Shiva Cement Ltd.
•Market Cap₹ 469 Cr.
Current Price
High / Low₹ 18 / 16
Stock P/E0.0
Book Value₹ -1
Price to Book-17.68
Dividend Yield0.00 %
ROCE-1.5 %
ROE-308.4 %
Face Value₹ 2
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ABOUT
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.
Confidence
View full sector analysis →69%
PROS
- Company is almost debt free
- Operating margins have improved to 3.1% from -669140.0%
- Company has delivered good sales growth of 72.5% CAGR over last 5 years
- Working capital cycle has improved - days down from -119 to -300
CONS
- Company is loss-making at the operating / net level
- Net worth is negative - accumulated losses have eroded equity
- Company has a low return on equity of -102.8% over last 3 years
- Company has a low return on capital employed of -1.4%
- Interest coverage is weak at -0.2x - earnings barely cover interest
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -0.84x)
* 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 |
| SHIVACEM | 15.89 | 0.00 | 468.75 | 0.00 | -21.35 | 29.50 | 151.49 | 43.45 | -1.55 | 12.31 |
Detailed Comparison with:
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 0 | 104 | 98 | 145 | 97 | 51 | 58 | 106 | 106 | 82 | 126 | 121 | 151 | |
| 3 | 93 | 93 | 120 | 88 | 59 | 66 | 110 | 108 | 78 | 125 | 111 | 179 | |
| Operating Profit | -3 | 12 | 5 | 25 | 9 | -9 | -8 | -3 | -2 | 4 | -3 | 10 | 19 |
| OPM % | — | 11.38% | 5.32% | 17.16% | 9.21% | -16.98% | -14.44% | -3.15% | -1.87% | 4.88% | -2.06% | 8.55% | 12.31% |
| Other Income | 0 | 1 | 1 | 1 | 1 | 1 | 3 | 1 | 1 | 1 | 2 | 1 | 1 |
| Interest | 2 | 31 | 38 | 30 | 28 | 26 | 31 | 30 | 30 | 31 | 35 | 35 | 35 |
| Depreciation | 2 | 8 | 11 | 10 | 11 | 12 | 10 | 10 | 10 | 10 | 11 | 11 | 11 |
| -6 | -26 | -44 | -15 | -29 | -45 | -46 | -42 | -41 | -36 | -45 | -34 | -26 | |
| Tax % | 26.27% | 25.90% | 25.99% | 22.59% | 25.98% | 26.05% | 25.36% | -27.17% | 26.01% | 10.33% | 24.05% | 14.94% | 19.31% |
| Net Profit | -5 | -19 | -32 | -12 | -22 | -34 | -34 | -53 | -30 | -33 | -34 | -29 | -21 |
| -0 | -1 | -2 | -1 | -1 | -1 | -1 | -2 | -1 | -1 | -1 | -1 | -0 | |
| Equity Capital | 39 | 39 | 39 | 39 | 59 | 59 | 59 | 59 | 59 | 59 | 59 | 59 | 59 |
| 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 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 22 | 25 | 29 | 32 | 28 | 3 | 0 | 347 | 311 | 435 | 481 | |
| 28 | 34 | 36 | 41 | 39 | 26 | 40 | 308 | 323 | 422 | 493 | |
| Operating Profit | -5 | -8 | -7 | -8 | -7 | -19 | -37 | 41 | -5 | 19 | — |
| OPM % | -25 | -32 | -22 | -25 | -24 | -539 | -6,69,140 | 12 | -1 | 4 | — |
| Other Income | 0 | 0 | 0 | 0 | 4 | 4 | 3 | 2 | 7 | 5 | 5 |
| Interest | 8 | 14 | 15 | 15 | 15 | 9 | 13 | 101 | 115 | 131 | 136 |
| Depreciation | 6 | 8 | 8 | 8 | 8 | 7 | 59 | 31 | 42 | 42 | 43 |
| -30 | -40 | -29 | -31 | -29 | -35 | -109 | -92 | -162 | -156 | -141 | |
| Tax % | 32 | 22 | 27 | 25 | 25 | 26 | 26 | 25 | 12 | 19 | 17 |
| Net Profit | -20 | -31 | -21 | -23 | -22 | -26 | -80 | -68 | -142 | -126 | -117 |
| EPS | 0 | 0 | 0 | 0 | -1 | -1 | -4 | -4 | -5 | -4 | — |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 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 | -1 | -1 | -1 | -1 | -1 | -1 | -4 | -3 | -5 | -4 | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 20%
- 5 Years:
- 73%
- 3 Years:
- 4193%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- —
RETURN ON EQUITY
- 10 Years:
- -56%
- 5 Years:
- -62%
- 3 Years:
- -103%
- Last Year:
- -308%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| LIABILITIES | - | - | - | - | - | - | - | - | - | - |
| Equity Capital | 39 | 39 | 39 | 39 | 39 | 39 | 39 | 39 | 59 | 59 |
| 43 | 12 | -9 | -33 | -56 | -82 | -117 | -186 | 44 | -81 | |
| 20 | 0 | 0 | 125 | 5 | 0 | 0 | 0 | 0 | 0 | |
| Trade Payables | 7 | 8 | 6 | 7 | 8 | 5 | 51 | 58 | 63 | 86 |
| 71 | 130 | 143 | 41 | 268 | 888 | 1,343 | 1,531 | 1,415 | 1,702 | |
