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Saurashtra Cement Q2 FY27 results: net loss narrows to ₹8.68 crore, revenue down 2.3%
Saurashtra Cement Limited reported consolidated revenue of ₹376.73 crore in Q2 FY27, down 2.3% from a year ago and 17.5% from the previous quarter, with an EBITDA margin of -2.9%. The company posted a net loss of ₹8.68 crore and basic EPS of -₹0.78, against a net loss of ₹10.98 crore in Q2 FY26 and a profit of ₹9.13 crore in Q1 FY27.
Key points
- Consolidated revenue was ₹376.73 crore in Q2 FY27, down 2.3% from ₹385.64 crore in Q2 FY26.
- The company reported an EBITDA loss of ₹11.09 crore, with a margin of -2.9%, against a margin of -2.5% a year ago.
- Net loss was ₹8.68 crore and basic EPS was -₹0.78, compared with a net loss of ₹10.98 crore and EPS of -₹0.99 in Q2 FY26.
- For H1 FY27, revenue was ₹833.48 crore, up 3.0%, while PAT was ₹0.45 crore, down 92.3%.
- Total assets rose to ₹1,624.44 crore from ₹1,587.94 crore, while cash fell to ₹60.18 crore from ₹78.71 crore.
How did Saurashtra Cement perform in Q2 FY27?
Saurashtra Cement reported consolidated revenue of ₹376.73 crore for Q2 FY27, down 2.3% from ₹385.64 crore in Q2 FY26 and 17.5% from ₹456.75 crore in Q1 FY27. Total income was ₹378.74 crore, down 3.0% from a year earlier and 18.0% from the previous quarter.
EBITDA for the quarter was a loss of ₹11.09 crore, with a margin of -2.9%, compared with a loss of ₹9.72 crore and a margin of -2.5% in Q2 FY26 and a profit of ₹20.71 crore and a margin of 4.5% in Q1 FY27. The net loss was ₹8.68 crore, with basic EPS of -₹0.78, against a net loss of ₹10.98 crore and EPS of -₹0.99 a year ago.
On a standalone basis, revenue for the quarter was ₹376.73 crore, down 2.3%, and the company reported a net loss of ₹8.61 crore against a profit before tax of -₹11.03 crore. The board approved the unaudited standalone and consolidated results for the quarter and half year ended 30 September 2026 on 4 November 2026.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 376.73 | 456.75 | 385.64 | −2.3% | −17.5% |
| Other income | 2.01 | 5.26 | 4.77 | −57.9% | −61.8% |
| Total expenses | 400.88 | 450.05 | 407.95 | −1.7% | −10.9% |
| EBITDA | −11.09 | 20.71 | −9.72 | turned to loss | |
| EBITDA margin | -2.9% | 4.5% | -2.5% | −0.4 pp | −7.4 pp |
| Profit before tax | −12.56 | 11.96 | −17.54 | turned to loss | |
| Tax | −3.88 | 2.83 | −6.56 | ||
| Net profit | −8.68 | 9.13 | −10.98 | turned to loss | |
| EPS (₹) | −0.78 | 0.82 | −0.99 | turned to loss |
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 Saurashtra Cement's costs and profit?
Total expenses fell to ₹400.88 crore from ₹407.95 crore in Q2 FY26, down 1.7%. Cost of materials rose to ₹86.32 crore from ₹74.95 crore, up 15.2%, while employee cost fell to ₹27.89 crore from ₹34.98 crore, down 20.3%. Other expenses increased to ₹295.70 crore from ₹278.90 crore, up 6.0%.
Finance costs were ₹2.77 crore against ₹2.16 crore a year ago, up 28.2%, and depreciation was ₹10.30 crore against ₹10.42 crore, down 1.2%. Other income fell to ₹2.01 crore from ₹4.77 crore, down 57.9%, and the company recorded a gain from an exceptional item of ₹9.58 crore, against no exceptional item in Q2 FY26.
Tax was ₹3.88 crore against ₹6.56 crore a year ago. Loss before tax narrowed to ₹12.56 crore from ₹17.54 crore, and the net loss narrowed to ₹8.68 crore from ₹10.98 crore, with the net loss margin at -2.3% against -2.8%. The filings state the figures but do not give a reason for the changes in the cost lines.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 86.32 | 74.95 | +11.37 | +15.2% |
| Employee cost | 27.89 | 34.98 | −7.09 | −20.3% |
| Finance costs | 2.77 | 2.16 | +0.61 | +28.2% |
| Depreciation | 10.30 | 10.42 | −0.12 | −1.2% |
| Other expenses | 295.70 | 278.90 | +16.80 | +6.0% |
| Total expenses | 400.88 | 407.95 | −7.07 | −1.7% |
| Other income | 2.01 | 4.77 | −2.76 | −57.9% |
| Tax | −3.88 | −6.56 | +2.68 | |
| Exceptional items | +9.58 (gain) | none |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For H1 FY27, Saurashtra Cement reported consolidated revenue of ₹833.48 crore, up 3.0% from ₹809.20 crore in H1 FY26. Total income was ₹840.75 crore against ₹819.06 crore, up 2.6%.
