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Cement (UltraTech subsidiary) Historical case study · data as of 31 Jul 2026 · published 03 Nov 2026 (95 days later)

India Cements — 100-point case study

How India Cements looked on 50 technical and 50 fundamental measures on 31 Jul 2026 — and what happened over the next three months. Education only; not a current view.

Codes	NSE: INDIACEM · BSE: 530005
Close on 31 Jul 2026	₹398.00
Market cap then	₹12,308 crore
Valuation	P/E -183.7× · P/B 1.22×
Momentum	RSI (14) 53 · 1-year return +7.8%
Next 3 months	-20.2% vs Nifty 50 -3.9% (to 02 Nov 2026)

Scorecard

Technical — 50 points

17 bullish · 26 neutral · 0 caution · 6 bearish — the picture leaned positive.

Fundamental — 50 points

4 bullish · 31 neutral · 4 caution · 10 bearish — the picture leaned negative.

Price chart

Close (to snapshot) Close (after) 50-day avg 200-day avg Support Resistance

Technical analysis — 50 points

Calculated by code from daily prices up to 31 Jul 2026. Standard formulas (RSI, MACD, ADX use Wilder smoothing).

How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →

A. Trend

#	Point	Reading	Tag	Commentary
1	Short-term trend (20 days)	slope +0.39%/day	Bullish	Over the last 20 sessions the regression line of closing prices was rising about 0.39% a day — a short-term uptrend. Bullish slope above +0.10% a day (short-term uptrend) · Bearish slope below –0.10% a day (short-term downtrend) · Neutral between the two: a flat, sideways phase.
2	Medium-term trend (~5 months)	3M return +0.5%	Bullish	The 100-session trend line was up (+0.05%/day) and the stock was +0.5% over three months, so the medium-term picture was bullish. Bullish slope above +0.05% a day · Bearish slope below –0.05% a day · Neutral in between.
3	Long-term trend (1 year)	1Y return +7.8%	Neutral	Compared with a year earlier the price was +7.8%. Little net progress over twelve months. Bullish up more than 10% in a year · Bearish down more than 10% in a year · Neutral between –10% and +10%.
4	Weekly chart trend	10W 389.58 / 30W 402.61	Neutral	On the weekly chart the stock showed a weekly close tangled between the 10-week and 30-week averages. Bullish weekly close above the 10-week average, which is above the 30-week · Bearish weekly close below the 10-week average, which is below the 30-week · Neutral when they are tangled.
5	Swing structure (highs/lows)	last highs 391.35→416.40; lows 373.60→367.40	Neutral	The two most recent swing points showed a higher high but a lower low — mixed structure. Bullish higher highs and higher lows (uptrend structure) · Bearish lower highs and lower lows (downtrend structure) · Neutral when one is higher and the other lower.
6	ADX (14) — trend strength	17.0	Neutral	ADX at 17.0 signals a weak or absent trend (below 20) — range-bound conditions. ADX measures strength only, not direction. Bullish ADX 20 or more with +DI above –DI (a real trend, pointing up) · Bearish ADX 20 or more with –DI above +DI (a real trend, pointing down) · Neutral below 20: no clear trend. 20–30 is a moderate trend, above 30 a strong one.
7	+DI vs –DI	+DI 20.2 / –DI 15.8	Bullish	+DI was above –DI: upward price pressure outweighed downward pressure. Bullish +DI above –DI · Bearish –DI above +DI · No neutral zone for this point.

