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Revenue
₹38.69 Cr
verification pending
Revenue YoY
33.22%
reported change
EBITDA
₹10.5 Cr
latest reported figure
Source
bse pending
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Shri Keshav Cements delivered a strong Q3 FY26 with total income of ₹38.69 crore (+33% YoY) and EBITDA of ₹10.5 crore (+63% YoY), driven by a new kiln stabilization, 32% volume growth (vs. -3% southern industry), and captive solar power providing a structural cost advantage. EBITDA margin expanded 477 bps YoY to 27.68%, despite flat realizations and 20% petcoke cost inflation. Management guided for FY26 exit capacity utilization of ~40% and FY27 target of 45-55%, with potential to reach 60% if market improves. Debt reduced 15% to ₹159 crore. Key risk: sustained price competition in the oversupplied southern market could pressure margins if utilization ramp-up stalls.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects to close FY26 at around 40% capacity utilization, up from 31% in Q3.
- Targeting 45-55% utilization in FY27, with potential to reach 60% if market conditions improve.
- Debt repayment obligation will reduce by ~16.4% next fiscal year due to closure of three terminals.
- At 60% capacity utilization, management estimates EBITDA could reach ₹90-100 crore annually.
Risks flagged
- Southern India faces overcapacity and aggressive pricing by large players, compressing margins for all producers.
- Company is 100% dependent on petcoke/coal; alternative fuel (AFR) adoption is 2-3 quarters away, leaving it exposed to fuel price spikes.
- Despite strong volume growth, utilization remains at 31% due to market headwinds; slower-than-expected ramp-up could delay profitability targets.
- Solar regulatory benefits for plants commissioned in 2018 will expire in 3-7 years; future charges could reduce cost advantage.
Key quotes
- Our biggest strategic advantage is close proximity to the consumption market which reduces logistic cost, and being located at the Karnataka-Maharashtra border.
- Even at 30% capacity utilization we are able to make substantial EBITDA and cash profits. Our break-even point is probably the lowest in the industry, maybe less than 20%.
- In spite of the increase in fuel prices and sales price remaining flat, EBITDA per ton increased significantly, which indicates structurally there has been a lot of improvement after we put up a new kiln.
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