Outcome Of Board Meeting of Shiva Cement Limited Held On 28th April 2025
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Shiva Cement's Board approved audited results for FY25 on 28 April 2025. Revenue from operations fell to ₹31,117 lakh from ₹34,681 lakh in FY24, a decline of about 10%. The company posted a net loss of ₹14,248 lakh, more than double the prior year's loss of ₹6,832 lakh. Finance costs remain heavy at ₹11,540 lakh and depreciation rose to ₹4,207 lakh, pushing loss before tax to ₹16,210 lakh. The auditor (Shah Gupta & Co.) explicitly flagged a 'material uncertainty related to going concern' given the ₹14,248 lakh loss and accumulated losses of ₹43,387 lakh, though management maintains the going concern basis citing the ₹40,000 lakh rights issue that turned net worth positive.
Sharply widening losses and negative operating cash flow raise concerns despite the rights issue rescue. High borrowings of ~₹1.41 lakh vs equity of just ₹10,336 lakh keeps the stock financially fragile and the going concern flag is a negative signal for shareholders.