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SHREDIGCEM - Sh. Digvijay Cem

📊 NSE: SHREDIGCEM 🏢 Cement - North India 📅 Last Updated: 12/14/2025 13:04

📢 Recent Corporate Announcements

Shree Digvijay Cement Shareholders Approve Director Appointment with 99.87% Majority

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 14 Mar 2026, 09:56 PM

Shree Digvijay Cement Co. Ltd has announced the successful passage of an ordinary resolution to appoint Mr. Shitij Ramesh Kale as a Non-Executive & Non-Independent Director. The resolution received overwhelming support, with 99.87% of the 94.89 million votes cast in favor. The voting process, conducted via postal ballot and e-voting, saw a total turnout of approximately 64.18% of the company's share capital. The promoter group, which holds a significant stake, voted unanimously in favor of the appointment.

Ordinary resolution for the appointment of Mr. Shitij Ramesh Kale as Director was passed with 99.87% favor.
A total of 94,774,558 votes were cast in favor, while only 125,438 votes (0.13%) were against.
Total voting participation stood at 64.18% of the total 147,869,278 outstanding shares.
The promoter group exercised 100% of its 80,131,631 votes in favor of the resolution.
The voting process was conducted through remote e-voting between February 13 and March 14, 2026.

💡 This is a routine administrative update regarding board composition and does not require immediate portfolio action. Investors should continue to monitor the company's operational performance and cement sector trends.

Shree Digvijay Cement Secures INR 488 Cr Loan for Hi-Bond Deal and Mill Refinancing

🟢 POSITIVE ⭐ 8/10

EXPANSION 📅 13 Mar 2026, 01:47 PM

Shree Digvijay Cement has executed facility agreements with ICICI Bank and Axis Bank for term loans totaling INR 488 crores. A significant portion of this, INR 400 crores, is dedicated to a refundable security deposit for an exclusive long-term distribution agreement with Hi-Bond Cement. The remaining INR 132 crores will be used to refinance the company's new Cement Mill. This financing follows the previously obtained CCI approval and marks a major step in the company's strategic expansion and supply chain integration.

Total term loan facilities of INR 488 crores secured from Axis Bank and ICICI Bank (INR 244 crores each).
INR 400 crore allocated for a refundable security deposit to Hi-Bond Cement for exclusive brand usage and distribution.
INR 132 crore earmarked for refinancing the company's new Cement Mill project.
Company to contribute INR 44 crores from internal cash flows towards the Hi-Bond security deposit.
The move operationalizes a strategic long-term supply agreement previously approved by the CCI.

💡 Investors should view this as a positive step toward scaling operations through the Hi-Bond partnership, though they should monitor the impact of increased debt on the balance sheet.

Shree Digvijay Cement Proposes Appointment of Shitij Ramesh Kale as Non-Executive Director

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 12 Feb 2026, 06:07 PM

Shree Digvijay Cement has initiated a postal ballot process to seek shareholder approval for the appointment of Mr. Shitij Ramesh Kale as a Non-Executive & Non-Independent Director. The appointment follows his initial induction as an Additional Director on December 18, 2025. Shareholders eligible as of the February 6, 2026 cut-off date can participate in the electronic voting process. The voting window is open for 30 days, with final results expected to be announced by March 16, 2026.

Ordinary resolution proposed for the appointment of Mr. Shitij Ramesh Kale (DIN: 08593079) as a Non-Executive Director.
Cut-off date for determining voting eligibility is fixed as February 6, 2026.
Remote e-voting period is scheduled from February 13, 2026, to March 14, 2026.
Results of the postal ballot and the Scrutinizer's report will be declared by March 16, 2026.

💡 This is a routine management appointment and corporate governance procedure. Shareholders should review the director's credentials in the explanatory statement and cast their votes through the NSDL e-voting platform.

