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Intense price competition in southern cement market
View Risks →Shri Keshav Cements and Infra Ltd — Q3 FY26
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.
bullish
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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.
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Cement volume growth (Q3 YoY)
32%
+32% YoY
Volume grew to 78,000 tons vs 58,960 tons in Q3 FY25, outperforming southern industry decline of ~3%.
EBITDA per ton (incl. solar benefit)
₹835
+240% YoY
EBITDA per ton improved from ₹246 in Q3 FY25 to ₹835, driven by operational leverage and solar cost savings.
Capacity utilization (Q3 FY26)
31%
+0 bps vs Q2
Utilization remained low due to competitive market; management targets 40% exit FY26 and 45-55% in FY27.
Solar power cost savings (annualized)
₹25-26 crore
N/A
Captive solar saves ~₹4.5/unit vs grid, translating to ~₹25-26 crore annual operating cost savings.
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Guidance and risk preview
Management expects to close FY26 at around 40% capacity utilization, up from 31% in Q3.
Southern India faces overcapacity and aggressive pricing by large players, compressing margins for all producers.
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