{"id":175223,"date":"2026-01-22T12:42:00","date_gmt":"2026-01-22T17:42:00","guid":{"rendered":"https:\/\/alphastreet.com\/india\/shri-keshav-cements-and-infra-limited-530977-q3-2025-earnings-call-transcript\/"},"modified":"2026-01-22T12:42:00","modified_gmt":"2026-01-22T17:42:00","slug":"shri-keshav-cements-and-infra-limited-530977-q3-2025-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/shri-keshav-cements-and-infra-limited-530977-q3-2025-earnings-call-transcript\/","title":{"rendered":"SHRI KESHAV CEMENTS AND INFRA LIMITED (530977) Q3 2025 Earnings Call Transcript"},"content":{"rendered":"

SHRI KESHAV CEMENTS AND INFRA LIMITED (BSE: 530977) Q3 2025 Earnings Call dated Feb. 14, 2025<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Venkatesh Katwa<\/strong> \u2014 Chairman<\/em><\/p>\n

Analysts:<\/h2>\n

Jainam Savla<\/strong> \u2014 Analyst<\/em><\/p>\n

Manan Vandur<\/strong> \u2014 Analyst<\/em><\/p>\n

Sanjay Shah<\/strong> \u2014 Analyst<\/em><\/p>\n

Deep Parekh<\/strong> \u2014 Analyst<\/em><\/p>\n

Mahesh Seth<\/strong> \u2014 Analyst<\/em><\/p>\n

Prashant<\/strong> \u2014 Analyst<\/em><\/p>\n

Aditi Roy<\/strong> \u2014 Analyst<\/em><\/p>\n

Suraj Singhania<\/strong> \u2014 Analyst<\/em><\/p>\n

Priya Jain<\/strong> \u2014 Analyst<\/em><\/p>\n

Madhav Sony<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, good day and welcome to the Q3 FY ’25 Conference Call of Shri Keshav Cement and Infra Limited hosted by Kirin Advisors. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need during the conference call, please signal an operator by pressing star and then zero on your touchstone phone.<\/p>\n

I now hand the conference over to Mr Salvala from Credit Advisors. Thank you, and over to you.<\/p>\n

Jainam Savla<\/strong> \u2014 Analyst<\/em><\/p>\n

Thank you. Good afternoon, everyone. On behalf of Advestors, I welcome you all to the conference call of Srike Siemens Infrain Limited for Q3 FY ’25. From the management team, we have Mr, Chairman. Now I hand over the call to Mr, sir for the opening remarks. Over to you, sir.<\/p>\n

Venkatesh Katwa<\/strong> \u2014 Chairman<\/em><\/p>\n

Thank you. Yeah, thank you, Janum. Good afternoon, everyone, and a warm welcome to Cement and Infra Limited’s Q3 FY ’25 earnings call. I sincerely appreciate time and interest in joining us today. Sri Cement and Infra Limited, what we usually agro name him as SKCILPA Limited is engaged in the manufacture of cement and renewable power generation and distributed in the state of Karnataka. The cement plants are located in District, Karnataka and the solar plant is located at copper in Karnataka. The company supplies cement in North Karnataka, Coastal Karnataka, go and some parts of Maharashtra. So key differentiator for SKCL in our unwavering is our unwavering commitment to renewable energy.<\/p>\n

Since April 2018, we have been meeting 100% of our energy needs through solar power, significantly reducing the cost and reinforcing our ESG leadership. Our cement plants are among the very few in India operating on 100% green energy, resulting in 75% to 80% reduction in the power cost, a major cost contributor and which has improved our margins. The company has a network of over 350 cement distributors and over 600 retail touch points and about 14 solar power consumers. Looking ahead, we are very optimistic about industry prospects. The Indian government’s continued emphasis on infrastructure development is expected to be a key catalyst for the cement structure. Increased budgetary allocation towards infrastructure projects will drive the cement demand position us well for the future growth.<\/p>\n

As we move forward, our strategic priority remain centered on enhancing operational efficiencies, leveraging renewable energy and capitalizing on emerging opportunities in the infrastructure and construction efforts in sectors. We are committed to driving long-term value-creation for our stakeholders and contributing to India’s development journey. So let me take you through the performance of Q3 and nine months FY ’25. So in Q3 FY ’25, our EBITDA surged by about 88% compared to Q2 FY ’25, showcasing our ability to drive profitability through operational excellence and improved cost management. Cement dispatches have registered a robust 12.6% growth, contributing to 14% increase in turnover quarter-on-quarter.<\/p>\n

Further, our solar generation also improved by around 10.4%, reinforcing our leadership in sustainable manufacturing. This increase in solar generation is because we added a new 3 megawatt in August 2024. So from a financial standpoint, we recorded a total income of INR29.04 crores, EBITDA of INR7.38 crores and EBITDA margin of 26.26% in Q3 FY ’25. Our PAT stood at INR0.64 crores with a PAT margin of 2.2% and EPS of 0.36. On a cumulative basis, for Nine-Month FY ’25, we achieved a total income of INR85.64 crores with EBITDA reaching INR20.17 crore and an EBITDA margin of INR24.29 crores percentage.<\/p>\n

