Shri Keshav Cements and Infra Limited posts Rs 14.19 crore loss

Shri Keshav Cements reported a Rs 14.19 crore loss for the half year ended September 30, 2026, reversing a Rs 3.72 crore profit a year earlier, despite revenue from operations increasing 9.48% to Rs 83.34 crore. Total expenses rose to Rs 96.96 crore from Rs 73.56 crore.

What were Shri Keshav Cements' first-half financial results?

Shri Keshav Cements reported a Rs 14.19 crore loss after tax for the half year ended September 30, 2026, compared with a Rs 3.72 crore profit after tax in the corresponding 2025 period. Loss before tax was Rs 11.99 crore, against a Rs 4.06 crore profit a year earlier. Total income increased to Rs 84.97 crore from Rs 77.62 crore, but total expenses rose by Rs 23.40 crore to Rs 96.96 crore.

The September quarter was also loss-making. Shri Keshav Cements reported a Rs 9.02 crore loss after tax for the three months ended September 30, 2026, compared with a Rs 68.51 lakh profit in the corresponding quarter of 2025. The quarterly loss before tax was Rs 7.77 crore, versus a Rs 1.18 crore profit, while basic earnings per share changed to a loss of Rs 5.15 from earnings of Rs 0.39.

Which businesses contributed to Shri Keshav Cements' revenue growth?

Shri Keshav Cements' cement business was its largest revenue contributor, generating Rs 73.05 crore in the half year ended September 30, 2026, up 12.55% from Rs 64.91 crore in the previous-year period. The cement business therefore accounted for more than the company-wide Rs 7.22 crore increase in revenue from operations. For the September quarter, cement revenue rose 4.59% year on year to Rs 32.14 crore.

Solar energy revenue increased to Rs 6.32 crore in the first half from Rs 5.69 crore a year earlier, while petrol and diesel revenue declined to Rs 3.56 crore from Rs 5.19 crore. The increases in cement and solar energy revenue exceeded the petrol and diesel reduction. Segment revenue totalled Rs 83.34 crore, the same amount reported as revenue from operations in the financial results.

Why did Shri Keshav Cements make a loss despite revenue growth?

Shri Keshav Cements made a loss because the Rs 23.40 crore rise in first-half expenses exceeded the Rs 7.35 crore increase in total income. Finance cost increased to Rs 14.62 crore from Rs 9.34 crore, while depreciation and amortisation expense increased to Rs 11.64 crore from Rs 6.88 crore. Together, those two charges increased by Rs 10.04 crore over the prior-year half.

The cement segment shifted to a Rs 7.25 crore loss for the half year ended September 30, 2026, from a Rs 5.25 crore profit a year earlier. Petrol and diesel segment profit increased to Rs 53.10 lakh from Rs 11.80 lakh, and solar energy recorded segment profit of Rs 1.02 crore. However, aggregate segment results became a Rs 6.18 crore loss, compared with a Rs 3.69 crore profit in the corresponding period.

Tax expense widened the post-tax loss. Shri Keshav Cements recorded a deferred-tax charge of Rs 2.20 crore in the 2026 first half, while total tax expense in the comparable period was Rs 28.14 lakh. As a result, the Rs 14.19 crore loss after tax was greater than the Rs 11.99 crore loss before tax.

How did Shri Keshav Cements' borrowings and cash flow change?

Shri Keshav Cements said it continued to service its term-loan obligations during the September 2026 quarter. Bank term loans reduced by Rs 4.59 crore, from Rs 161.35 crore at June 30, 2026, to Rs 156.76 crore at September 30, 2026. The balance sheet reported non-current borrowings of Rs 162.24 crore at September 30, compared with Rs 165.35 crore at March 31, 2026.

Net cash inflow from operating activities was Rs 12.52 crore for the six months ended September 30, 2026, down from Rs 16.41 crore in the prior-year period. Cash used in financing activities was Rs 12.13 crore, compared with Rs 1.72 crore a year earlier. Borrowing repayments were Rs 6.18 crore, proceeds from borrowings were Rs 5.30 crore, and interest paid was Rs 11.25 crore.

Cash and cash equivalents decreased by Rs 4.69 lakh during the first half to Rs 24.53 lakh at September 30, 2026, from Rs 29.22 lakh at the beginning of the financial year. Investing activities used Rs 44.18 lakh, compared with an outflow of Rs 14.71 crore in the previous-year half. Purchases of property, plant and equipment and capital work-in-progress had amounted to Rs 14.72 crore in that earlier period.

What does Shri Keshav Cements' September balance sheet show?

Shri Keshav Cements reported total assets of Rs 420.51 crore at September 30, 2026, compared with Rs 423.22 crore at March 31, 2026. Non-current assets were Rs 345.62 crore and current assets were Rs 74.90 crore. Property, plant and equipment stood at Rs 335.80 crore, while capital work-in-progress increased to Rs 3.35 crore from Rs 2.28 crore at the March year-end.

Total equity declined to Rs 75.45 crore at September 30 from Rs 89.69 crore at March 31, reflecting the first-half loss of Rs 14.19 crore. Other equity was Rs 57.94 crore, down from Rs 72.17 crore, while paid-up equity share capital remained Rs 17.51 crore. Current liabilities increased to Rs 112.82 crore from Rs 95.93 crore at the previous year-end.

The asset base was concentrated in the cement and solar energy segments. Cement assets were Rs 248.03 crore and solar energy assets were Rs 156.77 crore at September 30, 2026, together representing Rs 404.80 crore of total segment assets of Rs 420.51 crore. Cement segment liabilities were Rs 138.56 crore, while solar energy segment liabilities were Rs 71.50 crore.

Conclusion

The first-half results show that Shri Keshav Cements increased revenue by 9.48% to Rs 83.34 crore, led by a 12.55% increase in cement revenue to Rs 73.05 crore, without converting that growth into earnings. The change in the cement segment from a Rs 5.25 crore profit to a Rs 7.25 crore loss, together with higher finance cost and depreciation, coincided with the reversal to a Rs 14.19 crore loss.

The filing gives no earnings forecast, target or scheduled future result date. The disclosed matter to watch in subsequent filings is whether Shri Keshav Cements continues servicing term loans after the Rs 4.59 crore reduction in bank term loans during the September quarter, alongside any change from the first-half finance cost of Rs 14.62 crore and cement-segment loss of Rs 7.25 crore.