B. Moving averages

#	Point	Reading	Tag	Commentary
8	Price vs 20-day SMA	392.39 (+1.4%)	Bullish	Close of 398.00 was 1.4% above the 20-day SMA — the short-term trend filter was positive. Bullish close above the average · Bearish close below the average · No neutral zone.
9	Price vs 50-day SMA	388.27 (+2.5%)	Bullish	Close of 398.00 was 2.5% above the 50-day SMA — the medium-term trend filter was positive. Bullish close above the average · Bearish close below the average · No neutral zone.
10	Price vs 200-day SMA	404.63 (-1.6%)	Bearish	Close of 398.00 was 1.6% below the 200-day SMA — the long-term trend filter was negative. Bullish close above the average · Bearish close below the average · No neutral zone.
11	9 / 21 EMA crossover	9E 398.23 / 21E 394.40	Bullish	The 9-day EMA was above the 21-day EMA; the last crossover happened on 16 Jul 2026. Bullish 9-day above 21-day · Bearish 9-day below 21-day · No neutral zone.
12	Golden / death cross (50 vs 200)	last death cross 21 Apr 2026	Bearish	The 50-day average was 4.0% below the 200-day. The most recent signal was a death cross on 21 Apr 2026. Bullish 50-day above 200-day (after a “golden cross”) · Bearish 50-day below 200-day (after a “death cross”) · No neutral zone.
13	50-day SMA slope	-1.3% in 20 sessions	Bearish	The 50-day average fell 1.3% over the past month — declining. Bullish rose more than 0.5% · Bearish fell more than 0.5% · Neutral in between: flattening.
14	MA ribbon alignment	392 / 388 / 387 / 405	Neutral	The 20/50/100/200-day averages were tangled — no clean order, typical of a transition or range. Bullish neatly stacked 20 > 50 > 100 > 200 · Bearish neatly stacked 20 < 50 < 100 < 200 · Neutral when tangled (a transition or range).
15	Monthly anchored VWAP	395.29 (+0.7%)	Bullish	Anchored to the start of July, the volume-weighted average price was 395.29; the close was above it — buyers that month were on average in profit. Bullish close above VWAP (that month’s buyers on average in profit) · Bearish close below VWAP · No neutral zone.

C. Momentum

#	Point	Reading	Tag	Commentary
16	RSI (14)	53.2	Neutral	RSI at 53.2 was in the neutral 45–55 zone. Bullish RSI 55–70 (positive momentum, not stretched) · Bearish RSI 30–45 (soft momentum) · Neutral 45–55. Caution at 70 or above (overbought) or 30 or below (oversold).
17	RSI divergence (last 40 days)	bullish divergence	Bullish	Comparing the last 20 sessions with the 20 before: bullish divergence: price made a lower low but RSI made a higher low — selling momentum was fading. Bullish bullish divergence: price made a lower low but RSI a higher low · Caution for a bearish divergence (price higher high, RSI lower high). Neutral when RSI moved in line with price.
18	MACD line vs signal	MACD 4.00 / signal 3.88	Bullish	MACD was above its signal line — momentum turning or staying positive. Bullish MACD above signal · Bearish MACD below signal · No neutral zone.
19	MACD histogram (5-day change)	2.27 → 0.13	Bearish	The histogram fell over the last five sessions, meaning momentum was weakening. Bullish histogram rising (momentum improving) · Bearish histogram falling (momentum weakening) · No neutral zone.
20	MACD vs zero line	4.00	Bullish	MACD above zero means the 12-day EMA was above the 26-day EMA — a positive momentum regime. Bullish MACD above zero · Bearish MACD below zero · No neutral zone.
21	Stochastic (14,3,3)	%K 57.8 / %D 54.8	Bullish	Slow stochastic at 57.8 was mid-range with %K above %D. Bullish between 20 and 80 with %K above %D · Bearish between 20 and 80 with %K below %D · Caution above 80 (overbought) or below 20 (oversold).
22	Williams %R (14)	-43.5	Neutral	%R of -43.5 put the close in the middle of its 14-day range. How to read: Caution above –20 (near the top) or below –80 (near the bottom). Neutral in the middle. This point is never tagged Bullish or Bearish.
23	CCI (20)	45	Neutral	CCI at 45 was within the normal ±100 band. Bullish above +100 (unusually strong upward move) · Bearish below –100 (unusually strong downward move) · Neutral within ±100.
24	Rate of change (10-day)	-3.0%	Bearish	Price changed -3.0% over ten sessions. Bullish up more than 2% · Bearish down more than 2% · Neutral between –2% and +2%.

