THCCL Thatta Cement Company Limited

Thatta Cement Company Limited (THCCL) financial ratios

Thatta Cement Company Limited earned a net margin of 24.8% in FY2025 against a five-year average of 11.7% (Cement median 12.5%). Return on equity was 36.2%, compared with a sector median of 15.4%. The current ratio stood at 1.94× and debt was 11.6% of equity. Cash took about 2 days to cycle through receivables, inventory and payables.

FY2025 vs the Cement median

Gross margin: 31.2%; Sector median 26.5%
Operating margin: 29.0%; Sector median 19.4%
Net margin: 24.8%; Sector median 12.5%
Return on equity (ROE): 36.2%; Sector median 15.4%
Return on assets (ROA): 20.9%; Sector median 8.0%
Current ratio: 1.94×; Sector median 1.19×
Debt to equity: 11.6%; Sector median 34.0%
Asset turnover: 0.84×; Sector median 0.56×
Dividend payout ratio: 7.1%; Sector median 6.6%

Median of the 19 companies in the sector with the figure for their latest fiscal year.

THCCL financial ratios (annual) (Rs mn)
Rs mn	FY2025 Jul 2024 – Jun 2025	FY2024 Jul 2023 – Jun 2024	FY2023 Jul 2022 – Jun 2023	FY2022 Jul 2021 – Jun 2022	FY2021 Jul 2020 – Jun 2021	FY2020 Jul 2019 – Jun 2020	FY2019 Jul 2018 – Jun 2019	FY2018 Jul 2017 – Jun 2018	FY2017 Jul 2016 – Jun 2017	FY2016 Jul 2015 – Jun 2016	FY2015 Jul 2014 – Jun 2015	FY2014 Jul 2013 – Jun 2014	FY2013 Jul 2012 – Jun 2013	FY2012 Jul 2011 – Jun 2012	FY2011 Jul 2010 – Jun 2011	FY2010 Jul 2009 – Jun 2010	FY2009 Jul 2008 – Jun 2009	FY2008 Jul 2007 – Jun 2008	FY2007 Jul 2006 – Jun 2007	FY2006 Jul 2005 – Jun 2006
Profitability
Gross margin	31.2%	30.6%	11.9%	10.9%	21.6%	14.9%	25.9%	31.3%	35.5%	36.2%	32.5%	36.6%	26.7%	10.8%	12.9%	18.0%	27.7%	14.6%	20.4%	26.4%
EBITDA margin	32.2%	31.4%	12.1%	12.1%	23.1%	15.1%	22.8%	30.6%	33.6%	34.3%	30.9%	33.2%	21.8%	6.5%	0.6%	5.7%	20.4%	8.6%	22.3%	23.3%
Operating margin	29.0%	27.9%	7.6%	6.8%	15.1%	7.4%	18.0%	26.0%	28.9%	29.3%	28.2%	30.2%	19.1%	4.3%	(2.3%)	2.4%	17.8%	5.3%	14.3%	23.3%
Pre-tax margin	36.4%	29.6%	7.9%	2.8%	11.6%	2.7%	15.6%	23.3%	26.0%	25.0%	22.0%	23.6%	15.9%	0.7%	(3.5%)	0.1%	14.7%	3.8%	5.6%	21.9%
Net margin	24.8%	16.6%	5.6%	2.0%	9.6%	1.6%	13.5%	19.6%	18.8%	23.2%	18.3%	17.3%	11.8%	(1.1%)	(4.0%)	(0.1%)	8.1%	2.8%	4.5%	14.4%
Effective tax rate	31.8%	43.8%	29.3%	30.4%	17.3%	39.3%	13.5%	16.2%	27.6%	7.3%	16.9%	26.8%	26.0%	244.4%	—	168.4%	45.1%	26.5%	20.4%	34.2%
Returns
Return on equity (ROE)	36.2%	28.8%	7.1%	2.5%	6.5%	(1.0%)	12.3%	18.8%	24.0%	27.5%	25.4%	36.5%	29.6%	(2.5%)	(8.5%)	(0.2%)	21.6%	7.2%	—	—
Return on assets (ROA)	20.9%	14.6%	4.0%	1.2%	3.9%	0.6%	8.8%	13.1%	13.4%	12.5%	11.9%	12.3%	11.0%	(1.2%)	(4.4%)	(0.1%)	10.5%	2.3%	—	—
Return on invested capital (ROIC)	31.3%	22.8%	7.1%	3.4%	5.9%	1.0%	8.9%	14.1%	16.2%	17.2%	14.2%	18.1%	17.7%	(9.9%)	—	(0.1%)	13.3%	7.1%	—	—
