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Sagar Cements Q2 FY27 results: net loss widens to ₹51.54 crore, revenue up 17.2%
Sagar Cements Limited reported Q2 FY27 consolidated revenue of ₹705.36 crore, up 17.2% from the year-ago quarter, while EBITDA fell 11.7% to ₹45.31 crore and the margin declined 2.1 percentage points to 6.4%. The company reported a net loss of ₹51.54 crore and basic EPS of ₹3.94, compared with a net loss of ₹44.17 crore and EPS of ₹3.38 in Q2 FY26.
Key points
- Revenue was ₹705.36 crore in Q2 FY27, up ₹103.50 crore or 17.2% from Q2 FY26, while EBITDA was ₹45.31 crore, down ₹6.02 crore or 11.7%.
- EBITDA margin fell to 6.4% from 8.5% in Q2 FY26, and the company reported a net loss of ₹51.54 crore.
- Basic EPS was ₹3.94, down ₹0.56 from ₹3.38 in the year-ago quarter; against Q1 FY27, the net loss widened by ₹23.44 crore.
- Total expenses rose ₹123.79 crore or 19.0% year on year, including a ₹159.13 crore or 48.1% increase in other expenses.
- For H1 FY27, revenue was ₹1,411.43 crore, up 10.9% from H1 FY26, while the net loss widened by ₹42.96 crore to ₹79.64 crore.
How did Sagar Cements perform in Q2 FY27?
Sagar Cements reported consolidated revenue of ₹705.36 crore for Q2 FY27, up ₹103.50 crore or 17.2% from ₹601.86 crore in Q2 FY26. Total income rose ₹101.58 crore or 16.8% to ₹707.78 crore, but EBITDA fell ₹6.02 crore or 11.7% to ₹45.31 crore. The EBITDA margin declined 2.1 percentage points to 6.4%.
The company reported a loss before tax of ₹68.72 crore and a net loss of ₹51.54 crore in Q2 FY27, against a loss before tax of ₹46.51 crore and a net loss of ₹44.17 crore in Q2 FY26. Basic EPS was ₹3.94, down ₹0.56 from ₹3.38. Against Q1 FY27, revenue fell ₹0.71 crore or 0.1% to ₹705.36 crore, EBITDA fell ₹27.11 crore or 37.4% to ₹45.31 crore, and the net loss widened by ₹23.44 crore from ₹28.10 crore.
On a standalone basis, Q2 FY27 revenue was ₹444.32 crore, up 11.2% from the year-ago quarter, while the company reported a net loss of ₹20.58 crore and a profit before tax of ₹8.22 crore. The consolidated results shown above include the group’s subsidiaries and are the basis used for the quarter comparison.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 705.36 | 706.07 | 601.86 | +17.2% | −0.1% |
| Other income | 2.42 | 2.38 | 4.34 | −44.2% | +1.7% |
| Total expenses | 776.50 | 745.04 | 652.71 | +19.0% | +4.2% |
| EBITDA | 45.31 | 72.42 | 51.33 | −11.7% | −37.4% |
| EBITDA margin | 6.4% | 10.3% | 8.5% | −2.1 pp | −3.9 pp |
| Profit before tax | −68.72 | −36.59 | −46.51 | ||
| Tax | −17.18 | −8.49 | −2.34 | ||
| Net profit | −51.54 | −28.10 | −44.17 | ||
| EPS (₹) | −3.94 | −2.15 | −3.38 |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Sagar Cements' costs and profit?
Total expenses increased ₹123.79 crore or 19.0% year on year to ₹776.50 crore, outpacing the ₹101.58 crore increase in total income. Cost of materials rose ₹15.38 crore or 15.4% to ₹115.42 crore, finance costs increased ₹8.68 crore or 18.7% to ₹55.16 crore, and depreciation rose ₹5.59 crore or 10.0% to ₹61.29 crore. Other expenses increased ₹159.13 crore or 48.1% to ₹489.80 crore, while employee cost fell ₹1.27 crore or 3.2% to ₹37.94 crore.
