Kindly find attached herewith the Earnings call transcript of Analyst/investor call conducted on 16/02/2026 at 11.30 AM to discuss about the company''s performance for the Quarter?nine ....
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Shri Keshav Cements reported a strong Q3 FY26 with total income of INR38.69 crores, up 33% year-on-year, and EBITDA of INR10.5 crores, up 63%, with EBITDA margin expanding 477 basis points to 27.68%. For the 9-month period, revenue grew 35.81% to INR116.31 crores and EBITDA jumped 67% to INR29.28 crores. The company posted a 32% volume growth, well ahead of the negative growth seen across southern India cement peers. Cement volumes reached 78,000 tonnes in Q3 versus 58,960 tonnes a year ago. Term debt has been cut from INR188 crores to INR159 crores, with three term loans set to close in FY26 and repayment obligations dropping about 17% next year.
The sharp margin expansion and faster-than-industry volume growth signal operational turnaround, while debt reduction and captive solar power (saving INR25-26 crores annually) strengthen the balance sheet. However, southern India cement pricing remains weak and the company reported a deferred-tax-related negative PAT, which may keep short-term stock sentiment mixed despite the operational improvement.