Saurashtra Cement Limited (SAURASHCEM)

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Saurashtra Cement Limited (SAURASHCEM) · mywealthgrid

About

Saurashtra Cement operates in cement & cement products with market cap ₹671.58 Cr. Recent quarters show recovery from Sep-Dec 2025 losses (net profit -11 Cr, -10 Cr) to Mar-Jun 2026 profitability (19 Cr, 9.2 Cr), though operating margins remain thin at 3-6%.

Face value: ₹10

Market cap

₹594 Cr

P/E

88.8×

P/B

0.6×

Dividend yield

1.9%

ROE

1.5%

ROCE

2.5%

Debt / equity

0.11

OPM

3.2%

EPS (TTM)

₹0.6

Book value

₹86.4

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Severe cyclicality: Sep 2025 posted -11 Cr net loss (OPM -2.54%), Mar 2026 spiked to 19 Cr profit (OPM 5.94%), Jun moderated to 9.2 Cr (OPM 4.55%) — verify if recovery sticks or margin swings continue
PE of 100.39 is extreme; typical only for high-growth or distressed-value recovery plays — verify earnings trajectory and recovery durability before valuating on earnings
Operating margin averaging 3.15% with range -2.54% to 5.94% leaves minimal buffer for cost or commodity shocks — check cement pricing power and raw-material cost trends
ROE of 1.51% despite low debt (D/E 0.11) signals capital inefficiency — verify asset turnover and capex returns vs industry peers

Generated analysis · source review pending

Growth drivers

Jun 2026 revenue 456.75 Cr and profit 9.2 Cr mark exit from Sep-Dec 2025 consecutive losses — verify if operational fix, cost control, pricing gain, or sector demand recovery drove inflection
Operating margin jumped from -2.54% (Sep 2025) to 5.94% (Mar 2026), then moderated to 4.55% (Jun 2026) — determine whether cost pressures easing, pricing power emerging, and if gains likely to persist
Revenue stable at 385-456 Cr range across quarters shown; if margins hold near 4.5%, flat volumes yield roughly 15-18 Cr annual net profit — verify if this run-rate is achievable
Dividend history (Aug 2024, Feb 2024, paid in 2021 and 2020) shows cash returned when conditions permit — if Jun 2026 profitability sustains, dividend policy may resume

Generated analysis · source review pending

2,177 historical price candles were omitted because the exchange source has not been verified.

₹53.4-1.3%1Y

Quick read

rule-based

Pros

+Revenue CAGR of 19.9% over the last 5 years
+High promoter holding of 66.6% with no pledge

Cons

−Low return on equity of 2.8% (3-yr avg)
−Thin operating margin of 3.2%
−Profit declined 27.6% a year over the last 5 years
−Expensive at 88.8× trailing earnings

Research score

Structured signal from quality, growth, valuation and momentum.

25/100

Business quality: 21
Growth: 15
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	608	674	761	1,645	1,765	1,538	1,666
COGS	50	93	97	249	288	270	342
Gross profit	559	581	664	1,396	1,477	1,268	1,324
	449	466	640	1,391	1,348	1,224	1,271
	109	115	24	6	130	44	52
OPM %	18%	17%	3.1%	0.4%	7.4%	2.9%	3.2%
Depreciation	20	20	23	39	47	42	44
Interest	5	4	5	9	8	14	10
	-8	12	12	13	15	26	8
Profit before tax	77	102	8	-29	90	14	7
Tax	21	30	4	-7	33	7	-8
Tax %	26.9%	29.5%	48%	-24.5%	37%	50.4%	-119.2%
	57	72	4	-22	57	7	14
PAT margin %	9.3%	10.7%	0.5%	-1.3%	3.2%	0.5%	0.9%
EPS (₹)	—	10.4	0.6	-2	5.1	0.6	1.3
EPS adjusted (₹)	8.1	10.4	0.6	-3.9	5.1	0.6	1.3
	—	16.9%	0%	—	39.1%	0%	—
Annual report	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	69	69	70	70	70	57	111	111	111
Reserves	347	340	—	453	453	825	817	836	850
Minority interest	—	—	—	—	—	—	0	—	—
	16	30	—	20	61	63	84	135	106
	143	159	290	182	197	412	559	521	520
Total equity & liabilities	575	598	359	726	781	1,357	1,571	1,603	1,588
	334	349	351	345	402	831	872	932	908
CWIP	43	37	—	60	68	50	30	30	37
Investments	6	5	—	8	9	0	0	0	0
	192	207	8	313	303	476	668	641	643
Total assets	575	598	359	726	781	1,357	1,571	1,603	1,588

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Cement and Cement Related Products	1,589.89	42.15	1,488.88	599.13	889.75	4.74
Paints	76.15	-25.14