D. Volatility

#	Point	Reading	Tag	Commentary
25	Bollinger Band position (%B)	%B 0.61 (bands 367.02–417.76)	Neutral	%B of 0.61 — inside the bands, upper half. How to read: Caution above 1 or below 0 (outside the bands — an overextended move). Neutral inside the bands.
26	Bollinger width / squeeze	width 12.9% (60th pct of 6M)	Neutral	Band width was at the 60th percentile of the last six months, a normal level. How to read: Caution when the width is in the lowest 15% of six months (a “squeeze” that often comes before a bigger move, direction unknown). Neutral otherwise.
27	ATR (14)	₹12.07 (3.0% of price)	Neutral	A typical day's range was about ₹12.07, or 3.0% of the price — useful for judging how much 'normal noise' to expect. How to read: Information only. A higher % means bigger normal daily swings.
28	Historical volatility (30-day)	29.1% vs 1Y 32.6%	Neutral	Annualised 30-day volatility was 29.1%, close to the one-year level of 32.6%. How to read: Caution when 30-day volatility is more than 1.25× the one-year level. Neutral otherwise.
29	Keltner Channel (20, 2×ATR)	370.30–419.04	Neutral	The close was inside the channel, so no volatility breakout. Bullish close above the upper channel (strong upward push) · Bearish close below the lower channel · Neutral inside the channel.
30	Beta vs Nifty 50 (1Y daily)	1.09	Neutral	A beta of 1.09 means the stock tended to move roughly in line with the Nifty 50 day to day. How to read: Information only. Above 1.1 moves more than the market, below 0.9 less, around 1 in line.

E. Volume & money flow

#	Point	Reading	Tag	Commentary
31	Volume vs 20-day average	last day 0.27× / 5-day 0.46×	Neutral	The final session traded 0.27× its 20-day average volume and the last five sessions averaged 0.46× — lighter than usual participation. How to read: Information only. Above 1.2× is heavier than usual participation, below 0.8× lighter.
32	Up-day vs down-day volume (20d)	ratio 1.51	Bullish	Average volume on up days was 1.51× that on down days — accumulation-leaning. Bullish ratio above 1.15 (accumulation-leaning) · Bearish ratio below 0.85 (distribution-leaning) · Neutral between 0.85 and 1.15.
33	On-Balance Volume (20d)	OBV rising	Bullish	OBV rose over the month while price rose — volume confirmed the price move. Bullish OBV rising · Bearish OBV falling · No neutral zone.
34	Accumulation/Distribution line	rising (20d)	Bullish	The A/D line rose, meaning closes tended to be in the upper part of daily ranges on meaningful volume. Bullish A/D line rising · Bearish A/D line falling · No neutral zone.
35	Chaikin Money Flow (20)	0.28	Bullish	CMF at +0.28 indicated net inflows. Bullish above +0.05 (net inflows) · Bearish below –0.05 (net outflows) · Neutral between –0.05 and +0.05.
36	Money Flow Index (14)	65.8	Bullish	MFI, a volume-weighted RSI, was 65.8. Bullish MFI 55–80 · Bearish MFI 20–45 · Neutral 45–55. Caution above 80 (overbought) or below 20 (oversold).
37	Liquidity (avg daily turnover)	₹16 cr/day	Neutral	About ₹16 crore changed hands per day on average over 20 sessions — moderately liquid. How to read: Information only. Above ₹500 crore a day is highly liquid, above ₹50 crore liquid, below that moderately liquid.

