Kindly find attached herewith the Trancript of the Analyst/Investor Call conducted on 18/11/2025 at 3.30 PM.
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Awaiting price reaction for this filing.
Shri Keshav Cements (cement + solar power, Karnataka) reported Q2 FY26 total income of INR 36.22 cr, up 42.81% YoY, with EBITDA at INR 8.38 cr (+175% YoY) and EBITDA margin expanding 1,122 basis points to 23.65%. Q2 PAT turned around to INR 0.69 cr from a loss. H1 FY26 income rose 37% to INR 77.62 cr with EBITDA of INR 18.7 cr and PAT of INR 3.78 cr. The new kiln has stabilized but capacity utilization is still only 35-36%, with management guiding to INR 45-50 cr EBITDA for FY26 (down from an earlier INR 65-70 cr expectation) and INR 70-80 cr at 70% utilization in FY27. Cement realization was INR 3,460/ton in Q2 vs INR 3,430 in Q1, and EBITDA per ton improved to INR 350 (or INR 1,130 including solar). Fuel cost rose to INR 13,100/ton, and finance costs remain elevated but will be addressed via debt reduction as cash flows improve. RMC pilot pushed to late FY26/early FY27; no near-term CAPEX planned.
Strong margin expansion and volume growth (+53% YoY) reflect benefits of the new kiln, but the downward revision of FY26 EBITDA guidance signals pricing pressure. Investors should note the higher fuel costs, elevated finance costs, and below-expected capacity utilization as near-term watchpoints, while the solar-backed cost advantage and improving operational efficiency support a positive medium-term outlook.