NSE: SHIVACEM · BSE: 532323
SHIVA CEMENT LTD.
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
Exhibit 1: Financial summary, FY21–FY26 (all audited; no estimate years)
| ₹ crore · standalone | 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) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ 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) |
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 |
|---|---|---|---|---|
| ROCE | (11.0) | 3.7 | 32 of 37 | 14% |
| 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 | 379 | 1735 | 27 of 38 | 30% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Revenue rises, but large losses and operating uncertainty persist | board shareholder meetings | low | — | — |
| 23 Oct 2026 · September 2026 results: higher sales, lower losses and continuity risk | results | high | — | — |
| 16 Oct 2026 · Board meeting on Oct 23 to consider Q2 and H1 FY26 results | board shareholder meetings | low | — | — |
| 12 Oct 2026 · Routine SEBI Reg 74(5) compliance certificate filed for Q2 FY27 | compliance | minimal | — | — |
| 30 Sept 2026 · Trading Window Closure for Q2 FY26 Results Period | compliance | minimal | — | — |
| 29 Sept 2026 · Shiva Cement board approves merger into JSW Cement, swap ratio 5:41 | strategic transactions | high | — | — |
| 29 Sept 2026 · Please find attached herewith the outcome of the Board Meeting dated 29th September, 2026. | strategic transactions | medium | — | — |
| 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 | — | — |
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.