Shree Digvijay Cement Reports Q3 Net Loss of ₹6.98 Cr; Revenue at ₹183 Cr

🔴 NEGATIVE ⭐ 7/10

EARNINGS 📅 12 Feb 2026, 10:37 AM

Shree Digvijay Cement reported a consolidated net loss of ₹6.98 crore for the quarter ended December 31, 2025, compared to a loss of ₹4.84 crore in the same period last year. Revenue from operations stood at ₹183.33 crore, showing a sequential growth of 13.6% but a slight year-on-year decline of 1.8%. The quarterly performance was severely impacted by rising input costs, with material costs jumping over 60% YoY. Despite the quarterly loss, the nine-month net profit remains healthy at ₹17.03 crore, significantly higher than the ₹6.83 crore recorded in the previous year's corresponding period.

Consolidated Net Loss widened to ₹6.98 crore in Q3 FY26 from ₹4.84 crore in Q3 FY25.
Revenue from operations grew 13.6% QoQ to ₹183.33 crore, though it dipped 1.8% YoY.
Cost of materials consumed surged 64% YoY to ₹55.21 crore, impacting operating margins.
Finance costs increased significantly to ₹3.55 crore from ₹0.84 crore in the year-ago quarter.
9M FY26 Net Profit stands at ₹17.03 crore, up 149% compared to ₹6.83 crore in 9M FY25.

💡 Investors should be cautious about the significant margin contraction and rising finance costs observed this quarter. While the 9-month cumulative performance is strong, the volatility in quarterly earnings suggests waiting for signs of cost stabilization.

Shree Digvijay Cement Reports Q3 FY26 Net Loss of ₹6.98 Crore as Input Costs Surge

🔴 NEGATIVE ⭐ 8/10

EARNINGS 📅 06 Feb 2026, 02:35 PM

Shree Digvijay Cement reported a consolidated net loss of ₹6.98 crore for the quarter ended December 31, 2025, compared to a loss of ₹4.84 crore in the same period last year. Revenue from operations saw a slight year-on-year decline to ₹183.34 crore from ₹186.76 crore, though it improved sequentially from ₹161.35 crore in Q2 FY26. The quarterly performance was severely impacted by a sharp rise in material costs and finance charges. However, the nine-month (9M FY26) performance remains stronger with a net profit of ₹17.03 crore compared to ₹6.83 crore in the previous year.

Net loss for Q3 FY26 stood at ₹6.98 crore versus a profit of ₹10.22 crore in the preceding quarter.
Revenue from operations declined 1.8% YoY to ₹183.34 crore, while total expenses rose to ₹193.89 crore.
Cost of materials consumed surged to ₹55.21 crore in Q3 FY26 from ₹33.58 crore in Q3 FY25.
Finance costs increased significantly to ₹3.55 crore compared to ₹0.84 crore in the year-ago quarter.
9M FY26 cumulative net profit remains positive at ₹17.03 crore, up 149% from ₹6.83 crore YoY.

💡 The quarterly loss and rising input costs are concerning, though the year-to-date performance remains ahead of last year. Investors should wait for signs of margin stabilization and improved cost management before increasing exposure.

Shree Digvijay Cement: India Resurgence Fund Completes Open Offer for 26% Stake

🔵 WATCH ⭐ 8/10

M&A 📅 30 Jan 2026, 08:05 PM

India Resurgence Fund (Schemes 1, 2, and 4) has concluded its open offer to acquire up to 3,85,43,837 equity shares of Shree Digvijay Cement. This acquisition represents 26% of the company's expanded share capital. The post-offer advertisement has been released following the completion of the regulatory process under SEBI (SAST) Regulations. This marks a significant shift in the company's ownership structure and potential management influence.

Open offer for 3,85,43,837 equity shares, equivalent to a 26% stake in expanded share capital.
Acquirers include three schemes of India Resurgence Fund (Scheme 1, Scheme 2, and Scheme 4).
Post-offer advertisement published on January 29, 2026, following SEBI (SAST) compliance.
Axis Capital Limited acted as the Manager to the Open Offer.

💡 Investors should review the updated shareholding pattern and watch for any strategic changes or management shifts under the new major shareholders. No immediate trading action is needed as the offer period has concluded.

