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SAURASHCEM - Saurashtra Cem.

📊 NSE: SAURASHCEM 🏢 Cement - North India 📅 Last Updated: 12/14/2025 12:55

📢 Recent Corporate Announcements

Saurashtra Cement Q3 FY26: Revenue Up 8.6% YoY to ₹410 Cr; Net Loss Widens to ₹10.3 Cr

🔴 NEGATIVE ⭐ 7/10

EARNINGS 📅 09 Feb 2026, 07:49 PM

Saurashtra Cement reported a revenue of ₹410.19 crore for Q3 FY26, an 8.6% increase from ₹377.50 crore in Q3 FY25. Despite higher sales, the company's standalone net loss widened to ₹10.35 crore from ₹4.42 crore YoY, primarily due to rising input costs and a one-time exceptional charge. An exceptional item of ₹6.56 crore was booked regarding the statutory impact of new Labour Codes. Power and fuel expenses surged to ₹135.53 crore, significantly impacting the operating margins.

Revenue from operations grew 8.6% YoY to ₹410.19 crore in Q3 FY26
Standalone net loss widened significantly to ₹10.35 crore from ₹4.42 crore in the previous year's quarter
Recorded an exceptional charge of ₹6.56 crore due to the statutory impact of new Labour Codes
Power and fuel expenses increased to ₹135.53 crore compared to ₹117.87 crore in Q3 FY25
Standalone EPS for the quarter declined to -₹0.93 from -₹0.40 YoY

💡 Investors should remain cautious as widening losses and rising energy costs are offsetting revenue growth. Monitor the company's ability to manage operational expenses and the impact of the new labor code provisions on future earnings.

Saurashtra Cement Q3 Revenue Up 8.6% YoY to ₹410 Cr, Net Loss Widens to ₹10.3 Cr

🔴 NEGATIVE ⭐ 7/10

EARNINGS 📅 09 Feb 2026, 07:47 PM

Saurashtra Cement reported a consolidated revenue of ₹410.19 crore for the quarter ended December 31, 2025, an 8.6% increase year-on-year. Despite the revenue growth, the company's net loss widened significantly to ₹10.29 crore from a loss of ₹4.36 crore in the same quarter last year. The bottom line was further pressured by an exceptional loss of ₹6.56 crore related to the statutory impact of new Labour Codes. High operational costs, particularly power and fuel at ₹135.53 crore, continue to impact the company's path to profitability.

Consolidated Revenue from Operations increased to ₹410.19 crore from ₹377.50 crore YoY.
Net Loss for the quarter widened to ₹10.29 crore compared to ₹4.36 crore in the previous year's corresponding quarter.
Exceptional item of ₹6.56 crore recorded due to the statutory impact of new Labour Codes.
Power and Fuel expenses rose to ₹135.53 crore, up from ₹117.87 crore in the same period last year.
Consolidated EPS for the quarter stood at -₹0.92 compared to -₹0.39 YoY.

💡 Investors should remain cautious as the company continues to report losses despite a growing top line. The widening loss and high energy costs suggest operational inefficiencies that need to be addressed before a positive outlook can be maintained.

Saurashtra Cement Q3 Results: Revenue Rises to ₹410 Cr, Net Loss Widens to ₹10.35 Cr YoY

🔴 NEGATIVE ⭐ 7/10

EARNINGS 📅 09 Feb 2026, 07:45 PM

Saurashtra Cement Limited reported a standalone revenue growth of 8.6% YoY, reaching ₹410.19 crore for the quarter ended December 31, 2025. However, the company's net loss widened significantly to ₹10.35 crore compared to a loss of ₹4.42 crore in the same period last year. The bottom line was weighed down by an exceptional item of ₹6.56 crore related to the statutory impact of new Labour Codes. While revenue showed a sequential and annual uptick, persistent losses and high operational costs remain a concern for the company.

Revenue from operations increased 8.6% YoY to ₹410.19 crore from ₹377.50 crore.
Standalone net loss widened to ₹10.35 crore in Q3 FY26 versus a loss of ₹4.42 crore in Q3 FY25.
Power and fuel expenses remained a major cost driver at ₹135.53 crore, up from ₹117.87 crore YoY.
Recorded an exceptional charge of ₹6.56 crore due to the statutory impact of new Labour Codes.
Standalone EPS for the quarter stood at -₹0.93 compared to -₹0.40 in the previous year's corresponding quarter.

💡 Investors should exercise caution as the company continues to struggle with profitability despite rising revenues. Key monitorables include the management's strategy to curb rising power and fuel costs and the long-term impact of labor code adjustments on margins.

Saurashtra Cement Q3 FY26 Revenue Up 8.6% YoY to ₹410 Cr; Net Loss Widens to ₹10.35 Cr

🔴 NEGATIVE ⭐ 7/10

EARNINGS 📅 09 Feb 2026, 07:41 PM

Saurashtra Cement reported a revenue of ₹410.19 crore for Q3 FY26, marking an 8.6% increase compared to ₹377.50 crore in the same quarter last year. Despite the revenue growth, the company posted a net loss of ₹10.35 crore, which widened from a loss of ₹4.42 crore in Q3 FY25. The bottom line was further pressured by an exceptional charge of ₹6.56 crore related to the statutory impact of new Labour Codes. On a sequential basis, the net loss narrowed slightly from ₹11.03 crore in Q2 FY26.