F. Price levels

#	Point	Reading	Tag	Commentary
38	Support levels (S1/S2/S3)	378.21 / 351.55 / 344.07	Neutral	Nearest support (prior swing lows) sat at 378.21, 5.2% below the close, then 351.55, 344.07. How to read: Information only. Levels to watch, not good or bad.
39	Resistance levels (R1/R2/R3)	412.42 / 427.23 / 452.35	Neutral	Nearest resistance (prior swing highs) sat at 412.42, 3.6% above the close, then 427.23, 452.35. How to read: Information only.
40	Monthly pivot points (for next month)	P 393.93 \| R1 420.47 \| S1 371.47	Neutral	Classic pivots from July's high/low/close gave a pivot of 393.93; the close was above it. How to read: Information only.
41	Fibonacci retracement (6M swing)	23.6% 374 \| 38.2% 393 \| 50.0% 409 \| 61.8% 424	Neutral	Measuring the 6-month fall from 475.00 to 342.35, the close was nearest the 38.2% retracement at 393.02. How to read: Information only.
42	52-week high / low	H 485.80 / L 342.35	Neutral	The close was 18.1% below the 52-week high and 16.3% above the 52-week low. Bullish within 5% of the 52-week high · Bearish within 5% of the 52-week low · Neutral in between.
43	Unfilled price gaps (6M)	none	Neutral	No unfilled price gaps in the last six months. How to read: Information only.

G. Patterns

#	Point	Reading	Tag	Commentary
44	Price structure / chart pattern	rising channel	Bullish	Rule-based pattern scan: rising channel — successive higher highs and lows. (Classical patterns like head-and-shoulders are judgement calls; we report only what the rules detect.) Bullish rising channel (both trends up) · Bearish falling channel (both trends down) · Neutral for tight consolidation, a bounce in a downtrend, a pullback in an uptrend, or a sideways range.
45	Breakout / breakdown (20-day)	range 367.40–416.40	Neutral	The close was inside the prior 20-day range of 367.40–416.40. Bullish close above the 20-day high (breakout) · Bearish close below the 20-day low (breakdown) · Neutral inside the range.
46	Latest candlestick	Ordinary red candle	Neutral	On 31 Jul the candle opened 401.70, ranged 395.35–401.70 and closed 398.00: Ordinary red candle. Single candles are weak signals on their own. Bullish hammer, bullish engulfing or bullish marubozu · Bearish shooting star, bearish engulfing or bearish marubozu · Neutral for a doji, inside bar or ordinary candle. Single candles are weak signals.
47	Ichimoku Cloud	cloud 387.85–418.07; Tenkan 401.48 / Kijun 391.90	Neutral	Price was inside the cloud and the Tenkan line was above the Kijun line — an undecided Ichimoku setup. Bullish close above the cloud · Bearish close below the cloud · Neutral inside the cloud.

H. Relative strength & summary

#	Point	Reading	Tag	Commentary
48	Relative strength vs Nifty 50	1M +3.1% / 3M -1.1%	Neutral	The stock underperformed the Nifty 50 by 1.1 points over three months and outperformed by 3.1 points over one month. Bullish ahead of the Nifty 50 by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
49	Relative strength vs Nifty 50 (6M)	6M -5.1%	Bearish	No sector index in today's data set, so we show the 6-month comparison instead: 5.1 points behind the Nifty 50. Bullish ahead by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
50	Technical summary	17 bullish · 6 bearish · 26 neutral · 0 caution	Bullish	Across the 49 readings the technical picture leaned positive. Levels that mattered: support 378.21, resistance 412.42. This is a description of the chart on 31 Jul 2026, not a forecast. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell. Bullish bullish tags beat bearish ones by 5 or more (“positive”) · Bearish bearish tags beat bullish ones by 5 or more (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.

Fundamental analysis — 50 points

Uses only results published by 31 Jul 2026: FY26 annual (Apr 2025–Mar 2026), the Jan–Mar 2026 quarter and the Jun 2026 shareholding. ₹ crore, consolidated unless stated. Valuation uses the 31 Jul 2026 close.