So as we approach the question-and-answer session, I wish to my sincere gratitude to all the stakeholders. Your unwavering support and active involvement has been an individual part of our growth journey, playing a very crucial role in our success. So we genuinely appreciate the significant contribution each one of you has made with this company.<\/p>\n

With this, I’m pleased to open the door and floor for any questions-and-answers. Once again, thank you for their presence and an ongoing support. Thank you. Now the floor is open for question-and-answers.<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

Thank you. Thank you. We will now begin the question-and-answer session. Participants who wish to ask a question may press star and one on your touchstone telephone. If you wish to remove yourself from the question queue, you may press RN2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles hello we have the first question from the line of Manan from PMS. Please go-ahead.<\/p>\n

Manan Vandur<\/strong><\/p>\n

Yes, thank you so much for the opportunity.<\/p>\n

Operator<\/strong><\/p>\n

MR.<\/p>\n

Manan Vandur<\/strong><\/p>\n

Yes, hello, can you hear me? Hello.<\/p>\n

Operator<\/strong><\/p>\n

As there is no response, we’ll move on to the next question. Hello. We have the next question from the line of Sanjay Shah from Magnum Equity. Please go-ahead.<\/p>\n

Sanjay Shah<\/strong><\/p>\n

Yeah, hi, sir.<\/p>\n

Venkatesh Katwa<\/strong><\/p>\n

Sir, hello. Please go-ahead.<\/p>\n

Sanjay Shah<\/strong><\/p>\n

Yeah. Am I audible?<\/p>\n

Venkatesh Katwa<\/strong><\/p>\n

Yes.<\/p>\n

Sanjay Shah<\/strong><\/p>\n

Yeah. So just wanted to understand, like see, sir, our — I think turnover is better. I think our margins, EBITDA is better to go. Sir, bottom-line is not showing any significant growth. Can we just some — what is that — what is that because we are not able to show that bottom-line? What is that factor and can you just explain on that?<\/p>\n

Venkatesh Katwa<\/strong><\/p>\n

Absolutely. So typically you’ll always going to be seeing a good EBITDA levels, that is because of the solar plant that we have. But the bottom level — the bottom level is typically a derivative of this pricing of cement, which we see currently. So for example, our pricing compared to nine months last year and compared to now, the realizations have gone down by almost 8% to 9% for us. And this has been an industry-standard, but the biggest difference is the EBITDA margin exclusively on cement, what the major plants are generating is upwards of INR700 to INR800, whereas in our case is less than INR50. That is mainly because we are — we will be switching over to the new plant in March now.<\/p>\n

We have just now completed the capex in December, January and we are in a process to switch-over to the new kiln. So with the new kiln, what we will be expecting is the power consumption will go down, the fuel consumption will go down and then we will have similar EBITDA margins like what we see in the industry level. So with that, we would be expecting a better PAT margins. So to accurately again rephrase the answer on what you asked, it is mainly because of very less net realization that we are getting particularly in South, which is affecting our PAT margins.<\/p>\n

Sanjay Shah<\/strong><\/p>\n

Okay. Okay. So can we can we understand like basically your solar is trying to you know make your margins better as per current status and your cement is not that great right now.<\/p>\n

Venkatesh Katwa<\/strong><\/p>\n

Correct. As of now, yes. Correct.<\/p>\n

Sanjay Shah<\/strong><\/p>\n

But so now coming to that macro again, if this is happening to — my question would be like, is there any industry headwinds or means basically the orders or the offtakes are not happening or what is it?<\/p>\n

Venkatesh Katwa<\/strong><\/p>\n

No, for Q3 and pretty much nine months of FY ’25, most of the issue had to do with the realization itself. And particularly South where real so you know, just to give a perspective, which I did some calculation you know, while we were working on this. So in South like I’ll give you an example. In South, the EBITDA margins have come down by almost 40% per ton. Quarter-on-quarter EBITDA margins has increased by 22%, but as we have registered our EBITDA per ton margin by almost — sorry, EBITDA by almost 86%. So PAT is a clear derivative of realization what is happening. Q1, Q2 was extremely bad, mainly because of election and then the monsoons. Q3, the flag end of Q3 showed some kind of an improvement and Q4 has shown the very good offtake for all the season plants in the country. But Q3 was — most of the Q3 had very, very bad realization. So even on quarter-on-quarter, our net naked cement trade has gone down. So had we got the same price like what we had got in FY ’24, our PAT margins would have been at par with the industry or better than that.<\/p>\n

Sanjay Shah<\/strong><\/p>\n

Okay, great. Sir. And like what you said in the prior question was like say your new capacity is coming up, correct. So basically, I think what you said is in March probably we can expect that new capacity to be added. Correct. So again, again, your first-quarter and second-quarter means after March, there will be a first-quarter and second-quarter, correct. So how do we see that now? Like see, after adding a new also, so what type of margin appreciation or what was now order intake? What would be the whole idea about now going-forward after March?<\/p>\n

