Sanghi Industries Q3 FY26 Share Price & Earnings Call Analysis
- Market cap
- ₹1,289 Cr
- ROE
- -46.07%
- Price to sales
- 1.13
- Debt to equity
- 5.93
- 52W high / low
- ₹70.0 / ₹47.0
- Sales growth (5Y)
- 1.77%
- EBITDA margin
- 9.60%
- Net profit margin
- -40.97%
- Promoter holding
- 0.66%
- Sales (last year)
- ₹1,141 Cr
Sanghi Industries Limited is engaged in the manufacturing and marketing of cement and cement products in domestic and export markets. The Company’s manufacturing facilities are at Sanghipuram, Gujarat. The company sells in Gujarat, Rajasthan, Maharashtra and Kerala and International Markets of the Middle East, Africa and the Indian subcontinent. It also sells Ready Mix Concrete in Ahmedabad and Rajkot markets.[1]
Guidance scorecard · Q3 FY26 call
What Sanghi Industries Ltd's management guided
and where it ranks in Cement & Cement Products
Cement & Cement Products
RevenueQ3 FY26 call
10–20%- Ambuja Cements expects strong future growth driven by capacity expansions and market demand.
- Target cement capacity: 135 million tons by FY '27 and 155 million tons by FY '28, including organic and inorganic growth.
- Growth centers: Bhatapara, Sanghi, Marwar-Mundra, Assam (greenfield), Mundra (brownfield), Penna (advanced stage).
- Demand outlook: Cement industry demand growth expected around 8% for Q4 and FY '26, supported by premiumization and trade channel focus.
- Market share improved to 16.6% with consistent double-digit volume growth in the last 9 months.
- Revenue growth: 20% Y-o-Y in Q3, with improved realizations by INR 5 per bag Y-o-Y.
2 more points from Sanghi Industries Ltd's call on revenue
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MarginsQ3 FY26 call
Up 2%+See what Sanghi Industries Ltd said on margins — free account, 30 seconds.
CapexQ3 FY26 call
Planned- Capex guidance is around INR 8,000 crores annually for growth, plus about INR 2,000 crores for efficiencies, totaling approximately INR 10,000 crores per year.
- Focus is on capacity utilization of existing assets to improve KPIs and efficiency.
- New capacities: 4 new clinker lines including greenfield in Assam (4 million tons), brownfield expansions at Bhatapara, Sanghi, Marwar-Mundra, and advanced stage Penna unit (expected operational by February 2026).
- Total capacity target: 135 million tons by FY27 and 155 million tons by FY28, combining organic and inorganic growth.
- Capex modular and phased based on ramp-up and utilization of existing and new assets.
2 more points from Sanghi Industries Ltd's call on capex
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FundraisingQ3 FY26 call
See what Sanghi Industries Ltd said on fundraising — free account, 30 seconds.
Order bookQ3 FY26 call
Ask what Sanghi Industries Ltd said on the order book →
Full Q3 FY26 analysisRanges 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 | Sanghi Industries LtdThis stock | 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 Sanghi Industries Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Sanghi Industries Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 134 | 226 | 167 | 181 | 189 | 285 | 223 | 152 | 259 | 335 | 245 | 285 | 275 |
| Expenses + | 152 | 238 | 263 | 209 | 212 | 226 | 226 | 148 | 229 | 299 | 220 | 260 | 252 |
| Operating Profit | -18 | -13 | -96 | -28 | -23 | 59 | -3 | 3 | 30 | 36 | 25 | 25 | 23 |
| OPM % | -13% | -6% | -58% | -15% | -12% | 21% | -1% | 2% | 12% | 11% | 10% | 9% | 8% |
| Other Income + | 1 | 1 | 4 | 95 | -58 | -10 | 11 | -109 | 4 | 11 | 42 | 4 | 9 |
| Interest | 77 | 70 | 73 | 78 | 90 | 42 | 49 | 54 | 58 | 66 | 54 | 53 | 52 |
| Depreciation | 23 | 23 | 24 | 27 | 31 | 25 | 48 | 36 | 37 | 98 | 90 | 93 | 95 |
| Profit before tax | -118 | -105 | -189 | -39 | -201 | -19 | -89 | -196 | -60 | -117 | -75 | -117 | -115 |
| Tax % | 22% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 61% | 0% | 0% | 0% | 0% |
| Net Profit + | -144 | -105 | -189 | -39 | -202 | -19 | -89 | -196 | -97 | -117 | -75 | -117 | -115 |
| EPS in Rs | -5.57 | -4.05 | -7.33 | -1.50 | -7.80 | -0.74 | -3.44 | -7.58 | -3.75 | -4.53 | -2.92 | -4.51 | -4.47 |
Financials of Sanghi Industries Ltd
Profit & Loss