Shree Digvijay Cement Open Offer Tendering Period Extended to January 19, 2026

🟡 NEUTRAL ⭐ 8/10

M&A 📅 16 Jan 2026, 03:23 PM

India Resurgence Fund is conducting an open offer to acquire up to 3,85,43,837 equity shares of Shree Digvijay Cement, representing 26% of the expanded share capital. The tendering period, which originally commenced on January 5, 2026, has been extended by one working day due to a declared trading holiday for municipal elections in Maharashtra. The offer will now conclude on Monday, January 19, 2026, instead of the previous January 16 deadline. This procedural change ensures the mandatory 10-working-day window for public shareholders is maintained as per SEBI regulations.

Open offer for 3,85,43,837 equity shares representing 26% of the expanded share capital
Acquirers include India Resurgence Fund Schemes 1, 2, and 4
Tendering period closing date revised from January 16, 2026, to January 19, 2026
Extension granted by SEBI due to a trading holiday on January 15, 2026
Axis Capital Limited is the appointed Manager to the Open Offer

💡 Public shareholders interested in tendering their shares should note the revised closing date of January 19, 2026. Consult with your DP or broker to ensure submission before the new deadline.

Shree Digvijay Cement Submits SEBI Compliance Certificate for Q3 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 07 Jan 2026, 10:52 AM

Shree Digvijay Cement has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by MUFG Intime India Private Limited, confirms that all dematerialization requests for the quarter ended December 31, 2025, were processed within prescribed timelines. It verifies that security certificates were mutilated and cancelled after verification, and the depositories' names were updated in the register of members. This is a standard administrative filing ensuring the integrity of shareholding records.

Compliance certificate submitted for the quarter ended December 31, 2025
Issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited
Confirms dematerialization requests were processed and listed on stock exchanges
Verification and cancellation of physical certificates completed within prescribed SEBI timelines

💡 No action is required as this is a routine regulatory filing confirming administrative compliance regarding share dematerialization.

India Resurgence Fund Launches Open Offer for 26% Stake in Shree Digvijay Cement at ₹92.20/Share

🔵 WATCH ⭐ 9/10

M&A 📅 29 Dec 2025, 03:14 PM

India Resurgence Fund (Schemes 1, 2, and 4) has issued a formal Letter of Offer to acquire up to 3,85,43,837 equity shares of Shree Digvijay Cement, representing 26% of the expanded share capital. The offer price is fixed at ₹92.20 per share, payable in cash to public shareholders. The tendering period is scheduled to run from January 5, 2026, to January 16, 2026. This mandatory open offer follows the receipt of CCI approval on November 18, 2025, for the underlying acquisition transaction.

Open offer to acquire 3,85,43,837 shares representing 26% of expanded share capital
Offer price set at ₹92.20 per equity share, to be paid entirely in cash
Tendering period opens on January 5, 2026, and closes on January 16, 2026
CCI approval for the transaction was successfully obtained on November 18, 2025
Identified date for eligibility of public shareholders was December 19, 2025

💡 Investors should compare the ₹92.20 offer price against the current market price to decide on tendering shares. If the market price is significantly higher than the offer price, selling in the open market may be more profitable than participating in the offer.

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

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 25 Dec 2025, 07:26 PM

Shree Digvijay Cement Co. Ltd has announced the closure of its trading window starting January 1, 2026, in compliance with SEBI (Prohibition of Insider Trading) Regulations. This closure is ahead of the declaration of the company's unaudited standalone and consolidated financial results for the quarter and nine months ending December 31, 2025. The window will remain closed for all designated persons and their relatives until 48 hours after the results are made public. This is a standard regulatory procedure for listed companies to prevent insider trading during the earnings reporting period.

Trading window closure effective from Thursday, January 1, 2026.
Closure pertains to the financial results for the quarter and nine months ending December 31, 2025.
Window to reopen 48 hours after the official declaration of financial results.
Compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015.

💡 This is a routine regulatory announcement with no direct impact on stock fundamentals. Investors should wait for the upcoming Q3 financial results to assess the company's performance.