Venkatesh Katwa<\/strong><\/p>\n

Yeah, okay. So with the new KILL and all the new infrastructure coming online in March, so let’s say then we’re talking about Q1 and Q4 FY ’26. So we are going to see an improved margins from currently. Other than initially the teasing issues what we might likely face, like typically any new machinery will have some initial hiccups. So once the — once the kiln starts running smoothly, we are — we will be looking at the same EBITDA margin like most of the South players, upwards. For example, last year for Q3 for these kind of prices, what we see today, assuming that these prices continue to remain as based, the South-based industries are doing an EBITDA of around INR422, whereas the top 18 cement plants all over India, which constitute 80% of the natural capacity are doing an EBITDA margin of INR620.<\/p>\n

But if I just select this out of that, they are doing around INR420 the way we see it in Q3. So assuming the prices remain same, we will be at par with them. That is what I would be saying. And of course, cement price are going to be showing an upward trend in FY ’26 because current prices are different not sustainable. Consolidation has almost — is almost done. So there is going to be a price discipline. Government is already spending on the infrastructure. So it’s a matter of time when we start getting realizations just like last year or even better.<\/p>\n

Sanjay Shah<\/strong><\/p>\n

Yeah. Thank you so much, sir. I’ll be in the queue back then once you know some ask other participants in that. Yeah. Thank you, sir. Thank you so much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We have the next question from the line of Deep Parik from Blue. Please go-ahead.<\/p>\n

Deep Parekh<\/strong><\/p>\n

Yeah, hello, sir. Good afternoon.<\/p>\n

Venkatesh Katwa<\/strong><\/p>\n

Good afternoon.<\/p>\n

Deep Parekh<\/strong><\/p>\n

Yeah. As we know that you have increased your capacity from 0.35 million to-1 million per ton per annum.<\/p>\n

Venkatesh Katwa<\/strong><\/p>\n

Correct.<\/p>\n

Deep Parekh<\/strong><\/p>\n

So sir, I just want to know that if at the financial year ’26 and if how much percentage of you will utilize.<\/p>\n

Venkatesh Katwa<\/strong><\/p>\n

So typically any cement plants and basically what we have done is we have projected to begin with your project at 50% utilization. But if the market demand increases, there’s always a scope for improvement. But to be on the safer side, we have taken 50% capacity utilization.<\/p>\n

Deep Parekh<\/strong><\/p>\n

Okay, understood, sir. And how it will impact the financial of the company at the end of financial year ’26.<\/p>\n

Venkatesh Katwa<\/strong><\/p>\n

So with the new and the new machinery, two things are going to happen. One, the fuel consumption will go down on per tonne basis per ton of manufacturing of cement, even the power cost is going to go down. So what we are having — see today, if you look at our EBITDA margins, we are one of the highest in the cement industry, almost 25%, 26% that is solely because of solar. So once I remove the benefit of solar out of this out-of-the equation, we have to be at par with other cement plants in the South. So once that adds up, plus we have a benefit of solar, together we are a good bottom-line in opportunistics, mainly because of the new plant and reduced consumption of fuel and power.<\/p>\n

Deep Parekh<\/strong><\/p>\n

Understood, sir, understood. And one last question, sir, that in cement industries, average profit per ton is around INR700 to INR900 per ton, right, and cements is now at INR100 to INR150 rupees per ton, then at the end of financial year ’26, what will be the expected improvement in this margin?<\/p>\n

Venkatesh Katwa<\/strong><\/p>\n

So it looks like you’re referring to the EBITDA per ton margins. So for example, now like just in the previous question, I probably answered this. Again, I’m repeating — I mean just to make sure that we are on the same page. So if you look at the top 18 cement brands all over India, which constitute 80% national capacity. EBITDA per ton in Q3 was around Q2 was and Q3 was around INR719. If you look at clearly at the South, the EBITDA per ton is around INR42. But if you look for the nine months for this year for only for the South Southern region, the EBITDA per ton they have realized is INR463. So what we will be targeting, ours is around INR50 or even less. So what we will be targeting is to be as close as or equal to what we see in the South or even better. Plus we also get a benefit of solar, which I’m not counting these margins.<\/p>\n

Deep Parekh<\/strong><\/p>\n

Okay. Understood, sir. Understood. Thank you so much, sir.<\/p>\n

Venkatesh Katwa<\/strong><\/p>\n

Sure, sir. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We have the next question from the line of Manan from Wallford. Please go-ahead.<\/p>\n

Manan Vandur<\/strong><\/p>\n

Good afternoon, sir. Can you hear me?<\/p>\n

Operator<\/strong><\/p>\n

MR. Maran, can you hear us?<\/p>\n

Manan Vandur<\/strong><\/p>\n

Hello. Can you hear me? Good afternoon. Can you hear me?<\/p>\n

Operator<\/strong><\/p>\n

As there is no response, we move on to the next speaker. Hello. We have the next question from the line of Mahesh Sheth, an Individual Investor. Please go-ahead.<\/p>\n

