Kindly find enclosed herewith the Investor Presentation for the Quarter/Half year ended 30/09/2025.
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Shri Keshav Cements reported a sharp turnaround in Q2 FY26 with Total Income rising 42.81% YoY to ₹36.22 Cr, driven by the cement segment and stabilized new kiln operations. EBITDA jumped 175% YoY to ₹8.38 Cr with margins expanding to 23.65% from 12.44%, while PAT swung from a ₹4.18 Cr loss last year to a ₹0.69 Cr profit. For H1 FY26, Total Income grew 37% to ₹77.62 Cr, EBITDA rose 69% to ₹18.78 Cr, and PAT was ₹3.78 Cr versus a loss previously. Management highlighted that the new kiln is fully stabilized and a ₹45.98 Cr fundraise will expand cement capacity from 3.5 lakh MTPA to 10 lakh MTPA, alongside a 3 MW solar power addition taking total solar capacity to 40 MW.
Strong margin recovery and return to profitability signal that the new kiln capex is paying off, which is positive for the stock. However, long-term borrowings remain elevated at nearly ₹170 Cr, and the planned 3x capacity expansion will require further execution and capital discipline. Near-term sentiment should be supported by improving margins and growth guidance.