Please find enclosed herewith the Transcript of the Analyst/Investor Earnings Call held on 02/06/2025 at 05.00 PM.
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Shri Keshav Cements reported FY25 total income of Rs. 124.6 crores with EBITDA of Rs. 25.17 crore at a 20.73% margin, despite cement realization falling ~Rs. 425/ton and renewable prices dropping 12%. The new 1 million ton cement kiln was commissioned in Q4, reaching ~77% of rated capacity, with management targeting 50% utilization for FY26. Management guided FY26 EBITDA of ~Rs. 70 crores and PBT of Rs. 30-35 crores, expecting positive PAT after last year's deferred-tax drag. The company secured a credit rating upgrade from IVR BB+ to IVR BBB-/A3 and plans a 30 MW solar addition (Rs. 130-135 crore CAPEX, bank-funded), targeting 100+ MW renewable capacity over 3-5 years.
Positive near-term outlook: sharp EBITDA growth guidance (nearly 3x jump), new kiln scale benefits, improving Q1 FY26 pricing, and government/institutional order wins could lift realizations and volumes. Risks include execution of the new kiln ramp-up, dependence on pricing recovery, and the planned 30 MW solar CAPEX adding leverage.