Mahesh Seth<\/strong><\/p>\n

Good afternoon, sir.<\/p>\n

Operator<\/strong><\/p>\n

MR. Mahesh, request you to kindly go off the speaker phone or come closer to the microphone. Your audio is very low.<\/p>\n

Mahesh Seth<\/strong><\/p>\n

Yeah. Can you hear me now?<\/p>\n

Operator<\/strong><\/p>\n

Yes, this is better.<\/p>\n

Mahesh Seth<\/strong><\/p>\n

Yes. So my first question is that cement revenue contributed around 76.34% in Q3 FY ’25. So what are the key trends in cement demand that you’re observing?<\/p>\n

Venkatesh Katwa<\/strong><\/p>\n

So typically Q1 and Q2 was definitely very bad Q2, mainly because monsoons plus the central government had just formed. So there was no impact from the industry. Q3 was just beginning to show some kind of discipline in the volumes, but something really happened by the last week of December or first week of January. So Q3, I would say the prices stopped falling. That was one good thing about Q3. In Q4, what we are saying, even though the price have not increased significantly, but volumes, you would see an increased — improved volumes across for all the cement plants. So these are pretty much the trend what we’re looking. And since the consolidation is complete, we are hoping that there is going to be a better price discipline and you know, the realization is set to improve by the end of FY ’26.<\/p>\n

Mahesh Seth<\/strong><\/p>\n

Okay, okay. And also the solar energy revenue contributed around 15%. So do you expect this contribution to increase in the future or are there any capacity expansion plans?.<\/p>\n

Venkatesh Katwa<\/strong><\/p>\n

So solar, as we start with the new plant and 50% 60% or even 70% of the generation we render when we reach 70% to 80% of our cement plant utilization levels, and then of course, there won’t be any solar revenues coming into picture, but it does not mean that we would lose — we would lose out on the EBITDA because even the figures what I’m speaking today is excluding the benefits of solar. So even what would typically happen is we will be getting the power at less than INR15 once the entire power is used for cement plant. Regarding expansion, yes, we board and the company is thinking of adding more solar capacity. But as said as of now, nothing has been finalized or maybe by next quarter, we will have some answer to the — to our plants on expanding on renewable power.<\/p>\n

Mahesh Seth<\/strong><\/p>\n

Okay, got it. And sir, my last question is that is the company considering any partnership or government incentives to further expand solar power generation?<\/p>\n

Venkatesh Katwa<\/strong><\/p>\n

No. Company — I mean excess company does not get any kind of incentive specifically on company-wise and a lot of times government does some kind of a — they incentivize certain industries to promote them, like solar was — renewable power was promoted in 2014 to 2018 in Karnataka. So during those times, anyone who set-up their plant did have benefits. So as such, I would say even today, the policy of Karnata government regarding renewal power is still positive and I see that is going to be a good vertical to be saddled into. So company will look into these things and then continue to grow. Even with these current policies, there is a scope for the company to add more capacity.<\/p>\n

Mahesh Seth<\/strong><\/p>\n

Okay. That’s it from my side, sir. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We have the next question from the line of Prashant, an individual investor. Please go-ahead.<\/p>\n

Prashant<\/strong><\/p>\n

Hi, can you hear me?<\/p>\n

Operator<\/strong><\/p>\n

Suprashant, can you hear us?<\/p>\n

Prashant<\/strong><\/p>\n

Yes, I can hear you. Can you hear me?<\/p>\n

Operator<\/strong><\/p>\n

As in a response, we move on to the next speaker. We have the next question from the line of Aditya Roy from Patel Advisors. Please go-ahead. MR., can you hear us? You’re very low, your audio is very low, ma’am. You kindly come closer to the microphone or the speaker phone.<\/p>\n

Aditi Roy<\/strong><\/p>\n

Now,<\/p>\n

Operator<\/strong><\/p>\n

This is much better.<\/p>\n

Aditi Roy<\/strong><\/p>\n

Congratulations, sir. My question is, what were the swimming prices in the reported quarter compared to the same quarter last year and what are the current prevailing prices?<\/p>\n

Venkatesh Katwa<\/strong><\/p>\n

On about cement pricing, right?<\/p>\n

Aditi Roy<\/strong><\/p>\n

Yes.<\/p>\n

Venkatesh Katwa<\/strong><\/p>\n

Okay. So in Q3 of FY ’24, the — what I generally use over naked cement grade is because it excludes logistics, it excludes the tax and everything. So naked cement price of Q3 FY ’24 is INR3,761 rupees. Now it is Q3 FY ’25 is INR3,302. So if you look at pure realization standpoint, it has reduced by 8% and industry has reduced by around 10% to 12%. So we are at par over there. And similarly, the price compared to the previous quarter also, it has reduced by 1%, so we have the statistics, but in Q4, we are — we will be looking at some kind of an improvement in both the pricing as well as the dispatches.<\/p>\n

Aditi Roy<\/strong><\/p>\n

Okay, sir. And I have one last question. How does the company plan to navigate pricing pressures in a competitive market?<\/p>\n

