SAHYADRI INDUSTRIES LTD

Manufactures fibre cement roofing sheets and related building products, with asbestos-based roofing as the core line and non-asbestos (fireproof and waterproof) products positioned as a growth lever. The Building Material segment accounted for 97.9% of FY26 segment revenue at Rs. 671.68 crore, while a captive Power Generation segment contributed the remaining 2.1% at Rs. 14.44 crore. Overall capacity utilisation improved to 74% in FY26 from 68% in FY25, reaching 93% in Q1 FY26, with the Western plant running at ~90% and the Southern plant at 45-60%. Non-asbestos products' share of sales rose from 22% in FY24 to 26% in FY25, and value-added products are targeted to grow from 14% to 20% of revenue in FY26. Two new units are being added — a 72,000 MTPA non-asbestos cement board plant in Orissa and a 1,20,000 MTPA asbestos corrugated sheet unit in Maharashtra, each with Rs. 95 crore planned capex — while the Palghar facility has been delayed to Q4 FY27, with Rs. 50 crore already spent of Rs. 100 crore total. Demand is anchored in rural housing and infrastructure end-uses, and materials cost (mainly imported asbestos fibre and freight) at 53.6% of revenue is the key sensitivity. The Building Material segment earned Rs. 38.61 crore in EBIT and Power Generation earned Rs. 3.3 crore in EBIT in FY26.