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Clear out junk files and repair common Windows errorsFree Scan →Scan for outdated or missing drivers - takes under a minuteDriver Scan →Repair Windows errors before they cause bigger problemsFix Now →Compare India Cements with other listed Indian cement companies only after you establish who owns each business and which accounts you are using. India Cements is now identified by the company as an UltraTech Cement subsidiary; its standalone results are not interchangeable with UltraTech’s consolidated results. For a sound comparison, align reporting periods and entity boundaries, then assess operating scale, profitability, debt, geography, growth plans and valuation using same-date figures.
Start with ownership and the reporting boundary
The Competition Commission of India, in a Press Information Bureau release dated 20 December 2024, said it had approved UltraTech Cement’s proposed acquisition of India Cements. The notice described a proposed purchase of 32.72% of paid-up equity from promoters and an open offer for up to 26%. India Cements’ company-hosted director document now describes it as “(A subsidiary of UltraTech Cement Limited)” and lists UltraTech executives among its non-executive directors.
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Those records establish the approved proposal and the later group relationship, but the CCI announcement alone does not establish every transaction-completion or control-effective date. When comparing accounts, identify whether each figure is for India Cements standalone, India Cements consolidated, or UltraTech consolidated, and state the reporting date. Do not add India Cements’ figures to UltraTech’s consolidated totals if the subsidiary is already included.
This distinction matters to investors because a listed subsidiary and its controlling parent are different securities with different shareholder claims. Group ownership may affect operating decisions, capital allocation and governance, while minority shareholders continue to assess India Cements as a listed company through its own disclosures. A parent-company statement about an acquired operation is not a substitute for that company’s audited standalone results.
#1 Best Overall
- Essential Cement Testing: Specifically designed to determine the Initial Setting Time and Final Setting Time of hydraulic cement pastes, crucial for construction quality control.
- Standard Consistency Determination: Includes the necessary plunger and equipment to accurately find the Standard Consistency of cement samples, conforming to industry standards.
- High Precision Reading: Features a clear, calibrated scale in millimeters (MM) for precise measurement of needle penetration depth during testing.
- Complete Testing Kit: Supplied as a full set, including the main frame, a Brass Vicat Mold (or Mould), a removable Plunger, and both the Initial and Final Setting Needles, along with a Glass Plate.
- Durable & Robust Construction: Built with a sturdy Cast Iron Base and bright metallic moving parts to ensure stability and longevity in a demanding laboratory environment.
Use a like-for-like operating snapshot
The following company-reported figures provide scale and balance-sheet reference points for FY2024–25; they are not a ranking. Metrics differ, so compare only like measures and retain each company’s reporting perimeter and date.
| Company | FY2024–25 reported reference | How to interpret it |
|---|---|---|
| UltraTech Cement | India installed capacity: 183.36 MTPA, including 14.45 MTPA at India Cements; production: 127.44 MMT; capacity utilisation: 78%; total sales volume: 135.83 MMT. UltraTech separately reported 188.8 MTPA consolidated grey cement capacity at year end. | The 183.36 MTPA figure is India capacity; 188.8 MTPA is consolidated capacity including overseas operations. The report grouped 26.3 MTPA from the India Cements and Kesoram cement-business acquisitions together, so that figure is not India Cements capacity alone. (UltraTech Cement FY2024–25 annual report.) |
| ACC | Revenue from operations: ₹21,762 crore; cement sales volume: 39 million tonnes; EBITDA margin: 18%; cash and cash equivalents: ₹3,593 crore; the company said it remained debt-free. | These are ACC-reported FY2024–25 figures. Its FY2022–23 financial year covered 15 months, so that year should not be compared directly with standard 12-month years without adjustment. (ACC FY2024–25 annual report.) |
| Ambuja Cements | Cement sales volume: 63 MMT; capacity during the reporting period: 88.9 MTPA. | Ambuja reported 100.3 MTPA after the reporting period, following Orient Cement’s acquisition and subsequent capacity additions. Keep that later update separate from FY2024–25 operating results. (Ambuja Cements FY2024–25 annual report.) |
| JSW Cement | Manufacturing capacity: 20.6 MTPA; reported debt: ₹6,166 crore. | These are FY2024–25 company-reported figures. JSW’s report describes a proposed IPO and a capital journey distinct from the more mature scale of UltraTech and Adani-group cement businesses. (JSW Cement FY2024–25 annual report.) |
| India Cements | UltraTech said efficiency improvements at India Cements enabled EBITDA break-even in the March 2025 quarter. | This is a parent-company statement about the acquired operation, not evidence of full-year standalone profitability or a directly comparable annual peer margin. (UltraTech Cement FY2024–25 annual report.) |
MTPA means million tonnes per annum; MMT means million metric tonnes. Capacity, production and sales volume describe different things: capacity is potential annual output, production is what was made, and sales volume is what was sold. A company can have large capacity but lower utilisation, while sales can differ from production because of inventory movements and reporting definitions.