Other income declined ₹1.92 crore or 44.2% to ₹2.42 crore from ₹4.34 crore in Q2 FY26. There was no exceptional item. Tax expense was ₹17.18 crore compared with ₹2.34 crore in the year-ago quarter, while loss before tax widened by ₹22.21 crore to ₹68.72 crore and the net loss widened by ₹7.37 crore to ₹51.54 crore.
Against Q1 FY27, total expenses rose ₹31.46 crore or 4.2%, led by a ₹19.37 crore or 4.1% increase in other expenses. Cost of materials fell ₹15.94 crore or 12.1%, but finance costs, depreciation and employee cost rose ₹2.93 crore, ₹2.13 crore and ₹1.59 crore, respectively. Other income rose ₹0.04 crore, while tax expense increased by ₹8.69 crore to ₹17.18 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 115.42 | 100.04 | +15.38 | +15.4% |
| Employee cost | 37.94 | 39.21 | −1.27 | −3.2% |
| Finance costs | 55.16 | 46.48 | +8.68 | +18.7% |
| Depreciation | 61.29 | 55.70 | +5.59 | +10.0% |
| Other expenses | 489.80 | 330.67 | +159.13 | +48.1% |
| Total expenses | 776.50 | 652.71 | +123.79 | +19.0% |
| Other income | 2.42 | 4.34 | −1.92 | −44.2% |
| Tax | −17.18 | −2.34 | −14.84 |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For H1 FY27, consolidated revenue was ₹1,411.43 crore, up ₹138.91 crore or 10.9% from ₹1,272.52 crore in H1 FY26. Total income rose ₹135.18 crore or 10.6% to ₹1,416.23 crore, but loss before tax widened by ₹82.70 crore to ₹105.31 crore. The net loss widened by ₹42.96 crore to ₹79.64 crore from ₹36.68 crore.
H1 FY27 basic EPS was ₹6.09, down ₹3.28 from ₹2.81 in H1 FY26. Operating cash flow was ₹187.24 crore for H1 FY27, compared with ₹84.70 crore in H1 FY26, while investing cash flow was negative ₹145.56 crore and financing cash flow was negative ₹43.34 crore.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 1,411 | 1,273 | +10.9% |
| Profit before tax | −105.31 | −22.61 | |
| Net profit | −79.64 | −36.68 | |
| EPS (₹) | −6.09 | −2.81 |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
As of 30 September 2026, consolidated total assets were ₹4,529.46 crore, up from ₹4,505.27 crore at 31 March 2026. Total equity was ₹1,781.24 crore compared with ₹1,860.92 crore, borrowings were ₹1,735.38 crore versus ₹1,708.35 crore, and cash was ₹1.86 crore versus ₹3.52 crore. Inventories were ₹246.09 crore against ₹312.71 crore, trade receivables were ₹292.28 crore against ₹225.94 crore, and trade payables were ₹303.33 crore against ₹346.00 crore.
For H1 FY27, net cash generated from operating activities was ₹187.24 crore, compared with ₹84.70 crore in H1 FY26. Investing cash flow was negative ₹145.56 crore against negative ₹252.47 crore, while financing cash flow was negative ₹43.34 crore against positive ₹98.40 crore. Capital expenditure was ₹152.10 crore, compared with ₹180.41 crore in the year-ago period.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 4,529 | 4,505 |
| Total equity | 1,781 | 1,861 |
| Borrowings | 1,735 | 1,708 |
| Cash and equivalents | 1.86 | 3.52 |
| Inventories | 246.09 | 312.71 |
| Trade receivables | 292.28 | 225.94 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 187.24 | 84.70 |
| Cash from investing | −145.56 | −252.47 |
| Cash from financing | −43.34 | 98.40 |
| Capital expenditure | 152.10 | 180.41 |
Source: Company's results filing (XBRL).
How has Sagar Cements done over the last 8 quarters?
Revenue increased year on year in each of the last six quarters, according to the quarterly series. It reached ₹786.96 crore in Q4 FY26 and was ₹705.36 crore in Q2 FY27, compared with the low of ₹563.88 crore in Q3 FY25.