Open Offer for 26% Stake in Shree Digvijay Cement by India Resurgence Fund

🟢 POSITIVE ⭐ 9/10

M&A 📅 24 Dec 2025, 10:23 AM

India Resurgence Fund (Schemes 1, 2, and 4) has issued a corrigendum regarding its open offer to acquire up to 3,85,43,837 equity shares of Shree Digvijay Cement. This represents 26% of the company's expanded share capital. The announcement provides updated details to the previously issued Public Announcement and Draft Letter of Offer. Axis Capital is managing the transaction, which is a significant event for minority shareholders looking for liquidity or assessing the new promoter's intent.

Open offer to acquire up to 3,85,43,837 equity shares, representing 26% of expanded share capital
Acquirers include India Resurgence Fund - Scheme 1, Scheme 2, and Scheme 4
Corrigendum updates the Detailed Public Statement and Draft Letter of Offer published on December 19, 2025
Axis Capital Limited is acting as the Manager to the Offer

💡 Shareholders should compare the open offer price with the current market price to decide on tendering their shares. Monitor the final Letter of Offer for the specific tendering window and any further price revisions.

India Resurgence Fund Acquires 45.01% Stake in Shree Digvijay Cement; Takes Control

🔵 WATCH ⭐ 9/10

M&A 📅 18 Dec 2025, 06:46 PM

India Resurgence Fund (IndRF) has completed the acquisition of a 45.01% stake (6,67,25,311 shares) in Shree Digvijay Cement from True North Fund VI LLP. Following this transaction, IndRF has assumed control of the company, while True North's stake has reduced to 9.51%, leading to its reclassification as a public shareholder. This move follows a Share Purchase Agreement signed in September 2025 and includes a mandatory open offer for an additional 26% stake from public shareholders. The change in leadership marks a significant shift in the company's promoter structure and management control.

India Resurgence Fund acquired 6,67,25,311 shares, representing 45.01% of the company's share capital.
True North Fund VI LLP's holding reduced to 9.51%, resulting in its reclassification from 'Promoter' to 'Public' category.
The acquisition triggered a mandatory Open Offer for an additional 26% stake (3,85,43,837 shares) from public shareholders.
The change of control and promoter reclassification became effective on December 18, 2025.

💡 Investors should monitor the new promoter's strategic direction and the final shareholding pattern post-open offer. This change in control is a significant event that could impact the company's long-term growth trajectory and operational strategy.

India Resurgence Fund Completes 45.01% Stake Acquisition in Shree Digvijay Cement

🟢 POSITIVE ⭐ 9/10

M&A 📅 18 Dec 2025, 06:27 PM

India Resurgence Fund (IndRF) has successfully completed the acquisition of 6,67,25,311 equity shares, representing a 45.01% stake in Shree Digvijay Cement from True North Fund VI LLP. This transaction follows a Share Purchase Agreement originally intended for up to 50.10% of the company's share capital. Consequent to this change in ownership, the board has approved the appointment of Mr. Shitij Kale as a nominee director for the new promoters. This transition marks a significant shift in the company's controlling interest and strategic leadership.

Acquisition of 6,67,25,311 equity shares representing 45.01% of the total share capital completed on December 18, 2025.
Transfer of control from True North Fund VI LLP to India Resurgence Fund (IndRF) schemes.
Appointment of Mr. Shitij Kale, a seasoned M&A and investment professional, as a Non-Executive Nominee Director.
Resignation of Mr. Pramod Kabra from the board following the exit of True North as the majority shareholder.
Reconstitution of all Board Committees to reflect the new shareholding and governance structure.

💡 Investors should view this change in promoter as a potential catalyst for strategic growth, given India Resurgence Fund's focus on value creation. Monitor upcoming management commentary for any shifts in operational strategy or capital allocation under the new leadership.

