Saurashtra Cement Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2025 • Cement & Clinker: 95.6% • Paints: 4.4%
AI Sector View
AI GENERATEDConstruction Materials
Construction materials remain supported by healthy building activity. Core industries cement growth accelerated to 13.1% YoY (2026-07), while finished steel consumption was 8.0% YoY (2026-06); steel output itself was softer at 2.9% YoY (2026-07). FPI positioning is still mildly negative at INR -497 crore over 3 months to 2026-08-31, but the fundamental demand backdrop remains constructive.
PROS
- Company has delivered good sales growth of 20.4% CAGR over last 5 years
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 4.92x)
- Company generates healthy free cash flow
- Company maintains a comfortable, low leverage position
CONS
- A large part of profit comes from other income (123.6% of PBT)
- Recent results are weak - TTM profit is down 93.1% versus prior year
- Receivables are growing faster than sales - a possible quality concern
- Company has a low return on equity of 1.5% over last 3 years
- Company has a low return on capital employed of 3.5%
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ULTRACEMCO | 11380.00 | 39.27 | 335344.90 | 2.11 | 2603.72 | 17.24 | 24648.20 | 15.85 | 13.25 | 20.35 |
| AMBUJACEM | 402.40 | 22.85 | 99989.04 | 0.50 | 660.00 | -31.93 | 9500.00 | -7.67 | 6.24 | 16.78 |
| SHREECEM | 23538.50 | 52.10 | 84928.67 | 0.64 | 531.12 | -17.48 | 6233.13 | 18.03 | 10.61 | 20.41 |
| JKCEMENT | 4974.95 | 40.65 | 38440.57 | 0.40 | 274.62 | -15.31 | 4031.72 | 20.26 | 14.89 | 16.07 |
| DALBHARAT | 1769.70 | 35.58 | 33193.55 | 0.51 | 192.00 | -51.39 | 3890.00 | 6.99 | 8.15 | 20.69 |
| ACC | 1265.75 | 12.45 | 23769.17 | 0.59 | 147.00 | -60.84 | 5808.00 | -4.59 | 11.60 | 7.90 |
| RAMCOCEM | 863.00 | 31.62 | 20392.03 | 0.29 | 31.24 | -63.06 | 2273.05 | 9.60 | 10.75 | 13.49 |
| JSWCEMENT | 123.60 | 22.16 | 16851.19 | 0.40 | 153.43 | 111.23 | 1896.41 | 21.58 | -4.21 | 16.41 |
| NUVOCO | 328.15 | 30.37 | 11720.08 | 0.00 | 159.63 | 19.88 | 3128.71 | 8.91 | 7.11 | 18.16 |
| INDIACEM | 358.25 | 120.04 | 11102.07 | 0.00 | 26.85 | 120.20 | 1019.42 | -0.52 | 0.30 | 15.28 |
| STARCEMENT | 184.30 | 20.15 | 7449.05 | 0.54 | 73.91 | -24.71 | 942.89 | 3.39 | 8.42 | 20.63 |
| SAURASHCEM | 55.34 | 92.04 | 615.86 | 0.00 | 9.13 | -45.85 | 456.75 | 7.83 | 2.64 | 4.53 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 446 | 375 | 447 | 497 | 386 | 296 | 378 | 478 | 424 | 386 | 410 | 447 | 457 | |
| 415 | 364 | 404 | 453 | 363 | 336 | 370 | 425 | 389 | 395 | 409 | 420 | 450 | |
| Operating Profit | 23 | 9 | 12 | 45 | 23 | -40 | 8 | 71 | 35 | -10 | -12 | 19 | 21 |
| OPM % | 5.06% | 2.47% | 2.75% | 9.03% | 5.97% | -13.47% | 2.04% | 14.80% | 8.20% | -2.54% | -2.99% | 4.34% | 4.55% |
| Other Income | 3 | 3 | 4 | 25 | 5 | 4 | 3 | 5 | 5 | 5 | 5 | 4 | 5 |
| Interest | 2 | 2 | 2 | 2 | 3 | 4 | 4 | 2 | 3 | 2 | 3 | 2 | 3 |
| Depreciation | 10 | 10 | 10 | 17 | 10 | 10 | 11 | 11 | 11 | 10 | 11 | 12 | 11 |
| 19 | 1 | 20 | 51 | 15 | -50 | -3 | 53 | 27 | -18 | -15 | 13 | 12 | |
| Tax % | 34.96% | -1.28% | 36.85% | 37.99% | 33.15% | 37.43% | -31.45% | 37.61% | 36.67% | 37.37% | 32.37% | -47.14% | 23.55% |
| Net Profit | 12 | 1 | 13 | 32 | 10 | -32 | -4 | 33 | 17 | -11 | -10 | 19 | 9 |
| 1 | 0 | 1 | 3 | 1 | -3 | -0 | 3 | 2 | -1 | -1 | 2 | 0 | |
| Equity Capital | 111 | 111 | 111 | 111 | 111 | 111 | 111 | 111 | 111 | 111 | 111 | 111 | 111 |