Net profit was lowest at negative ₹73.05 crore in Q4 FY25 and highest at ₹100.05 crore in Q4 FY26. It moved to a net loss of ₹51.54 crore in Q2 FY27 from ₹28.10 crore in Q1 FY27. The EBITDA margin peaked at 18.1% in Q1 FY26, fell to 6.4% in Q3 FY26, recovered to 10.4% in Q4 FY26, and was 6.4% in Q2 FY27.
What did Sagar Cements' management say?
Shrikant Reddy said: “I would say that we, we, we have already hit our bottom when it comes to our own margins. From here on we should only look up for Sagar.” He also said the company believed the industry had reached a bottom but reserved further comments because it was a market-related issue.
How did Sagar Cements shares react?
Sagar Cements shares rose 0.1% within five minutes, 1.1% within 15 minutes and 2.2% within 30 minutes after the filing appeared. The stock closed the reaction day 1.0% above its pre-results close, and by the next day’s close it was up 4.0% from that close. The Cement & Cement Products industry median rose 2.2% on the reaction day, so Sagar Cements underperformed the industry by 1.2 percentage points.
Over the next day, the industry median gain was 3.4%, compared with Sagar Cements’ cumulative 4.0% rise from its pre-results close, leaving the stock 0.6 percentage points ahead of the industry median. Earlier results-day moves included 3.8% lower on 27 July 2026, 3.5% higher on 13 May 2026 and 5.9% lower on 23 October 2025.
| After the filing | Stock | Cement & Cement Products median |
|---|---|---|
| 5 minutes | +0.1% | |
| 15 minutes | +1.1% | |
| 30 minutes | +2.2% | |
| Reaction day | +1.0% | +2.2% |
| Next day | +4.0% | +3.4% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 27 July 2026 | −3.8% |
| 13 May 2026 | +3.5% |
| 21 January 2026 | +1.4% |
| 23 October 2025 | −5.9% |
| 21 July 2025 | −4.6% |
| 12 May 2025 | +0.2% |
| 24 January 2025 | −4.2% |
| 23 October 2024 | +3.2% |
Source: MarketPing price-reaction measurement.
How did other Cement & Cement Products companies do?
Eighteen other Cement & Cement Products companies had filed results for the quarter as of 4 November 2026. Their median revenue growth was 12.2%, compared with Sagar Cements’ 17.2% revenue growth in Q2 FY27. Ten peers grew more slowly than Sagar Cements and eight grew faster.
Eight of the 18 peers reported higher profit, while all 18 were included in the profit comparison. The peer set excluded Sagar Cements, whose own Q2 FY27 result was a net loss of ₹51.54 crore.
| Sagar Cements revenue growth (YoY) | +17.2% |
|---|---|
| Median of 18 other Cement & Cement Products companies | +12.2% |
| Companies with slower revenue growth than Sagar Cements | 10 of 18 |
| Companies with faster revenue growth than Sagar Cements | 8 of 18 |
| Companies whose net profit rose | 8 of 18 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Sagar Cements' revenue in Q2 FY27?
Revenue from operations was ₹705.36 crore, up 17.2% from ₹601.86 crore in Q2 FY26 (consolidated).
Did Sagar Cements make a profit in Q2 FY27?
No. It reported a net loss of ₹51.54 crore, against a net loss of ₹44.17 crore in Q2 FY26.
What was Sagar Cements' EPS in Q2 FY27?
Basic loss per share was ₹3.94, against a loss of ₹3.38 in Q2 FY26.
How did Sagar Cements shares react to the Q2 FY27 results?
On the reaction day the stock moved +1.0% from the previous close; the median Cement & Cement Products stock moved +2.2%.
When did Sagar Cements announce its Q2 FY27 results?
On 30 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Notice Of The Board Meeting - Intimation Under Regulation 29 Of SEBI (LODR) Regulations, 2015 (BSE, 17 October 2026) · PDF
- Un-Audited Standalone And Consolidated Financial Results For The Second Quarter And Half Year Ended 30Th September, 2026 (BSE, 30 October 2026) · PDF
- Board Meeting Outcome for Regulation 33 Of SEBI (LODR) Regulations 2015 - Furnishing Of Un-Audited Standalone And Consolidated Financial Results For The Second Quarter And Half Year Ended 30Th September, 2026 (BSE, 30 October 2026) · PDF
- The earnings call (2 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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