How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →

A. Valuation

#	Point	Reading	Tag	Commentary
1	P/E (trailing 12 months)	n/m (loss)	Caution	At ₹398.00 the market valued the company at about ₹12,308 crore, but the four quarters to Mar 2026 added up to a loss of ₹-67 crore, so P/E is not meaningful. Loss-making companies are usually judged on book value, sales or a recovery in profits instead. How to read: Information only. Below 15 is a low multiple, 15–30 moderate, above 30 a premium (the market expects growth). Compare with peers and the company’s own history.
2	Price / Book	1.22×	Neutral	Market cap was 1.22× the Mar 2026 book value (equity + reserves) of ₹10,124 crore. How to read: Information only. Main yardstick for banks; asset-light businesses usually trade at high P/B.
3	Price / Sales	2.74×	Neutral	The company was valued at 2.74× its trailing-12-month sales of ₹4,485 crore. How to read: Information only.
4	EV / EBITDA (approx.)	34.4×	Neutral	Enterprise value (market cap + ₹1,305 cr borrowings; cash not netted) was 34.4× trailing operating profit of ₹396 crore. How to read: Information only. Lower means cheaper relative to operating profit.
5	Earnings yield	-0.5%	Neutral	Negative, because the company made a loss over the last four quarters — each ₹100 invested was backed by a loss of about ₹0.5. How to read: Information only. Often compared with the ~6–7% yield on 10-year government bonds.
6	PEG (P/E ÷ 3-yr profit CAGR)	n/m	Neutral	PEG is not meaningful because 3-year profit growth was not available. Note: the Dec 2024 quarter carried unusual other income of ₹396 crore — a one-off that distorts year-on-year profit comparisons. Bullish below 1 (growth cheaply priced) · Bearish above 2 (growth expensively priced) · Neutral 1–2, or when profit did not grow (not meaningful).
7	Dividend yield (trailing 12M)	n/a	Neutral	Dividend history in our data window was not available. Bullish above 3% · Neutral at 3% or less. Never tagged Bearish.
8	Market capitalisation	₹12,308 cr	Neutral	At about ₹0.12 lakh crore the company was a small-cap. How to read: Information only. Above ₹1 lakh crore large-cap, ₹30,000 crore–₹1 lakh crore mid-cap, below that small-cap (our rule of thumb).
9	Graham number vs price	n/m	Neutral	Not meaningful with negative earnings or book value. Bullish price below the Graham number · Neutral when the price is above it (most quality companies are).

B. Growth

#	Point	Reading	Tag	Commentary
10	Revenue growth FY26 (YoY)	+8.3%	Neutral	Revenue for FY26 was ₹4,485 crore, +8.3% versus FY25. Bullish above 10% · Bearish below 0% (revenue fell) · Neutral 0–10%.
11	Q4 FY26 revenue growth (YoY)	+2.6%	Neutral	The Jan–Mar 2026 quarter brought ₹1,229 crore of revenue, +2.6% on the same quarter a year earlier. Bullish above 10% · Bearish below 0% · Neutral 0–10%.
12	Net profit growth FY26 (YoY)	n/a	Neutral	FY26 net profit was ₹-67 crore, n/a on FY25's ₹-144 crore. Note: the Dec 2024 quarter carried unusual other income of ₹396 crore — a one-off that distorts year-on-year profit comparisons. Bullish above 10% · Bearish below 0% · Neutral 0–10%. Caution if a one-off item distorted the figure.
13	Q4 FY26 profit growth (YoY)	+233.3%	Caution	Quarterly profit was ₹60 crore versus ₹18 crore a year earlier (+233.3%). Note: the Dec 2024 quarter carried unusual other income of ₹396 crore — a one-off that distorts year-on-year profit comparisons. Bullish above 10% · Bearish below 0% · Neutral 0–10%.
14	Revenue CAGR (3 years)	-7.2%	Bearish	Revenue compounded at -7.2% a year from FY23 to FY26. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%. Caution if an acquisition inflated it.
15	Profit CAGR (3 years)	n/a	Neutral	Not available. Note: the Dec 2024 quarter carried unusual other income of ₹396 crore — a one-off that distorts year-on-year profit comparisons. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%.
16	Revenue CAGR (5 years)	-0.1%	Bearish	Over five years (FY21–FY26) revenue compounded at -0.1% a year. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%.
17	EPS growth FY26 (reported)	n/a	Neutral	Not available. Note: the Dec 2024 quarter carried unusual other income of ₹396 crore — a one-off that distorts year-on-year profit comparisons. Bullish above 10% · Bearish below 0% · Neutral 0–10%.

