Kesoram Industries Q3 FY22 Share Price & Earnings Call Analysis
- Market cap
- ₹374 Cr
- ROE
- -18.63%
- Price to sales
- 1.42
- Debt to equity
- 0.59
- 52W high / low
- ₹13.9 / ₹4.69
- Sales growth (5Y)
- -37.77%
- EBITDA margin
- -21.59%
- Net profit margin
- -30.91%
- Promoter holding
- 43.37%
- Sales (last year)
- ₹264 Cr
Kesoram Industries Limited is a flagship company of B. K. Birla group. The Co is engaged in the manufacturing of Cement and Rayon, TP & Chemicals. [1]
Guidance scorecard · Q3 FY22 call
What Kesoram Industries Ltd's management guided
and where it ranks in Cement & Cement Products
RevenueQ3 FY22 call
10–20%- Kesoram Industries targets sustainable cement sales volumes slightly higher than the current ~7 million tonnes, aiming for an increase of about 0.5 to 1 million tonnes annually.
- They plan to optimize clinker usage and focus on producing more blended cement, including premium blended cement, aligning with market demand.
- Growth will come from strengthening brand positioning and market penetration, especially in southern India, rather than just capacity expansion.
- Capacity expansion through debottlenecking and grinding improvements will be considered after optimizing current clinker usage.
- Rayon business aims to generate sustainable cash of INR 50 crore in approximately 15 months.
2 more points from Kesoram Industries Ltd's call on revenue
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MarginsQ3 FY22 call
FlatSee what Kesoram Industries Ltd said on margins — free account, 30 seconds.
CapexQ3 FY22 call
None planned- The company plans to prioritize reducing debt with substantial cash generated from the business, indicating limited high Capex requirements in the short term.
- Capex will be done selectively, focusing on de-risking the business and sustaining operations rather than large expansions.
- There is scope for debottlenecking and optimizing clinker usage, but no major capacity expansions currently planned.
- The company aims to achieve sustainable volumes around 7 million tons, with incremental growth possibly from debottlenecking.
- Focus remains on optimizing operations, building brand positioning (especially in blended cement), and generating strong cash flow.
2 more points from Kesoram Industries Ltd's call on capex
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FundraisingQ3 FY22 call
PlannedSee what Kesoram Industries Ltd said on fundraising — free account, 30 seconds.
Order bookQ3 FY22 call
- The focus of the discussion revolves around debt reduction, interest costs, working capital, refinancing plans, operational volumes, and cost management. If detailed information about the order book or pending orders is required, it may be available in…
Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Cement & Cement Products
on management's own guidance
- BIGBLOC Const.Good growth2
- Strong growth1
- J K Cements LtdGood growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Cement & Cement Products companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Flat | ₹1.99L Cr | 34.6 | |
| 2 | BIGBLOC Const. | 20–40% | Up 2%+ | ₹613 Cr | 364.4 |
| 3 | J K Cements Ltd | 20–40% | Flat | ₹37,843 Cr | 38.8 |
| 4 | 10–20% | Up 2%+ | ₹1,289 Cr | — | |
| 5 | 10–20% | Flat | ₹3.21L Cr | 37.3 | |
| 6 | 10–20% | Flat | ₹83,058 Cr | 50.9 |
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Pro shows every company guiding 40%+ revenue growth →Full Cement & Cement Products rankingFinancials of Kesoram Industries Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Kesoram Industries Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 1,055 | 999 | 60 | 66 | 70 | 67 | 59 | 65 | 67 | 61 | 55 | 65 | 67 |
| Expenses + | 947 | 894 | 76 | 75 | 81 | 76 | 70 | 72 | 93 | 72 | 74 | 81 | 79 |
| Operating Profit | 108 | 105 | -16 | -9 | -11 | -8 | -11 | -6 | -26 | -11 | -18 | -16 | -13 |
| OPM % | 10% | 10% | -27% | -13% | -15% | -12% | -19% | -9% | -38% | -17% | -34% | -25% | -19% |
| Other Income + | 15 | 7 | -29 | -27 | -214 | -14 | -45 | -50 | 5,805 | -78 | 4 | 34 | 54 |
| Interest | 123 | 116 | 7 | 7 | 6 | 7 | 7 | 7 | 6 | 6 | 6 | 7 | 5 |
| Depreciation | 26 | 31 | 6 | 6 | 6 | 6 | 6 | 6 | 14 | 5 | 5 | 5 | 5 |
| Profit before tax | -25 | -35 | -59 | -49 | -236 | -35 | -70 | -69 | 5,759 | -99 | -26 | 6 | 31 |
| Tax % | 4% | -8% | 0% | 0% | 2% | 75% | 0% | -0% | -0% | -0% | 0% | 0% | 0% |
| Net Profit + | -26 | -32 | -59 | -49 | -241 | -61 | -70 | -69 | 5,766 | -99 | -26 | 6 | 31 |
| EPS in Rs | -0.84 | -1.04 | -1.89 | -1.58 | -7.75 | -1.98 | -2.25 | -2.23 | 185.57 | -3.20 | -0.83 | 0.19 | 1.00 |
Financials of Kesoram Industries Ltd
