Kindly find enclosed herewith the Investor Presentation for the Quarter ended 30/06/2025.
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Shri Keshav Cements reported a strong Q1 FY26 with total income of ₹41.40 crore, up 32.53% year-on-year, driven by robust cement demand and steady solar power contributions. EBITDA rose 29% to ₹10.41 crore (margin of 25.57%), and profit after tax jumped 73.6% to ₹3.09 crore. The new kiln plant that started in March 2025 is now contributing to higher capacity utilization (70.62% in FY25). The company raised ₹45.98 crore via preferential equity to fund expansion of cement capacity from 3.5 lakh MTPA to 10 lakh MTPA. Management highlighted that the expansion will cut fuel costs roughly in half (₹1,300 to ₹650 per MT) and enable use of alternative fuels. Despite the strong Q1, FY25 full-year results were weak with a ₹6.17 crore PAT loss due to high finance costs and a one-time tax hit.
Positive near-term sentiment as Q1 shows sharp recovery in profitability and the new kiln ramp-up is beginning to deliver. However, FY25 annual loss and high debt (long-term borrowings of ₹169.70 crore vs net worth of ₹96.26 crore) remain concerns; stock price recovery from ₹29 to ₹154 since Jan 2020 reflects improving outlook but execution of the 3x capacity expansion will be the key driver going forward.