Venkatesh Katwa<\/strong><\/p>\n

So cement is at some point, you know, apart from being brand-driven, cement is being used by many institutional players who will go with the quality and the commercial aspects. So we are able to make some inroads over there. So in-spite of all these challenges, the company has maintained its market-share and we have still maintained our pricing based on our competition. So I’m pretty confident that with this and future expansion company will continue to grow.<\/p>\n

Aditi Roy<\/strong><\/p>\n

Okay, sir. Thank you. That’s it from my side and congratulations.<\/p>\n

Venkatesh Katwa<\/strong><\/p>\n

Yeah, thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We have the next question from the line of Manan Vandur from Wallford PMS. Please go-ahead.<\/p>\n

Manan Vandur<\/strong><\/p>\n

Hello, can you hear me? Hello. Hello. Earlier also,<\/p>\n

Operator<\/strong><\/p>\n

Can you hear us?<\/p>\n

Manan Vandur<\/strong><\/p>\n

Yes, yes. Hello. Can you hear me? Earlier participant also, we could hear the mute we can’t hear a<\/p>\n

Operator<\/strong><\/p>\n

Headset or a speaker phone, please go off that because we can’t hear you.<\/p>\n

Manan Vandur<\/strong><\/p>\n

Hello, hello. Can you hear me? Hello. Earlier participant also, I could request<\/p>\n

Operator<\/strong><\/p>\n

You move on to the next speaker. The next question is from the line of Sanjay Shah from Magnum Equity. Please go-ahead.<\/p>\n

Sanjay Shah<\/strong><\/p>\n

Yeah. Hi, sir. Audible?<\/p>\n

Operator<\/strong><\/p>\n

Yes, we can hear you loud and clear.<\/p>\n

Sanjay Shah<\/strong><\/p>\n

Yeah. Just one follow-up question, like what is our basically solar installed capacity now the overall — overall capacity I’m just talking about in the solar system.<\/p>\n

Venkatesh Katwa<\/strong><\/p>\n

So the overall capacity as on-date is 40 megawatt feet.<\/p>\n

Sanjay Shah<\/strong><\/p>\n

Okay. And this is all basically for our internal. Am I am captive?<\/p>\n

Venkatesh Katwa<\/strong><\/p>\n

No, no, no. Currently, we are consuming around 50% internal consumption and 50% we are selling it outside. Okay. Once our new plant comes in, maybe almost 90% 95% will capitally consume and 5% will continue to sell outside.<\/p>\n

Sanjay Shah<\/strong><\/p>\n

Okay. Okay, got that. So basically — but are we expanding in solar furthermore or this is the — this is what we are, right, as a current set of what?<\/p>\n

Venkatesh Katwa<\/strong><\/p>\n

So the management is of the opinion that we should keep continuing to add more renewable power capacity because now that there is a requisite experience and there is a requisite understanding of this industry. But as no-decision has been made-for new capacity, but there is a discussion going on. So if something does come to that point, we will definitely mention it to the shareholders.<\/p>\n

Sanjay Shah<\/strong><\/p>\n

Okay. And sir, basically now our basically capacity utilization on the overall now all the three segments or the overall — what is that basically and what is point coming down there or any bottlenecks or further we need to figure or what can we just throw some light on that part also?<\/p>\n

Venkatesh Katwa<\/strong><\/p>\n

So you’re talking about capacity utilization of cement or solar<\/p>\n

Sanjay Shah<\/strong><\/p>\n

Cement, cement, cement. Solar as solar really understood now, but yes, more cement.<\/p>\n

Venkatesh Katwa<\/strong><\/p>\n

So cement, Q1, Q2 and most of the Q3 was not very encouraging, but we made an average, I think Q3 showed 65% capacity utilization compared to 76% of Q3 FY ’24. But like mentioned earlier, it is mainly because Q1, Q2 had election and then monsoon Q3 was just the beginning of the new political dispension spending. So the capacity relation remained at around 65% as opposed to targeted 80%. But Q4 is already shown promises, so we will be able to beat the trends in Q4.<\/p>\n

Sanjay Shah<\/strong><\/p>\n

Okay. Okay. Thank you. Thank you, sir. Thank you so much. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We have the next question from the line of Suraj Singhania of an Individual Investor. Please go-ahead.<\/p>\n

Suraj Singhania<\/strong><\/p>\n

Hello, am I audible?<\/p>\n

Operator<\/strong><\/p>\n

Yes, we can hear you.<\/p>\n

Suraj Singhania<\/strong><\/p>\n

My first question is the decline in EBITDA and the increase in raw-material cost. So just potential operational challenges and what measures are being taken to improve operational efficiency and reduce cost in cement production?<\/p>\n

Venkatesh Katwa<\/strong><\/p>\n

Thank you. Yeah. Thank you, Mr. So typically, the margins or EBITDA is hitting mainly because of the other — of the realization of cement prices. So suddenly there is an increase in capacities everywhere, but also there is a consolidation going on. Everyone wants to capture the market-share, which is why there’s a lot of pressure on EBITDA. And if you look at industry trend, you will see EBITDA going down for everyone. And that is definitely a concern for everyone. But again, some of the factors like collection and monsoon is out of our control. But now that the government is beginning to spend from Q4 onwards and then further in Q1 FY ’26 onwards, we would be able to see that recovery happening from now onwards<\/p>\n