Rank #2
- 72hr Lab Fee Included - No further costs to process your sample
- PLM Testing Method - Your results will tell you which kind of asbestos was detected along with a percentage concentration
- 3 Day Results (All samples are tested within 72hrs of receipt)
- Perfect for testing Popcorn Ceilings, Cement, Siding, Guttering, Boarding & Floor Tiles
Compare scale, utilisation and unit economics
For each company, collect cement capacity, production, sales volume and utilisation for the same period. Check whether capacity means cement or clinker capacity, and whether it covers India only or a consolidated domestic-and-overseas business. Separate assets acquired or commissioned after the reporting date from those operating throughout the year. A larger network can help purchasing and distribution, but scale alone does not establish stronger returns.
Profitability is more informative when measured per tonne as well as by margin. Where disclosures permit a consistent calculation, compare EBITDA per tonne, EBITDA margin, realisations, power and fuel cost per tonne, freight cost, clinker factor, and the share of blended or premium cement. Use the same accounting perimeter and period for every company. An EBITDA margin from one company’s consolidated accounts is not directly comparable with another company’s standalone margin.
Rank #3
- 72hr Lab Fee Included - No further costs to process your sample
- PLM Testing Method - Your results will tell you which kind of asbestos was detected along with a percentage concentration
- 3 Day Results (All samples are tested within 72hr of receipt)
- Perfect for testing Popcorn Ceilings, Cement, Siding, Guttering, Boarding & Floor Tiles
Operating context also matters. ACC attributes some cost efficiencies to group synergies in logistics and power or coal. Treat such explanations as company statements, not independently measured proof that one producer has a durable cost advantage. For a fuller view, examine plant locations, grinding units, market mix and access to limestone, fuel, power, rail, ports and distribution: cement is heavy to transport, so delivered cost and local market conditions can differ significantly by region.
Assess debt, cash and capital needs together
Debt figures make sense only alongside cash, interest costs, working capital and planned investment. Compare gross debt and net debt using consistent dates and definitions, then review interest expense, credit ratings, dividend policy and the funding required for announced projects. ACC’s reported ₹3,593 crore cash and debt-free position and JSW Cement’s reported ₹6,166 crore debt are useful starting points, but they are not a complete risk comparison unless dates and reporting boundaries align.
Rank #4
- Accurate Concrete Workability Testing: Designed for measuring the consistency and workability of fresh concrete during mixing and pouring applications in construction and lab environments.
- Durable Galvanized Steel Construction: Made from galvanized steel for reliable performance in demanding job site and testing conditions. The smooth inner surface of the slump cone reduces concrete adhesion, making it easy to clean.
- Easy Operation: A convenient handle is integrated on the side of the slump cone, which is the core design to improve operational convenience. The handle is ergonomically designed to achieve smooth vertical lifting, easy to operate.