Profit & Loss
Annual income statement trend
| Mar 2009 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 3,882 | 3,842 | 3,873 | 2,904 | 2,646 | 2,653 | 3,606 | 3,778 | 246 | 259 | 248 |
| Expenses + | 3,319 | 3,844 | 3,943 | 2,872 | 2,417 | 2,278 | 3,094 | 3,507 | 298 | 310 | 305 |
| Operating Profit | 562 | -3 | -70 | 32 | 229 | 375 | 512 | 271 | -52 | -52 | -57 |
| OPM % | 14% | -0% | -2% | 1% | 9% | 14% | 14% | 7% | -21% | -20% | -23% |
| Other Income + | 80 | 172 | 79 | 57 | 40 | -148 | 14 | -103 | -273 | 5,696 | 14 |
| Interest | 121 | 283 | 443 | 357 | 344 | 276 | 502 | 450 | 27 | 28 | 24 |
| Depreciation | 112 | 136 | 146 | 108 | 113 | 118 | 112 | 103 | 25 | 32 | 21 |
| Profit before tax | 409 | -250 | -580 | -375 | -188 | -167 | -87 | -385 | -377 | 5,585 | -88 |
| Tax % | 7% | -3% | -0% | -3% | 0% | -184% | -11% | -50% | 1% | 0% | -0% |
| Net Profit + | 379 | -242 | -578 | -363 | -188 | 140 | -77 | -194 | -381 | 5,565 | -88 |
| EPS in Rs | 23.23 | -13.90 | -28.33 | -17.15 | -8.85 | 5.72 | -3.18 | -6.25 | -12.27 | 179.12 | -2.84 |
| Dividend Payout % | 7% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
Financials of Kesoram Industries Ltd
Balance Sheet
Capital structure and asset base
| Mar 2009 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 46 | 117 | 137 | 143 | 143 | 165 | 244 | 311 | 311 | 311 | 311 |
| Reserves | 1,300 | 680 | 390 | -30 | -240 | 33 | 266 | 163 | -216 | 141 | 59 |
| Borrowings + | 2,142 | 3,297 | 4,099 | 3,187 | 2,237 | 2,036 | 1,902 | 1,938 | 2,270 | 199 | 219 |
| Other Liabilities + | 835 | 1,238 | 1,491 | 1,671 | 1,072 | 998 | 1,020 | 1,024 | 1,011 | 162 | 77 |
| Total Liabilities | 4,322 | 5,333 | 6,117 | 4,970 | 3,212 | 3,232 | 3,433 | 3,435 | 3,376 | 813 | 666 |
| Fixed Assets + | 1,874 | 2,544 | 2,890 | 2,772 | 2,167 | 2,081 | 2,005 | 1,736 | 1,728 | 602 | 539 |
| CWIP | 865 | 730 | 790 | 800 | 31 | 33 | 49 | 65 | 34 | 5 | 3 |
| Investments | 49 | 71 | 720 | 82 | 70 | 77 | 74 | 82 | 80 | 71 | 11 |
| Other Assets + | 1,534 | 1,988 | 1,717 | 1,317 | 944 | 1,041 | 1,305 | 1,551 | 1,533 | 134 | 113 |
| Total Assets | 4,322 | 5,333 | 6,117 | 4,970 | 3,212 | 3,232 | 3,433 | 3,435 | 3,376 | 813 | 666 |
Financials of Kesoram Industries Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2009 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 370 | 79 | 177 | 775 | 787 | 259 | 324 | 131 | -77 | 37 | |
| Cash from Investing Activity + | -1,035 | 1,694 | -1,137 | 354 | -877 | -150 | -63 | 49 | 75 | 7 | |
| Cash from Financing Activity + | 681 | -2,117 | 662 | -1,823 | -218 | 201 | -224 | -248 | -4 | -49 | |
| Net Cash Flow | 16 | -343 | -298 | -693 | -308 | 309 | 36 | -68 | -6 | -5 | |
| Free Cash Flow | -614 | -277 | -483 | 744 | 754 | 233 | 289 | 66 | -79 | 40 | |
| CFO/OP | 81% | -3,150% | -277% | 2,336% | 323% | 69% | 63% | 48% | 138% | -61% |
Financials of Kesoram Industries Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2009 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 36 | 50 | 54 | 74 | 27 | 42 | 32 | 36 | 693 | 46 | 43 |
| Inventory Days | 130 | 122 | 127 | 324 | 161 | 140 | 174 | 197 | 1,006 | 111 | 82 |
| Days Payable | 54 | 141 | 200 | 806 | 619 | 593 | 568 | 505 | 2,186 | 105 | 73 |
| Cash Conversion Cycle | 112 | 31 | -19 | -408 | -431 | -411 | -362 | -272 | -487 | 52 | 52 |
| Working Capital Days | 72 | -75 | -106 | -163 | -178 | -46 | -26 | -13 | -146 | -135 | -101 |
| ROCE % | -1% | -0% | 6% | 15% | 19% | 10% | -2% | -5% | -4% |
Guidance history
How Kesoram Industries Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q3 FY22 call → | 10–20% | Flat | None planned | Planned | — |
| Q2 FY22 call → | 10–20% | Flat | Planned | Planned | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Continue your research
What Kesoram Industries Ltd's management said in earlier quarters
Others in Cement & Cement Products this season
- Birla Corporation Ltd (Q2 FY27)
For the quarter ended 30th September 2026, standalone revenue from operations was ₹1,381.33 crore, up from ₹1,229.40 crore in Q3 FY25, a year-on-year increase…
- Andhra Cements Ltd (Q2 FY27)
Revenue from operations for the quarter ended September 30, 2026: ₹16,598 lakhs . Key results statement takeaways from Andhra Cements Ltd's Q2 FY27 results stat
- HeidelbergCement India Ltd (Q2 FY27)
Revenue for the quarter ended September 30, 2026 was ₹5,678 million, an 11.0% increase year-on-year (YoY) from ₹5,117 million in Q2 2025. Key results statement
- Ambuja Cements Ltd (Q2 FY27)
Consolidated Volume Q2 FY27:** 16.5 MnT, down 1% YoY (Page 23) . Key investor presentation takeaways from Ambuja Cements Ltd's Q2 FY27 investor presentation — a