Intense price competition in southern cement market
Southern India faces overcapacity and aggressive pricing by large players, compressing margins for all producers.
SHRIKESHAVCEMENTSANDINFR / Q3-FY26 / risks
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Shri Keshav Cements · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
high
Dependence on fossil fuels with no AFR yet
Company is 100% dependent on petcoke/coal; alternative fuel (AFR) adoption is 2-3 quarters away, leaving it exposed to fuel price spikes.
Slow capacity utilization ramp-up
Despite strong volume growth, utilization remains at 31% due to market headwinds; slower-than-expected ramp-up could delay profitability targets.
Solar regulatory changes post-incentive period
Solar regulatory benefits for plants commissioned in 2018 will expire in 3-7 years; future charges could reduce cost advantage.