IndiaRF Completes 45.01% Stake Acquisition in Shree Digvijay Cement; Board Reconstituted

🟢 POSITIVE ⭐ 9/10

M&A 📅 18 Dec 2025, 06:22 PM

India Resurgence Fund (IndiaRF) has completed the acquisition of 6,67,25,311 equity shares, representing a 45.01% stake in Shree Digvijay Cement from True North Fund VI LLP. This transaction is part of a larger Share Purchase Agreement to acquire up to 50.10% of the company's share capital. Following the change in majority ownership, Mr. Pramod Kabra has resigned from the board, and Mr. Shitij Kale, an experienced M&A and infrastructure professional, has been appointed as a Nominee Director. This marks a significant transition in the company's promoter group and strategic leadership.

India Resurgence Fund (IndiaRF) acquired a 45.01% stake (6,67,25,311 shares) from True North.
The total acquisition target under the Share Purchase Agreement is up to 50.10% or 7,42,71,009 shares.
Mr. Shitij Kale, a veteran with over 20 years of experience in M&A and infrastructure, joins as a Nominee Director.
Mr. Pramod Kabra resigned as Nominee Director following True North's exit as the majority shareholder.
Board committees have been reconstituted effective December 18, 2025, to reflect the new ownership structure.

💡 Investors should view this change in ownership as a potential catalyst for operational improvements and strategic growth under IndiaRF's leadership. Monitor upcoming quarterly results for any shifts in capital allocation or expansion plans under the new board.

True North Amends SPA for 50.10% Stake Sale in Shree Digvijay Cement at INR 86.70/Share

🔵 WATCH ⭐ 9/10

M&A 📅 17 Dec 2025, 10:32 PM

True North Fund VI LLP, the promoter of Shree Digvijay Cement, has amended its Share Purchase Agreement (SPA) with India Resurgence Fund (IRF) entities. The deal involves the sale of 7,42,71,009 equity shares, representing a 50.10% controlling stake in the company. The key update is the revision of the transaction price to INR 86.70 per share, or a lower mutually agreed price. This transaction will result in a change of control once completed.

Sale of 7,42,71,009 equity shares representing 50.10% of the company's share capital.
Transaction price revised to INR 86.70 per share from the original agreement terms.
Purchasers include India Resurgence Fund (IRF) Scheme 1, Scheme 2, and Scheme 4.
The deal will result in a change of control and management of the company upon consummation.

💡 Investors should compare the revised deal price of INR 86.70 with the current market price to evaluate the valuation and monitor for a potential mandatory open offer. The entry of India Resurgence Fund as a new promoter could lead to strategic operational changes.

View All SHREDIGCEM Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

The company operates in a single segment: Manufacturing and Sales of Cement. Revenue from operations decreased by 8.6% YoY, falling from INR 793.34 Cr in FY2024 to INR 725.19 Cr in FY2025 due to subdued realizations and lower demand.

Geographic Revenue Split

100% of revenue is derived from the Indian market, specifically concentrated in Western India with its primary production facility located in Digvijaygram, Gujarat.

Profitability Margins

Profitability saw a significant decline in FY2025; Net Profit Margin dropped from 11.07% in FY2024 to 3.47% in FY2025. Operating margins for 9M FY2025 weakened to 5.80% from 18.69% in the previous fiscal due to a steep decline in realizations and a INR 17 Cr annual shutdown cost in Q3 FY2025.

EBITDA Margin

EBITDA margin contracted by 1,022 basis points, falling from 19.34% (INR 154.94 Cr) in FY2024 to 9.12% (INR 67.06 Cr) in FY2025, reflecting intense cost pressures and lower sales realizations.

Capital Expenditure

The company is executing a brownfield capex of INR 250.0 Cr to double its cement grinding capacity from 1.5 MTPA to 3.0 MTPA, with commissioning expected in Q4 FY2025.

Credit Rating & Borrowing

Crisil reaffirmed the long-term rating at 'Crisil A' but revised the outlook to 'Negative'. Short-term rating is 'Crisil A1'. The company secured term debt of INR 125.0 Cr for capex, with gross debt rising to INR 109.85 Cr in FY2025 from zero in FY2024.

⚙️ Operational Drivers

Raw Materials

Key raw materials include Clinker, Gypsum, and Fly Ash. Total expenditure on operations was INR 667.93 Cr in FY2025, representing approximately 92% of total revenue.