Revenue from operations increased by 8.6% YoY to ₹410.19 crore in Q3 FY26.
Net loss widened significantly to ₹10.35 crore from ₹4.42 crore in the year-ago period.
Recognized an exceptional item of ₹6.56 crore due to the impact of new Labour Codes.
Power and fuel costs remained high at ₹135.53 crore, impacting operating margins.
Nine-month revenue for FY26 stands at ₹1,219.39 crore, up from ₹1,059.57 crore YoY.

💡 Investors should remain cautious as the company continues to report losses despite healthy top-line growth. Monitor the company's ability to manage high energy and freight costs in the upcoming quarters.

Saurashtra Cement Allots 34,123 Equity Shares Under ESOP Scheme 2017

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 16 Jan 2026, 06:41 PM

Saurashtra Cement Limited has allotted 34,123 equity shares to eligible employees following the exercise of stock options under its 2017 ESOP Scheme. The shares were issued at a face value of Rs. 10 each, resulting in a marginal increase in the company's total paid-up share capital. Post-allotment, the total number of equity shares stands at 11,12,87,280. This is a routine corporate action intended to fulfill employee incentive obligations and involves minimal equity dilution.

Allotment of 34,123 equity shares of face value Rs. 10 each to five employees.
The exercise price for the stock options was set at Rs. 10 per share with no premium.
Total paid-up share capital increased from Rs. 111,25,31,570 to Rs. 111,28,72,800.
The allotment was made under the Saurashtra Employee Stock Option Scheme 2017, amended in April 2024.
New shares rank pari-passu with existing equity shares of the company.

💡 No action is required as the equity dilution is negligible (approximately 0.03%). Investors should focus on the company's upcoming quarterly earnings and operational updates.

Saurashtra Cement Submits Q3 FY26 Compliance Certificate Under SEBI Regulation 74(5)

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 08 Jan 2026, 04:23 PM

Saurashtra Cement Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended December 31, 2025. The certificate, issued by Registrar and Share Transfer Agent MUFG Intime India Pvt. Ltd, confirms that share certificates received for dematerialization were processed and cancelled according to regulatory timelines. This filing ensures that the company's shareholding records with NSDL and CDSL are accurate and updated. It is a standard administrative procedure required for all listed entities in India.

Compliance certificate for the quarter ended December 31, 2025, submitted to BSE and NSE.
RTA MUFG Intime India Pvt. Ltd confirms processing of dematerialization requests within prescribed timelines.
Securities comprised in the certificates are listed on stock exchanges where earlier shares were listed.
Confirms mutilation and cancellation of physical certificates after due verification by the depository participant.

💡 This is a routine administrative filing with no impact on company fundamentals; investors do not need to take any action.

Saurashtra Cement to Close Trading Window from Jan 1, 2026, for Q3 Results

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 29 Dec 2025, 03:20 PM

Saurashtra Cement Limited has announced the closure of its trading window for all designated persons and their immediate relatives starting January 1, 2026. This regulatory step is taken in compliance with SEBI (Prohibition of Insider Trading) Regulations ahead of the Q3 and nine-month financial results for the period ending December 31, 2025. The window will remain closed until 48 hours after the financial results are officially declared at the upcoming Board Meeting. This is a standard procedure for listed companies to ensure market integrity before earnings releases.

Trading window closure effective from Thursday, January 1, 2026.
Closure is related to the Unaudited Financial Results for the 3rd Quarter and nine months ending December 31, 2025.
The window will reopen 48 hours after the declaration of standalone and consolidated results.
Applies to all Designated Persons and their immediate relatives under the Company's Code of Conduct.

💡 No action is required as this is a routine regulatory compliance filing. Investors should await the announcement of the Board Meeting date to track the company's Q3 financial performance.

SAURASHCEM: Income Tax Appeal Hearing Scheduled for 3rd February 2026

🟡 NEUTRAL ⭐ 5/10

LEGAL 📅 12 Dec 2025, 04:51 PM

Saurashtra Cement Limited has received a notice of hearing for an appeal under the Income Tax Act, 1961. The hearing is scheduled for 3rd February 2026 and concerns appeals filed by the Income Tax Department against orders passed by the Commissioner of Income Tax (Appeals) in favor of the company. These orders relate to transfer pricing adjustments for A.Y. 2016-17 to 2018-19 and 2020-21 to 2021-22, which were previously deleted by the Commissioner. The company is assessing the potential financial impact, which will be determined after the Income Tax Appellate Tribunal's decision.

Hearing scheduled on 3rd February 2026 for Income Tax Appeal.
Appeals filed by the Department before the Income Tax Appellate Tribunal.
Transfer pricing adjustments for A.Y. 2016-17 to 2018-19 and 2020-21 to 2021-22 are under review.
Notice of hearing received on 11th December, 2025.

