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.<\/p>\n\n\n\n
Shri Keshav Cements and Infra Limited (BOM: 530977) reported a significant improvement in its financial results for the nine months (9M) ended December 31, 2025, with total income reaching \u20b9116.31 crore compared to \u20b985.64 crore in the previous year. The company successfully pivoted from a net loss to a profit during the 9M period, supported by enhanced operational efficiencies and stabilized kiln operations. Despite this, the company reported a standalone net loss of \u20b90.54 crore for the third quarter (Q3 FY26), highlighting ongoing volatility in quarterly performance.<\/p>\n\n\n\n
The primary driver of recent developments is the completion and commissioning of a new kiln in March 2025, which forms part of a broader expansion and modernization project. To fund this initiative, the company raised \u20b945.98 crore through a preferential issuance of equity shares and warrants to private and institutional investors. This capital is specifically earmarked to increase total cement capacity from 350,000 MTPA to 1,000,000 MTPA, representing a significant scale-up from its current 800 TPD (tons per day) output.<\/p>\n\n\n\n
For 9M FY26, the company reported an EBITDA of \u20b929.28 crore, representing a 66.85% year-on-year increase. The EBITDA margin expanded by 454 basis points to 25.68%. Net profit for the 9M period stood at \u20b93.23 crore, compared to a loss of \u20b91.76 crore in 9M FY25.<\/p>\n\n\n\n
In the Q3 FY26 period, revenue from operations reached \u20b937.93 crore, up from \u20b928.10 crore in the same quarter last year. However, increased finance costs of \u20b96.37 crore and higher depreciation of \u20b94.12 crore contributed to the quarterly net loss. The company\u2019s book value per share as of FY25 was \u20b954.97, while the debt-to-equity ratio stood at 2.43.<\/p>\n\n\n\n
Shri Keshav Cements operates under a dual business model consisting of cement manufacturing and solar power generation. The company’s cement plants are located in the Bagalkot district of Karnataka, producing brands such as Jyoti Power, Jyoti Gold, and Keshav Cement. It maintains a presence in North Karnataka, Coastal Karnataka, Goa, and parts of Maharashtra through a network of over 600 retail touchpoints.<\/p>\n\n\n\n
A unique aspect of its operations is the 100% use of green power. The company owns a 40 MW solar plant in Koppal, of which 25 MW is used for captive consumption, significantly reducing power costs by an estimated 75%. The remaining 15 MW is sold to external consumers.<\/p>\n\n\n\n
Currently, the company is in a phase of capacity transition and cost optimization. The cement segment remains the dominant revenue contributor, providing \u20b996.42 crore of the total 9M FY26 revenue, while the solar segment contributed \u20b99.87 crore. Operational stability is cited as being “firmly in place” following the recent technical upgrades. The company is currently utilizing approximately 70.62% of its cement capacity and 100% of its solar capacity.<\/p>\n\n\n\n
Management\u2019s strategy focuses on cost reduction through modernization. The installation of high-efficiency equipment is expected to reduce fuel consumption costs from \u20b91,300 to \u20b9650 per metric ton of cement. Future priorities include:<\/p>\n\n\n\n
\u2022 Alternate Fuel Integration: Designing kilns to process municipal waste and bagasse.<\/p>\n\n\n\n
\u2022 Geographic Expansion: Targeting larger markets such as Pune, Bangalore, and Kerala once the variable cost per ton is lowered.<\/p>\n\n\n\n
\u2022 Productivity Gains: Aiming to produce 2.5x to 3x more cement per ton of clinker through high-efficiency vertical roller mills.<\/p>\n\n\n\n
The company holds several international certifications, including ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018. Segmental Data for 9M FY26:<\/p>\n\n\n\n
\u2022 Cement: Revenue of \u20b996.42 Cr; Segment Result (Profit) of \u20b912.17 Cr.<\/p>\n\n\n\n
\u2022 Solar Energy: Revenue of \u20b99.87 Cr; Segment Result (Profit) of \u20b90.38 Cr.<\/p>\n\n\n\n
