NSE: SAURASHCEM · BSE: 502175
SAURASHTRA CEMENT LIMITED
Manufactures and sells cement and cement-related products from its plant at Ranavav in Gujarat, contributing 95.4% of FY26 segment revenue. The paints business accounted for the remaining 4.6% and ran at an operating loss in FY26. The Ranavav cement kiln underwent an annual maintenance shutdown of about 24 days in July 2026, during which dispatches continued. Material inputs made up 19.1% of revenue, employee costs 7.2%, depreciation 2.7%, with the remaining 69.2% classified as other operating expenses. The paints division is undergoing a leadership change, with a new CEO taking over on 16 August 2026. FY26 total revenue stood at 1,666.04 crore and net profit at 14.42 crore. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Cement and Cement related product (95%), Paints (5%). Asset-heavy single-plant cement maker with a small loss-making paints business
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 761 | 1,645 | 1,765 | 1,538 | 1,666 |
| EBITDA (ex other income) | 24 | 6 | 110 | 53 | 42 |
| margin % | 3.1 | 0.4 | 6.2 | 3.4 | 2.5 |
| Owners' profit | 0 | (22) | 57 | 7 | 14 |
| EPS, as reported (₹) | 0.57 | (1.99) | 5.11 | 0.63 | 1.30 |
| ROE % · ROCE % | 0.8 · 2.2 | (2.5) · (2.0) | 6.1 · 9.3 | 0.7 · 2.6 | 1.5 · 1.5 |
| Debt / equity (x) | 0.12 | 0.07 | 0.09 | 0.14 | 0.11 |
| Cash from operations | (8) | 21 | 155 | 30 | 36 |
| Capex | (35) | (39) | (68) | (86) | (29) |
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 | 296 | 377 | 478 | 424 | 386 | 410 | 447 | 457 |
| Profit before tax | (50) | (3) | 53 | 27 | (18) | (15) | 13 | 12 |
| Net profit | (31) | (4) | 33 | 17 | (11) | (10) | 19 | 9 |
| EPS (₹) | (2.83) | (0.39) | 2.96 | 1.52 | (0.99) | (0.92) | 1.69 | 0.82 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Cement and Cement Related Products | 424 | 25.4 |
| Paints | 76 | 4.6 |
| Cement and Cement related product | 392 | 23.5 |
| Cement and Clinker | 774 | 46.5 |
| Total, before eliminations | 1,666 | 100.0 |
Exhibit 4: 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 | 3,28,568 | 38.4 | 4.07 | 20.1 | 10.1 | 10.2 | 14.6 | 20.8 |
| GRASIM INDUSTRIES LTD | 1,97,414 | 34.5 | 1.16 | 16.4 | 6.1 | 3.2 | 18.1 | 16.6 |
| AMBUJA CEMENTS LTD | 86,677 | 19.7 | 1.21 | 12.1 | 7.8 | 4.3 | — | 18.3 |
| SHREE CEMENT LIMITED | 84,066 | 51.6 | 3.61 | 16.1 | 7.5 | 9.4 | 9.2 | 23.8 |
| JK CEMENT LIMITED | 37,773 | 40.0 | 5.33 | 17.4 | 13.9 | 10.3 | 15.7 | 17.0 |
| DALMIA BHARAT LIMITED | 28,842 | 30.5 | 1.59 | 10.8 | 6.4 | 5.2 | 7.1 | 19.6 |
| ACC LIMITED | 22,049 | 11.5 | 1.07 | 6.4 | 10.4 | 9.9 | — | 8.4 |
| THE RAMCO CEMENTS LIMITED | 17,343 | 26.9 | 2.14 | 10.3 | 8.6 | 7.1 | 11.3 | 14.3 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 78.1 | 27.5 | 25 of 29 | 14% |
| P/B | 0.5 | 1.4 | 1 of 34 | 100% |
| ROCE | 0.6 | 3.7 | 25 of 37 | 33% |
| ROE | 1.5 | 7.2 | 24 of 34 | 30% |
| Debt / Equity | 0.1 | 0.4 | 7 of 33 | 81% |
| EBITDA margin | 5.7 | 13.1 | 32 of 37 | 14% |
| Revenue growth | 7.8 | 7.8 | 18 of 37 | 50% |
| Profit growth | (45.9) | (24.7) | 25 of 37 | 33% |
| Market cap | 521 | 1769 | 25 of 38 | 35% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Oct 2026 · Board to approve second-quarter and half-year results on 4 November 2026 | board shareholder meetings | low | — | — |
| 12 Oct 2026 · Saurashtra Cement appoints Anurag Tiwari as MD-Designate | management changes | medium | — | — |
| 12 Oct 2026 · Mr. Anurag Tiwari appointed as MD-Designate effective 16 Oct 2026 | management changes | medium | — | — |
| 8 Oct 2026 · Routine RTA certificate for Q2 dematerialisation filed with exchanges | compliance | minimal | — | — |
| 29 Sept 2026 · Mehta Family Trust indirectly acquires voting rights in Saurashtra Cement | ownership changes | high | — | — |
| 29 Sept 2026 · Mehta Family Trust indirectly acquires 9.46% voting rights in Saurashtra Cement | ownership changes | high | — | — |
| 29 Sept 2026 · Mehta Family Trust indirectly acquires 9.46% voting rights via internal reorganization | ownership changes | high | — | — |
| 29 Sept 2026 · Saurashtra Cement gets Rs 3.83 crore GST show cause notice from Gujarat tax office | regulatory legal | medium | — | — |
| 29 Sept 2026 · ICRA reaffirms BBB minus (Stable) rating on Saurashtra Cement | credit debt | medium | — | — |
| 28 Sept 2026 · Saurashtra Cement inks 25-year renewable power pact, invests Rs 14.92 Cr | business updates | medium | — | — |
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 |
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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.