, captive power… everything a textbook cement company should have.
Except profits.
So the real question:
Is this a turnaround story baking in the kiln?
Or just clinker without cement?
Let’s open the bag.
2. Introduction – Cement Industry Ka Side Character
Cement is boring. It’s grey powder. It sits in warehouses. It doesn’t trend on Instagram.
But it builds India.
And in this grand Bollywood movie of Indian cement, the heroes are UltraTech, Grasim, Shree Cement. They have blockbuster margins, expansion plans, and aggressive pricing power.
Then comes Anjani Portland Cement.
Incorporated in 1983, part of Chettinad Cement Corporation. Manufacturing cement and generating a bit of power. Operations spread across Tamil Nadu, Odisha, Karnataka, and recent entries into Maharashtra, Kerala and Goa.
Capacity? 2.44 MTPA.
APCL: 1.16 MTPA
BCPL (subsidiary): 1.28 MTPA.
They even have captive limestone mines. A 16 MW thermal power plant. Sounds vertically integrated, right?
Yet production in FY23 was 8.42 lakh MT, down 9%.
Sales volume 1.51 MT, down 19%.
Why? Subdued demand and high production cost at BCPL.
Translation:
“We can make cement, but at what cost?”
And now, after approving amalgamation of Bhavya Cements in Jan 2024… they sold 48% of Bhavya to Chettinad in Dec 2025, retaining 51%.
Corporate restructuring or corporate confusion?
You tell me.
3. Business Model – WTF Do They Even Do?
Let’s simplify.
They make cement. That’s it.
Three main products:
• OPC 53 Grade – For serious construction.
• OPC 43 Grade – For general construction.
• PPC – For mass concrete like dams.
• RHPC – For bricks, pipes, electric poles.
Revenue breakup FY23:
- Manufactured cement: 92%
- Traded products: 7%
- Power: 1%
Segment-wise:
So power generation is basically pocket money.
The real business
