Valuation · at the close on 16 Oct 2026

Thatta Cement Company Limited (THCCL) valuation

At Rs 66.14 (close on 16 Oct 2026) THCCL trades at 11.7× earnings (FY2025), above its five-year average of 7.1× and above the Cement median of 7.8×. The shares are priced at 3.51× book value (sector median 1.31×). Enterprise value of Rs 24.7 bn is 8.1× EBITDA. The dividend yield is 0.3%, against a five-year average of 0.8%.

P/E · today

11.7×

FY2025

5-yr average7.1× Sector median7.8×

P/B · today

3.51×

FY2025

5-yr average0.98× Sector median1.31×

EV/EBITDA · today

8.1×

5-yr average3.4× Sector median5.1×

Dividend yield · today

0.3%

FY2025

5-yr average0.8% Payers' median2.0%

Market value Rs 28.0 bn at Rs 66.14. Sector medians use the latest close of 19 Cement companies; P/E and P/B only where earnings / book value are positive; the yield median covers dividend payers only. Not investment advice.

Valuation history

At each fiscal year-end price.

5 10 All

THCCL valuation history (annual) (Rs bn)

Rs bn	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
Market capitalisation	19.0	3.1	1.1	1.4	2.1	0.9	0.9	2.2	4.0	2.9	3.0	2.5	2.6	2.1	2.0	1.7	1.6	1.9	—	—
Enterprise value	15.9	0.6	2.0	2.5	3.5	2.8	2.9	3.3	5.1	4.6	5.1	4.3	4.4	2.7	2.4	2.0	2.0	2.3	—	—
Share price (period end) Rs	38.03	6.84	2.27	2.80	4.15	1.71	1.87	4.34	7.99	5.90	6.05	5.11	5.30	4.21	4.00	3.59	3.42	4.01	—	—
P/E (diluted)	6.72×	2.30×	3.95×	14.13×	8.53×	—	2.17×	3.63×	5.97×	4.57×	6.36×	4.88×	7.96×	—	—	1,770.39×	7.77×	47.03×	—	—
Price to book	2.02×	0.55×	0.27×	0.36×	0.54×	0.24×	0.26×	0.64×	1.33×	1.15×	1.42×	1.58×	2.13×	2.09×	1.89×	2.15×	2.06×	3.26×	—	—
Price to sales	1.71×	0.41×	0.20×	0.32×	0.74×	0.35×	0.23×	0.57×	1.04×	1.03×	0.94×	0.84×	0.94×	0.90×	1.00×	1.08×	0.88×	1.31×	—	—
EV / EBITDA	5.22×	0.27×	2.97×	4.68×	5.49×	7.59×	3.09×	2.83×	3.98×	4.66×	5.12×	4.31×	7.11×	17.94×	223.03×	23.20×	5.33×	18.59×	—	—
EV / Sales	1.68×	0.08×	0.36×	0.57×	1.27×	1.15×	0.70×	0.87×	1.34×	1.60×	1.58×	1.43×	1.55×	1.17×	1.28×	1.32×	1.09×	1.61×	—	—
Dividend yield (gross)	1.1%	0.0%	0.0%	1.8%	0.0%	0.0%	15.4%	10.8%	3.8%	4.4%	3.6%	2.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	—	—
Free cash flow yield	3.6%	98.8%	57.0%	31.0%	24.5%	13.1%	(61.9%)	17.5%	14.0%	16.1%	(1.6%)	3.5%	(39.6%)	(14.1%)	(8.1%)	(0.4%)	2.4%	48.1%	—	—
PEG ratio	0.07×	0.01×	0.02×	(0.24×)	0.01×	—	(0.08×)	(0.35×)	1.62×	0.13×	(0.69×)	0.09×	0.01×	—	—	(17.79×)	0.02×	(3.08×)	—	—
P/E (diluted, normalised)	6.72×	2.30×	3.95×	14.13×	8.51×	—	2.11×	3.63×	5.97×	4.57×	6.36×	4.88×	7.96×	—	—	—	10.96×	47.03×	—	—
Price to book — 5-year average	0.98×	0.41×	0.33×	0.40×	0.57×	0.67×	0.89×	1.16×	1.44×	1.55×	1.75×	1.93×	2.06×	2.21×	—	—	—	—	—	—
EV / EBITDA — 5-year average	3.36×	2.47×	4.35×	4.12×	4.01×	3.94×	3.91×	4.13×	4.81×	5.63×	6.80×	8.47×	10.92×	15.37×	—	—	—	—	—	—
Dividend yield — 5-year average	0.8%	0.3%	2.6%	5.4%	5.3%	6.0%	5.9%	4.6%	2.9%	2.2%	1.3%	0.5%	0.0%	0.0%	—	—	—	—	—	—

THCCL valuation: frequently asked questions

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).

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.