Shifting of registered office of the Company
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Shiva Cement's board, at its meeting on July 18, 2025, approved two key items. First, the unaudited financial results for Q1 FY26 (quarter ended June 30, 2025) showed revenue from operations of Rs 10,560.79 lakhs, up about 9% from Rs 9,660.93 lakhs in Q1 FY25. However, the company posted a net loss of Rs 3,027.55 lakhs, wider than the Rs 2,165.18 lakhs loss a year ago, with EPS at Rs (1.03). Total expenses stood at Rs 14,776.51 lakhs, driven by high finance costs (Rs 3,029.69 lakhs) and power & fuel (Rs 3,635.49 lakhs). Accumulated losses have grown to Rs 46,417.74 lakhs, prompting a going concern disclosure. Second, the board approved shifting the registered office from Odisha (Sundargarh) to JSW Centre, Bandra Kurla Complex, Mumbai, subject to shareholder and regulatory approvals. The auditor's report also flagged the BPSL grinding unit deal, noting the Supreme Court directed liquidation of BPSL in May 2025, with JSW Steel's review petition pending.
The Mumbai office shift signals deeper integration with the JSW Group parent and improved corporate governance access, but shareholders should be concerned about widening losses, rising accumulated deficit, and the going concern flag. The BPSL litigation overhang remains a key risk until the Supreme Court review is resolved.