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MANGLMCEM - Mangalam Cement

📊 NSE: MANGLMCEM 🏢 Cement - North India 📅 Last Updated: 12/14/2025 9:33

📢 Recent Corporate Announcements

Mangalam Cement Proposes Re-appointment of WTD Anshuman Vikram Jalan for 3 Years

🟡 NEUTRAL ⭐ 6/10

MANAGEMENT 📅 06 Mar 2026, 03:03 PM

Mangalam Cement Limited has issued a postal ballot notice seeking shareholder approval for the re-appointment of Shri Anshuman Vikram Jalan as Whole-Time Director. The proposed term is for three years, effective from April 1, 2026, to March 31, 2029. The remuneration package includes a starting basic salary of ₹18.50 lakh per month and a special allowance of ₹15.50 lakh per month, with provisions for annual increments. Shareholders are invited to vote on this special resolution via e-voting, which concludes on April 5, 2026.

Re-appointment of Shri Anshuman Vikram Jalan as Whole-Time Director for a 3-year term starting April 2026.
Proposed basic salary of ₹18.50 lakh per month, with a maximum cap of ₹28.00 lakh per month.
Special allowance of ₹15.50 lakh per month, with a maximum cap of ₹20.00 lakh per month.
Entitled to a commission not exceeding 1% of the net profits of the company.
E-voting period ends on April 5, 2026, with results to be announced by April 7, 2026.

💡 Investors should evaluate the proposed executive compensation package against the company's historical profit growth and industry standards. While leadership continuity is positive, the significant fixed salary component requires monitoring of future performance.

Mangalam Cement Reports Zero New Physical Share Transfer Requests for January 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 18 Feb 2026, 08:21 PM

Mangalam Cement Limited has submitted its monthly report regarding the re-lodgement of transfer requests for physical shares for the month of January 2026. This disclosure is in compliance with SEBI's circular dated July 2, 2025, which established a special window for such transfers. The company reported receiving zero new requests during the month, while one request from the previous month remains pending. This is a routine administrative filing with no impact on the company's financial performance or operations.

Zero new requests for re-lodgement of physical share transfers received in January 2026
One request remains pending from the end of December 2025
Compliance filing as per SEBI Circular No. SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/97
Report verified by Registrar and Share Transfer Agent (RTA), M/s. Mas Services Limited

💡 No action is required for investors holding shares in dematerialized form. This is a routine regulatory update regarding physical share certificates.

Mangalam Cement Re-appoints Anshuman Vikram Jalan as Whole-Time Director for 3 Years

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 06 Feb 2026, 04:22 PM

Mangalam Cement has approved the re-appointment of Shri Anshuman Vikram Jalan as a Whole-Time Director for a three-year term effective from April 1, 2026, to March 31, 2029. Mr. Jalan, who also serves as the Chairman of the company, holds a 1.04% stake consisting of 2,85,236 shares. The re-appointment is subject to shareholder approval via a General Meeting or Postal Ballot. This move ensures leadership stability as the director has been involved in manufacturing management since 1998.

Re-appointment of Shri Anshuman Vikram Jalan as Whole-Time Director for a 3-year tenure.
The new term commences on April 1, 2026, and concludes on March 31, 2029.
The director holds 2,85,236 equity shares, representing 1.04% of the company's share capital.
Mr. Jalan is an alumnus of the London School of Economics and has been with the company's management since 1998.

💡 This is a routine management continuity announcement and should be viewed as neutral for the stock price. Investors should monitor the upcoming shareholder vote for formal confirmation of the appointment.

Mangalam Cement Q3 PAT Jumps 45% YoY to ₹11.35 Cr; Revenue Dips 3.9%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 06 Feb 2026, 03:56 PM

Mangalam Cement reported a strong 45.3% YoY growth in Net Profit for Q3 FY26, reaching ₹11.35 crore, despite a 3.9% decline in revenue to ₹421.39 crore. The 9-month performance is particularly robust, with PAT surging 126% YoY to ₹63.72 crore, driven by better operational efficiencies. The company also re-appointed Shri Anshuman Vikram Jalan as Whole-time Director for a three-year term starting April 2026. An exceptional item of ₹1.03 crore was recorded during the quarter due to the implementation of new Labour Codes.

