Keerthi Industries Ltd

KEERTHI

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Market Cap

₹ 52 Cr

P/E

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Investment Checklist

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Performance

UNDER PERFORMER

Valuation

REASONABLE

Growth

STABLE

Profitability

LOW MARGIN

Technicals

Bearish

Risk

MODERATE RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

Keerthi Industries Ltd, formerly Suvarna Cements Ltd, is an Indian company primarily engaged in the production and sale of cement and clinker, operating a cement plant in Andhra Pradesh.

The company has a historical presence since 1982, having undergone significant management changes and capacity expansions, including a major expansion in 2003 to achieve a production capacity of 297,000 tonnes per annum.

Keerthi Industries received recognition for its turnaround from a sick industry status, demonstrating resilience and effective management strategies.

The company has diversified its energy portfolio by generating wind power and utilizing waste heat recovery systems, reflecting strategic sustainable practices.

Despite its core focus on cement, Keerthi Industries has ventured into potential collaborations in the sugar sector, pointing towards strategic diversification efforts.

Sector

Cement

Industry

Cement - Mini - South India

Market Cap

52 Cr

Volatility

Low Risk

P/E Ratio

—

Industry P/E

34.4

PEG Ratio

—

P/B Ratio

1.6

52W High

98.98

52W Low

60.60

Sales CAGR

-43.55%

-21.75%

-6.97%

10Y

-6.07%

Profit CAGR

-45.12%

—

10Y

—

ROE

TTM

-62.59%

-24.86%

-3.12%

10Y

4.53%

ROCE

TTM

-22.61%

-14.97%

1.97%

10Y

9.67%

Technicals

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Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
SHIVACEM	22.84	674 Cr	—	16.65	0.00	-371.28	-2.58	-7.85
APCL	121.00	355 Cr	—	1.73	0.00	-20.39	-3.50	-4.46
SKCIL	202.30	343 Cr	20230.00	3.43	0.00	0.01	6.40	0.00
KAKATCEM	133.93	104 Cr	—	0.54	2.24	-10.34	-8.87	-11.84
PANYAMCEM	123.00	99 Cr	—	0.00	0.00	39.24	-31.34	-41.74
SRICC	58.70	53 Cr	—	0.00	0.00	187.65	-213.83	-30.28
KEERTHI	65.00	52 Cr	—	1.58	0.00	-62.59	-22.61	-12.53

Financial Statements

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Standalone Quarterly Results (in ₹ Crores)

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	58	47	56	50	37	29	31	23	35	22
Expenses	58	50	53	55	41	35	36	25	35	26
Operating Profit	0.70	-2.41	2.82	-5.08	-3.48	-6.71	-5.24	-2.27	0.70	-3.49
OPM %	1.20	-5.08	5.02	-10.11	-9.29	-23.40	-17.08	-9.91	1.98	-15.52
Other Income	0.37	0.26	0.31	0.40	0.33	0.36	0.22	1.58	0.55	0.21
Interest	1.41	1.52	1.58	1.55	1.53	1.58	1.62	1.65	1.61	1.48
Depreciation	2.93	3.03	3.05	3.02	3.00	3.05	3.05	3.00	3.02	2.83
Profit Before Tax	-3.27	-6.71	-1.50	-9.26	-7.68	-11	-9.69	-5.34	-3.37	-7.59
Tax %	-31.50	12.67	30.67	51.51	28.65	58.89	9.29	25.47	29.08	30.04
Net Profit	-4.30	-5.86	-1.04	-4.49	-5.48	-4.52	-8.79	-3.98	-2.39	-5.31
EPS in Rs	-5.37	-7.30	-1.30	-5.97	-6.84	-5.64	-10.96	-5.10	-2.98	-6.78

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	198	193	184	172	232	250	241	212	120	118
Expenses	166	166	177	164	184	219	241	216	137	131
Operating Profit	32	26	7.77	8.20	49	31	-0.37	-3.98	-18	-14
OPM %	16.14	13.66	4.21	4.77	20.90	12.45	-0.15	-1.88	-14.77	-11.50
Other Income	1.91	2.15	4.18	9.77	-3.01	3.74	2.11	1.34	2.49	2.71
Interest	7.02	6.92	6.59	6.05	5.30	3.34	3.33	6.07	6.39	6.46
Depreciation	8.79	11	11	11	10	9.26	9.49	12	12	12
Profit Before Tax	18	11	-5.34	0.88	30	22	-11	-21	-34	-29
Tax %	37.06	27.39	101.32	136.33	35.37	29.71	34.65	24.36	32.40	32.99
Net Profit	11	7.95	0.07	-0.32	19	16	-7.24	-16	-23	-20
EPS in Rs	14.22	9.92	5.96	-0.39	23.94	19.55	-11.49	-19.94	-28.54	-25.82
Dividend Payout %	0.00	9.07	333.33	-225.00	6.27	7.67	0.00	0.00	0.00	—

