Key Metrics of Mangalam Cement Ltd
About Mangalam Cement Ltd
Sectors
Company details
- Website
- mangalamcement.com
- Registered office
- Aditya Nagar, Morak Distt, Kota, In-rj, 326520
- Listed
- NSE: MANGLMCEM · ₹887.85
Operational Areas of Mangalam Cement Ltd
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
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Vendor checks & payment capacity
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 26 Mar 2026 | CARE | Reaffirmed | A+ | A1+ | Stable | ₹1,163 Cr | View |
| 03 Apr 2025 | CARE | Reaffirmed | A+ | A1+ | Stable | ₹1,127 Cr | View |
| 19 Mar 2024 | CARE | Reaffirmed | A+ | A1+ | Stable | ₹1,090 Cr | View |
| 28 Mar 2023 | CARE | Reaffirmed | A+ | A1+ | Stable | ₹1,044 Cr | View |
| 07 Apr 2022 | CARE | Reaffirmed | A+ | A1+ | Stable | ₹866 Cr | View |
| 07 Mar 2022 | CARE | Reaffirmed | A+ | A1+ | Stable | ₹75.0 Cr | View |
| 31 Dec 2020 | CARE | Reaffirmed (from A+) | A+ | A1+ | Stable | ₹2,031 Cr | View |
| 23 Dec 2019 | CARE | Reaffirmed | A+ | A1 | Stable | ₹865 Cr | View |
| 19 Feb 2019 | CARE | Reaffirmed | A+ | A1 | Stable | ₹742 Cr | View |
| 10 Aug 2018 | CARE | Revised (from AA) | A+ | A1 | Stable | ₹1,437 Cr | View |
| 06 Apr 2018 | CARE | Other | AA- | — | Stable | ₹250 Cr | View |
Credit strengths (CARE, Mar 2026)
+ Established brand with concentration in the northern region and favourable sales mix
MCL was incorporated in 1976 and commenced its business in 1977. The company sells cement under the brand name ‘Birla Uttam Cement’ and ‘Mangalam ProMaxX’, which is well recognised majorly in the northern and central markets. Going forward, CareEdge Ratings expects the demand in the northern and the central regions to be healthy from rural housing and infra projects, especially in Uttar Pradesh on the back of government spending and a pick-up in construction. The company produces two grades
+ Healthy operational performance amidst market-driven challenges
In FY25, the company reported a TOI of ₹1,681 crore (FY24: ₹1,727 crore), reflecting a marginal 3% Y-o-Y decline. While volumes improved to 3.50 MT (FY24: 3.37 MT), realisations moderated to ₹4,800 per tonne (FY24: ₹5,120 per tonne), largely due to industry-wide demand slowdown, which led to subdued construction activity and pricing pressure across key markets. However, the capacity utilisation remained robust at 80% in FY25 (PY: 77%) above the industry’s average.
+ Adequate backward integration and cost optimisation
MCL has a captive limestone mine situated in proximity to the plant which meets almost 90% of the total limestone requirement of the company. Proximity to the major raw material source minimises the transportation cost for sourcing of raw materials and enhances the operational effectiveness. The captive mines have sufficient proven reserves of ~152 million tonnes. The company mixes the captive limestone from Morak mines with high-grade limestone which is partially procured from its captive mine
+ Financial risk profile expected to remain adequate despite of largely debt-funded capex plans
The capital structure remained moderate with overall gearing of 0.74x as on March 31, 2025. However, net debt/PBILDT increased to 2.66x (FY24: 1.91x), driven by higher working capital borrowings and moderation in profitability across the industry due t o weak volume growth and declining realisations. Going forward, the company is undertaking capacity expansioni.e. the Aligarh unit expansion, which is nearing completion as of
Credit challenges
− Exposure of MCL to competitive pressure given its geographical concentration and moderate scale of operation
The company operates majorly in Rajasthan, Uttar Pradesh, and Madhya Pradesh. The company is exposed to competitive pressure from larger players who operate in these states due its moderate scale of operations. Exposure to volatility in input costs and cyclicality in the sector The company is exposed to the commodity price risk arising out of fluctuation in prices of raw materials (gypsum, iron ore, fly ash, and iron slag) and fuel (coal and pet coke). Coal (indigenous and international) is used
− Exposure to volatility in input costs and cyclicality in the sector
The company is exposed to the commodity price risk arising out of fluctuation in prices of raw materials (gypsum, iron ore, fly ash, and iron slag) and fuel (coal and pet coke). Coal (indigenous and international) is used for both the power generation to run its plants and as fuel for kilns. While pet coke is mostly imported, for coal, the company is relying on both domestic and international sources. Going forward, the company is expected to continue its focus on improving its internal efficien
Could lead to an upgrade
• Increase in scale of operation (total operating income [TOI] greater than ₹2,000 crore) and profitability (PBILDT margin greater than 18%) leading to improvement in debt protection metrics (PBILDT interest coverage greater than 5.0x) on a sustained basis.