Suraj Singhania<\/strong><\/p>\n

Okay. And as you said, current market condition affecting your cement business. So what competitive strategy are they employing to maintain increasing market-share?<\/p>\n

Venkatesh Katwa<\/strong><\/p>\n

So currently, what we have done is the company is available — is aware that we will be having 1 million ton from by end of March 2025. So company has already begun to work on hiring the best talent in the industry. We are already reaching out to a lot of new dealers in a lot of new institutions and there is a constant efforts to make our existing dealers are speaking to their customers. So there are lot of including digital marketing. So company has taken various steps to reach-out to the end consumers and we are already seeing that some kind of a benefit from beginning of Q4 onwards. Even though prices have not increased significantly or remained flat, but we have seen a significant improvement in the dispatches. And with this strategy, we’ll continue to work to make sure that we dig deeper. And there is a certain competitive advantage that our company enjoys, which is we — we are targeting and focusing on the closures market where our logistic cost is lower. So we are at a better competitive advantage and it is definitely helping us to improve our market-share like we have seen in Q4 or beginning of Q4 as of now. So these are some of the steps company is taking plus company will continue to invent and reinvent to make sure that we — our capacity utilization sales despite everything improves. Thank you.<\/p>\n

Suraj Singhania<\/strong><\/p>\n

Okay, that’s it from my side. Thank you<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We have the next question from the line of Priya Jain from Green Capital. Please go-ahead.<\/p>\n

Priya Jain<\/strong><\/p>\n

Hello, sir. I would like to know what’s the current working capital cycle<\/p>\n

Venkatesh Katwa<\/strong><\/p>\n

So our current working capital cycle is around — the inventory levels are about 150 to 13 days. Our current working capital cycle is around 20 to 25 days.<\/p>\n

Priya Jain<\/strong><\/p>\n

And how does it compare to industry peers.<\/p>\n

Venkatesh Katwa<\/strong><\/p>\n

We are at part of the industry. If you look at all the major plants, the top-five plants also, everyone has the moment to develop between one, three-to-one, three days, which is same in our case and they might have a — big brands will have little smaller working capital cycle. So that maybe 10 days or 15 days less than otherwise pretty much for our size capacity or the base capacity, the working capital cycle is pretty much similar.<\/p>\n

Priya Jain<\/strong><\/p>\n

Okay. So like to understand like how the company is addressing the impact of inflation and energy cost on profit profitability basically when we talk about cement industry? Sorry.<\/p>\n

Venkatesh Katwa<\/strong><\/p>\n

So clearly, one is the inflationary trends that affects all the industries. So one of the reasons why most and almost all I would say including major to minor plants, we had — there was a difficulty in Q1, Q2 and Q3, everyone had to face that brunt and which is why consolidation is a big consolidation phase going on last two years. But regarding the pricing of electricity or power, two components come into mind. One is fuel and another is electricity. So I’ll be happy to announce that we are the only company in the country to reach 100% renewable power consumption. We are the first company in the country. In 2018, we achieved that 100% power is from renewable means. And today, our cost of renewable generation is less than INR150%, whereas the cost of power outside even by discounts is offers of INR7. So that’s a huge benefit the company is going to continue to enjoy.<\/p>\n

So regarding fuel, again, this is a — it is going to cut across all the cement plants and in our specific case, I would say till now we were utilizing our kiln inefficiently, which is why we have gone for this capex. The capex is complete, it’s just that we have to switch-over to the new team by March. The reason we cannot do it and now is again because is already improved and we didn’t want to have any kind of impact on when the market is on the upward trend. So having said that, with the new kiln, our fuel cost also will go down and we should be at par in the industry, plus there are going to be benefits of renewable power, which only our company enjoys in the entire country right now. So I hope that addresses the question you were asking.<\/p>\n

Priya Jain<\/strong><\/p>\n

Yes, fair enough, sir. That’s from my side. Thank you.<\/p>\n

Venkatesh Katwa<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Participants who wish to ask a question may press star and one on your touchstone telephone. Participants who wish to ask a question may press star and one on your Techstone telephone. We have the next question from the line of Prashant, an Individual investor. Please go-ahead.<\/p>\n

Prashant<\/strong><\/p>\n

Hi, can you hear me? Can you hear me hello, can you hear me?<\/p>\n

Operator<\/strong><\/p>\n

Mr Prashant, can you hear us?<\/p>\n

Prashant<\/strong><\/p>\n

Yes, I can hear you.<\/p>\n

Operator<\/strong><\/p>\n

Can you hear you kindly unmute your line we are unable to hear you.<\/p>\n

Prashant<\/strong><\/p>\n

Can you hear me?<\/p>\n

Operator<\/strong><\/p>\n

There is no response, you’ll move on to the next participant. Participants who wish to ask a question by press R&1 on your touchstone telephone. We have the next question from the line of Manan from Wallford PMS. Please go-ahead.<\/p>\n