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	91.8%	86.2%	87.2%	84.9%	83.7%	82.5%	79.5%
EBITDA margin %	18%	17%	3.1%	0.4%	7.4%	2.9%	3.2%
EBIT margin %	14.7%	14%	0.1%	-2%	4.7%	0.1%	0.5%
PAT margin %	9.3%	10.7%	0.5%	-1.3%	3.2%	0.5%	0.9%
Working capital
Receivable days	—	16	17	17	18	24	22
Inventory days	—	220	361	265	333	340	264
Payable days	—	145	181	158	259	272	214
NWC days	—	90	198	124	92	92	72
Leverage
Current ratio	—	1.71	1.22	0.93	1.2	1.16	1.18
Debt to EBITDA	—	0.18	2.57	10.56	0.65	3.07	2.02
Debt to equity	—	0.04	0.12	0.07	0.09	0.14	0.11
Interest coverage	20.9	24.4	2.5	-2.1	14.6	1.4	2.6
Asset turnover	1.69	0.93	0.97	1.21	1.12	0.96	1.05
Return ratios
Return on assets %	15.7%	10%	0.5%	-1.6%	3.6%	0.4%	0.9%
Return on capital employed %	—	19.2%	2.3%	-2.6%	11.6%	1.8%	2.5%
Return on equity %	—	13.8%	0.8%	-2.5%	6.1%	0.7%	1.5%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	67.14%	67.09%	66.96%	66.88%	66.83%	66.77%	66.7%	66.7%	66.7%	66.7%	66.62%	66.62%
	0%	0%	0%	0.01%	0.03%	0.01%	0.04%	0.02%	0.04%	0.2%	0.16%	0.08%
	0.28%	0.37%	0.37%	0.37%	0.37%	0.37%	0.37%	0.12%	0.12%	0.12%	0.12%	0.12%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	32.58%	32.54%	32.67%	32.74%	32.77%	32.85%	32.89%	33.16%	33.14%	32.98%	33.1%	33.18%
No. of shareholders	—	—	—	—	—	—	—	—	50,661	49,854	49,335	49,179

Promoter holding down 0.52 percentage points since Sep 2023.

Mr. JAY MAHENDRA MEHTANon-Executive - Non Independent Director-Chairperson
Mr. HEMANG DHIRENDRA MEHTANon-Executive - Non Independent Director
Mr. HEMNABH RANVIR KHATAUNon-Executive - Non Independent Director
Mr. ASHWANI KUMARNon-Executive - Independent Director
Mr. AMAN KHANNANon-Executive - Independent Director
Mrs. RADHIKARAJE GAEKWADNon-Executive - Independent Director
Mr. NAGARAJA SARMA MADDIPATLANon-Executive - Independent Director
Mr. VIREN AJITKUMAR MERCHANTNon-Executive - Independent Director
Mr. MOHINDERPAL SINGH GILOTRAExecutive Director-MD
Mr. Prakash Chand JainChief Financial Officer
Mrs. Sonali SanasChief Legal Officer, Company Secretary & Strategy

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Saurashtra Cement Limited. Portfolios are published monthly by each AMC; coverage is still partial.