Could lead to a downgrade
• Lower-than-envisaged profitability or higher-than-envisaged debt-funded capital expenditure (capex) leading to a net debt/ PBILDT above 3.6x on a sustained basis.
Agency-reported financials (CARE, 26 Mar 2026)
| Metric | March 31, 2024 | March 31, 2025 | 9MFY26 |
|---|---|---|---|
| Total operating income | ₹1,728 Cr | ₹1,681 Cr | ₹1,296 Cr |
| PBILDT* | ₹205 Cr | ₹163 Cr | ₹163 Cr |
| Profit after tax (PAT) | ₹59.72 Cr | ₹45.06 Cr | ₹63.72 Cr |
| Overall gearing (x) | 0.76× | 0.74× | — |
| Interest coverage (x) | 3.04× | 2.36× | 4.00× |
| Revenue growth (YoY) | — | −2.7% | — |
| PAT margin | 3.5% | 2.7% | 4.9% |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term bank facilities | Working capital & bank lines | — | ₹478 Cr | — | A+ (Stable) | Reaffirmed | CARE |
| Long-term Short-term bank facilities | Working capital & bank lines | — | ₹535 Cr | — | A+ / A1+ (Stable) | Reaffirmed | CARE |
| Short-term bank facilities | Working capital & bank lines | — | ₹75.0 Cr | — | A1+ | Reaffirmed | CARE |
| Commercial paper | Commercial paper | — | ₹75.0 Cr | — | A1+ | Reaffirmed | CARE |
CARE ratings on record (checked 23 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| BG/LC | ₹535 Cr | CARE A+; Stable / CARE A1+ |
| Cash Credit | ₹230 Cr | CARE A+; Stable |
| Commercial Paper (Standalone) | ₹75.0 Cr | CARE A1+ |
| Long Term | ₹190 Cr | CARE A+; Stable |
| Non Convertible Debentures | — | Withdrawn |
| Term Loan | ₹58.7 Cr | CARE A+; Stable |
| Working Capital Demand loan | ₹75.0 Cr | CARE A1+ |
Lenders
| Fund-based - LT | Cash Credit | Axis Bank Ltd. |
| Fund-based - LT | Cash Credit | HDFC Bank Ltd. |
| Fund-based - LT | Cash Credit | ICICI Bank Ltd. |
| Fund-based - LT | Cash Credit | IndusInd Bank Ltd. |
| Fund-based - LT | Cash Credit | State Bank of India |
| Fund-based - LT | Term Loan | HDFC Bank Ltd. |
| Fund-based - ST | Working Capital Demand loan | IDFC First Bank Ltd. |
| Fund-based - ST | Working Capital Demand loan | IndusInd Bank Ltd. |
| Non-fund-based - LT/ ST | BG/LC | DBS Bank India Ltd. |
| Non-fund-based - LT/ ST | BG/LC | HDFC Bank Ltd. |
| Non-fund-based - LT/ ST | BG/LC | ICICI Bank Ltd. |
| Non-fund-based - LT/ ST | BG/LC | IDFC ltd |
| Non-fund-based - LT/ ST | BG/LC | IndusInd Bank Ltd. |
| Non-fund-based - LT/ ST | BG/LC | RBL Bank Limited |
| Non-fund-based - LT/ ST | BG/LC | State Bank of India |
| Non-fund-based - LT/ ST | BG/LC | Yes Bank Ltd. |
| Term Loan | Long Term | Axis Bank Ltd. |
| Term Loan | Long Term | ICICI Bank Ltd. |
| Term Loan | Long Term | IDFC First Bank Ltd. |
| Term Loan | Long Term | IndusInd Bank Ltd. |
Credit assessment · Cement
CARE Ratings’ Criteria for Rating Cement Companies (Sep 2024) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 58% |
| Information on file | 89% · missing: Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 58% chance the next rating action is stable or better
- Current rating A+ (investment grade)
- Interest coverage 4×
- Working-capital limits 86% utilised on average
What happened, step by step
- Dec 2020 — ₹75 cr raised from Axis Finance Limited
- Dec 2020 — Full repayment of debt
“As per discussion with the management, the company plans to raise Rs.150 crores by January 2021 in addition to Rs.75 crores raised in September 2020 from Axis Finance Limited.”