Net Profit for Q3 FY26 rose 45.3% YoY to ₹1,135.11 lakhs from ₹781.07 lakhs in the previous year.
Revenue from operations decreased by 3.9% YoY to ₹42,138.68 lakhs in the December quarter.
9-month FY26 Net Profit witnessed a massive 126% jump to ₹6,371.57 lakhs compared to ₹2,815.44 lakhs in the prior year period.
Board approved the re-appointment of Chairman Anshuman Vikram Jalan as Whole-time Director for a 3-year term.
Exceptional charge of ₹102.93 lakhs recognized as past service cost following the enforcement of new Labour Codes.

💡 Investors should take note of the significant margin expansion and the strong 9-month profit trajectory which suggests improved operational efficiency. While the quarterly revenue dip is a minor concern, the overall bottom-line growth remains a positive signal for the stock.

Mangalam Cement Reports Monthly Status on Physical Share Transfer Re-lodgement Requests

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 16 Jan 2026, 04:37 PM

Mangalam Cement has submitted its monthly report regarding the re-lodgement of transfer requests for physical shares for December 2025. This filing is in compliance with the SEBI circular dated July 2, 2025, which provides a special window for such transfers. During the month, the company received 2 requests, of which 1 was rejected and 1 remains under process. No requests were approved or fully processed during this period.

Received 2 requests for re-lodgement of physical share transfers in December 2025
1 request was rejected during the month, while 1 request remains under process
Zero requests were approved or fully processed during the reporting period
Filing is in compliance with SEBI Circular SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/97

💡 No action is required as this is a routine administrative update regarding physical share transfers. Investors should focus on the company's upcoming quarterly earnings for material performance indicators.

Mangalam Cement Submits Q3 FY26 Compliance Certificate Under SEBI (DP) Regulations

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 16 Jan 2026, 04:06 PM

Mangalam Cement Limited has submitted its quarterly compliance certificate for the period ending December 31, 2025, as required under SEBI (Depositories and Participants) Regulations. The certificate, issued by the company's RTA, Mas Services Limited, confirms that all dematerialization requests were processed within the mandatory 15-day timeframe. It further verifies that physical share certificates were mutilated and cancelled after due verification. This is a standard administrative filing and does not reflect any change in the company's financial or operational status.

Compliance certificate issued for the quarter ended December 31, 2025.
Confirmation that dematerialization requests were processed within the 15-day statutory limit.
Physical security certificates were mutilated and cancelled after verification as per SEBI norms.
The filing confirms the update of the register of members with the names of the Depositories.
The certificate was issued by Mas Services Limited, the company's Registrar and Share Transfer Agent.

💡 No action is required as this is a routine regulatory compliance filing. Investors should continue to monitor the company's upcoming quarterly earnings for fundamental performance indicators.

Rajasthan Govt Rejects Mangalam Cement's Bid for 408-Hectare Limestone Block

🔴 NEGATIVE ⭐ 7/10

REGULATORY 📅 03 Jan 2026, 02:58 PM

The Government of Rajasthan has rejected Mangalam Cement's bid for a mining lease covering 408.2974 hectares in Kota, despite the company being the preferred bidder. The rejection is based on the final price offer of 35.05% being deemed lower than bids for similar blocks in the region. The company had complied with all procedural requirements, including the upfront payment. Mangalam Cement is currently evaluating legal recourse and future actions to address this setback.

Rejection of mining lease for Nimana Duniya Extension Block spanning 408.2974 hectares.
Company's highest final price offer of 35.05% was rejected as comparatively lower than regional benchmarks.
The company had been declared the Preferred Bidder earlier on July 8, 2025.
Management is exploring legal recourse to contest the Government of Rajasthan's order dated December 31, 2025.

💡 Monitor the outcome of potential legal challenges as this impacts the company's long-term raw material security. The rejection could lead to higher procurement costs or delayed expansion if alternative reserves are not secured.

Mangalam Cement Closes Trading Window from Jan 1, 2026 for Q3 FY26 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 29 Dec 2025, 06:19 PM

Mangalam Cement Limited has announced the closure of its trading window for all designated persons and their immediate relatives starting January 1, 2026. This move is a standard regulatory requirement under SEBI (Prohibition of Insider Trading) Regulations, 2015. The closure is in anticipation of the upcoming un-audited financial results for the quarter and nine months ending December 31, 2025. The window will remain closed until 48 hours after the financial results are officially declared to the stock exchanges.

Trading window closure begins on January 1, 2026.
Closure is for the un-audited financial results for the quarter and nine months ending December 31, 2025.
Applies to all Designated Persons and their immediate relatives as per the Company's Code of Conduct.
The window will reopen 48 hours after the results are declared.