| Total Liabilities | 179 | 188 | 178 | 180 | 263 | 850 | 1,315 | 1,442 | 1,582 | 1,766 |
| ASSETS | - | - | - | - | - | - | - | - | - | - |
| 153 | 147 | 142 | 135 | 128 | 112 | 35 | 1,034 | 1,126 | 1,206 | |
| Capital Work in Progress | 0 | 1 | 0 | 2 | 29 | 459 | 890 | 110 | 105 | 21 |
| 9 | 13 | 10 | 12 | 12 | 11 | 32 | 45 | 65 | 77 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | |
| Cash & Bank | 1 | 1 | 1 | 1 | 8 | 13 | 3 | 10 | 3 | 2 |
| 17 | 27 | 24 | 30 | 85 | 254 | 355 | 243 | 283 | 461 | |
| Total Assets | 179 | 188 | 178 | 180 | 263 | 850 | 1,315 | 1,442 | 1,582 | 1,766 |
| Total Debt | 75 | 130 | 138 | 155 | 247 | 802 | 1,289 | 1,423 | 1,414 | 1,694 |
| Net Working Capital | -55 | 4 | -135 | -166 | -42 | -28 | -114 | -141 | -102 | -358 |
| Contingent Liabilities | 7 | 7 | 7 | 6 | 25 | 26 | 34 | 36 | 37 | 42 |
| Book Value per Share | 4.20 | 2.60 | 1.51 | 0.32 | -0.89 | -2.19 | -4.02 | -7.53 | 3.50 | -0.74 |
| Face Value | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 35 | -59 | -5 | -11 | -4 | -113 | -110 | 253 | -57 | 85 | |
| Cash from Investing | -40 | -11 | -3 | -6 | -75 | -362 | -342 | -254 | -210 | -232 |
| Cash from Financing | 6 | 70 | 8 | 17 | 86 | 479 | 448 | 8 | 261 | 146 |
| 0 | 0 | -0 | -0 | 7 | 4 | -3 | 7 | -5 | -1 | |
| Free Cash Flow | 35 | -62 | -8 | -12 | -33 | -530 | -512 | 2 | -104 | 48 |
| OCF / Net Profit | -1.69 | 1.91 | 0.23 | 0.49 | 0.20 | 4.44 | 1.36 | -3.70 | 0.40 | -0.68 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | -80 | -645 | -1,095 | -1,086 | -1,177 | -1,096 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | -1.05 | -1.59 | -1.09 | -1.17 | -1.13 | -1.31 | -4.13 | -3.50 | -4.83 | -4.26 |
| Book Value (₹) | 4.20 | 2.60 | 1.51 | 0.32 | -0.89 | -2.19 | -4.02 | -7.53 | 3.50 | -0.74 |
| Dividend per Share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash EPS (₹) | -0.70 | -1.11 | -0.65 | -0.72 | -0.68 | -0.88 | -1.03 | -1.76 | -3.40 | -2.84 |
| PROFITABILITY | ||||||||||
| Operating Margin % | -22.73% | -30.91% | -21.83% | -25.26% | -23.46% | -537.38% | -669140.00% | 11.12% | -3.64% | 3.10% |
| Net Margin % | -85.72% | -119.41% | -70.61% | -70.02% | -76.85% | -734.53% | 0.00% | -19.50% | -45.62% | -28.78% |
| ROE % | -22.93% | -46.88% | -52.95% | -127.75% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | -308.41% |
| ROCE % | -14.76% | -15.49% | -8.17% | -9.81% | -7.44% | -5.21% | -9.72% | 0.79% | -3.34% | -1.55% |
| -11.30% | -16.91% | -11.60% | -12.76% | -9.93% | -4.59% | -7.43% | -4.96% | -9.42% | -7.50% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 127 | 38 | 43 | 25 | 21 | 100 | 0 | 0 | 1 | 0 |
| Inventory Days | 192 | 152 | 138 | 121 | 152 | 1220 | 0 | 40 | 64 | 59 |
| Payable Days | 178 | 448 | 214 | 260 | 308 | 866 | 0 | 276 | 232 | 188 |
| 140 | -258 | -32 | -114 | -134 | 454 | 0 | -235 | -168 | -129 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | 0.91x | 2.56x | 4.66x | 24.93x | -14.27x | -18.77x | -16.46x | -9.70x | 13.68x | -77.18x |
| Interest Coverage (x) | -2.89x | -1.89x | -0.96x | -1.11x | -0.97x | -2.93x | -7.45x | 0.10x | -0.40x | -0.19x |
| 0.23x | 1.26x | 0.11x | 0.10x | 0.42x | 0.79x | 0.63x | 0.50x | 0.56x | 0.28x | |
| GROWTH | ||||||||||
| Revenue Growth % | -67.54% | 15.01% | 16.27% | 10.25% | -12.15% | -87.82% | -99.84% | 0.00% | -10.28% | 39.85% |
| Operating Profit Growth % | -156.22% | -48.10% | 18.34% | -25.29% | 18.54% | -178.35% | -97.13% | 212.37% | -111.17% | 510.34% |
| Net Profit Growth % | 0.00% | -51.70% | 31.63% | -7.36% | 3.75% | -16.16% | -215.33% | 15.09% | -108.53% | 11.89% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 15.09% | -37.84% | 11.89% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | -6.20x | 7.00x | -17.68x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 56.17x | -461.86x | 109.79x |
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Shiva Cement Ltd.
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