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.
| ₹ crore · consolidated | 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) |
| ₹ 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 |
| 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 |
| 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 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 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 | — | — |
| 25 Aug 2026 · 33rd Annual Report FY26 filed; revenue up 33 percent but loss widened to around Rs 6.5 Cr | results | high | — | — |
| 14 Aug 2026 · Shri Keshav Cements Infra Q1 FY27 results, net loss of Rs 517 lakh, auditor qualified review | results | high | — | — |
| 14 Aug 2026 · Board approves Q1 FY27 results, re-appoints MD for 5 years | results | high | — | — |
| 6 Aug 2026 · Board meeting on 14 Aug to consider Q1 FY27 results and other items | results | low | — | — |
| 7 Jul 2026 · Routine RTA compliance certificate for Q1 FY27 | compliance | minimal | — | — |
| 29 Jun 2026 · Trading window closed from July 1, 2026 until Q1 results are declared | 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 |
| 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 | 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) | 10.3 | 24.6 | 8 of 35 | 79% |
| P/B | 1.7 | 1.5 | 20 of 34 | 42% |
| ROCE | (0.3) | 3.7 | 26 of 37 | 31% |
| ROE | (6.8) | 7.7 | 35 of 38 | 8% |
| Debt / Equity | 2.4 | 0.4 | 37 of 38 | 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 | 167 | 2005 | 30 of 38 | 22% |
| 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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