Manan Vandur<\/strong><\/p>\n

Hello, can you hear me?<\/p>\n

Operator<\/strong><\/p>\n

Yes, we can hear you now.<\/p>\n

Manan Vandur<\/strong><\/p>\n

Finally. Thank god. Okay. So first question would be that could you please give us what were the volume for the FY ’25 versus Q4 — Q3 FY ’24 in terms of the selling per ton and also nine months for year-on year.<\/p>\n

Venkatesh Katwa<\/strong><\/p>\n

Sure. So the volumes of Q3 FY ’24 was 68,610 tonnes and Q3 FY ’25 was 58,90 tonnes. So there is a dip of around 14%. For the nine months, I think I don’t know exactly, but we have remained on the similar — it’s around 100 — I can do a calculation here. So for nine months, FY ’24 is around 1,74,000 and similarly almost 173,600 for nine months FY ’25.<\/p>\n

Manan Vandur<\/strong><\/p>\n

Okay. And 68,000 you said was for FY ’25 or ’24<\/p>\n

Venkatesh Katwa<\/strong><\/p>\n

68,000 for Q3 FY ’24, 24,610, yeah. Yeah. And Q3 FY ’25 is 58,0960.<\/p>\n

Manan Vandur<\/strong><\/p>\n

Okay. So the volume also took. Okay, understood. Sir, next question is, I think you — last call you said that our kiln and everything is ready. And we also had another problem with some government having our power lines. So — and then you said that we will commence mostly by January, but now it has come to March. So can you please address all of this that why are we starting at March now? Then what happened about the government giving the power line?<\/p>\n

Venkatesh Katwa<\/strong><\/p>\n

Yeah, absolutely. So finally, we received the new power line by end of January. Ass the kill and everything is ready right now, now what has happened is suddenly there is a huge increase in dispatches from January. And once we start doing the switchover, it might take about 25 days for us to shut-down the kin. So we will not have any production of the kinker during that period. So had we taken this last quarter when the sales was low, it would have helped us. But now since we’re reaching over 90%, 95% capacity utilization, we don’t want to have any kind of gap for dispatches. That is why companies waiting to start the future process by the end of February or first week of March. Within 20 25 days, we’ll be switching over to the new. That’s only intent. Otherwise, as such, you know, the and all the project is complete for commissioning.<\/p>\n

Manan Vandur<\/strong><\/p>\n

Okay, understood. And sir, earlier you had said that we will do 50% utilization in ’26. So that was of the whole 10 lakh you’re saying, right, 10 lakh tonnes.<\/p>\n

Venkatesh Katwa<\/strong><\/p>\n

Correct. Correct.<\/p>\n

Manan Vandur<\/strong><\/p>\n

Okay, understood. And sir, earlier, just I know that you earlier also said that right now we — the industry leaders, it is at 43460 something EBITDA per ton in the South side. And in generally earlier, we used to be — we as and not us, but the industry used to be around INR900 per ton, something like that. So don’t you — do you think that the industry would shift towards that again in the coming some time?<\/p>\n

Venkatesh Katwa<\/strong><\/p>\n

Yes. Absolutely. So I’ll give you a perfect math on that. So again, I’ve done a study on-top 18 cement plants throwing 80% of natural capacity. So nine months FY ’24, industry generated INR1,064 EBITDA per ton and the same industry is in nine months FY ’25. In ’24, they generate INR1,65 in FY ’25, they generate around INR800 per metric ton. This is the entire national level. But if you look at the South, EBITDA per ton generated by the South-based leaders, they generate around INR462 per metric ton in for nine months in FY ’25. So eventually this has to come at par with INR1,000, but again, it is a derivative of the price. What the management thinks is because the consolidation fees is almost over, most of the small plants or most of the plants whom with — with whom generally we tend to compete have been taken on larger plants, which generally have a better pricing discipline compared to smaller plants. Having said that, it will have a tandem effect on our plant like ours. And once the realization starts growing, then we will again — we will see an upwards INR800 to INR1,000 EBITDA margins like what other plants are showing. So I’m pretty hopeful, but again, it is — it is a speculation that we think based on our current trends, what you see in the industry?<\/p>\n

Manan Vandur<\/strong><\/p>\n

Okay. Correct. Got it. So sir, for Nine-Month FY ’24, can you give the same for South all plants just as you said for Nine-Month FY ’25?<\/p>\n

Venkatesh Katwa<\/strong><\/p>\n

Okay. So nine months FY ’25 is INR462 for and nine months FY ’24 is around INR650 rupees within it. It’s INR70 for FY ’24.<\/p>\n

Manan Vandur<\/strong><\/p>\n

INR750<\/p>\n

Venkatesh Katwa<\/strong><\/p>\n

Yeah, yeah.<\/p>\n

Manan Vandur<\/strong><\/p>\n

Okay, okay. Understood. Sir, why do we generally — why is the south side realization is lesser than the rest?<\/p>\n