C. Profitability

#	Point	Reading	Tag	Commentary
18	Operating margin FY26	9%	Neutral	Operating profit (EBITDA) was 9% of sales in FY26 versus -8% in FY25. How to read: Information only — normal margins differ a lot by industry.
19	Operating margin trend (4 quarters)	8% → 7% → 7% → 12%	Bullish	Quarterly margins moved from 8% to 12% over the last four quarters — expanding. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral when broadly stable.
20	Net profit margin FY26	-1.5%	Neutral	₹-1.5 of every ₹100 of revenue ended up as net profit in FY26. How to read: Information only.
21	Return on equity FY26	-0.7%	Bearish	FY26 profit was -0.7% of average shareholders' equity. Above ~15% is generally considered good; below 10% weak. Bullish above 18% · Bearish below 10% · Neutral 10–18%. Around 15% or more is generally considered good.
22	ROCE FY26	1%	Bearish	Return on capital employed (debt + equity) was 1% in FY26. Bullish above 20% · Bearish below 10% · Neutral 10–20%.
23	Return on assets FY26	-0.50%	Neutral	Net profit was -0.50% of total assets. Bullish banks only: 1.5% or more · Bearish banks only: below 1% · Information only for non-banks.
24	Effective tax rate FY26	3%	Neutral	The company paid about 3% of pre-tax profit as tax; India's base corporate rate is ~25%. How to read: Information only. India’s base corporate rate is about 25%.
25	Other income share of pre-tax profit	95%	Caution	Non-operating 'other income' of ₹-62 crore made up 95% of pre-tax profit — a large share, so core earnings were lower than headline profit. How to read: Caution above 25% (headline profit leans on non-core income). Neutral otherwise.

D. Balance sheet

#	Point	Reading	Tag	Commentary
26	Debt / equity	0.13	Bullish	Borrowings of ₹1,305 crore were 0.13× equity — very low leverage. Bullish below 0.3 (very low leverage) · Bearish above 1 (high leverage) · Neutral 0.3–1.
27	Debt / EBITDA	3.30×	Bearish	Debt equalled 3.30 years of FY26 operating profit. Bullish below 1× · Bearish above 3× · Neutral 1–3×.
28	Interest coverage	0.3×	Bearish	Earnings before interest and tax covered interest cost 0.3 times. Bullish above 8× · Bearish below 3× · Neutral 3–8×, or not meaningful when interest is negligible.
29	Book value growth	-0.7%	Bearish	Shareholders' equity grew -0.7% from ₹10,194 crore to ₹10,124 crore in FY26. Bullish above 10% (banks: above 12%) · Bearish below 0% (non-banks only) · Neutral otherwise.
30	Capital work in progress	₹344 cr (3% of fixed assets)	Neutral	Projects under construction (CWIP) were 3% of fixed assets — a modest pipeline. How to read: Information only. Above 20% means a big expansion pipeline that is not yet earning.
31	Working capital days	-15 days	Neutral	Working capital tied up equalled -15 days of sales (FY25: -32). Negative means suppliers/customers fund operations. How to read: Information only. Lower is generally more efficient; negative means suppliers or customers fund the business.
32	Cash conversion cycle	-28 days	Neutral	It took -28 days to turn inventory and receivables into cash, net of supplier credit. How to read: Information only. Shorter is generally better.
33	Debtor days	20 (FY25 62)	Neutral	Customers took 20 days on average to pay, versus 62 a year earlier. How to read: Caution when debtor days rose more than 20% in a year (collections stretching). Neutral otherwise.

E. Cash flow

#	Point	Reading	Tag	Commentary
34	Operating cash flow FY26	₹-27 cr	Bearish	The business generated ₹-27 crore of operating cash in FY26 versus ₹-256 crore in FY25. Bullish positive and higher than the year before · Bearish negative · Neutral when positive but lower. Information only for banks.
35	Free cash flow FY26	₹-115 cr	Bearish	After capital spending, free cash flow was ₹-115 crore. Bullish positive · Bearish negative · Neutral when not available.
36	Cash conversion (CFO ÷ net profit)	0.40×	Caution	Operating cash flow was 0.40× reported profit — cash lagged profits; worth watching. Bullish above 1× (profits well backed by cash) · Caution below 0.7×. Neutral 0.7–1×.
37	Free-cash-flow yield	-0.9%	Neutral	FY26 free cash flow was -0.9% of the snapshot market cap. Bullish above 4% · Neutral at 4% or less.
38	Free cash flow — 3-year total	₹171 cr	Bullish	Free cash flow over FY24–FY26 added up to ₹171 crore. Bullish positive total · Bearish negative total · Neutral when not available.
39	Capex FY26 (CFO – FCF)	₹88 cr	Neutral	Implied capital expenditure was about ₹88 crore, 2.0% of sales. How to read: Information only.

