NSE: BVCL · BSE: 532916
BARAK VALLEY CEM. LTD.
Manufactures and sells cement, with operations centred in Northeast India, evidenced by filings in the Assamese-language newspaper Dainandin Barta and a Meghalaya-based mining subsidiary. The single operating segment is cement; a small unallocated line covers residual items. FY26 revenue was ₹212.17 crore at an EBITDA margin of 5.8%. The business carries five wholly-owned subsidiaries — Meghalaya Minerals and Mines (mining), Badarpur Energy, Mustoh Cement, Valley Strong Cement, and Cement International — though several have stalled or not yet commenced operations, drawing going-concern notes from the statutory auditors. Materials at 35.7% of revenue form the largest input cost, followed by other operating expenses at 47.9% and employees at 11.1%. FY26 consolidated net profit dropped to ₹29.37 lakh from ₹279.41 lakh in FY25, weighed by ₹465.80 lakh of subsidiary losses, while standalone net profit was ₹495.72 lakh. The promoters are also linked to LKC Industries and Infra, from which an inter-corporate loan of up to ₹2.65 crore was drawn in May 2026. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Cement, Unallocated. Small, regional cement manufacturer with holding-company-style subsidiary structure
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 176 | 183 | 234 | 208 | 212 |
| EBITDA (ex other income) | 12 | 23 | 24 | 20 | 11 |
| margin % | 6.7 | 12.7 | 10.3 | 9.4 | 5.1 |
| Owners' profit | 0 | 0 | 0 | 0 | 0 |
| EPS, as reported (₹) | (2.04) | 2.35 | 3.27 | 2.33 | 0.13 |
| ROE % · ROCE % | (4.2) · 5.3 | 4.6 · 11.4 | 6.0 · 12.8 | 4.1 · 9.5 | 0.2 · 4.9 |
| Debt / equity (x) | 0.72 | 0.54 | 0.40 | 0.26 | 0.23 |
| Cash from operations | (5) | 25 | 16 | 12 | 11 |
| Capex | (4) | (0) | (3) | (3) | (3) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 42 | 55 | 58 | 58 | 47 | 48 | 60 | 61 |
| Profit before tax | (0) | 3 | 2 | 2 | 0 | (2) | 2 | 4 |
| Net profit | (1) | 1 | 1 | 1 | (0) | (2) | 1 | 3 |
| EPS (₹) | (0.24) | 0.61 | 0.53 | 0.60 | (0.08) | (1.04) | 0.66 | 1.38 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ULTRATECH CEMENT LIMITED | 3,29,452 | 38.5 | 4.08 | 20.1 | 10.1 | 10.2 | 14.6 | 20.8 |
| GRASIM INDUSTRIES LTD | 1,97,360 | 34.5 | 1.16 | 16.4 | 6.1 | 3.2 | 18.1 | 16.6 |
| AMBUJA CEMENTS LTD | 87,273 | 19.8 | 1.21 | 12.2 | 7.8 | 4.3 | — | 18.3 |
| SHREE CEMENT LIMITED | 83,056 | 51.0 | 3.56 | 15.9 | 7.5 | 9.4 | 9.2 | 23.8 |
| JK CEMENT LIMITED | 38,558 | 40.8 | 5.44 | 17.7 | 13.9 | 10.3 | 15.7 | 17.0 |
| DALMIA BHARAT LIMITED | 28,101 | 29.7 | 1.55 | 10.6 | 6.4 | 5.2 | 7.1 | 19.6 |
| ACC LIMITED | 21,387 | 11.2 | 1.04 | 6.2 | 10.4 | 9.9 | — | 8.4 |
| THE RAMCO CEMENTS LIMITED | 17,308 | 26.9 | 2.14 | 10.3 | 8.6 | 7.1 | 11.3 | 14.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 39.4 | 27.7 | 20 of 29 | 32% |
| P/B | 0.6 | 1.3 | 3 of 34 | 94% |
| ROCE | 1.9 | 3.7 | 23 of 37 | 39% |
| ROE | 0.2 | 7.2 | 26 of 34 | 24% |
| Debt / Equity | 0.2 | 0.4 | 10 of 33 | 72% |
| EBITDA margin | 10.2 | 13.1 | 24 of 37 | 36% |
| Revenue growth | 5.8 | 7.8 | 21 of 37 | 44% |
| Profit growth | 130.4 | (24.7) | 3 of 37 | 94% |
| Market cap | 80 | 1735 | 33 of 38 | 14% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 13 Oct 2026 · Barak Valley Cements files quarterly share capital audit for Sep 2026 | compliance | minimal | — | — |
| 1 Oct 2026 · BVCL shareholders approve six resolutions at 27th AGM held on Sep 29, 2026 | board shareholder meetings | low | — | — |
| 30 Sept 2026 · 27th AGM: All 6 resolutions approved, MD re-appointed | board shareholder meetings | low | — | — |
| 29 Sept 2026 · 27th AGM held via video conferencing; 6 resolutions moved including MD reappointment | board shareholder meetings | medium | — | — |
| 21 Sept 2026 · Trading Window Closure for Q2 FY27 Results | compliance | minimal | — | — |
| 7 Sept 2026 · AGM Notice Published for 27th AGM on September 29, 2026 | compliance | minimal | — | — |
| 3 Sept 2026 · Barak Valley Cements 27th AGM on Sep 29 - MD re-appointment and RPTs on agenda | board shareholder meetings | medium | — | — |
| 3 Sept 2026 · 27th AGM on Sep 29, 2026; MD re-appointment and related party deals on agenda | board shareholder meetings | low | — | — |
| 2 Sept 2026 · Board approves revised notice for 27th AGM on September 29, 2026 | board shareholder meetings | low | — | — |
| 13 Aug 2026 · Barak Valley Cements Q1 results, MD re-appointed, internal auditor named | management changes | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.