Profit before tax moved from ₹9.06 crore in H1 FY26 to a loss of ₹0.60 crore, while PAT fell to ₹0.45 crore from ₹5.87 crore, down 92.3%. Basic EPS was ₹0.04 against ₹0.53, down 92.5%.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 833.48 | 809.20 | +3.0% |
| Profit before tax | −0.60 | 9.06 | turned to loss |
| Net profit | 0.45 | 5.87 | −92.3% |
| EPS (₹) | 0.04 | 0.53 | −92.5% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets stood at ₹1,624.44 crore on 30 September 2026, up from ₹1,587.94 crore on 31 March 2026, and total equity was ₹962.19 crore against ₹961.64 crore. Borrowings rose to ₹162.79 crore from ₹106.19 crore, while cash fell to ₹60.18 crore from ₹78.71 crore. Inventories were ₹239.39 crore against ₹247.61 crore, trade receivables ₹129.92 crore against ₹101.21 crore, and trade payables ₹147.35 crore against ₹200.99 crore.
For H1 FY27, operating cash flow was -₹27.31 crore against ₹65.39 crore in H1 FY26. Investing cash flow was -₹43.64 crore against -₹2.30 crore, financing cash flow was ₹52.43 crore against -₹73.80 crore, and capital expenditure was ₹10.96 crore against ₹28.20 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 1,624 | 1,588 |
| Total equity | 962.19 | 961.64 |
| Borrowings | 162.79 | 106.19 |
| Cash and equivalents | 60.18 | 78.71 |
| Inventories | 239.39 | 247.61 |
| Trade receivables | 129.92 | 101.21 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −27.31 | 65.39 |
| Cash from investing | −43.64 | −2.30 |
| Cash from financing | 52.43 | −73.80 |
| Capital expenditure | 10.96 | 28.20 |
Source: Company's results filing (XBRL).
How has Saurashtra Cement done over the last 8 quarters?
Revenue over the last eight quarters peaked at ₹478.05 crore in Q4 FY25 and was lowest at ₹376.73 crore in Q2 FY27. After reaching ₹456.75 crore in Q1 FY27, revenue fell in the September 2026 quarter, and the company returned to a net loss.
PAT was highest at ₹32.91 crore in Q4 FY25 and the deepest loss was -₹10.98 crore in Q2 FY26. Q2 FY27 recorded a net loss of ₹8.68 crore, following a profit of ₹9.13 crore in Q1 FY27. The EBITDA margin peaked at 11.0% in Q4 FY25 and was lowest at -2.9% in Q2 FY27.
Which businesses drove the quarter?
Cement & Cement related products reported revenue of ₹358.31 crore in Q2 FY27, with EBIT of -₹3.34 crore and an EBIT margin of -0.9%. The filing does not provide the year-ago revenue or EBIT for this segment.
Paints reported revenue of ₹18.42 crore, up 25.2% from ₹14.72 crore in Q2 FY26, while EBIT was -₹6.38 crore against -₹5.67 crore a year ago. The EBIT margin was -34.6%. The Others – Subsidiary Company segment reported EBIT of -₹0.07 crore.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Cement & Cement related products | 358.31 | −3.34 | -0.9% | |
| Paints | 18.42 | +25.2% | −6.38 | -34.6% |
| Others - Subsidiary Company | 0 | −0.07 |
Source: Company's results filing (XBRL segment data).
How did other Cement & Cement Products companies do?
Nineteen other Cement & Cement Products companies that have filed for this quarter were compared, and their median revenue growth was 13.5%, as of 5 November 2026. Two peers grew slower than Saurashtra Cement and 17 grew faster than the company.
Eight of the 19 peers reported higher profit, with the company’s profit also compared against 19 peers.
| Saurashtra Cement revenue growth (YoY) | −2.3% |
|---|---|
| Median of 19 other Cement & Cement Products companies | +13.5% |
| Companies with slower revenue growth than Saurashtra Cement | 2 of 19 |
| Companies with faster revenue growth than Saurashtra Cement | 17 of 19 |
| Companies whose net profit rose | 8 of 19 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Saurashtra Cement's revenue in Q2 FY27?
Revenue from operations was ₹376.73 crore, down 2.3% from ₹385.64 crore in Q2 FY26 (consolidated).
Did Saurashtra Cement make a profit in Q2 FY27?
No. It reported a net loss of ₹8.68 crore, against a net loss of ₹10.98 crore in Q2 FY26.
What was Saurashtra Cement's EPS in Q2 FY27?
Basic loss per share was ₹0.78, against a loss of ₹0.99 in Q2 FY26.
When did Saurashtra Cement announce its Q2 FY27 results?
On 4 November 2026, in a filing to the NSE.
Sources
- General Updates (NSE, 4 November 2026) · PDF
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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