\u2022 Petrol and Diesel: Revenue of \u20b97.76 Cr; Segment Result (Profit) of \u20b90.19 Cr.<\/p>\n\n\n\n
An auditor’s limited review report for the period ended December 31, 2025, included a qualified conclusion due to an ongoing investigation by the Directorate General of GST Intelligence (DGGI) regarding a GST liability pertaining to previous financial years.<\/p>\n\n\n\n
The Indian cement industry is the second-largest in the world, with demand projected to grow by 6-7% in FY25. Macro drivers include government initiatives such as Housing for All (PMAY) and the PM Gati Shakti National Master Plan for infrastructure. While the industry is fragmented, the top 20 companies control approximately 70% of production. Shri Keshav Cements operates as a regional player, leveraging the strategic proximity to high-CaO limestone deposits in North Karnataka.<\/p>\n\n\n\n
As of the latest reporting period, the company’s market capitalization is \u20b9290.71 crore, with 1,75,12,752 shares outstanding. Management commentary emphasizes that the current fiscal year represents a strengthening phase, with cost structures becoming more resilient and scalable.<\/p>\n\n\n\n
Points which indicate several factors cited as rationale for stock consideration:<\/p>\n\n\n\n
\u2022 Energy Self-Sufficiency: The 40 MW solar plant provides a substantial cost advantage and a recurring revenue stream from outsourced power.<\/p>\n\n\n\n
\u2022 Capacity Scalability: The transition toward 1 million MTPA positions the company to capture a larger share of the real estate and infrastructure boom. \u2022 Improving Cash Flows: Operating cash flow increased from \u20b923.21 crore in FY22 to \u20b929 crore in FY25.<\/p>\n","protected":false},"excerpt":{"rendered":"
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. Lead Paragraph Shri Keshav Cements and Infra Limited (BOM: 530977) reported a […]<\/p>\n","protected":false},"author":2385,"featured_media":125416,"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":[1941,12],"tags":[16556,16557,16558,16562,16552,16551,16549,16553,16561,16554,16555,16550,16560,16559],"class_list":["post-180917","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-stock-analysis","category-other-industries","tag-530977-q1","tag-530977-q2","tag-530977-q3","tag-530977-q4","tag-shri-keshav-cements","tag-shri-keshav-cements-and-infra-limited","tag-shri-keshav-cements-announcement","tag-shri-keshav-cements-earnings","tag-shri-keshav-cements-investor-relations","tag-shri-keshav-cements-management","tag-shri-keshav-cements-price","tag-shri-keshav-cements-q1","tag-shri-keshav-cements-stocks","tag-shri-keshav-cements-ticker"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":135933,"url":"https:\/\/alphastreet.com\/india\/shri-keshav-cements-and-infra-limited-530977-q1-fy23-earnings-concall-transcript\/","url_meta":{"origin":180917,"position":0},"title":"SHRI KESHAV CEMENTS AND INFRA LIMITED (530977) Q1 FY23 Earnings Concall Transcript","author":"IRS_INDIA","date":"August 11, 2022","format":false,"excerpt":"SHRI KESHAV CEMENTS AND INFRA LIMITED (NSE:530977)\u00a0 Q1 FY23 Earnings Concall dated Aug. 11, 2022 Corporate Participants: Supriya Madye -- Investor Relations, Kirin Advisors Private Limited Venkatesh Katwa -- Chairman Analysts: Sachin Shetty -- Savir Power and Automation Private Limited -- Analyst Unidentified Participant -- -- Analyst Sandeep Mane --\u2026","rel":"","context":"In "Earnings Call Transcripts"","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"Earnings Conference Call Transcript","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":166263,"url":"https:\/\/alphastreet.com\/india\/india-cements-ltd-q2fy25-18-fall-in-revenue\/","url_meta":{"origin":180917,"position":1},"title":"India Cements Ltd Q2FY25; 18% fall in Revenue","author":"Divyansh_Kasana","date":"January 7, 2025","format":false,"excerpt":"India Cements Ltd is a leading cement manufacturing company headquartered in Chennai. 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