| Reserves | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Promoter Pledge % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 530 | 470 | 574 | 622 | 608 | 674 | 1,451 | 1,645 | 1,765 | 1,538 | 1,699 | |
| 467 | 441 | 524 | 617 | 499 | 559 | 1,387 | 1,640 | 1,636 | 1,494 | 1,675 | |
| Operating Profit | 76 | 40 | 68 | 13 | 118 | 127 | 80 | 19 | 166 | 61 | — |
| OPM % | 14 | 9 | 12 | 2 | 19 | 19 | 5 | 1 | 9 | 4 | — |
| Other Income | 13 | 11 | 18 | 8 | 8 | 12 | 16 | 13 | 36 | 17 | 19 |
| Interest | 5 | 4 | 3 | 5 | 5 | 4 | 9 | 9 | 8 | 14 | 10 |
| Depreciation | 13 | 15 | 18 | 18 | 20 | 20 | 33 | 39 | 47 | 42 | 45 |
| 69 | 21 | 46 | -7 | 77 | 103 | 36 | -29 | 90 | 14 | -8 | |
| Tax % | 36 | 34 | -34 | 28 | 27 | 29 | 40 | 24 | 37 | 50 | 186 |
| Net Profit | 44 | 14 | 63 | -5 | 57 | 72 | 21 | -22 | 57 | 7 | 7 |
| EPS | 0 | 0 | 0 | 0 | 0 | 10 | 2 | -2 | 5 | 1 | — |
| Dividend Payout % | 18 | 49 | 11 | 0 | 21 | 17 | 0 | 0 | 39 | 0 | — |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share of Associates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjusted EPS | 6 | 2 | 9 | -1 | 8 | 10 | 4 | -4 | 5 | 1 | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 11%
- 5 Years:
- 20%
- 3 Years:
- 2%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- -20%
- 5 Years:
- -34%
- 3 Years:
- -31%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- -52%
RETURN ON EQUITY
- 10 Years:
- 7%
- 5 Years:
- 5%
- 3 Years:
- 2%
- Last Year:
- 1%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| LIABILITIES | - | - | - | - | - | - | - | - | - | - |
| Equity Capital | 60 | 69 | 69 | 69 | 70 | 70 | 57 | 57 | 111 | 111 |
| 207 | 292 | 346 | 333 | 374 | 447 | 789 | 767 | 815 | 836 | |
| 18 | 15 | 14 | 28 | 21 | 16 | 92 | 57 | 69 | 93 | |
| Trade Payables | 27 | 51 | 52 | 63 | 55 | 37 | 84 | 107 | 204 | 201 |
| 147 | 163 | 121 | 102 | 159 | 174 | 375 | 368 | 395 | 364 | |
| Total Liabilities | 459 | 590 | 603 | 596 | 678 | 744 | 1,396 | 1,357 | 1,594 | 1,605 |
| ASSETS | - | - | - | - | - | - | - | - | - | - |
| 201 | 317 | 334 | 349 | 351 | 345 | 813 | 831 | 872 | 932 | |
| Capital Work in Progress | 40 | 48 | 43 | 37 | 38 | 60 | 69 | 50 | 30 | 30 |
| 19 | 9 | 6 | 5 | 4 | 8 | 0 | 0 | 1 | 1 | |
| 48 | 58 | 56 | 78 | 100 | 56 | 186 | 180 | 263 | 251 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 88 | 101 | |
| Cash & Bank | 64 | 70 | 81 | 80 | 102 | 188 | 209 | 77 | 249 | 235 |
| 87 | 88 | 82 | 46 | 84 | 87 | 120 | 218 | 91 | 56 | |
| Total Assets | 459 | 590 | 603 | 596 | 678 | 744 | 1,396 | 1,357 | 1,594 | 1,605 |
| Total Debt | 19 | 17 | 17 | 32 | 28 | 20 | 103 | 63 | 84 | 135 |
| Net Working Capital | 13 | 10 | 32 | 9 | 58 | 119 | 93 | -25 | 103 | 83 |
| Contingent Liabilities | 15 | 16 | 15 | 19 | 20 | 21 | 72 | 67 | 64 | 43 |
| Book Value per Share | 43.98 | 52.19 | 60.06 | 58.04 | 63.81 | 74.03 | 149.21 | 145.27 | 83.41 | 85.14 |
| Face Value | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 76 | 34 | 49 | 14 | 63 | 134 | -8 | 21 | 155 | 30 | |
| Cash from Investing | -24 | -25 | -37 | -15 | -38 | -121 | -30 | 32 | -157 | -5 |
| Cash from Financing | -65 | -7 | -12 | 3 | -23 | -17 | 31 | -49 | 3 | 27 |
| -12 | 2 | 0 | 2 | 1 | -4 | -7 | 5 | 1 | 52 | |
| Free Cash Flow | 55 | -36 | 28 | -11 | 47 | 101 | -721 | 1 | 113 | -59 |
| OCF / Net Profit | 1.74 | 2.44 | 0.79 | -2.93 | 1.10 | 1.85 | -0.39 | -0.96 | 2.71 | 4.31 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | 84 | 130 | -556 | -582 | -459 | -565 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | 5.58 | 2.03 | 9.03 | -0.70 | 8.14 | 10.37 | 3.79 | -3.91 | 5.15 | 0.63 |