Annual income statement trend
| Jun 2014 | Jun 2015 | Mar 2016 9m | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 1,048 | 932 | 840 | 998 | 1,026 | 1,061 | 888 | 939 | 1,129 | 928 | 828 | 969 | 1,141 |
| Expenses + | 851 | 775 | 689 | 799 | 811 | 907 | 695 | 696 | 938 | 942 | 899 | 902 | 1,031 |
| Operating Profit | 197 | 157 | 151 | 198 | 216 | 154 | 193 | 244 | 192 | -14 | -71 | 67 | 110 |
| OPM % | 19% | 17% | 18% | 20% | 21% | 15% | 22% | 26% | 17% | -1% | -9% | 7% | 10% |
| Other Income + | 8 | 7 | -59 | 2 | 22 | 27 | 12 | 6 | 11 | 19 | 13 | -82 | 66 |
| Interest | 14 | 27 | 22 | 64 | 72 | 57 | 78 | 73 | 82 | 238 | 284 | 228 | 225 |
| Depreciation | 148 | 106 | 54 | 73 | 72 | 71 | 62 | 64 | 64 | 93 | 107 | 218 | 375 |
| Profit before tax | 44 | 31 | 16 | 63 | 93 | 53 | 65 | 113 | 57 | -326 | -449 | -462 | -424 |
| Tax % | -14% | 0% | 2% | 0% | 0% | 0% | 0% | 31% | 28% | 0% | 0% | 8% | |
| Net Profit + | 50 | 31 | 16 | 63 | 93 | 53 | 65 | 78 | 41 | -326 | -449 | -498 | -424 |
| EPS in Rs | 2.25 | 1.39 | 0.73 | 2.87 | 3.72 | 2.10 | 2.60 | 3.12 | 1.62 | -12.61 | -17.37 | -19.29 | -16.43 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
Financials of Sanghi Industries Ltd
Balance Sheet
Capital structure and asset base
| Jun 2014 | Jun 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 220 | 220 | 220 | 220 | 251 | 251 | 251 | 251 | 251 | 258 | 258 | 258 | 258 |
| Reserves | 670 | 691 | 831 | 894 | 1,347 | 1,399 | 1,464 | 1,543 | 1,583 | 1,301 | 852 | 354 | 162 |
| Borrowings + | 651 | 535 | 603 | 599 | 740 | 771 | 1,256 | 1,415 | 1,397 | 1,548 | 2,084 | 2,506 | 2,494 |
| Other Liabilities + | 217 | 314 | 366 | 352 | 316 | 394 | 433 | 395 | 589 | 602 | 434 | 615 | 848 |
| Total Liabilities | 1,757 | 1,760 | 2,020 | 2,066 | 2,654 | 2,816 | 3,404 | 3,604 | 3,820 | 3,710 | 3,628 | 3,733 | 3,762 |
| Fixed Assets + | 1,266 | 1,238 | 1,478 | 1,452 | 1,509 | 1,605 | 1,706 | 1,652 | 3,163 | 3,117 | 3,185 | 3,090 | 3,013 |
| CWIP | 59 | 56 | 82 | 167 | 294 | 437 | 1,004 | 1,338 | 42 | 42 | 4 | 149 | 152 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets + | 432 | 466 | 460 | 447 | 852 | 774 | 694 | 614 | 614 | 550 | 439 | 494 | 597 |
| Total Assets | 1,757 | 1,760 | 2,020 | 2,066 | 2,654 | 2,816 | 3,404 | 3,604 | 3,820 | 3,710 | 3,628 | 3,733 | 3,762 |
Financials of Sanghi Industries Ltd
Cash Flows
Operating, investing and financing cash movement
| Jun 2014 | Jun 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 210 | 197 | 142 | 76 | 222 | 122 | 71 | 302 | 402 | -25 | -245 | -249 |
| Cash from Investing Activity + | -44 | -44 | -124 | -8 | -684 | -112 | -471 | -342 | -298 | 29 | 236 | -128 |
| Cash from Financing Activity + | -167 | -152 | -19 | -68 | 463 | -10 | 401 | 39 | -105 | -3 | 182 | 225 |
| Net Cash Flow | -0 | 0 | -0 | -0 | 0 | 0 | 2 | -1 | -1 | 1 | 172 | -152 |
| Free Cash Flow | 166 | 123 | 96 | 1 | -67 | -277 | -522 | -62 | 116 | 12 | -51 | -386 |
| CFO/OP | 107% | 125% | 94% | 39% | 97% | 80% | 36% | 122% | 210% | 180% | 344% | -376% |
Financials of Sanghi Industries Ltd
Ratios
Working capital efficiency and return ratios
| Jun 2014 | Jun 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 4 | 6 | 8 | 9 | 11 | 15 | 16 | 19 | 30 | 20 | 0 | 22 |
| Inventory Days | 561 | 729 | 863 | 811 | 891 | 1,814 | 1,500 | 1,612 | 308 | 1,550 | ||
| Days Payable | 290 | 758 | 658 | 730 | 725 | 668 | 589 | 1,348 | 129 | 508 | ||
| Cash Conversion Cycle | 275 | 6 | -21 | 214 | 93 | 181 | 1,163 | 930 | 294 | 20 | 179 | 1,063 |
| Working Capital Days | 9 | -25 | -42 | -14 | -32 | -54 | -74 | -45 | -88 | -112 | -86 | -12 |
| ROCE % | 4% | 4% | 6% | 8% | 8% | 5% | 5% | 6% | 4% | -3% | -5% | -4% |
Guidance history
How Sanghi Industries Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q3 FY26 call → | 10–20% | Up 2%+ | Planned | — | — |
| Q2 FY26 call → | 10–20% | Flat | Planned | — | — |
| Q1 FY26 call → | 10–20% | Flat | Planned | — | — |
| Q4 FY25 call → | 20–40% | Up 2%+ | Planned | — | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Continue your research
What Sanghi Industries Ltd's management said in earlier quarters
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