BSE: 530977
Shri Keshav Cements and Infra
Manufactures cement at plants in Bagalkot (North Karnataka) backed by an integrated solar power setup, and also operates a petrol/diesel retail outlet and sells surplus solar power. Cement is the main revenue line — Q3 FY26 cement volumes were 78,000 tonnes, up 32% year-on-year — with the segment's share dominating the ₹161.31 cr FY26 top line. The 40 MW solar installation (25 MW captive for cement, 15 MW merchant) lowers cement power costs and is treated as a separate segment earning its own revenue. Petrol and diesel sales at what appears to be a fuel station contribute a small, recurring revenue line (₹3.29 cr in the FY26 YTD segment data). Capacity utilisation at the cement plant was 31% in Q3 FY26, against management's stated lowest-in-industry breakeven of 20-22%. Materials (limestone, clinker, pet coke etc.) are the biggest cost at 50.4% of revenue, followed by other opex (19.3%) and depreciation (11.6%). AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Cements, Petrol and Diesel, Solar Energy. Small, asset-heavy cement producer with captive solar and a side fuel-retail business; capacity underutilised, debt-funded.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 114 | 123 | 126 | 121 | 161 |
| EBITDA (ex other income) | 35 | 35 | 36 | 25 | 36 |
| margin % | 31.1 | 28.3 | 28.9 | 20.7 | 22.3 |
| Owners' profit | 9 | 3 | 9 | (6) | (7) |
| EPS, as reported (₹) | 7.54 | 2.45 | 5.84 | (3.52) | (3.73) |
| ROE % · ROCE % | 42.0 · 10.7 | 6.0 · 11.0 | 8.9 · 8.8 | (6.4) · 5.1 | (6.8) · 6.3 |
| Debt / equity (x) | 9.97 | 3.71 | 1.88 | 2.43 | 2.43 |
| Cash from operations | 24 | 33 | 32 | 29 | 37 |
| Capex | (42) | (10) | (70) | (85) | (18) |
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 | 24 | 28 | 38 | 41 | 35 | 38 | 47 | 47 |
| Profit before tax | (3) | (1) | 1 | 3 | 1 | 1 | (6) | (4) |
| Net profit | (4) | 1 | (4) | 3 | 1 | (1) | (10) | (5) |
| EPS (₹) | (2.39) | 0.36 | 2.54 | 1.77 | 0.39 | 0.31 | (5.57) | (2.95) |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Cements | 136 | 84.3 |
| Petrol and Diesel | 11 | 6.9 |
| Solar energy | 4 | 2.5 |
| Solar Energy | 10 | 6.1 |
| Other | 0 | 0.2 |
| Total, before eliminations | 161 | 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 | 3,29,452 | 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 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 1.3 | 1.3 | 18 of 34 | 49% |
| ROCE | (0.3) | 3.7 | 26 of 37 | 31% |
| ROE | (6.8) | 7.2 | 31 of 34 | 9% |
| Debt / Equity | 2.4 | 0.4 | 32 of 33 | 3% |
| EBITDA margin | 18.6 | 13.1 | 8 of 37 | 81% |
| Revenue growth | 15.9 | 7.8 | 10 of 37 | 75% |
| Profit growth | (267.2) | (24.7) | 36 of 37 | 3% |
| Market cap | 123 | 1735 | 31 of 38 | 19% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 12 Oct 2026 · RTA certificate on demat of securities filed with BSE for Q2 FY27 | compliance | minimal | — | — |
| 23 Sept 2026 · Trading window closed from Oct 1 till Q2 results declaration | compliance | minimal | — | — |
| 18 Sept 2026 · Reappointment of Mr. Vilas Katwa as Managing Director approved at 33rd AGM | management changes | high | — | — |
| 18 Sept 2026 · Vilas Katwa reappointed as Managing Director | management changes | high | — | — |
| 18 Sept 2026 · AGM results: all 7 resolutions cleared with 100% support | board shareholder meetings | low | — | — |
| 18 Sept 2026 · 33rd AGM held; director reappointments and remuneration resolutions passed | board shareholder meetings | low | — | — |
| 26 Aug 2026 · Notice of 33rd AGM published; meeting on 18 September 2026 | compliance | minimal | — | — |
| 25 Aug 2026 · E-voting schedule announced for 33rd AGM on 18 September 2026 | board shareholder meetings | low | — | — |
| 25 Aug 2026 · 33rd AGM on 18 Sept 2026; book closure from 12 to 18 Sept | board shareholder meetings | low | — | — |
| 25 Aug 2026 · Notice of 33rd AGM on 18 Sep 2026 with director reappointments and pay approvals | board shareholder meetings | low | — | — |
How to read this document
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|---|---|---|
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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.