Anjani Portland (APCL)

Score breakdown: P/E: 0/3 · ROCE: 0/2 · Growth: 1/2 · Dividend: 0/1

Key Financials

Strengths

• Price of ₹113 is below book value of ₹135.03, so P/B is 0.84.
• Promoter holding is high at 75%, aligning owners with minorities.
• Piotroski F-Score of 5/9 suggests financial health is mediocre, not deeply distressed.
• Market cap of ₹373 Cr is smaller than the implied book equity base, offering a theoretical asset cushion.

Concerns

• Latest quarter had sales of ₹80 Cr but a net loss of ₹20 Cr, a 25% negative margin.
• ROE of -26.14% and ROCE of -9.07% show clear value destruction.
• Debt/Equity of 2.23 is heavy leverage for a loss-making cement producer.
• Sales declined 23.93% YoY, and the reported profit growth of 4.82% is contradicted by the quarterly loss.

AI Analysis

This is not the kind of company Buffett would normally buy. Anjani Portland is a small cement player trading at ₹113, below book value of ₹135.03 — a P/B of 0.84. As a Graham-style investor, that initially gets my attention: the market is giving me a discount to net assets. But the discount is only useful if the assets are not evaporating. Right now, they are. In the latest quarter, sales were ₹80 crore and the net loss was ₹20 crore. That is a 25% net loss margin. The full picture is just as bad: ROE is -26.14% and ROCE is -9.07%. Sales are down 23.93% from the prior year. With debt/equity at 2.23, this company has high borrowings in a capital-intensive industry. No dividend means the investor gets no income while waiting for a recovery. The reported profit growth of 4.82% is meaningless next to a quarterly loss; perhaps it is a backward-looking figure, but I cannot rely on it. The one genuinely positive fact is promoter holding of 75% — the owners have skin in the game. The Piotroski F-score of 5/9 is mediocre, not terrible. So this is not a stalwart, nor a fast grower. It is an asset play with turnaround characteristics, but only if the cement cycle and company operations improve before losses eat the book value. The 52-week range of ₹98–₹152 tells me the stock is already beaten down. Graham would say: do not mistake a cheap multiple for a margin of safety. I would need to see quarterly losses shrink, debt fall, and positive operating cash flow before acting. The book value is the cushion; the losses are the knife.

Data from BSE/NSE filings. AI analysis is for educational purposes only — not investment advice. Scoring methodology · Disclaimer