NSE: SAGCEM · BSE: 502090
SAGAR CEMENTS LIMITED
Manufactures and sells cement in India, with internal power generation as a captive activity. The company operates 11.00 MTPA of grinding capacity across 6 plants in Telangana, Andhra Pradesh, Odisha and Madhya Pradesh, and supplies cement to customers in 13 states. In FY26, consolidated revenue was ₹2,650.02 cr on cement sales volumes of 6.10 million tonnes and capacity utilisation of 60%. Cement made up 100% of segment revenue (₹2,229.54 cr) in the period covered by F_SEGMENTS, with a small power segment appearing in earlier quarterly data. The company has guided FY27 volumes of approximately 7 million tonnes (about 15% YoY growth), backed by a 0.5 MT expansion at Jeerabad that has started commercial production and a 0.75 MT expansion at subsidiary Andhra Cements due by end of Q2 FY27. A 4.35 MW Waste Heat Recovery System was commissioned at the Gudipadu plant to improve energy efficiency. Power and fuel is the most volatile input cost, at ₹1,484 per tonne in Q1 FY27 versus ₹1,450 a year earlier, while materials accounted for 18.2% of FY26 revenue. Q1 FY27 swung to a consolidated loss of ₹28.10 cr from a profit of ₹7.49 cr a year earlier on this cost inflation. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Cement (100%), Power (0%). Cyclical, asset-heavy cement manufacturer
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,597 | 2,230 | 2,505 | 2,258 | 2,650 |
| EBITDA (ex other income) | 276 | 153 | 261 | 114 | 292 |
| margin % | 17.3 | 6.9 | 10.4 | 5.0 | 11.0 |
| Owners' profit | 69 | 29 | 0 | (210) | (11) |
| EPS, as reported (₹) | 5.03 | 0.66 | (3.98) | (16.58) | (0.06) |
| ROE % · ROCE % | 4.5 · 7.5 | 0.5 · 7.2 | (2.6) · 3.0 | (12.1) · (3.2) | (0.0) · 2.2 |
| Debt / equity (x) | 1.15 | 0.87 | 0.71 | 0.81 | 0.92 |
| Cash from operations | 87 | 175 | 400 | 234 | 216 |
| Capex | (361) | 0 | (226) | (138) | (423) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 475 | 564 | 658 | 671 | 602 | 591 | 787 | 706 |
| Profit before tax | (79) | (64) | (93) | 24 | (47) | (74) | (27) | (37) |
| Net profit | (57) | (54) | (73) | 7 | (44) | (64) | 100 | (28) |
| EPS (₹) | (4.36) | (4.17) | (5.59) | 0.57 | (3.38) | (4.90) | 7.65 | (2.15) |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ULTRATECH CEMENT LIMITED | 3,29,452 | 38.5 | 4.08 | 20.1 | 10.1 | 10.2 | 14.6 | 20.8 |
| GRASIM INDUSTRIES LTD | 1,97,360 | 34.5 | 1.16 | 16.4 | 6.1 | 3.2 | 18.1 | 16.6 |
| AMBUJA CEMENTS LTD | 87,273 | 19.8 | 1.21 | 12.2 | 7.8 | 4.3 | — | 18.3 |
| SHREE CEMENT LIMITED | 83,056 | 51.0 | 3.56 | 15.9 | 7.5 | 9.4 | 9.2 | 23.8 |
| JK CEMENT LIMITED | 38,558 | 40.8 | 5.44 | 17.7 | 13.9 | 10.3 | 15.7 | 17.0 |
| DALMIA BHARAT LIMITED | 28,101 | 29.7 | 1.55 | 10.6 | 6.4 | 5.2 | 7.1 | 19.6 |
| ACC LIMITED | 21,387 | 11.2 | 1.04 | 6.2 | 10.4 | 9.9 | — | 8.4 |
| THE RAMCO CEMENTS LIMITED | 17,308 | 26.9 | 2.14 | 10.3 | 8.6 | 7.1 | 11.3 | 14.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 0.9 | 1.3 | 9 of 34 | 76% |
| ROCE | (3.7) | 3.7 | 30 of 37 | 19% |
| ROE | (0.0) | 7.2 | 27 of 34 | 21% |
| Debt / Equity | 0.9 | 0.4 | 27 of 33 | 19% |
| EBITDA margin | 10.6 | 13.1 | 23 of 37 | 39% |
| Revenue growth | 5.3 | 7.8 | 22 of 37 | 42% |
| Profit growth | (475.2) | (24.7) | 37 of 37 | 0% |
| Market cap | 1627 | 1735 | 20 of 38 | 49% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Sagar Cements to discuss Q2 FY27 results on November 2 | board shareholder meetings | low | — | — |
| 17 Oct 2026 · Board meeting on 30 Oct to consider Q2 FY27 results | results | low | — | — |
| 7 Oct 2026 · Sagar Cements files quarterly demat certificate with exchanges | compliance | minimal | — | — |
| 29 Sept 2026 · Please refer to the letter attached | compliance | minimal | — | — |
| 28 Sept 2026 · Sagar Cements subsidiary ACL raises grinding capacity to 3 MTPA | capex operations | high | — | — |
| 25 Sept 2026 · Trading Window closed from Oct 1 for Q2 results | compliance | minimal | — | — |
| 30 Jul 2026 · Sagar Cements Q1 FY27 earnings call transcript filed | investor communications | medium | — | — |
| 30 Jul 2026 · Notice for relodgement of physical shares published in newspapers | compliance | minimal | — | — |
| 29 Jul 2026 · Newspaper publication of Q1 FY27 financial results submitted to exchanges | compliance | minimal | — | — |
| 28 Jul 2026 · Sagar Cements shares Q1FY27 analyst call recording link | investor communications | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.