| Book Value (₹) | 43.98 | 52.19 | 60.06 | 58.04 | 63.81 | 74.03 | 149.21 | 145.27 | 83.41 | 85.14 |
| Dividend per Share (₹) | 1.00 | 1.00 | 1.00 | 0.00 | 1.75 | 1.75 | 0.00 | 0.00 | 2.00 | 0.00 |
| Cash EPS (₹) | 9.38 | 4.25 | 11.60 | 1.94 | 10.97 | 13.24 | 9.64 | 2.94 | 9.39 | 4.43 |
| PROFITABILITY | ||||||||||
| Operating Margin % | 12.80% | 7.58% | 11.43% | 2.07% | 18.95% | 18.35% | 5.36% | 1.11% | 7.11% | 2.69% |
| Net Margin % | 7.39% | 2.64% | 10.56% | -0.77% | 9.11% | 10.46% | 1.44% | -1.31% | 3.13% | 0.43% |
| ROE % | 17.74% | 4.48% | 16.10% | -1.19% | 13.38% | 15.07% | 3.15% | -2.66% | 6.53% | 0.75% |
| ROCE % | 27.63% | 7.52% | 12.29% | -0.45% | 17.83% | 20.88% | 5.80% | -2.06% | 10.06% | 2.64% |
| 9.99% | 2.67% | 10.48% | -0.81% | 8.88% | 10.18% | 2.01% | -1.61% | 3.87% | 0.44% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 10 | 10 | 10 | 10 | 15 | 17 | 11 | 15 | 17 | 21 |
| Inventory Days | 39 | 37 | 35 | 39 | 52 | 41 | 30 | 40 | 44 | 58 |
| Payable Days | 310 | 577 | 635 | 524 | 8180 | 407 | 345 | 240 | 342 | 496 |
| -261 | -530 | -589 | -475 | -8113 | -349 | -304 | -186 | -281 | -417 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | 0.07x | 0.05x | 0.04x | 0.08x | 0.06x | 0.04x | 0.12x | 0.08x | 0.09x | 0.14x |
| Interest Coverage (x) | 15.30x | 6.82x | 14.60x | -0.42x | 17.56x | 24.45x | 4.88x | -2.16x | 12.16x | 2.03x |
| 1.08x | 1.06x | 1.21x | 1.05x | 1.31x | 1.64x | 1.24x | 0.93x | 1.19x | 1.16x | |
| GROWTH | ||||||||||
| Revenue Growth % | -5.87% | -11.24% | 22.01% | 8.38% | -2.17% | 10.77% | 115.36% | 13.40% | 7.29% | -12.89% |
| Operating Profit Growth % | -21.47% | -46.91% | 68.07% | -80.56% | 795.64% | 7.78% | -37.31% | -76.37% | 781.96% | -63.26% |
| Net Profit Growth % | -35.24% | -67.95% | 345.42% | -107.80% | 1261.82% | 27.86% | -70.36% | -203.32% | 357.69% | -87.78% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 231.70% | -87.80% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 20.54x | 119.95x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 1.27x | 0.88x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 1.89% | 0.00% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 6.08x | 12.09x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-29 - Saurashtra Cement Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-28 - The 68th Annual General Meeting ('AGM') of Saurashtra Cement Limited will be held onWednesday the 23rd September 2026 at 4:00 p.m. (1ST) via two-way Video Conference (VC) /Other Audio-Visual Means (OA VM).Pursuant to Regulation 34 of the SEBI (Listing Obligations and Disclosure Requirements)Regulations, 2015, please find enclosed Annual Report of the Company along with the Notice ofthe 68th AGM for the Financial Year 2025-26.The soft copy of the Annual Report together with the Notice of 68th AGM are being sent to theshareholders through electronic mode on their registered email ids registered with theCompany/Company's Registrar and Share Transfer Agent ('RTA'), MUFG Intime India PrivateLimited/ Depository Participant(s).The Annual Report & AGM Notice for F.Y. 2025-26 is available on the website of the Company
2026-08-28 - We wish to inform you that the 68% Annual General Meeting (AGM) of the Company is scheduled to be held on Wednesday the 23" September 2026 at 4 p-m. (IST) through two-way Video Conferencing (VC)/Other Audio-Visual Means (OAVM), in compliance with the applicable circulars issued by the Ministry of Corporate Affairs (MCA) and the Securities and Exchange Board of India (SEBI).