- Dec 2019 — Term debt tied up
- Dec 2020 — Project / plant of ₹135 cr
“Out of the total debt of Rs.225 crores, the company will use Rs.100 crore to finance the clinker expansion project (total cost of ~Rs.135 crores, where Rs.35 crores will be finance through internal accruals).”
Rated limits by facility
Timeline
From the report
As on December 31, 2025, the company maintained total liquid balances of ₹240.47 crore, including fixed deposits of ₹162.57 crore, mutual fund investments of ₹68.43 crore, and cash balance of ₹9.47 crore.
From the report
Against this, the company has modest near-term repayment obligations of ₹12.81 crore due in February and March 2026, having already repaid ₹58.7 crore till January 31, 2026.
From the report
In the last 12 months ended December 2025, the average fund-based working capital utilisation stood at 86%.
From the report
Liquidity: Adequate The liquidity position of MCL is adequate with gross cash accruals of ₹156 crore in FY24 and ₹92 crore in 9MFY25.
From the report
As against these, the company has balance repayment obligations of ₹21 crore in FY25 while the scheduled repayments for FY26 and FY27 in the range of ₹65-90 crore, respectively.
From the report
The past 12 months, average fund-based working capital utilisation of MCL ended December 2024 stood at 84%.
From the report
Going forward, it is expected that the gearing levels will further decline with no major debt-funded capex planned and gradual repayment of term debt.
From the report
Liquidity: Adequate The liquidity position of MCL remains adequate marked by gross cash accruals of ₹98 crore and cash and cash equivalents of ₹218.92 crore as on December 31, 2023.
From the report
As against these, the company had total repayment obligations of around ₹80 crore in FY24 out of which only ₹15 crore remains for Q4FY24.
From the report
Going forward, the management guidance is that the gearing levels are expected to decline with no major debt funded capex planned and gradual repayment of term debt.
From the report
However, the accruals generated during 9MFY23 along with the existing liquid balance with MCL remained sufficient to meet the schedule d debt repayment obligation of ₹52 crore until January 31, 2023.
From the report
Going forward, with moderation witnessed in the input cost and steps taken by to improve its operating efficiency, MCL is expected to generate sufficient accruals to meet its debt repayment obligations of ₹85 crore and ₹90 crore in FY24 and FY25 respectively.
From the report
Going forward, the management guidance is that the gearing levels are expected to decline with no major debt funded capex planned and gradual repayment of term debt.
From the report
Liquidity -Strong The liquidity position of MCL is adequate with gross cash accruals of Rs.198 cr in FY21 and Rs.106 crin 9MFY22.
From the report
The average fund based utilization of MCL in last 12 months has been at 71% (PY: 78%) with unutilized line of credit standing at ~Rs.43 crore as on Dec 31, 2021.As part of the liquidity policy, the management keeps liquid balances at all times to meet contingencies.
From the report
Going forward, the manage ment guidance is that the gearing levels are expected to decline with no major debt funded capex planned and gradual repayment of term debt.
From the report
Liquidity -Strong The liquidity position of MCL is adequate with gross cash accruals of Rs.198 cr in FY21 and Rs.106cr in 9MFY22.
From the report
The average fund based utilization of MCL in last 12 months has been at 71% (PY: 78%) with unutilized line of credit 3 CARE Ratings Ltd.
From the report
As per discussion with the management, the company plans to raise Rs.150 crores by January 2021 in addition to Rs.75 crores raised in September 2020 from Axis Finance Limited.