💡 This is a routine regulatory filing with no direct impact on stock fundamentals; investors should wait for the actual earnings release to assess company performance.

Mangalam Cement Promoters Execute Inter-se Transfer of 11,017 Shares via Gift

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 23 Dec 2025, 05:46 PM

Mangalam Cement Limited has disclosed an inter-se transfer of 11,017 equity shares within its promoter group. The shares were transferred as a gift from Anshuman Vikram Jalan to Vaishnavi Jalan and Master Avayaan Vikram Jalan. Specifically, Vaishnavi Jalan received 5,508 shares, while Avayaan Vikram Jalan received 5,509 shares. This transaction is a regulatory filing under SEBI (SAST) Regulations and does not change the aggregate promoter holding in the company.

Total of 11,017 equity shares transferred within the promoter group via gift.
Transferor identified as Anshuman Vikram Jalan.
Transferees include Vaishnavi Jalan (5,508 shares) and Avayaan Vikram Jalan (5,509 shares).
Transaction conducted under exemption provided in Regulation 10 of SEBI (SAST) Regulations, 2011.

💡 Investors should treat this as a routine administrative matter within the promoter family that has no impact on the company's fundamentals or overall ownership structure.

Mangalam Cement: Promoter Group Inter-se Transfer of 11,017 Shares

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 04 Dec 2025, 07:15 PM

Mangalam Cement Limited announced an inter-se transfer of 11,017 equity shares between promoters. Anshuman Vikram Jalan transferred 5,508 shares to Vaishnavi Jalan and 5,509 shares to Avayaan Vikram Jalan. This transfer represents approximately 0.04% of the company's total share capital. The transfer is executed as a gift, implying no monetary consideration. Post-transfer, Vaishnavi Jalan's shareholding will increase by 5,508 shares and Avayaan Vikram Jalan's shareholding will increase by 5,509 shares.

Transfer of 11,017 equity shares between promoters
Anshuman Vikram Jalan transferred 5,508 shares to Vaishnavi Jalan
Anshuman Vikram Jalan transferred 5,509 shares to Avayaan Vikram Jalan
Transfer represents approximately 0.02% of the company's total share capital each
Volume weighted average market price is Rs. 750.81 per Share

💡 The share transfer is among promoter group members and doesn't fundamentally alter the company's operations. Investors should monitor overall promoter activity for significant changes in holdings.

Mangalam Cement: Promoter Group Inter-se Transfer of 11,017 Shares

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 04 Dec 2025, 06:50 PM

Mangalam Cement Limited announced an inter-se transfer of 11,017 equity shares between promoters, Vaishnavi Jalan and Avayaan Vikram Jalan. Anshuman Vikram Jalan transferred 5,508 shares to Vaishnavi Jalan, and Avayaan Vikram Jalan transferred 5,509 shares. This transfer is executed as a gift without consideration. After the transfer, Vaishnavi Jalan's shareholding will increase by 5,508 shares, and Avayaan Vikram Jalan's shareholding will increase by 5,509 shares.

Transfer of 11,017 equity shares between promoters
Anshuman Vikram Jalan transferred 5,508 shares to Vaishnavi Jalan
Avayaan Vikram Jalan transferred 5,509 shares
Transfer is a gift with no consideration
Volume weighted average market price is ₹750.81 per share

💡 The share transfer has a negligible impact on the company's fundamentals. Investors can continue to monitor the stock for other significant developments.

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💰 Financial Performance

Revenue Growth by Segment

Revenue from operations decreased by 2.58% YoY, falling from INR 1,725.48 Cr in FY24 to INR 1,680.99 Cr in FY25. The company operates as a single-segment entity focused on cement manufacturing.

Geographic Revenue Split

Not explicitly disclosed in percentage terms, but the company faces high geographical concentration risks, primarily operating in Rajasthan with a significant presence in the Kota region as evidenced by local newspaper advertisements.

Profitability Margins

Profit Before Tax (PBT) margin contracted from 5.74% in FY24 to 4.16% in FY25. Net Profit Before Tax fell 29.38% YoY to INR 69.99 Cr from INR 99.11 Cr, driven by higher freight and finance costs despite lower power expenses.

EBITDA Margin

Operating profit before working capital changes stood at INR 196.87 Cr in FY25, representing an 11.3% margin on total income, a decrease from the 12.2% margin (INR 215.42 Cr) recorded in FY24.