Liquidity
Current ratio	1.94×	1.70×	1.68×	1.79×	2.66×	2.65×	2.41×	1.82×	2.07×	2.28×	1.82×	1.29×	1.20×	0.83×	1.21×	1.02×	1.17×	1.02×	1.01×	—
Quick ratio	1.68×	1.56×	1.17×	1.36×	2.02×	1.80×	1.68×	0.99×	1.22×	1.60×	1.28×	0.69×	0.66×	0.26×	0.66×	0.27×	0.30×	0.39×	0.73×	—
Leverage
Debt to equity	11.6%	15.6%	18.8%	23.4%	25.5%	32.1%	36.1%	22.7%	30.4%	56.5%	80.8%	98.2%	133.1%	60.3%	69.1%	49.8%	54.5%	73.7%	255.3%	—
Debt to capital	10.4%	13.5%	15.8%	19.0%	20.3%	24.3%	26.5%	18.5%	23.3%	36.1%	44.7%	49.6%	57.1%	37.6%	40.9%	33.2%	35.3%	42.4%	71.9%	—
Debt to assets	7.5%	9.6%	12.5%	14.6%	17.5%	21.4%	23.5%	15.3%	19.9%	31.8%	39.9%	41.4%	51.0%	27.9%	34.0%	26.8%	29.6%	31.3%	65.4%	—
Assets to equity	1.58×	1.57×	1.56×	1.53×	1.48×	1.52×	1.51×	1.50×	1.64×	1.89×	2.18×	2.47×	2.43×	2.10×	1.96×	1.85×	2.06×	3.10×	—	—
Efficiency
Asset turnover	0.84×	0.88×	0.72×	0.60×	0.41×	0.36×	0.65×	0.67×	0.71×	0.54×	0.65×	0.71×	0.93×	1.11×	1.08×	1.08×	1.30×	0.83×	—	—
Receivable days days	54	55	109	136	176	191	96	81	70	81	57	44	34	40	40	27	31	137	—	—
Inventory days days	40	56	76	71	120	133	113	143	104	100	109	142	107	92	103	126	115	112	—	—
Payable days days	92	89	96	92	89	79	67	83	67	79	54	29	22	29	19	12	8	10	—	—
Cash conversion cycle days	2	22	88	114	207	244	143	141	106	101	113	157	120	104	124	142	138	239	—	—
Dividends
Dividend payout ratio	7.1%	0.0%	0.0%	25.2%	0.0%	—	33.4%	39.2%	22.4%	20.1%	23.1%	0.0%	0.0%	—	—	—	0.0%	0.0%	0.0%	0.0%
Earnings retention rate	0.93×	1.00×	1.00×	0.75×	1.00×	—	0.67×	0.61×	0.78×	0.80×	0.77×	1.00×	1.00×	—	—	—	1.00×	1.00×	1.00×	1.00×

Ratios as reported for each fiscal year; returns are on average equity / assets. Debt ratios are percentages; turnover in times; working-capital measures in days.

THCCL: frequently asked questions

What is THCCL's EPS?

Thatta Cement Company Limited reported basic earnings per share of Rs 5.66 for FY2025 (Jul 2024 – Jun 2025).

What is THCCL's P/E ratio?

At the closing price of Rs 66.14 on 16 Oct 2026, THCCL trades at a P/E of 11.7× based on EPS of Rs 5.66 (FY2025).

Does THCCL pay dividends?

Yes. Thatta Cement Company Limited declared a dividend of Rs 0.20 per share for FY2025. It has paid a dividend in each of the last 2 years. At Rs 66.14 that is a dividend yield of 0.3%.

What was THCCL's revenue and profit in FY2025?

Thatta Cement Company Limited reported revenue of Rs 9.4 bn and profit attributable to shareholders of Rs 2.4 bn for FY2025 (Jul 2024 – Jun 2025).

What is THCCL's book value per share?

Thatta Cement Company Limited's book value per share was Rs 18.84 at the end of FY2025. The shares trade at 3.51× book value.

Information only, not investment advice.