2026-08-28 - The 68th Annual General Meeting ('AGM') of Saurashtra Cement Limited will be held onWednesday the 23rd September 2026 at 4:00 p.m. (1ST) via two-way Video Conference (VC) /Other Audio-Visual Means (OA VM).Pursuant to Regulation 34 of the SEBI (Listing Obligations and Disclosure Requirements)Regulations, 2015, please find enclosed Annual Report of the Company along with the Notice ofthe 68th AGM for the Financial Year 2025-26.The soft copy of the Annual Report together with the Notice of 68th AGM are being sent to theshareholders through electronic mode on their registered email ids registered with theCompany/Company's Registrar and Share Transfer Agent ('RTA'), MUFG Intime India PrivateLimited/ Depository Participant(s).The Annual Report & AGM Notice for F.Y. 2025-26 is available on the website of the Company
2026-08-27 - Pursuant to Regulation 30 & 47 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended from time to time, we hereby enclose copies of the notice to Equity Shareholders of the Company regarding transfer of equity shares of the Company to Investor Education and Protection Fund (IEPF) Account, published on Thursday, 27 August, 2026 in the following newspapers in accordance with the requirements of Section 124(6) of the Companies Act, 2013 read with IEPF Authority (Accounting, Audit, Transfer and Refund) Rules, 2016, as amended from time to time
2026-08-25 - We would like to inform you that Gujarat Siddhee Cement Limited, which was merged with Saurashtra Cement Limited ( the Company ) pursuant to the order of the Hon ble National Company Law Tribunal, Ahmedabad Bench dated 16th March 2023, has received a Show Cause Notice from the Office of the Assistant Commissioner of State Tax, Unit-87, B/H Mamlatdar Office, Rajendra Bhuvan Road Veraval. Gir Somnath-362265 under Section 74 of Central Goods Services Tax Act ( CGST ) Act 2017 and the Gujarat Goods and Services Tax ( GGST ) Act, 2017.The details as required under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ( Listing Regulations ), read with Schedule III of the Listing Regulations and in accordance with Industry Standards Note on Regulation 30 of the LODR Regulations read with SEBI Master Circular vide Ref. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 Issued on July 11, 2023, and Last updated on January 30, 2026 (the SEBI Master Circular ) are given in Annexure A.
2026-08-24 - Saurashtra Cement Limited has informed the Exchange regarding Change in Director(s) of the company.
2026-08-24 - We wish to inform you that the Board of Directors based on the recommendation of Nomination & Remuneration Committee at its meeting held today i.e. Monday, 24th August 2026 have considered re-appointment of Mr. M. S. Gilotra as Managing Director (DIN: 00152190) for a further period of one year from 1st January 2027 to 31st December 2027, subject to the approval of the members at the ensuing AGM of the Company. The details as required under Regulation 30 of the Listing Regulations read with SEBI Master Circular HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated 30th January 2026, is enclosed herewith as "Annexure I". Mr. M. S. Gilotra is not debarred from holding the office of a director by virtue of any order passed by SEBI/Ministry of Corporate Affairs or any other such authority.
2026-08-24 - We wish to inform you that the Board of Directors based on the recommendation of Nomination & Remuneration Committee at its meeting held today i.e. Monday, 24th August 2026 have considered re-appointment of Mr. M. S. Gilotra as Managing Director (DIN: 00152190) for a further period of one year from 1st January 2027 to 31st December 2027, subject to the approval of the members at the ensuing AGM of the Company. The details as required under Regulation 30 of the Listing Regulations read with SEBI Master Circular HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated 30th January 2026, is enclosed herewith as "Annexure I". Mr. M. S. Gilotra is not debarred from holding the office of a director by virtue of any order passed by SEBI/Ministry of Corporate Affairs or any other such authority.
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