- Complete All-In-One Kit – The set includes all essential components for slump testing: a standard slump cone (12"/300 mm height, 8"/200 mm bottom diameter, 4"/100 mm top diameter), a non-absorbent base plate, a 24" steel tamping rod (5/8" diameter), a concrete shovel, a filling funnel, and a steel ruller.
- Versatile Application Scenarios: Suitable for testing fresh concrete workability in various scenarios, including construction sites, road and pavement projects, building foundations, and material testing lab, ideal for concrete contractors, engineers, and construction professionals.
Capital expenditure can change the balance-sheet picture quickly. Distinguish capacity that is announced, under construction, commissioned and operating; check expected project timing and how expansion or acquisition costs will be funded. For acquired businesses, consider integration progress and any debt or other obligations associated with the transaction rather than treating announced capacity as immediately productive.
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Expansion figures need a date and status. UltraTech reported adding 42.6 MTPA of consolidated grey cement capacity in FY2024–25 and ending the year with 188.8 MTPA consolidated capacity; its report grouped India Cements and Kesoram cement-business acquisition capacity together. Ambuja’s 100.3 MTPA figure is a post-period update, not its capacity during FY2024–25. Keeping such figures distinct prevents a comparison from combining one company’s year-end results with another’s later footprint.
Best Value
- High Precision: The bulk density tester for powder provides accurate measurement results. There is a level at the bottom to adjust the level. Attention: Data measurement needs to be conducted in a balanced state
- Measurement Principle: Let the powder fall from a funnel(taper 60°±0.5°,Volume 120ml) at a certain height until the measuring cup(100ml) is filled, and weigh a specific volume of bulk powder, which is the bulk density
- High Quality Stainless Steel: The natural accumulation density tester uses thickened stainless steel material for the volumetric meter, with sufficient wall thickness and hardness, durability, and wear resistance. The measuring frame is made of stainless steel to prevent dust from falling during loading
- Stable Base: The powder stacking density tester adopts a fixed stainless steel base, and the base has triangular adjustable screws that can adjust the height according to needs
- Widely Used: Bulk density meter can measure the density of various powders. For example: metal powder, rare metal powder, alloy powder, soil, dye, abrasive, paint, cement, water sediment powder, etc
For long-term investors, environmental performance and regulatory exposure are also worth comparing, but only on consistent methods and units. Relevant disclosures include emissions intensity, alternative-fuel use, renewable power, water use, mine restoration and environmental permissions. India Cements reported generating 28.4 TJ of energy from alternative fuel in FY2023–24 and reducing traditional fossil-fuel consumption per tonne of clinker by 7.2%. Those are historical company-reported figures, not a current peer ranking.
Use same-date market data for valuation
Operating performance does not tell you whether a share is attractively priced. For a valuation comparison, collect share price and market capitalisation on the same date, then calculate or verify enterprise value, EV/EBITDA, price-to-book and dividend yield using clearly defined earnings, debt and cash. State whether the financial figures are trailing, annual, forecast or adjusted, and avoid mixing fiscal periods or standalone and consolidated results.
No current share prices, market capitalisations or valuation multiples are established here. Therefore these operating references cannot support a claim that India Cements or any peer is cheap, expensive or the better investment. A numeric comparison for India Cements also requires its audited FY2024–25 standalone and consolidated statements and reconciliation with UltraTech’s consolidation notes, including the relevant control and reporting dates.
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A practical comparison sequence
- Fix the date and perimeter: record each figure’s fiscal period, standalone or consolidated basis, geography and acquisition or commissioning status.
- Compare operating scale: line up capacity, production, sales and utilisation, checking that the capacity definitions match.
- Test operating quality: compare EBITDA per tonne, margin, costs and product mix where the disclosures are consistent.
- Review financial resilience: assess debt, cash, interest burden, working capital and capital commitments together.
- Check the business context: consider regional footprint, logistics, integration progress and comparable sustainability measures.
- Value the security: use same-date market data and clearly defined financial inputs before drawing a conclusion about relative valuation.
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