F. Dividends & shareholder returns

#	Point	Reading	Tag	Commentary
40	Dividend payout ratio FY26	0%	Neutral	The company paid out about 0% of FY26 profit as dividends. How to read: Information only. High payout suits mature businesses; growing firms often keep more.
41	Dividend consistency (3 years)	0% / 0% / 0%	Neutral	Payout ratios for FY24 / FY25 / FY26 — dividends were irregular. Bullish paid every year · Neutral when irregular. Never tagged Bearish.
42	Share capital change (FY25→FY26)	+0.0%	Neutral	Paid-up equity capital changed +0.0% (₹310 cr → ₹310 cr). Essentially unchanged — no dilution. Bullish fell 1% or more (a buyback) · Caution when it rose 1% or more (new shares issued). Neutral when unchanged, or for a bonus/split.

G. Ownership

#	Point	Reading	Tag	Commentary
43	Promoter holding	75.00% (-6.49 pts YoY)	Bearish	Promoters owned 75.00% at Jun 2026 versus 81.49% a year earlier. Bearish fell more than 1 percentage point in a year · Neutral otherwise. Never tagged Bullish.
44	Foreign institutional holding	3.40% (+0.43 pts YoY)	Neutral	FIIs held 3.40% at Jun 2026, up from 2.97% a year before. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral within ±1 point.
45	Domestic institutional holding	12.60% (+6.84 pts YoY)	Bullish	Mutual funds, insurers and other DIIs held 12.60%, up from 5.76%. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral within ±1 point.
46	Number of shareholders	1.6 lakh (-7.3% YoY)	Neutral	The shareholder count moved from 1.7 lakh to 1.6 lakh in a year — a rough gauge of retail interest. How to read: Information only — a rough gauge of retail interest.
47	Promoter pledge	none reported	Neutral	Our source showed no pledged promoter shares. How to read: Information only. Any sizeable pledge is a risk to note.

H. Quality & summary

#	Point	Reading	Tag	Commentary
48	Financial health checklist (Piotroski-style, 8 tests)	5/8	Neutral	Passed: CFO > net profit, operating margin improved, ROA improved, asset turnover improved, no meaningful dilution (<3%). Failed: positive profit, positive operating cash flow, leverage fell. Bullish all tests passed, or all but one · Bearish half the tests or fewer passed · Neutral in between.
49	Automated screen flags	2 strength(s) · 2 weakness(es)	Neutral	Strengths: Stock is trading at 0.97 times its book value; Debtor days have improved from 44.5 to 20.2 days. Weaknesses: The company has delivered a poor sales growth of -0.11% over past five years; Company has a low return on equity of -4.51% over last 3 years. (Flags generated by the data source’s rule screen.) How to read: Information only.
50	Fundamental summary	4 bullish · 10 bearish · 31 neutral · 4 caution	Bearish	On the numbers published by 31 Jul 2026 the fundamental picture leaned negative. Valuation: P/E -183.7×, P/B 1.22×. This describes the data, not a recommendation. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell. Bullish bullish tags beat bearish ones by 4 or more and are at least 1.5× as many (“positive”) · Bearish the same the other way round (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.

News in the three months before the snapshot

Company news from 01 May 2026 – 31 Jul 2026 that an investor could have known on the snapshot date.