From the report
Out of the total debt of Rs.225 crores, the company will use Rs.100 crore to finance the clinker expansion project (total cost of ~Rs.135 crores, where Rs.35 crores will be finance through internal accruals).
From the report
Since the repayment of the new loans are of longer tenure (Rs.50 crores for 5 years and Rs.100 crores for 10 years), the repayment obligation for FY22 is expected to reduce to Rs.69.92 crores and Rs.68.86 crores for FY23 as against current repayment obligation of Rs.102 crores in FY22 and Rs.119 crores in FY23 respectively.
From the report
Out of the Rs.225 crores received, Rs.100 crores will be used for Capex funding and the rest will be utilized for prepayment of debts.
From the report
The average fund based utilization of MCL in last 12 months has been at 78% with unutilized line of credit standing at ~Rs.60 crore as on Nov 30, 2020.
From the report
Liquidity of the company is also bolstered by liquid in vestment/unencumbered cash & bank balance stood at Rs.158.60 crore as on Nov 30, 2020.
From the report
The company earned a GCA of Rs.30.54 crore in FY19 (Rs.63.20 crore in FY18) crore against a debt repayment obligation of Rs.91.66 crore in FY19.
From the report
The shortfall in repayment was met out of new term loans availed by the company during FY19.
From the report
In FY20, GCA is expected to be sufficient to meet the debt repayment obligations of Rs.111.94 crore (about Rs.98 cr has already been repaid as on 26th November 2019).
From the report
MCL also had cash and cash equivalents of Rs.52.26 crore as on September 30, 2019.
From the report
Comfortable liquidity position Liquidity position remains satisfactory as evident from healthy cash and cash equivalents of around Rs.116.16 crore as on December 31, 2018 coupled with liquidity buffer available in the form of unutilized working capital limit and undisbursed loans which are already sanctioned.
From the report
Comfortable liquidity position Liquidity position remains satisfactory as evident from healthy cash and cash equivalents of around Rs.116.16 crore as on December 31, 2018 coupled with liquidity buffer available in the form of unutilized working capital limit and undisbursed loans which are already sanctioned.
From the report
Accordingly though the repayment of term loan is high going forward vis-à-vis expected internal generation, the comfort is derived from healthy liquidity maintained by the company.
From the report
Average utilization of working capital remained low at 36% during the last twelve months ended on December 31, 2018.
From the report
Outlook: Debenture Stable) Details of instruments/facilities in Annexure-1 ^ carved out of sanctioned working capital limits of the company Detailed Rationale & Key Rating Drivers The revision in the ratings assigned to Mangalam Cement Limited (MCL) factor in the moderation in the operational and financial performance of the company in FY18 (refers to period April 1 to March 31) and significant deterioration in Q1FY19.
From the report
This led to an impact on PBILDT and the company incurred a cash loss of Rs2.54 crore in the quarter.
From the report
In last 12 months ended January 2018, average utilisation of fund based working capital facilities of the company was around 75%.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Mangalam Cement Ltd
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
| Cement · Cement, Building Materials & Polymers | ultratechcement.com | 1983 | Mumbai, India | |
| Cement · Cement, Building Materials & Polymers | ambujacement.com | — | Ahmedabad, India | |
| Cement · Cement, Building Materials & Polymers | acclimited.com | — | Gandhinagar, India | |
 Shree Cement |
Cement · Cement, Building Materials & Polymers | shreecement.com | — | Beawar, India |
| Cement · Cement, Building Materials & Polymers | dalmiacement.com | — | Tiruchirapalli, India | |
| Cement · Cement, Building Materials & Polymers | jkcement.com | — | Rajasthan, India | |
 Nuvoco Vistas |
Cement · Cement, Building Materials & Polymers | nuvoco.com | — | Mumbai, India |
| Discovered Companies · Other Industries | birlacorporation.com | — | Kolkata, West Bengal, India | |
 The Ramco Cements |
Cement · Cement, Building Materials & Polymers | ramcocements.in | — | Rajapalayam, India |
| Tiles & Ceramics · Cement, Building Materials & Polymers | prismjohnson.in | — | Hyderabad, India |
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Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Cement
Filings
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