Import Sources

Primary sourcing is domestic, centered around the manufacturing hub in Gujarat, India, to optimize logistics for the Jamnagar facility.

Key Suppliers

The company entered into an exclusive 10-year usage, supply, and distributorship agreement with Hi-Bond Cement (India) Pvt Ltd (HIBOND) starting in 2025.

Capacity Expansion

Current installed capacity is 1.5 MTPA; expanding to 3.0 MTPA through a brownfield project at the Digvijaygram facility, scheduled for completion by Q4 FY2025.

Raw Material Costs

Raw material and operating costs as a percentage of revenue increased significantly as total expenditure rose to INR 667.93 Cr against a revenue of INR 725.19 Cr, driven by volatility in input prices and the inability to pass costs to consumers.

Manufacturing Efficiency

Capacity utilization is a key monitorable; clinker production was 10.05 Lakh MT and cement production was 13.87 Lakh MT in FY2025.

Logistics & Distribution

Logistics operations are managed to enhance market reach; the company utilizes its coastal location in Jamnagar for efficient distribution in Western India.

📈 Strategic Growth

Expected Growth Rate

100%

Growth Strategy

Growth will be achieved by doubling grinding capacity to 3.0 MTPA, an exclusive 10-year distribution agreement with Hi-Bond Cement, and a strategic ownership shift as India Resurgence Fund (IRF) acquires a 50.10% stake to provide capital and strategic oversight.

Products & Services

The company sells cement bags (primarily Portland Pozzolana Cement) and Clinker to construction and infrastructure customers.

Brand Portfolio

Shree Digvijay Cement, Kamal Cement, and Hi-Bond (via exclusive distribution agreement).

New Products/Services

Launch of innovative and superior quality niche products is planned to enhance market reach, though specific revenue contribution percentages for new launches are not yet disclosed.

Market Expansion

Expansion is focused on deepening the distribution network in Western India and leveraging the Hi-Bond brand for broader market penetration starting FY2026.

Market Share & Ranking

The company maintains an established market position in Western India with a 1.5 MTPA capacity, set to grow to 3.0 MTPA.

Strategic Alliances

Exclusive 10-year usage and supply agreement with Hi-Bond Cement (India) Pvt Ltd, including an option to acquire 100% equity of HIBOND.

🌍 External Factors

Industry Trends

The industry is moving toward consolidation and sustainability; SDCCL is positioning itself by doubling capacity and targeting 65% green power to counter the 8.6% revenue decline seen in the current sluggish market.

Competitive Landscape

Faces intense competition from large pan-India players and regional manufacturers in the Gujarat and Western India markets.

Competitive Moat

Moat is based on its coastal location in Jamnagar providing logistics advantages and a long-standing brand presence since 1944; sustainability is reinforced by the IRF acquisition and Hi-Bond alliance.

Macro Economic Sensitivity

Highly sensitive to infrastructure spending and GDP growth; cyclical downturns in the cement industry result in slow offtake and constrained operating rates.

Consumer Behavior

Shift toward branded, high-quality cement for individual home builders and infrastructure projects.

Geopolitical Risks

Global demand-supply conditions and fluctuations in international fuel prices (coal/petcoke) impact the cost of production.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to evolving environmental norms and pollution control standards; the company maintains an adequate system of internal controls tested for compliance with the 2013 Act.

Environmental Compliance

The company follows 'Clean and Green is Profitable' philosophy, subscribing to voluntary emissions reduction programs and investing in Waste Heat Recovery Systems.

Taxation Policy Impact

Tax expenses for FY2025 were INR 9.34 Cr, representing an effective tax rate of approximately 27% on Profit Before Tax of INR 34.54 Cr.

Legal Contingencies

The Regional Director partially allowed an appeal, dropping a penalty under Section 90(4A), but upheld penalties of INR 2,00,000 each on several individuals (including Ermirio Pereira de Moraes and others) for failure to submit BEN-1 forms under Section 90(10).