39th Annual Report of the Shiva Cement Limited.
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Shiva Cement Ltd, a subsidiary of JSW Cement, has filed its 39th Annual Report for FY 2024-25 along with the notice for its 39th AGM, scheduled for Monday, 14th July 2025 at 3:00 PM via video conferencing. Revenue for the year stood at ₹31,117.22 lakhs, down from ₹34,681.23 lakhs in the previous year, reflecting headwinds in the cement sector due to elections and slower infrastructure spending. The company is nearing completion of its 1 MTPA cement grinding unit in Sambhalpur, Odisha, with commissioning targeted for the first half of FY26. On the sustainability front, the Thermal Substitution Rate improved sharply to 15-16% (from 4-5% earlier), the Waste Heat Recovery System now powers over 55% of plant needs, and emissions intensity dropped by about 4% year-on-year.
Investors should note the revenue dip but look forward to the new 1 MTPA grinding unit which will enable blended cement production and is expected to break even in 3-4 years, potentially improving margins and forward integration. The AGM is procedural but offers shareholders a platform to engage with management on the expansion timeline and recovery outlook for FY26.