💡 Investors should monitor updates regarding the outcome of the Income Tax Appeal hearing, as it could have a financial impact on the company. No immediate action is required, but stay informed.

View All SAURASHCEM Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Total revenue grew 18.6% YoY to INR 809.20 Cr in H1 FY26. The Cement & Clinker segment grew 19.3% YoY to INR 774.31 Cr, while the Paints segment grew 5.9% YoY to INR 34.89 Cr.

Geographic Revenue Split

The majority of revenues (estimated >90%) are derived from the Saurashtra region in Gujarat, where the company's primary manufacturing assets are located.

Profitability Margins

The company achieved a significant turnaround, reporting a consolidated Profit Before Tax (PBT) of INR 9.06 Cr in H1 FY26 compared to a loss of INR 35.50 Cr in H1 FY25. The PBT margin stands at 1.12%.

EBITDA Margin

Core profitability improved as segment results for Cement & Clinker reached INR 14.72 Cr in Q2 FY26. Finance costs were reduced by 37.8% YoY to INR 4.78 Cr in H1 FY26, aiding margin expansion.

Capital Expenditure

The company completed a modernization project for its Sidheegram cement plant in FY25 at a total cost of INR 80 Cr. No major capital expenditure is planned for FY26.

Credit Rating & Borrowing

The company maintains a stable credit profile with total debt standing at INR 135.7 Cr as of March 2025, up from INR 85.0 Cr in March 2024 due to modernization funding.

⚙️ Operational Drivers

Raw Materials

Key raw materials include limestone (sourced from captive mines), gypsum, and energy inputs like coal and petcoke. Raw material and energy costs typically represent 60-70% of total production costs.

Import Sources

Limestone is sourced locally in Gujarat through captive mines; coal and petcoke are sourced through a mix of domestic supplies and imports from the Middle East or other international markets.

Key Suppliers

Not specifically disclosed in the documents, though the company relies on major fuel suppliers and local mining operations.

Capacity Expansion

Current grinding capacity is 2.7 MTPA and clinker capacity is 2.8 MTPA. No immediate expansion is planned following the INR 80 Cr modernization of the Sidheegram plant in FY25.

Raw Material Costs

Raw material costs are managed through integrated operations. The modernization of the Sidheegram plant was specifically aimed at improving energy efficiency and reducing the cost of production.

Manufacturing Efficiency

Manufacturing efficiency is high, with capacity utilization levels exceeding 95% from FY2022 to FY2025.

Logistics & Distribution

Distribution is focused on the Gujarat market, leveraging the proximity of the Ranavav and Sidheegram plants to key consumption centers in the Saurashtra region.

📈 Strategic Growth

Expected Growth Rate

12%

Growth Strategy

Growth will be achieved by leveraging the modernized Sidheegram plant to improve throughput and efficiency. The company aims to capitalize on sustained demand from the housing and infrastructure sectors in Gujarat while maintaining its high capacity utilization (>95%) and regional brand dominance.

Products & Services

The company sells cement bags (OPC and PPC), clinker, and various paint products.

Brand Portfolio

Hathi, Sidhee, and Snowcem.

New Products/Services

The company continues to promote its 'Snowcem' paint brand, which currently contributes 2-5% of overall revenues.

Market Expansion

Focus remains on consolidating its position in the Saurashtra and broader Gujarat markets where it has established brand equity.

Market Share & Ranking

The company is a significant regional player in the Gujarat cement market with high brand recall.

Strategic Alliances

Saurashtra Cement is a flagship company of the Mehta Group, providing it with group-level strategic support and management expertise.

🌍 External Factors

Industry Trends

The industry is seeing a trend toward consolidation and a focus on green energy. SCL is positioning itself through plant modernization and maintaining high efficiency to compete with larger players.

Competitive Landscape

Intense competition exists in the Western India market from multiple large-scale industry players.

Competitive Moat

The company's moat is its regional brand strength (Hathi/Sidhee) and integrated manufacturing, which are sustainable due to the high logistics costs that deter distant competitors from entering the Saurashtra market.

Macro Economic Sensitivity

Highly sensitive to GDP growth and infrastructure spending in India; cement demand typically correlates at 1.2x to GDP growth.

Consumer Behavior

Increasing consumer preference for branded cement in the individual home builder (IHB) segment supports SCL's retail-focused brands.

Geopolitical Risks

Geopolitical tensions affecting global coal and petcoke prices represent a significant risk to operating margins.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by the Mines and Minerals (Development and Regulation) Act for limestone sourcing and environmental standards set by the state and central boards.

Environmental Compliance

The company must comply with stringent pollution control norms for cement manufacturing and mining regulations for limestone extraction.

Taxation Policy Impact

The company is subject to standard Indian corporate tax rates; current tax liabilities were nil for H1 FY26.

Legal Contingencies

The company reported a minor provision for doubtful debts of INR 0.10 lakhs; no major pending litigation values were disclosed in the financial extracts.

⚠️ Risk Analysis

Key Uncertainties

Volatility in fuel prices (coal/petcoke) and cyclicality in the construction industry are the primary business risks, with potential margin impacts of 5-10%.