India Cements Moat Analysis: Score & Risks
India Cements Ltd.
A first-pass moat teardown of India Cements Ltd., built from single-pass filing evidence. Free note — provisional, and the full two-pass deep dive may revise it.
First-pass narrow read — primary edge in Efficient Scale. Provisional, single-pass evidence.
India Cements Ltd. scores 5.43 on MoatSCORE 6.0 — a narrow moat in Building Materials. This is a first-pass note: the dimensional read and the filing receipts below come from a single GFIP evidence pass, not the full two-pass deep corpus behind our flagship deep dives. Provisional — published free while the deep version is queued.
Seven dimensions of moat
Ordered by contribution. Each dimension carries a verified filing quote, graded [M] mechanism or [O] outcome.
“UltraTech crossed 200 million tons of cement production capacity in India, a first for any company in a single country outside of China”
“Despite lower capacity utilization, the power consumption was brought down by around 4.4 units/Tn and heat consumption by 5 Kcal.”
“Realizations improved during the quarter, grey cement pricing strengthened about 2.5% in most geographies, supported by an improving trade mix and premiumization.”
“Supreme Court of India also banned the usage of petcoke for a brief period which was reversed subsequently”
“Yes, we have sold around 57% in trade, balance in non-trade.”
“Tougher market conditions and subdued realization resulted in steep drop in margin resulting in liquidity issues”
D8 rating: ADEQUATE. Not part of the moat score — it governs the cost of equity and the fade window. First-pass; not yet deep-reviewed.
The barrier gate — first-pass
Effective barrier 6 — at or above 6, consistent with a narrow read. First-pass estimate.
Deep two-pass review. This draft rests on a single GFIP evidence pass; the full 10-year AR + concall corpus may move the read.
The barrier gate. A firmer replication or bypass estimate is the most likely thing to shift the band.
Adverse events. Any governance, regulatory or funding shock captured in D8 could re-rate the fade window.
Where this note fits. This company is one of 509 Indian companies we have scored for moat durability — 370 narrow, 126 narrow-trending-wide, none wide. Every score, dimension by dimension, is free in the Moat Screener.
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