Sanghi Industries Limited (NSE: SANGHIIND) reported its Q3 FY26 results on January 29, 2026. The performance reflects a “growth at a cost” narrative: while revenue continues to climb as the company integrates further into the Adani Cement ecosystem, losses have widened due to surging operational expenses.<\/p>\n\n\n\n
Key Financial Highlights (YoY)<\/strong><\/p>\n\n\n\n Expense Pressure: Total expenses shot up to \u20b9399 Crore (+23.4% YoY). The primary culprits were power and fuel costs (\u20b9202 Crore) and a massive jump in depreciation (\u20b995 Crore vs \u20b936 Crore), likely due to updated asset valuations following the Adani acquisition.<\/p>\n\n\n\n The Loss Streak: This marks the 4th consecutive quarter of losses exceeding \u20b975 Crore, highlighting the steep climb toward operational break-even.<\/p>\n\n\n\n Interest Burden: Finance costs remain high at \u20b951.6 Crore for the quarter, though slightly lower than last year, showing the weight of the company’s high debt-to-equity ratio (approx. 4.0x).<\/p>\n\n\n\n Management discussed the roadmap for the company’s turnaround, focusing on efficiency and integration:<\/p>\n\n\n\n Merger Progress: The NCLT hearing for the merger with Ambuja Cements was completed on January 29, 2026. The entire merger process is expected to be finalized by March 2026, which will allow for better tax synergies and resource pooling.<\/p>\n\n\n\n Decarbonization Focus: In a bid to lower fuel costs, the company is integrating Coolbrook\u2019s RotoDynamic Heater (RDH) technology. This is part of the broader goal to reach a 30% Alternative Fuel Ratio (AFR) by FY28.<\/p>\n\n\n\n Operational Synergy: Sales are being streamlined within the Gujarat, Rajasthan, and Maharashtra markets to leverage the Adani Group\u2019s logistics and branding power.<\/p>\n\n\n\n Legal Clarity: The company received \u20b940 Crore from erstwhile promoters as an indemnity claim related to ongoing electricity duty litigation with the Gujarat government.<\/p>\n\n\n\n The market is currently viewing Sanghi Industries as a restructuring play. Operationally, the revenue growth shows that the product is moving, but the “bottom line” is being crushed by the legacy cost structure and higher depreciation.<\/p>\n\n\n\n Investor Outlook: The stock is likely to remain volatile until the Ambuja merger is officially completed, which is seen as the ultimate “clean-up” event for the balance sheet.<\/p>\n","protected":false},"excerpt":{"rendered":" Sanghi Industries Limited (NSE: SANGHIIND) reported its Q3 FY26 results on January 29, 2026. The performance reflects a “growth at a cost” narrative: while revenue continues to climb as the company integrates further into the Adani Cement ecosystem, losses have widened due to surging operational expenses. Key Financial Highlights (YoY) Metric Q3 FY26 Q3 FY25 […]<\/p>\n","protected":false},"author":2383,"featured_media":125269,"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":[1941,9825,392,5],"tags":[9713],"class_list":["post-178589","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-stock-analysis","category-earnings-call-highlights","category-earnings","category-latest","tag-cement"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2021\/10\/Earnings-Coverage.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":164442,"url":"https:\/\/alphastreet.com\/india\/sanghi-industries-ltd-q1fy24-51-fall-in-revenue-2\/","url_meta":{"origin":178589,"position":0},"title":"Sanghi Industries Ltd Q1FY24; 51% fall in Revenue","author":"Chirag Gupta","date":"September 19, 2024","format":false,"excerpt":"Sanghi Industries Limited is engaged in the manufacturing and marketing of cement and cement products in domestic and export markets. The Company\u2019s manufacturing facilities are at Sanghipuram, Gujarat. The company sells in Gujarat, Rajasthan, Maharashtra and Kerala and International Markets of the Middle East, Africa and the Indian subcontinent. It\u2026","rel":"","context":"In "AlphaGraphs"","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/09\/image-73.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/09\/image-73.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/09\/image-73.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/09\/image-73.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/09\/image-73.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/09\/image-73.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":153587,"url":"https:\/\/alphastreet.com\/india\/sanghi-industries-ltd-q1fy24-51-fall-in-revenue\/","url_meta":{"origin":178589,"position":1},"title":"Sanghi Industries Ltd Q1FY24; 51% fall in Revenue","author":"Chirag Gupta","date":"August 14, 2023","format":false,"excerpt":"Sanghi Industries Limited is engaged in the manufacturing and marketing of cement and cement products in domestic and export markets. The Company\u2019s manufacturing facilities are at Sanghipuram, Gujarat. The company sells in Gujarat, Rajasthan, Maharashtra and Kerala and International Markets of the Middle East, Africa and the Indian subcontinent. It\u2026","rel":"","context":"In "AlphaGraphs"","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/08\/image-970.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/08\/image-970.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/08\/image-970.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/08\/image-970.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/08\/image-970.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/08\/image-970.