Makes clinker and cement at facilities in Odisha and recently commissioned a 1 MTPA grinding unit at Sambalpur, taking clinker capacity to 1.32 MTPA. Plant utilisation ran around 93% in FY26 with clinker output up over 30% YoY. Cement operations drove FY26 revenue from operations of Rs 43,516.77 lakhs, up 39.8% from the prior year, though the company stayed loss-making with a net loss of Rs 12,553.25 lakhs and accumulated losses of Rs 55,918.60 lakhs. In July 2026 it received Consent to Operate for the Khatkurbahal (North) Block limestone and dolomite mine, allowing merchant sale of dolomite at 2.4 million tonnes per annum from a mineable resource of 48.27 MT (89.09 MT total). Cost structure is dominated by other operating expenses at 62.6% of revenue, materials at 26%, depreciation at 9.6% and employee costs at 6.3%, with capex at 54.3% of revenue reflecting the grinding unit build-out. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Cement and clinker, Dolomite (merchant mining). Cyclical, asset-heavy cement manufacturer with ongoing losses and going-concern flag
| ₹ crore · consolidated | FY21 | FY22 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 28 | 5 | 347 | 311 | 435 |
| EBITDA (ex other income) | (11) | (22) | 39 | (11) | 12 |
| margin % | (37.9) | (411.8) | 11.2 | (3.6) | 2.7 |
| Owners' profit | (22) | (26) | (68) | (142) | (126) |
| EPS, as reported (₹) | (1.13) | (1.31) | (3.50) | 4.87 | 4.26 |
| ROE % · ROCE % | 127.2 · (6.3) | 59.7 · (4.1) | 46.6 · 0.8 | (137.8) · (3.2) | 571.8 · (1.7) |
| Debt / equity (x) | (14.27) | (18.77) | (9.70) | 0.66 | (77.18) |
| Cash from operations | (8) | (33) | 253 | (57) | 85 |
| Capex | (79) | (442) | (254) | (212) | (236) |
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 97 | 51 | 58 | 106 | 106 | 82 | 126 | 121 |
| Profit before tax | (29) | (45) | (46) | (42) | (41) | (37) | (45) | (34) |
| Net profit | (22) | (34) | (34) | (53) | (30) | (33) | (34) | (29) |
| EPS (₹) | (1.09) | (1.14) | (1.15) | 1.80 | 1.03 | 1.11 | 1.15 | 0.97 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ULTRATECH CEMENT LIMITED | 3,24,148 | 37.9 | 4.02 | 19.9 | 10.1 | 10.2 | 14.6 | 20.8 |
| GRASIM INDUSTRIES LTD | 2,23,350 | 39.1 | 1.31 | 17.4 | 6.1 | 3.2 | 18.1 | 16.6 |
| AMBUJA CEMENTS LTD | 97,375 | 22.1 | 1.36 | 13.7 | 7.8 | 4.3 | — | 18.3 |
| SHREE CEMENT LIMITED | 81,433 | 50.0 | 3.49 | 15.7 | 7.5 | 9.4 | 9.2 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 28 Jul 2026 · Shiva Cement gets approval to mine 2.4 MTPA dolomite annually | compliance | low | — | — |
| 27 Jul 2026 · Shiva Cement Q1 FY27: revenue up 43% YoY but loss persists, going concern flagged | results | high | — | — |
| 27 Jul 2026 · Q1 FY27 Results: Revenue Up, Loss Narrows; Going Concern Flag | board shareholder meetings | low | — | — |
| 23 Jul 2026 · Shiva Cement gets consent to operate Dolomite mine in Odisha | capex operations | high | — | — |
| 22 Jul 2026 · Board meeting on July 27, 2026 to consider Q1 FY27 results | results | low | — | — |
| 17 Jul 2026 · Shiva Cement 40th AGM: all 3 resolutions passed with over 99.9% approval | board shareholder meetings | low | — | — |
| 17 Jul 2026 · Shiva Cement 40th AGM: All 3 resolutions passed with over 99.99 percent approval | board shareholder meetings | medium | — | — |
| 14 Jul 2026 · Shiva Cement files Reg 74(5) certificate for quarter ended June 2026 | compliance | minimal | — | — |
| 29 Jun 2026 · Trading window closed from July 1 till Q1 FY26 results declaration | compliance | minimal | — | — |
| 26 Jun 2026 · 40th AGM notice published in newspapers on 26 June 2026 | compliance | minimal | — | — |
| 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 |
| 23.8 |
| JK CEMENT LIMITED | 37,445 | 39.6 | 5.28 | 17.2 | 13.9 | 10.3 | 15.7 | 17.0 |
| DALMIA BHARAT LIMITED | 33,326 | 35.2 | 1.84 | 12.2 | 6.4 | 5.2 | 7.1 | 19.6 |
| ACC LIMITED | 23,444 | 12.3 | 1.14 | 6.8 | 10.4 | 9.9 | — | 8.4 |
| THE RAMCO CEMENTS LIMITED | 20,521 | 31.8 | 2.54 | 11.9 | 8.6 | 7.1 | 11.3 | 14.3 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 3.7 | 24.6 | 3 of 35 | 94% |
| ROCE | (11.0) | 3.7 | 32 of 37 | 14% |
| ROE | 571.8 | 7.7 | 1 of 38 | 100% |
| Debt / Equity | (77.2) | 0.4 | 1 of 38 | 100% |
| EBITDA margin | 9.8 | 13.1 | 26 of 37 | 31% |
| Revenue growth | 14.1 | 7.8 | 13 of 37 | 67% |
| Profit growth | 46.2 | (24.7) | 7 of 37 | 83% |
| Market cap | 467 | 2005 | 27 of 38 | 30% |
| 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 |
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