We have herewith enclosed the Audited Financial Results for the Quarter/year ended 31/03/2026 which have been approved at the Board Meeting held on 29/05/2026.
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Shri Keshav Cements and Infra Limited reported total revenue of Rs. 16,131.12 Lakhs for FY26, a growth of 32.8% YoY from Rs. 12,145.34 Lakhs in FY25. Despite revenue growth, the company posted a net loss of Rs. 652.83 Lakhs (vs Rs. 616.85 Lakhs loss in FY25). EBITDA increased 38% YoY to approximately Rs. 3,930 Lakhs with margin expansion from 22.7% to 23.9%. The auditors issued a Qualified Opinion due to an ongoing DGGI GST investigation where the company has paid Rs. 859.63 Lakhs (Rs. 641.52 Lakhs principal + Rs. 218.11 Lakhs interest/penalties) as advance under protest for FY2018-19 and FY2019-20; no final order has been passed. Total borrowings stand at Rs. 23,712 Lakhs with debt-to-equity ratio of 2.64:1. Operating cash flow remained positive at Rs. 3,671 Lakhs.
The qualified opinion and ongoing GST investigation create uncertainty around potential liability impact. The company's high leverage (D/E of 2.64x) combined with persistent losses despite revenue growth signals elevated financial risk for investors.