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":157177,"url":"https:\/\/alphastreet.com\/india\/sanghi-industries-ltd-q2fy24-21-fall-in-revenue\/","url_meta":{"origin":178589,"position":2},"title":"Sanghi Industries Ltd Q2FY24; 21% fall in Revenue","author":"Chirag Gupta","date":"December 8, 2023","format":false,"excerpt":"Sanghi Industries Limited is engaged in the manufacturing and marketing of cement and cement products in domestic and export markets. The Company\u2019s manufacturing facilities are at Sanghipuram, Gujarat. The company sells in Gujarat, Rajasthan, Maharashtra and Kerala and International Markets of the Middle East, Africa and the Indian subcontinent. It\u2026","rel":"","context":"In "AlphaGraphs"","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/12\/image-56.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/12\/image-56.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/12\/image-56.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/12\/image-56.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/12\/image-56.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/12\/image-56.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":178320,"url":"https:\/\/alphastreet.com\/india\/acc-cement-q3-fy26-earnings-results\/","url_meta":{"origin":178589,"position":3},"title":"ACC Cement Q3 FY26 Earnings Results","author":"Divyansh_Kasana","date":"January 29, 2026","format":false,"excerpt":"Executive Summary ACC Ltd reported Q3FY26 revenues of \u20b96,483 crore, up 8.56% YoY, but consolidated net profit plunged 63.0% to \u20b9404 crore from \u20b91,092 crore. Total expenses surged 18.88% YoY to \u20b96,115 crore, significantly outpacing revenue growth and crushing profitability. Revenue & Growth Revenues increased to \u20b96,483.00 crore in Q3FY26\u2026","rel":"","context":"In "AlphaGraphs"","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2026\/01\/ACC.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2026\/01\/ACC.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2026\/01\/ACC.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2026\/01\/ACC.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2026\/01\/ACC.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2026\/01\/ACC.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":179653,"url":"https:\/\/alphastreet.com\/india\/jsw-cement-q3-fy26-earnings-results\/","url_meta":{"origin":178589,"position":4},"title":"JSW Cement Q3 FY26 Earnings Results","author":"Divyansh_Kasana","date":"February 5, 2026","format":false,"excerpt":"Executive Summary JSW Cement Ltd reported Q3FY26 revenues of \u20b91,621 crore, up 13.12% YoY, swinging from a \u20b980 crore loss to \u20b9131 crore profit driven by 14% volume growth to 3.56 MT and 31.5% EBITDA surge to \u20b9285 crore. Expense reduction and operational leverage marked strong green cement execution. Revenue\u2026","rel":"","context":"In "AlphaGraphs"","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2026\/02\/JSWC.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2026\/02\/JSWC.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2026\/02\/JSWC.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2026\/02\/JSWC.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2026\/02\/JSWC.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2026\/02\/JSWC.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":178968,"url":"https:\/\/alphastreet.com\/india\/birla-corporation-q3-fy25-26-net-profit-climbs-71-amid-market-headwinds\/","url_meta":{"origin":178589,"position":5},"title":"Birla Corporation Q3 FY25-26: Net Profit Climbs 71% Amid Market Headwinds","author":"Staff Correspondent","date":"January 31, 2026","format":false,"excerpt":"Birla Corporation Limited reported a strong performance for the December quarter (Q3 FY25-26), delivering significant profit growth despite challenging market conditions and softer volume trends in key segments. Executive Summary Birla Corporation delivered a 71% year-on-year jump in consolidated net profit to \u20b953 crore in Q3 FY25-26, driven by operational\u2026","rel":"","context":"In "Industrials"","block_context":{"text":"Industrials","link":"https:\/\/alphastreet.com\/india\/category\/industrials\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]}],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/178589","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/users\/2383"}],"replies":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/comments?post=178589"}],"version-history":[{"count":4,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/178589\/revisions"}],"predecessor-version":[{"id":178718,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/178589\/revisions\/178718"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media\/125269"}],"wp:attachment":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media?parent=178589"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/categories?post=178589"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/tags?post=178589"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Metric<\/strong><\/td> Q3 FY26<\/strong><\/td> Q3 FY25<\/strong><\/td> Change (%)<\/strong><\/td><\/tr> Revenue from Operations<\/strong><\/td> \u20b9275.0 Crore<\/td> \u20b9259.0 Crore<\/td> 6.20%<\/strong><\/td><\/tr> EBITDA<\/strong><\/td> \u20b922.8 Crore<\/td> \u20b930.3 Crore<\/td> -24.60%<\/strong><\/td><\/tr> EBITDA Margin<\/strong><\/td> 8.30%<\/td> 11.70%<\/td> -340 bps<\/strong><\/td><\/tr> Net Loss<\/strong><\/td> (\u20b9115.4 Crore)<\/td> (\u20b997.0 Crore)<\/td> Wider by 19%<\/strong><\/td><\/tr> EPS (Basic)<\/strong><\/td> (\u20b94.47)<\/td> (\u20b93.75)<\/td> -19.20%<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n Performance Drivers & “The Bad News”<\/h2>\n\n\n\n
Con-Call & Strategic Highlights (Adani Era Updates)<\/h2>\n\n\n\n
Bottom Line & Conclusion<\/h2>\n\n\n\n