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	8.02	8.02	8.02	8.02	8.02	8.02	8.02	8.02	8.02	8.02
Reserves	43	41	49	48	47	66	80	71	56	33
Borrowings	81	59	59	58	52	30	30	65	61	58
Other Liabilities	44	67	55	43	36	47	44	43	50	70
Total Liabilities	175	176	171	157	143	150	163	188	174	169
Fixed Assets	102	121	114	107	100	92	86	80	114	101
CWIP	21	0.00	0.46	0.04	0.09	0.00	9.42	41	1.75	0.24
Investments	0.00	0.00	1.31	1.44	2.19	2.30	2.62	2.72	3.16	3.37
Other Assets	53	55	55	48	41	56	64	63	55	64
Total Assets	175	176	171	157	143	150	163	188	174	169

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	25	34	26	7.85	12	38	8.77	6.38	16	4.63
Cash from Investing Activity	-23	-9.18	-3.43	-4.39	-3.95	-1.26	-14	-35	-6.28	2.97
Cash from Financing Activity	-2.15	-18	-24	-9.13	-5.34	-29	-3.97	30	-10	-7.99
Net Cash Flow	-0.23	6.70	-1.66	-5.68	2.93	7.08	-9.14	1.02	-0.95	-0.40

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	74.92%	74.92%	74.92%	74.92%	74.92%	74.92%	74.92%	74.92%	74.92%	74.92%	67.18%	67.18%
FIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DIIs	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%
Public	25.04%	25.04%	25.04%	25.04%	25.04%	25.04%	25.04%	25.04%	25.04%	25.04%	32.77%	32.77%
Total Shareholders	13,112	13,031	12,967	12,881	12,833	12,756	12,749	12,769	12,772	12,747	12,733	12,695

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
May 23, 2025	Chetan anand buradagunta	Insider - Designated Person	Acquisition	0.00	0.00 Cr	2,50,000	3.125
May 23, 2025	Seshagiri rao jasti	Insider - Promoter & Director	Disposal	0.00	0.00 Cr	2,50,000	3.11
May 13, 2025	Seshagiri rao jasti	Insider - Promoter & Director	Disposal	0.00	0.00 Cr	3,70,000	4.61
May 13, 2025	Chetan anand buradagunta	Insider - Designated Person	Acquisition	0.00	0.00 Cr	3,70,000	—

Projection

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Oscillators

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Bullish

Overall

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Moving Averages

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Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
SHIVACEM	22.84	674 Cr	—	16.65	0.00	-371.28	-2.58	-7.85
APCL	121.00	355 Cr	—	1.73	0.00	-20.39	-3.50	-4.46
SKCIL	202.30	343 Cr	20230.00	3.43	0.00	0.01	6.40	0.00
KAKATCEM	133.93	104 Cr	—	0.54	2.24	-10.34	-8.87	-11.84
PANYAMCEM	123.00	99 Cr	—	0.00	0.00	39.24	-31.34	-41.74
SRICC	58.70	53 Cr	—	0.00	0.00	187.65	-213.83	-30.28
KEERTHI	65.00	52 Cr	—	1.58	0.00	-62.59	-22.61	-12.53

Overview

Detailed Summary

Keerthi Industries Ltd, formerly Suvarna Cements Ltd, is an Indian company primarily engaged in the production and sale of cement and clinker, operating a cement plant in Andhra Pradesh.

Keerthi Industries received recognition for its turnaround from a sick industry status, demonstrating resilience and effective management strategies.

The company has diversified its energy portfolio by generating wind power and utilizing waste heat recovery systems, reflecting strategic sustainable practices.

Despite its core focus on cement, Keerthi Industries has ventured into potential collaborations in the sugar sector, pointing towards strategic diversification efforts.

Sector

Cement

Industry

Cement - Mini - South India

Market Cap

52 Cr

Volatility

Low Risk

P/E Ratio

—

Industry P/E

34.4

PEG Ratio

—

P/B Ratio

1.6

52W High

98.98

52W Low

60.60

Sales CAGR

-43.55%

-21.75%

-6.97%

10Y

-6.07%

Profit CAGR

-45.12%

—

10Y

—

ROE

TTM

-62.59%

-24.86%

-3.12%

10Y

4.53%

ROCE

TTM

-22.61%

-14.97%

1.97%

10Y

9.67%