Shri Keshav Cements & Infra Limited manufactures and sells Ordinary Portland Cement (OPC), PPC and PSC across North Karnataka, Coastal Karnataka, Goa and parts of Maharashtra, while also owning and operating a 40 MW solar power park that supplies captive power and sells surplus generation into open markets.

9M FY26 shows a clear operational turnaround: total income rose 35.8% to ₹116.31 crore, EBITDA grew 66.9% to ₹29.28 crore and EBITDA margin expanded by 454 bps to 25.68%, led by stabilization after a new kiln commissioning and better capacity utilisation.

The company’s integrated 40 MW solar asset materially lowers power cost — management estimates ~₹25–26 crore annual savings on fuel/power and treats solar as a cash-generative vertical, improving resilience versus peers during pricing pressure and fuel cost volatility.

A focused modernisation programme and fundraise of ₹45.98 crore (preferential allotment/warrants converted) supported expansion to ~1.0 Mn MT capacity and equipment upgrades (new kiln, VRM, inline calciner) intended to cut fuel consumption and reduce per‑ton fixed and variable costs.

Key near-term risks include intense southern market pricing pressure from large players, fuel price volatility before AFR stabilises and concentrated regional footprint; management is targeting higher utilisation, geographic reach expansion and RMC prospects once utilisation sustainably improves.