26 Jun 2026 CARE Ratings assigns/reaffirms CARE AAA; Stable and CARE A1+ to India Cements — CARE Ratings rated India Cements' bank facilities and commercial paper CARE AAA; Stable / CARE A1+, citing parentage of UltraTech Cement (75% holder); gross debt cited as falling from about Rs 3,286 crore (Mar 2024) to about Rs 1,733 crore (Mar 2026). source
01 Jul 2026 India Cements schedules board meeting on July 18 for Q1 FY27 results — The company informed exchanges that its board would meet on Saturday, 18 July 2026 to consider unaudited standalone and consolidated results for the quarter ending 30 June 2026. source
03 Jul 2026 India Cements to hold Q1 FY27 earnings call on July 20 — The company announced an earnings call on 20 July 2026 at 4:00 PM IST, organised by its holding company UltraTech Cement, to discuss April-June 2026 results. source
09 Jul 2026 India Cements notifies 80th AGM on August 10, 2026 — The company informed exchanges that its 80th Annual General Meeting would be held on Monday, 10 August 2026 at 3:00 PM IST via video conferencing. source
18 Jul 2026 India Cements reports Rs 26.85 crore profit in Q1 FY27 — Consolidated net profit was Rs 26.85 crore versus a loss of Rs 132.91 crore a year earlier; revenue from operations was Rs 1,019.42 crore versus Rs 1,024.74 crore. Results included a net exceptional expense of Rs 25.28 crore. source

What happened next (31 Jul 2026 → 02 Nov 2026)

Price went from ₹398.00 to ₹317.70 by 02 Nov 2026 (-20.2%) while the Nifty 50 moved -3.9% — underperforming by 16.3 points.
Highest ₹400.00 on 03 Aug 2026; lowest ₹286.50 on 19 Oct 2026.
S1 378.21: broken on a closing basis on 14 Aug 2026.
S2 351.55: broken on a closing basis on 10 Sep 2026.
R1 412.42: not cleared on a closing basis.
R2 427.23: not cleared on a closing basis.
200-day SMA: price was below it at the snapshot and stayed on the same side through the period.
Apr–Jun 2026 results (reported 18 Jul 2026): revenue ₹1,019 crore (-0.6% YoY), net profit ₹27 crore (n/m — loss or no profit a year earlier YoY), operating margin 15% vs 8% a year earlier (Screener consolidated figures).

Later news

17 Oct 2026 India Cements announces Q2 FY27 results — Consolidated revenue from operations was Rs 1,142 crore versus Rs 1,117 crore a year earlier; EBITDA was reported at Rs 148 crore versus Rs 110 crore; profit after tax before exceptional items was Rs 39 crore versus Rs 15 crore. source
21 Oct 2026 India Cements shares rise about 9% after Q2 results — Shares rose around 9% intraday on heavy volume after the company reported consolidated net profit of Rs 38.82 crore for the September 2026 quarter versus Rs 8.81 crore a year earlier, and disclosed a plan to invest up to Rs 20.90 crore for a 3.62% stake in Zenataris Renewable Energy (filed 15 October). source
22 Oct 2026 India Cements gains about 22% over two sessions on heavy volume — The stock rose roughly 22% across 21-22 October on very heavy trading volume (about 55.8 million shares on NSE on 22 October) while the broader market was weak. source
27 Oct 2026 India Cements issues postal ballot notice — The company filed a postal ballot notice dated 17 October 2026 with the exchanges, followed by a newspaper publication of the notice on 28 October. source

Educational summary. On 31 Jul 2026 the technical picture leaned positive and the fundamental picture leaned negative. Over the next three months the stock moved -20.2% against -3.9% for the Nifty 50. Here the chart's message did not line up neatly with what followed — a reminder that indicators describe the past, not the future. One case proves nothing on its own; the value is in seeing many cases over time. This page does not say whether to buy, sell or hold India Cements today.

Method designed by our founder, CPA · ACCA · CIA. Numbers are computed by our engine from the sources listed below.

Sources: daily prices — Yahoo Finance history pages; financials and shareholding — Screener.in (fetched 03 Nov 2026); index — Nifty 50 via Yahoo Finance; news — linked articles. Calculations by Manage Our Finance. Report a correction

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