Capital Expenditure

Historical capital expenditure for FY25 was INR 125.41 Cr, primarily directed towards the purchase of property, plant, and equipment and capital work-in-progress, compared to INR 98.75 Cr in FY24.

Credit Rating & Borrowing

The company maintains an adequate liquidity profile with gross cash accruals of INR 156 Cr in FY24. PBILDT interest coverage improved to 3.48x in 9MFY24. Total borrowings as of March 31, 2025, include non-current borrowings of INR 194.23 Cr and current borrowings of INR 420.69 Cr.

⚙️ Operational Drivers

Raw Materials

Primary raw materials include Limestone (partially procured from high-cost open markets), Fly Ash, and Gypsum. Cost of materials consumed was INR 296.57 Cr in FY25, representing 17.6% of total revenue.

Import Sources

Limestone is sourced from local mines and open markets; specific states or countries for other additives are not disclosed in the available documents.

Capacity Expansion

Current capacity is not explicitly stated in MTPA; however, the company is targeting a scale of operation with total operating income exceeding INR 2,000 Cr to trigger a positive rating action.

Raw Material Costs

Raw material costs increased by 2.03% YoY to INR 296.57 Cr in FY25. The company faces pressure from high-cost limestone procurement from open markets which limits margin expansion.

Manufacturing Efficiency

Operating efficiency is being targeted through moderation in input costs; however, specific capacity utilization percentages were not disclosed.

Logistics & Distribution

Freight and Forwarding costs increased by 8.39% YoY to INR 383.32 Cr in FY25, representing 22.8% of revenue, up from INR 353.63 Cr in FY24.

📈 Strategic Growth

Expected Growth Rate

19%

Growth Strategy

The company aims to reach a total operating income of over INR 2,000 Cr (a 19% increase from current levels) by improving scale and maintaining PBILDT margins above 18%. Strategy includes optimizing the sales mix, leveraging state government subsidies/rebates, and reducing overall gearing to below 0.5x.

Products & Services

The company sells cement bags and related cementitious products to retail and institutional customers.

Brand Portfolio

Mangalam Cement.

Market Expansion

The company is focusing on improving its sales mix and eligibility for subsidies from various state governments to enhance realizations.

Strategic Alliances

The company has no subsidiaries, joint ventures, or associates as of March 31, 2025.

🌍 External Factors

Industry Trends

The cement industry is characterized by cyclicality and regional supply-demand imbalances. Current trends show a moderation in input costs but persistent competitive pressure in high-density regions like Rajasthan.

Competitive Landscape

Faces intense competition from larger players like ACC and regional competitors, which limits its pricing power and market share expansion.

Competitive Moat

The company lacks a strong national moat, operating as a modest-scale player with geographical concentration. Its competitive advantage is tied to regional brand presence and state-level subsidies.

Macro Economic Sensitivity

Highly sensitive to the cyclicality of the cement industry and infrastructure spending. Profitability is directly tied to volatility in coal/petcoke prices (Power & Fuel) and diesel prices (Freight).

Consumer Behavior

Demand is driven by regional construction cycles and government infrastructure projects in Northern India.

Geopolitical Risks

Exposure to global fuel price volatility affects power and fuel costs, which constitute over 27% of total expenses.

⚖️ Regulatory & Governance

Industry Regulations

Subject to environmental norms for cement plants and mining regulations for limestone extraction. Complies with Section 186 of the Companies Act for investments.

Environmental Compliance

The company spent its required CSR amounts for FY25, with no unspent balance remaining.

Taxation Policy Impact

Current tax/MAT for FY25 was INR 12.17 Cr, representing an effective tax rate of approximately 17.4% on PBT.

Legal Contingencies

Pending litigations regarding uncertain positions of duty, taxes, and cess were identified as Key Audit Matters. Specific case values were not aggregated in the summary, but Note 42.2 in the full report details these impacts.

⚠️ Risk Analysis

Key Uncertainties

Uncertainty regarding the outcome of pending tax and duty disputes could lead to significant financial settlements. Volatility in input prices (Power/Fuel) poses a risk to the 11.3% EBITDA margin.

Geographic Concentration Risk

High risk with operations primarily concentrated in a single region, making it vulnerable to local economic downturns and regional pricing wars.

Third Party Dependencies

Significant dependency on open-market suppliers for high-cost limestone and external power/fuel vendors.

Technology Obsolescence Risk

The company uses SAP for accounting with audit trail features, though database-level logging was noted as an exception, indicating a need for further digital control strengthening.