NCL IndustriesNSE:NCLIND -0.26%68 ROE % is 17.86% as of Mar. 2026, which is 61% above its 10-year median of 11.07. GuruFocus rates NSE:NCLIND with a GF Score™ of 68/100 and a GF Value™ of ₹197.52 (Fairly Valued). The stock has 4 warning signs investors should review. Among 402 Building Materials companies, NCL Industries ranks better than 74.13% on this metric.
ROE % is calculated as Net Income divided by its average Total Stockholders Equity over a certain period of time. NCL Industries's annualized net income for the quarter that ended in Mar. 2026 was ₹1,679 Mil. NCL Industries's average Total Stockholders Equity over the quarter that ended in Mar. 2026 was ₹9,402 Mil. Therefore, NCL Industries's annualized ROE % for the quarter that ended in Mar. 2026 was 17.86%.
The historical rank and industry rank for NCL Industries's ROE % or its related term are showing as below:
NSE:NCLIND'
s ROE % Range Over the Past 10 Years
Min: 2.95 Med: 11.07 Max: 26.83
Current: 10.65
During the past 13 years, NCL Industries's highest ROE % was 26.83%. The lowest was 2.95%. And the median was 11.07%.
NSE:NCLIND's ROE % is ranked better than 74.13% of 402
companies
in the Building Materials industry
Industry Median: 4.32
vs NSE:NCLIND: 10.65
NCL Industries (NSE:NCLIND) ROE % Explanation
ROE % measures the rate of return on the ownership interest (shareholder's equity) of the common stock owners. It measures a firm's efficiency at generating profits from every unit of shareholders' equity (also known as net assets or assets minus liabilities). ROE % shows how well a company uses investment funds to generate earnings growth. ROE %s between 15% and 20% are considered desirable.
The factors that affect a company's ROE % can be illustrated with the three-step DuPont Analysis:
Note:
The net income data used here is four times the quarterly (Mar. 2026) net income data. The Revenue data used here is four times the quarterly (Mar. 2026) revenue data. The same rule applies to Pre-Tax Income and Operating Income.
* In the five-step DuPont Analysis, Operating Income is only available for non-financial companies. Thus, for Insurance companies, we use EBIT as a substitution of Operating Income. For Banks, both Operating Income and EBIT is unavailable. Thus we combined Interest Burden and Operating Margin % into Pretax Margin %, and the DuPont Analysis is divided into four components instead.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Be Aware
Net Income is used.
Because a company can increase its ROE % by having more financial leverage, it is important to watch the equity multiplier when investing in high ROE % companies. Like ROA %, ROE % is calculated with only 12 months data. Fluctuations in company's earnings or business cycles can affect the ratio drastically. It is important to look at the ratio from a long term perspective.
Asset light businesses require very few assets to generate very high earnings. Their ROE %s can be extremely high.
NCL Industries ROE % Related Terms
NCL Industries ROE % Historical Data
* Premium members only.
The historical data trend for NCL Industries's ROE % can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
For the Building Materials subindustry, NCL Industries's ROE %, along with its competitors' market caps and ROE % data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
NCL Industries ROE % vs Building Materials Industry
For the Building Materials industry and Basic Materials sector, NCL Industries's ROE % distribution charts can be found below:
* The bar in red indicates where NCL Industries's ROE % falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
In the calculation of annual ROE %, the net income of the last fiscal year and the average total shareholder equity over the fiscal year are used. In calculating the quarterly data,
the net income data used here is four times the quarterly (Mar. 2026) net income data.
ROE % is displayed in the 30-year financial page.
NCL Industries (NSE:NCLIND) has a ROE % of 17.86% as of Mar. 2026. Return on equity is the ratio of current-period net income to average two-period total equity. View historical data on NCL Industries and its competitors. This is 61% above median its historical median of 11.07. Over the past decade, NCL Industries' ROE % has ranged from 2.95 to 26.83. According to the industry distribution chart, NCL Industries ranks #104 out of 402 companies in the Building Materials industry, placing it in the top 25.9%.
Is NCL Industries' ROE % too high?
NCL Industries' current ROE % of 17.86% is 61% above median its 10-year median of 11.07. Over the past 10 years, this metric has ranged from a low of 2.95 to a high of 26.83. The Building Materials industry median ROE % is 4.32. NCL Industries' value of 17.86% is 313.4% above this industry median. Based on the distribution chart, NCL Industries ranks #104 out of 402 companies in the Building Materials industry, which is above the industry midpoint. Overall, NCL Industries has a GF Score™ of 68/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does NCL Industries' ROE % compare to CRH and VMC?
According to the Building Materials industry distribution chart, NCL Industries ranks #104 out of 402 companies for ROE %. This puts NCL Industries in the upper half of its industry. The industry median ROE % is 4.32. NCL Industries' value of 17.86% is 313.4% above this benchmark. Historically, NCL Industries' own ROE % has ranged from 2.95 to 26.83 over the past decade. While the company's 10-year median is 11.07 vs. the industry median of 4.32, NCL Industries has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good ROE % for a Building Materials company?
The median ROE % among Building Materials companies is 4.32, based on 402 companies in the industry. Companies in the top quartile (top 25%) have a ROE % significantly above this median, while those in the bottom quartile fall well below. However, ROE % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. NCL Industries's current ROE % of 17.86% is 313.4% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high ROE % mean?
A high ROE % can signal that a stock is expensive relative to its fundamentals. Return on equity is the ratio of current-period net income to average two-period total equity. View historical data on NCL Industries and its competitors. For the Building Materials industry, the median ROE % is 4.32 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. NCL Industries's current ROE % is 17.86%, which is 61% above median its own 10-year median of 11.07. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is NCL Industries stock overvalued right now?
Based on GuruFocus' analysis, NCL Industries (NSE:NCLIND) is currently considered Fairly Valued. The stock's GF Value™ is ₹197.52, compared to a current price of ₹192.85 — trading 2.4% below its estimated fair value. The current ROE % is 17.86%, which is 61% above median its 10-year median of 11.07 and 313.4% above the Building Materials industry median of 4.32. NCL Industries' overall GF Score™ is 68/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is ROE % calculated?
ROE % is calculated from a company's financial statements. For NCL Industries (NSE:NCLIND), the current ROE % is 17.86% as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is NCL Industries (NSE:NCLIND) Overvalued in 2026?
Based on GuruFocus' analysis, NCL Industries stock appears to be undervalued.
The current stock price of ₹192.85 is trading 2.4% below its estimated GF Value™ of ₹197.52.
GuruFocus considers NCL Industries to be Fairly Valued.
Key valuation signals for NSE:NCLIND:
ROE %: 17.86% (61% above median its 10-year median of 11.07)
GF Value™: ₹197.52 vs. price of ₹192.85 (2.4% below fair value)
Industry Position: 313.4% above the Building Materials median (#104 of 402)
No single metric tells the full story. See the NSE:NCLIND stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
NCL Industries Ltd is principally engaged in the business of manufacturing and selling Cement, Ready Mix Concrete (RMC), Cement Bonded Particle Boards (CBPB), and Prefab Shelters. The company's operating segment includes Cement; Boards; Energy, Readymade Doors, and Ready Mix Concrete. It generates maximum revenue from the Cement segment. Geographically, it derives a majority of its revenue from India.
68GF Score
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