PRSMJOHNSN
Micro CapPrism Johnson Limited
Industrials
Prism Johnson Limited is an integrated building materials company in India, operating in Prism Cement, H&R Johnson (Tiles, Bath Fittings), and Prism RMC. The company prioritizes financial discipline, deleveraging, cost normalisation, and operational efficiencies across its businesses.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 0/100PAT -113% YoY · margin compression · Rev +8% YoY · +20% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,110 Cr | +7.7% | +20.4% |
| EBITDA | ₹175 Cr | -11.2% | +10.8% |
| Operating margin | 8.0% | -200 bps | -100 bps |
| PAT | ₹-16 Cr | -113.2% | -132.0% |
| PAT margin | -0.8% | -693 bps | -361 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
FY26 consolidated revenue grew 8.4% YoY to ₹7,404 crore, with EBITDA up 52.1% YoY to ₹693 crore, driven by balance sheet strengthening. Q4 FY26 EBITDA declined 11.4% YoY due to a one-off cement maintenance shutdown.
The company delivered strong FY26 consolidated performance, significantly reducing net debt and improving operating margins. While Q4 cement EBITDA was impacted by a planned shutdown and HRJ faces short-term inventory issues, the overall financial discipline and RMC recovery are positive indicators.
Revenue Mix - FY26
Latest issuer-disclosed distribution across 3 reported categories.
Premium Product Mix (Cement)
Share of premium products in total cement sales volume increased to 54% in FY26 vs 42% in FY25.
Operating Leverage (H&R Johnson)
66.2% capacity utilization in FY26 provides meaningful headroom for operating leverage as utilisation improves.
Commercial Concrete (Prism RMC)
Commercial Concrete volumes grew 11.9% YoY in Q4 FY26, driving RMC revenue growth.
Value-Added Products (Prism RMC)
Share of value-added products of total Commercial Concrete volume increased to 29% in FY26 compared to 19% in FY25.
Prism Cement Installed Capacity
5.6 MTPA installed cement capacity.
Prism Cement Supply Agreements
Supply agreements with four grinding units for an aggregate capacity of 1.37 MTPA.
H&R Johnson Tiles Manufacturing Capacity
Total ~64 MSM, including JVs.
Prism RMC Plants
89 plants across 46 cities/towns.
Cement Demand Outlook
Stable medium-term cement demand outlook in Central India, supported by rural and semi-urban housing and infrastructure development.
RMC Sector Demand Recovery
Beneficiary of demand recovery from real estate and infrastructure sectors.
Deleveraging
Effective net debt reduced to ₹646 crore at FY26 end, strengthening financial position.
Cost Management (Cement)
Disciplined cost management supported strong full-year performance, with FY26 EBITDA per tonne increasing.
Cement Competition
Recent/upcoming capacity additions in Central India by other cement companies to intensify competition.
H&R Johnson Morbi Disruptions
Tile operations at Morbi impacted by disruptions arising from the Middle East crisis in Q4 FY26.
H&R Johnson Inventory Drawdown
Q1 FY27 may see a temporary slowdown reflecting unhealthy lower inventory levels following the Q4 drawdown.
Trade Receivables Pressure (RMC)
Challenging operating environment included pressure on trade receivables in the RMC business.
Intensified Competition
Upcoming cement capacity additions in Central India could intensify competition, impacting pricing and volumes.
Supply Chain Disruptions
Geopolitical events (Middle East crisis) can impact operations and inventory levels, as seen in Morbi tile operations.
Working Capital Management
Pressure on trade receivables in the RMC business could impact cash flow and profitability.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is essential for assessing annual growth and performance trends in a cyclical sector like building materials. QoQ comparison is critical for evaluating sequential momentum and the immediate impact of specific events like the cement plant shutdown and HRJ's inventory dynamics.
Consolidated Revenue
FY26: ₹7,404 crore (+8.4% YoY); Q4 FY26: ₹2,118 crore (+7.7% YoY)
Consolidated EBITDA
FY26: ₹693 crore (+52.1% YoY); Q4 FY26: ₹175 crore (-11.4% YoY)
Consolidated EBITDA Margin
FY26: 9.4% (vs 6.7% in FY25); Q4 FY26: 8.3% (vs 10.0% in Q4 FY25)
Effective Net Debt
Reduced to ₹646 crore at FY26 end from ₹1,138 crore at FY25 end.
Financial Discipline & Deleveraging
Prioritised financial discipline and deleveraging, alongside continued focus on cost normalisation and operational efficiencies.
Strategic Exit from Non-Core Asset
Divestment of Raheja QBE (51% stake) for ₹324 crore to be utilised for debt reduction and balance sheet strengthening.
H&R Johnson Inventory Rebuilding
Process of rebuilding inventory to a balanced and healthy product mix is expected to be gradual, exerting short-term pressure on Q1 FY27 volumes.
Prism RMC Operational Focus
Focused on enhancing plant utilisation, optimising fleet/pump efficiency, passing on input cost increases, and increasing value-added products.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Consolidated EBITDA Margin | 9.4% (FY26), 8.3% (Q4 FY26) | Sustained improvement in margins, especially in cement post-shutdown impact, and operating leverage in HRJ. |
| Effective Net Debt | ₹646 crore (Mar-26) | Further reduction in net debt post the receipt and utilisation of Raheja QBE divestment proceeds. |
| H&R Johnson Capacity Utilisation | ~66.2% (FY26) | Improvement in utilisation levels and successful rebuilding of inventory to support volume growth and operating leverage. |
| Prism RMC Mega Projects Order Book Execution | ~13.5 lakh m3 | Timely execution of the robust project pipeline and conversion of order book into revenue, alongside improved plant utilisation. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
45NeutralSMA20 -4.4% / mo · near 52W low
Technical chart
PRSMJOHNSNweekly · 1Y-22.5%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 41. Wait for confirmation.
- SMA20 falling (~4.6% over last month) — short-term momentum negative.
- RSI(14) at 41 — falling, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 5.4%.
- Piotroski is strong at 8/9.
- Cash flow contributes 7/10 to the score.
Main drags
- Fair-value margin of safety is negative at -2676.2%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 3/30; verify the latest quarterly trend.
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 49th percentile of the scored universe and 45th percentile within Industrials. Main check: results consistency is weak at 27/100.
Healthy Trust Lite: Promoter holding is 74.9%. Key concern: 3 recent quarters had PAT decline worse than 25% YoY.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Industrials: 45th pctile, median 68 · Micro: 33rd pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 74.9%.
- ▸Promoter pledge is zero.
- ▸FCF yield is 5.5%.
- ▸12 years of positive FCF.
Trust risks
- ▸3 recent quarters had PAT decline worse than 25% YoY.
- ▸ROCE is low at 6%.
- ▸ROE is low at 5%.
- ▸1/4 recent quarters had positive YoY PAT growth.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 79.40
- P/B
- 3.88
- EV/EBITDA
- 6.03
- Market Cap
- 5958.00Cr
Profitability
- ROE
- 4.99%
- ROCE
- 6.03%
- ROA
- 0.41%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 6.00%
- EPS 5Y
- -16.00%
- Revenue 3Y
- 0.09%
- EPS 3Y
- 40.00%
Balance Sheet
- Debt/Equity
- 0.93
- Interest Coverage
- 3.92×
- Altman Z
- 2.20
- Book Value
- 30.40
Cash Flow
- FCF Yield
- 5.42%
- FCF Positive Y
- 12/5
- OCF
- 503.00 Cr
- EPS TTM
- 1.45
Shareholding
- Promoter Hold
- 74.87%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 3%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.