Venkatesh Katwa<\/strong><\/p>\n

So when we talk about the rest, not only beverages like prices of cement on Eastern side or deep down south are generally very-high because you know cement clusters are located in certain pockets of the country. So I would say like you know there’s no — only if you look at only at the East, it is going to be much higher. If you look at only at West could be a little lower. And another reason is South generally tends to have very-high capacity compared to other areas because bigger filming sectors in India are in, you know, like what you said, region and regions.<\/p>\n

Manan Vandur<\/strong><\/p>\n

All right. Understood, understood. Okay, that’s it from my side, sir. Thank you so much for answering all the questions.<\/p>\n

Venkatesh Katwa<\/strong><\/p>\n

Thank you, Manage.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We have the last question from the line of Madhuv Sony, an individual investor. Please go-ahead.<\/p>\n

Madhav Sony<\/strong><\/p>\n

Okay. Thank you. So my question is, are there any strategic partnerships or acquisition plans in the pipeline that would significantly impact your impact your business operations or marketing<\/p>\n

Venkatesh Katwa<\/strong><\/p>\n

No, currently, we don’t have any acquisition plants in cement sectors and not that we are looking at new renewable power results, but if there is some scope, if we say that there is someone who wants renewable sector, management will be keen to look at it. But currently with the current renewable, I don’t see anything happening in renewable, but nothing is similar as such.<\/p>\n

Madhav Sony<\/strong><\/p>\n

Okay. So tell me how does the company adapt its production and sales strategies to cope this gives you a regional demand fluctuation in the cement industry?<\/p>\n

Venkatesh Katwa<\/strong><\/p>\n

So company has made its own name. We already have our own loyal customer-base and with the current marketing and sales effort that we are doing and the new kind of marketing we are doing, we are increasing the market-share itself. And typically, we are adding the same way all — based on all how South plants are driving. You know, typically, I have noticed in the past also, cement is a product which is required by everyone. So with a little discount here and there and with a good with the end consumers and lot of institutional buyers who would like to buy a not necessarily go for a very-high priced you know branded cement. If we — when we match the quality and equivalence, they tend to buy it from us. So even though it’s challenged with the new capacity, but I don’t see a difficulty and we are already seeing that with the new sales and digital marketing that we are doing, the sales has already improved this quarter.<\/p>\n

Madhav Sony<\/strong><\/p>\n

The final question I have is, in light of the unaudited financial results for Q3 and nine months FY ’25, could we provide any preliminary financial guidance for the full-fiscal year.<\/p>\n

Venkatesh Katwa<\/strong><\/p>\n

So I would say an approximation, you know it is since Q4 appears to be great so-far. If that continues, you know, we will be able to — we may not be able to reach the EBITDA levels like last year again because a significant portion of this year has gone in low-price realization. So EBITDA wise, I don’t see a significant impact now, knowing very well that our new has not yet been operational. But typically, I would say our top-line should reach the level what we did last year or maybe a little higher and our bottom-line might improve because volumes would be growing in Q4. Otherwise, till the new starts, I wouldn’t see a huge vertical uptrend in the figures for FY ’25.<\/p>\n

Madhav Sony<\/strong><\/p>\n

Okay. Thanks, that’s it from my side. Thank you.<\/p>\n

Venkatesh Katwa<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Ladies and gentlemen, that was the last question. I would now like to hand the conference over to Mr Jaina for closing comments.<\/p>\n

Jainam Savla<\/strong><\/p>\n

Thank you. Thank you everyone for joining the earnings conference call of Siemens and Infra Limited. If you have any queries, you can reach us at research@direct. Thank you everyone for joining the conference call. Thank you.<\/p>\n

Venkatesh Katwa<\/strong><\/p>\n

Thank you again. Bye-bye.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. On behalf of Shree Similar Infra Limited, that concludes the conference. Thank you for joining us and you may now disconnect your lines.<\/p>\n","protected":false},"excerpt":{"rendered":"

SHRI KESHAV CEMENTS AND INFRA LIMITED (BSE: 530977) Q3 2025 Earnings Call dated Feb. 14, 2025 Corporate Participants: Venkatesh Katwa \u2014 Chairman Analysts: Jainam Savla \u2014 Analyst Manan Vandur \u2014 Analyst Sanjay Shah \u2014 Analyst Deep Parekh \u2014 Analyst Mahesh Seth \u2014 Analyst Prashant \u2014 Analyst Aditi Roy \u2014 Analyst Suraj Singhania \u2014 Analyst Priya […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,10089],"class_list":["post-175223","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":180917,"url":"https:\/\/alphastreet.com\/india\/shri-keshav-cements-and-infra-limited-reports-9m-fy26-revenue-growth-and-commissioning-of-new-kiln\/","url_meta":{"origin":175223,"position":0},"title":"Shri Keshav Cements and Infra Limited Reports 9M FY26 Revenue Growth and Commissioning of New Kiln","author":"Staff Correspondent","date":"February 16, 2026","format":false,"excerpt":"The Karnataka-based manufacturer recorded a 35.81% year-on-year increase in total income for the nine months ended December 31, 2025. Following a \u20b945.98 crore preferential fundraise, the company is transitioning toward a 1 million MTPA capacity target through the commissioning of modernized kiln infrastructure. 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