Kindly find attached herwith the Earnings Call Transcript for the Ananlyst/Investor call held on 13/08/2025 at 11.30 AM.
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Shri Keshav Cements and Infra reported a strong Q1 FY26 with total income up 32.5% YoY at INR41.4 crores, EBITDA at INR10.41 crores (25.5% margin) and PAT up ~74% at INR3.09 crores, driven by a new 1 million ton kiln (capacity tripled from 0.36 MT) commissioned in March 2025 and stable solar contributions of ~INR7.8 crores EBITDA from its 40 MW solar plants in Karnataka. Management revised FY26 EBITDA guidance downward from INR70-75 crores earlier to INR55-60 crores, citing ramp-up issues at the new kiln and slower balance equipment commissioning, while projecting INR100+ crores EBITDA by FY27 at 65-70% capacity utilization. The company plans to close three term loans this year (FY26 repayment liability INR25.8 crores, falling to INR20-21 crores in FY27), targets 30-40% debt reduction over 3 years (~INR70 crores), and flagged future expansion plans for an RMC plant, 30 MW additional solar capacity, and eventual cement capacity scaling to 1.6-1.8 MT.
Positive quarter with sharp PAT growth and best-ever EBITDA per ton (INR365 vs <INR100 earlier) signals improving operational efficiency, but the downward revision of FY26 EBITDA guidance and ongoing ramp-up risks may keep near-term sentiment cautious. Debt reduction roadmap and absence of fresh cement capex until stabilization are positives for shareholders, while FY27 EBITDA crossing INR100 crores offers a clear medium-term earnings visibility.