Anjani Portland Cement Limited (APCL) share price
₹101.42 on NSE as of 2026-09-04. +1.32% on the day. market cap ₹298 Cr. 52-week range ₹99.98 to ₹144.91. Construction Materials.
What the company does
Established in the year 1983, Anjani Portland Cement Limited (APCL) was incorporated as Shez Chemical Limited and promoted by Syed Badruddin Shez and Naseerudin along with two NRI’s. During the year 1985, the name of the company was changed to Shez Cements Limited. The company was acquired by K.V. Vishnu Raju during the year 1999 and the name of the company was changed to the current name APCL. On March 2014, Chettinad Cement Corporation Private Limited (CCCL) acquired 75% of the total shares of APCL. APCL manufactures three types of cement: Ordinary Portland Cement (OPC), Portland Pozzolana Cement (PPC) and Composite Cement (CC). During FY20, OPC (43 & 53 grade) accounted for around 78% of the total sales followed by PPC (14%) and CC (8%). As on March 31, 2020, the installed capacity of APCL stood at 11,60,000 TPA in its manufacturing facility at Suryapet district of Telangana. The company also has captive thermal power plant with an aggregate capacity of 16 MW as on March 31, 2020. APCL sells its cement under the brand name of “Anjani” and has a dealer network of around 1,500 with presence across the southern states. From Q2FY19, APCL has also started trading of cement.
Filed by CARE Ratings, page 9.
Anjani Portland Cement FY2026: Debt Down, Losses Up
At a glance
The market pays ₹114 for each share (as of 17 Jun, prices not live). Consolidated revenue reached ₹455 Cr in FY2026 against ₹623 Cr in FY2024—a slide that betrays the core problem: utilisation.
Debt fell sharply from ₹441 Cr to ₹277 Cr year-on-year. That's the good news.
The bad news? The company lost ₹29 Cr on a ₹455 Cr revenue base. Not a typo.
The question isn't whether margins will recover—the cement sector has never lacked optimists—but whether this company gets the chance to recover before structural cash burn exhausts its goodwill.
Introduction
Anjani Portland Cement is part of the Chettinad group, incorporated in 1983. Its subsidiary, BCPL (Bhavya Cements), was acquired in 2022 and, as of December 2025, the parent divested 48% of BCPL stakes back to holding company. As of June 2026, the board approved a transition: the Anjani and Bhavya brands will gradually move under the Chettinad umbrella.
Total installed capacity sits at 2.44 MTPA (1.16 MTPA for APCL standalone + 1.28 MTPA for BCPL). The company operates limestone mines and a 16 MW captive power plant. It has presence in Tamil Nadu, Andhra Pradesh, Telangana, Odisha, Karnataka, and has recently forayed into Maharashtra, Kerala, and Goa.
In May 2026, the board approved a phased brand transition. Marketing VP A. Narayana Rao was transferred to the parent company. The subtext: consolidation is underway.
Business model
Anjani makes cement. Premium variants, if the website is to be believed. The company sells OPC 53 Grade, OPC 43 Grade, PPC (Portland Pozzolana), and RHPC (Rapid Hardening). About 99% of consolidated revenue comes from cement; power generation and traded goods fill the rest.
The distribution footprint is fragmented. APCL dominates in the south (Tamil Nadu, parts of Andhra Pradesh); BCPL, the subsidiary, had higher cost of production and in FY2023 the company deliberately limited BCPL's market radius to avoid burning cash on low-margin sales. That decision—rational but damning—signals capacity utilisation isn't the company's friend.
The backward integration is there: limestone reserves across 5 mines reduce input cost and supply risk. The captive power plant handles most of APCL's thermal needs. But integration doesn't fix what distribution can't fix. If the market doesn't want your cement at your price, your mine doesn't matter.
Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Anjani Portland Cement Limited.
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