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

27 announcementsExport CSV

29 Sept 2026, 7:28 pmCompany Update

Disclosure As Per Reg 7 (2) Of SEBI(PIT) Reg, 2015

General

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Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	91.8%	86.2%	87.2%	84.9%	83.7%	82.5%	79.5%
EBITDA margin %	18%	17%	3.1%	0.4%	7.4%	2.9%	3.2%
EBIT margin %	14.7%	14%	0.1%	-2%	4.7%	0.1%	0.5%
PAT margin %	9.3%	10.7%	0.5%	-1.3%	3.2%	0.5%	0.9%
Working capital
Receivable days	—	16	17	17	18	24	22
Inventory days	—	220	361	265	333	340	264
Payable days	—	145	181	158	259	272	214
NWC days	—	90	198	124	92	92	72
Leverage
Current ratio	—	1.71	1.22	0.93	1.2	1.16	1.18
Debt to EBITDA	—	0.18	2.57	10.56	0.65	3.07	2.02
Debt to equity	—	0.04	0.12	0.07	0.09	0.14	0.11
Interest coverage	20.9	24.4	2.5	-2.1	14.6	1.4	2.6
Asset turnover	1.69	0.93	0.97	1.21	1.12	0.96	1.05
Return ratios
Return on assets %	15.7%	10%	0.5%	-1.6%	3.6%	0.4%	0.9%
Return on capital employed %	—	19.2%	2.3%	-2.6%	11.6%	1.8%	2.5%
Return on equity %	—	13.8%	0.8%	-2.5%	6.1%	0.7%	1.5%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Ambuja Cements LimitedAMBUJACEMAMBUJACEM	₹90,012 Cr	₹90,065 Cr	₹39,867 Cr	₹6,167 Cr	16.1%	₹4,377 Cr	13.9%	5.3%	8.4%	37
Shree Cement LimitedSHREECEMSHREECEM	₹79,059 Cr	₹80,653 Cr	₹21,896 Cr	₹4,577 Cr	22.1%	₹1,630 Cr	8.4%	10.6%	7.8%	227
Jk Cement LimitedJKCEMENTJKCEMENT	₹38,279 Cr	₹44,353 Cr	₹14,401 Cr	₹2,334 Cr	17.3%	₹946 Cr	7.2%	14.3%	15.1%	71
Dalmia Bharat LimitedDALBHARATDALBHARAT	₹31,556 Cr	₹38,308 Cr	₹15,058 Cr	₹3,005 Cr	20.8%	₹409 Cr	7.8%	7.4%	6.4%	5
Acc LimitedACCACC	₹22,213 Cr	₹22,213 Cr	₹25,369 Cr	₹2,629 Cr	11.4%	₹1,909 Cr	8.2%	10.8%	10.9%	32
The Ramco Cements LimitedRAMCOCEMRAMCOCEM	₹19,633 Cr	₹23,485 Cr	₹9,228 Cr	₹1,345 Cr	15.9%	₹645 Cr	7.7%	6.1%	9%	-0
Jsw Cement LimitedJSWCEMENTJSWCEMENT	₹15,216 Cr	₹19,297 Cr	₹6,849 Cr	₹1,216 Cr	19%	₹760 Cr	-12.3%	10.1%	-11.5%	-140
Nuvoco Vistas Corporation LimitedNUVOCONUVOCO	₹11,505 Cr	₹16,046 Cr	₹11,594 Cr	₹1,907 Cr	16.4%	₹386 Cr	3.2%	7.1%	3.7%	-130
The India Cements LimitedINDIACEMINDIACEM	₹9,147 Cr	₹10,452 Cr	₹4,479 Cr	₹469 Cr	8.8%	₹92 Cr	-1.5%	1.5%	-0.7%	-28
Star Cement LimitedSTARCEMENTSTARCEMENT	₹7,211 Cr	₹7,797 Cr	₹3,807 Cr	₹902 Cr	24.8%	₹370 Cr	10.3%	17%	13%	177
Birla Corporation LimitedBIRLACORPNBIRLACORPN	₹6,383 Cr	₹9,658 Cr	₹9,848 Cr	₹1,450 Cr	15.1%	₹554 Cr	5.8%	8.8%	7.8%	63
Jk Lakshmi Cement LimitedJKLAKSHMIJKLAKSHMI	₹5,915 Cr	₹8,406 Cr	₹6,926 Cr	₹958 Cr	15%	₹370 Cr	6.1%	12.1%	11.2%	57

Date	Category	Subject	Filing
29 Sept 2026, 7:28 pm	Company Update General	Disclosure As Per Reg 7 (2) Of SEBI(PIT) Reg, 2015	PDF
29 Sept 2026, 7:24 pm	Company Update General	Disclosure Under Reg 29 (2) Of SEBI (SAST) Reg 2011	PDF
29 Sept 2026, 7:19 pm	Company Update General	Disclosure Under Reg 29 (1) Of SEBI (SAST) Reg, 2011	PDF
29 Sept 2026, 7:02 pm	Company Update General	Disclosure Under Regulation 30 Read With Para B Of Part A Of Schedule III Of SEBI (LODR) Regulations 2015	PDF
29 Sept 2026, 7:01 pm	Company Update General	Disclosure Under Regulation 30 Read With Para B Of Part A Of Schedule III Of SEBI (LODR) Regulations 2015	PDF
29 Sept 2026, 6:18 pm	Company Update Credit Rating	Announcement under Regulation 30 (LODR)-Credit Rating	PDF
28 Sept 2026, 4:01 pm	Company Update General	Disclosure Under Reg 30 Read With Para B Of Part A Of Schedule III Of SEBI (LODR) Reg, 2015	PDF
28 Sept 2026, 2:39 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF

₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	49	15	63	134	-8	21	155	30	36
	-37	-16	-38	-121	-25	32	-157	-5	19
	-12	3	-23	-17	30	-49	3	27	-37
Net cash flow	0	2	1	-4	-3	5	1	52	18
Free cash flow	18	-17	39	94	-44	-17	87	-56	7
CFO / Operating profit %	—	—	57.3%	116.8%	-34.8%	360.5%	119.4%	69%	69.4%

Saurashtra Cement Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Events

Announcements

Not in the F&O segment

No fund holdings on record

Announcements

Annual reports

Credit ratings

9

1

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Cement and Cement Related Products · revenue

Saurashtra Cement Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Board and management

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Events

Announcements

Ratio timeline

Not in the F&O segment

No fund holdings on record

Quarterly record

Board and management

Announcements

Annual reports

Credit ratings

Dividends9

Board meetings1

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Cement and Cement Related Products · revenue

9

1