Shri Keshav Cements & Infra Ltd Q1 FY26 Results & Concall Highlights: Revenue, Margins & Order Book
Published 7 Aug 2026 | Cement & Cement Products | Market Cap: ₹179 Cr
Cement capacity increased from 0.36 million tons to 1 million tons, with plans to further increase to 2 million tons in the future. EBITDA for FY '26 expected in the range of INR 50-60 crores, with margins around 25-30%.
From Shri Keshav Cements & Infra Ltd's Q1 FY26 earnings-call transcript · updated 23 Aug 2026.
Price
₹94.6
Market Cap
₹179 Cr
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Compare Shri Keshav Cements & Infra Ltd against every Cement & Cement Products company this quarter on revenue, margins and earnings-call signals.
Shri Keshav Cements & Infra Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹38 Cr, net profit ₹-1 Cr.
Full financials →📊 Revenue & Sales Performance
- →Cement capacity increased from 0.36 million tons to 1 million tons, with plans to further increase to 2 million tons in the future.
- →Target capacity utilization: 45% in FY '26, 55-60% in FY '27, and 65-70% beyond.
- →Sales volume growth: 42% year-on-year increase in Q1 FY '26; anticipated continued ramp-up in subsequent quarters.
- →Market share currently around 3-4% with potential to reach 5-6% in existing markets.
- →Contribution from institutional buyers expected to grow from 3-4% in Q1 to 10-12% in Q2 FY '26, stabilizing at 20-25% eventually.
- →EBITDA expected to increase to INR 100 crores at 65-70% capacity utilization by FY '27.
- →Strategic focus on deepening market penetration in current regions before expanding to Kerala and Bangalore.
📈 Profitability & Margins
- →EBITDA for FY '26 expected in the range of INR 50-60 crores, with margins around 25-30%.
- →EBITDA for FY '25 Q1 was INR 10.41 crores, showing 32.53% YoY growth in total income.
- →EBITDA per ton increased sharply to INR 365 in Q1 FY '26 from less than INR 100 in FY '25, indicating operational ramp-up.
- →With 45% capacity utilization, management expects EBITDA margins to sustain; 65-70% utilization could yield INR 100 crore EBITDA by FY '27.
- →PAT growth is expected but influenced by deferred tax liabilities; focus remains on EBITDA and PBT.
- →Earnings growth driven largely by volume increase and capacity expansion (from 0.36 million to 1 million tons).
- →Solar segment also contributes significantly to EBITDA (INR 7.8 crores in Q1 FY '26) with stable power sale realizations.
- →Management targets EBITDA per ton to approach South industry average (~INR 560) within a year.
🏗️ Capital Expenditure Plans
- →No major capex planned until FY '27; focus is on stabilizing the recently completed cement plant expansion.
- →Future capacity increase for cement (up to 1.6-1.8 million tons) will require adding crushing and grinding capacity once current capacity utilization reaches around 70%.
- →Potential future solar capacity addition of about 30 MW is under Board consideration, but no decision taken yet; planned post cement plant stabilization.
- →RMC (Ready-Mix Concrete) plant project study completed; project initiation delayed by a quarter, will commence once cement plant stabilizes (expected by Q2 or Q3 FY '26).
- →Capex in solar and RMC will be considered after plant stabilization, likely post-Q2 FY '26.
- →Existing solar plant investment approx. INR 196 crores for 40 MW capacity; payback period around 8-9 years with operational cost efficiency improvements expected in future expansions.
💰 Fundraising & Capital Structure
- →No immediate plans for new capacity addition or major capex until FY '27, focusing on stabilizing the existing cement plant.
- →Debt is set to reduce significantly with three term loans closing this year; two already closed in Q1 and one by Q4.
- →Debt reduction is expected to continue steadily over the next 3 years, repaying around 30%-40% (~INR 70 crores).
- →Debt will only increase if new cement/RMC plants are added in the future, but currently, no such plans are indicated.
- →Management confident about servicing and repaying existing debt through internal accruals without needing to raise additional capital.
- →Board is discussing potential solar capacity expansion, but no financing details or timelines have been provided yet.
📋 Order Book & Pipeline
- →The company has begun receiving orders from institutional/government projects, such as KRIDL (Karnataka Road Infrastructure Development Corporation).
- →In the last quarter, they dispatched around 3,000 to 4,000 tons to institutional clients.
- →This quarter, they expect to more than double that institutional order quantity.
- →They anticipate institutional buyer contribution to stabilize between 20% to 25% of volumes in the near future.
- →The company is targeting increased sales through deeper market penetration and new customer acquisition but currently focusing on existing markets before expanding to new regions like Kerala or Bangalore.
- →Institutional orders are expected to grow steadily as they qualify for more government-related infrastructure projects due to increased capacity.
Key Metrics
Frequently Asked Questions
What were Shri Keshav Cements & Infra Ltd Q1 FY26 results?
Cement capacity increased from 0.36 million tons to 1 million tons, with plans to further increase to 2 million tons in the future. EBITDA for FY '26 expected in the range of INR 50-60 crores, with margins around 25-30%.
What is Shri Keshav Cements & Infra Ltd share price analysis?
Shri Keshav Cements & Infra Ltd currently shows a neutral. The stock trades at a P/E of N/A with a market cap of ₹179 Cr. Investors should review the full earnings analysis for detailed insights.
Is Shri Keshav Cements & Infra Ltd planning capital expenditure?
No major capex planned until FY '27; focus is on stabilizing the recently completed cement plant expansion.
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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.