Overview

Detailed Summary

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.

Sector: Cement & Cement Products
Industry: Cement & Cement Products
Market Cap: 304 Cr
Volatility: High Risk
P/E Ratio: -253.8
Industry P/E: 35.4
PEG Ratio: —
P/B Ratio: 3.0
52W High: 286.75
52W Low: 115.00

Sales CAGR

1Y: -3.95%
3Y: 2.20%
5Y: 12.30%
10Y: 8.15%

Profit CAGR

1Y: -167.58%
3Y: —
5Y: —
10Y: —

ROE

TTM: 0.01%
3Y: 2.37%
5Y: 2.32%
10Y: -4.69%

ROCE

TTM: 6.40%
3Y: 7.96%
5Y: 8.09%
10Y: 8.78%

Technicals

Oscillators

BearishNeutralBullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bullish

Bearish

Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bullish

Bearish

Neutral

Bullish

Forecasts

Peers

Commodities Construction Materials Cement & Cement Products Cement & Cement Products

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
ACL		51.79	526 Cr	-2.88	6.90	0.00	-216.77	-8.25	-12.46
APCL		103.55	344 Cr	-7.44	1.68	0.00	-20.39	-3.50	-4.36
SKCIL		175.10	304 Cr	-253.77	3.04	0.00	0.01	6.40	-0.28
KEIL		16.18	142 Cr	-1618.00	1.51	0.30	-0.07	5.63	-0.01
BVCL		37.34	96 Cr	3734.00	0.76	0.00	2.91	7.16	0.01
PANYAMCEM		108.10	88 Cr	-1.00	0.00	0.00	36.52	-20.63	-37.54
KAKATCEM		96.00	81 Cr	-2.71	0.42	2.89	-10.34	-8.87	-11.98
Median: 7 Co.	—	96.00	142 Cr	-2.88	1.51	0.00	-0.07	-3.50	-4.36

Financial Statements

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Standalone Quarterly Results (in ₹ Crores)

Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	25	34	36	30	24	28	38	41	35	38
Expenses	18	23	25	22	21	22	31	30	27	27
Operating Profit	7.33	11	11	8.07	3.05	6.43	7.62	10	8.37	11
OPM %	29.15	32.55	29.73	26.51	12.46	22.88	19.83	25.60	23.64	27.68
Other Income	0.61	0.63	-1.60	0.80	0.88	0.94	0.53	0.69	0.81	0.76
Interest	4.42	4.41	3.78	3.97	4.39	5.30	4.44	4.74	4.60	6.37
Depreciation	3.00	3.01	3.01	2.99	2.94	3.03	2.96	3.48	3.40	4.12
Profit Before Tax	0.52	4.27	2.33	1.91	-3.41	-0.95	0.76	2.88	1.18	0.77
Tax %	86.54	7.03	-3.43	6.28	-22.87	167.37	678.95	-7.29	42.37	171.43
Net Profit	0.07	3.97	2.41	1.78	-4.18	0.64	-4.41	3.09	0.69	-0.54
EPS in Rs	0.04	2.26	1.42	1.14	-2.39	0.36	-2.54	1.77	0.39	-0.31

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	52	52	70	68	80	114	123	126	121	132
Expenses	36	45	45	41	54	79	88	88	96	104
Operating Profit	15	7.37	25	27	26	35	35	39	25	28
OPM %	29.70	14.15	36.05	39.08	32.63	30.56	28.42	30.77	20.73	20.89
Other Income	0.54	0.32	0.44	0.50	0.30	2.30	2.13	0.11	3.15	3.04
Interest	8.37	0.89	18	17	16	19	19	17	18	19
Depreciation	4.39	6.52	12	12	16	11	12	12	12	12
Profit Before Tax	3.09	0.28	-4.41	-1.87	-5.75	7.46	6.04	10	-1.70	-0.72
Tax %	43.03	703.51	-359.01	-307.97	-46.65	-22.11	51.89	9.85	-262.51	-575.00
Net Profit	1.76	-1.72	-20	-7.64	-8.44	9.10	2.91	9.13	-6.17	-4.86
EPS in Rs	0.94	-2.21	-11.56	-5.05	-4.81	5.16	1.68	5.36	-3.43	-0.69
Dividend Payout %	29.07	0.00	0.00	0.00	0.00	0.00	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	5.12	5.12	5.12	5.12	12	12	12	12	18	18
Reserves	15	15	16	-4.48	9.07	0.65	9.69	37	85	79
Borrowings	27	59	155	171	145	178	216	180	193	234
Other Liabilities	12	25	54	53	53	41	36	46	61	80
Total Liabilities	59	104	230	224	219	232	274	275	356	410
Fixed Assets	39	77	91	189	176	179	169	204	194	196
CWIP	8.41	0.10	104	1.43	5.77	5.55	47	9.25	76	139
Investments	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.02	0.04	0.04
Other Assets	12	27	34	34	37	47	58	61	86	75
Total Assets	59	104	230	224	219	232	274	275	356	410

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	14	5.42	-10	8.29	22	21	23	33	32	29
Cash from Investing Activity	-8.44	-35	-89	-6.24	-6.00	-19	-48	-11	-75	-56
Cash from Financing Activity	-6.22	41	80	-5.96	-17	11	36	-32	55	26
Net Cash Flow	-0.20	11	-19	-3.92	-1.07	12	11	-9.94	12	-0.72

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Nov 2023	Dec 2023	Jan 2024	Feb 2024	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	68.08%	68.96%	66.60%	60.99%	60.99%	60.99%	60.99%	60.99%	60.99%	60.99%	60.99%	60.99%
FIIs	1.27%	0.00%	3.43%	4.43%	4.43%	4.43%	2.50%	7.07%	7.07%	7.07%	7.45%	10.34%
DIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Public	30.64%	31.04%	29.97%	34.59%	34.59%	34.59%	36.51%	31.94%	31.94%	31.94%	31.56%	28.67%
Total Shareholders	5,480	4,512	4,527	4,600	4,592	4,880	5,425	5,412	5,365	5,326	4,630	4,330

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Projection

Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

Available on Pro Plan