Shiva Cement Ltd (SHIVACEM)

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Shiva Cement Ltd (SHIVACEM) · mywealthgrid

About

Shiva Cement Ltd is a small-scale cement manufacturer with a market cap of ₹507.7 Cr and quarterly revenues averaging ₹7 Cr, operating in India's fragmented cement sector. The company is currently loss-making across all recent quarters and trades near its 52-week lows.

Face value: ₹2

Market cap

₹394 Cr

P/E

—

P/B

—

Dividend yield

ROE

-308.4%

ROCE

-1.6%

Debt / equity

—

OPM

3.1%

EPS (TTM)

₹-0.7

Book value

₹-0.7

52-week high

—

52-week low

—

Key insights

Company research notes and source-linked reviews

Key risks

Sustained operating losses: negative OPM averaging -30% to -40% across all reported quarters, with quarterly net losses of ₹4–6 Cr eroding capital
Negative returns destroying shareholder value: ROE of -308.39% and 1-year share price decline of -52.54%
Thin and volatile revenue base: quarterly revenue swings ₹5–10 Cr without corresponding profitability recovery
Cement sector cyclicality and competitive intensity: verify whether losses reflect company-specific issues or industry-wide headwinds from demand contraction and oversupply

Generated analysis · source review pending

Growth drivers

Break-even to profitability: only Jun 2019 showed positive OPM of 0.75%; achieving sustained positive margins is prerequisite for any shareholder value creation
Cost structure optimization: current revenue base of ₹5–10 Cr quarterly operates at consistent losses suggesting fixed costs are too high relative to utilization; verify whether variable cost reduction or operational restructuring could improve OPM
Cement demand recovery in India: cyclical sector; verify whether near-term infrastructure spending and construction activity will drive capacity utilization and pricing improvement
Revenue scaling: if fixed costs are pinning down margins, higher revenue at current cost structure could return company to positive OPM; verify accessibility of market share or volume growth

Generated analysis · source review pending

2,153 historical price candles were omitted because the exchange source has not been verified.

₹13.3-10.5%1Y

Quick read

rule-based

Pros

+Revenue CAGR of 72.6% over the last 5 years
+High promoter holding of 66.5% with no pledge

Cons

−Low return on equity of -191.3% (3-yr avg)
−Thin operating margin of 3.1%
−Weak interest coverage of -0.2×

Research score

Structured signal from quality, growth, valuation and momentum.

50/100

Business quality: 0
Growth: 50
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

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

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Financials

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

Annual Quarterly

Standalone figures · ₹ crore · years without a filed annual are summed from quarters

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	68	22	26	29	32	28	3	0	347	311	435
COGS	-1	—	-6	-12	-9	9	3	0	72	82	121
Gross profit	—	—	—	—	—	20	1	-0	275	229	314
	60	27	40	48	50	31	23	40	236	241	300
Operating profit (EBITDA)	9	-5	-8	-7	-8	-11	-22	-40	39	-11	14
OPM %	13.7%	-22.7%	-32%	-23.6%	-25.9%	-38%	-647.6%	—	11.2%	-3.7%	3.1%
Depreciation	5	6	8	8	8	8	7	59	31	42	42
Interest	4	7	14	15	15	15	9	13	101	115	131
	0	0	0	0	0	4	4	3	2	7	4
Profit before tax	1	-29	-40	-29	-31	-29	-35	-109	-92	-162	-156
Tax	—	—	—	-8	-8	-8	-9	-28	-23	-20	-30
Tax %	—	—	—	-26.8%	-25.5%	-25.5%	-26.1%	-25.9%	-25.4%	-12.1%	-19.4%
	0	-21	-31	-21	-23	-22	-26	-80	-68	-142	-126
PAT margin %	0%	-94.8%	-119.4%	-72.4%	-70.5%	-77.2%	-735.5%	—	-19.7%	-45.8%	-28.9%
EPS (₹)	0	—	-1.6	-1.1	-1.2	-1.1	—	-4.1	-3.5	—	—
EPS adjusted (₹)	0	-1.1	-1.6	-1.1	-1.2	-1.1	-1.3	-4.1	-3.5	-4.8	-4.3
Annual report	Annual report for Mar 2016	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	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	Annual report for Mar 2026

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	40	37	39	39	39	39	39	39	39	59	59
Reserves	60	62	12	-9	-33	-56	-82	-117	-186	44	-81
	43	40	124	15	142	247	802	1,289	1,423	1,414	1,695
	40	40	30	157	64	73	139	181	265	184	243
Total equity & liabilities	183	179	204	202	211	302	898	1,391	1,542	1,701	1,915
	118	—	—	—	135	128	112	35	1,034	1,123	1,203
CWIP	7	7	1	0	2	29	460	890	110	105	21
Investments	0	—	—	—	—	0	0	0	0	—	—
	59	172	204	201	210	144	326	466	397	473	692
Total assets	183	179	204	202	211	302	898	1,391	1,542	1,701	1,915

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Ratios

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

Standalone figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	70.1%	22.8%	-4,700%	79.3%	73.6%	72.1%
EBITDA margin %	-23.6%	-25.9%	-38%	-647.6%	-4,02,700%	11.2%	-3.7%	3.1%
EBIT margin %	-49.6%	-50.2%	-65.4%	-851%	-9,92,600%	2.2%	-17.2%	-6.5%
PAT margin %	-72.4%	-70.5%	-77.2%	-735.5%	-8,04,700%	-19.7%	-45.8%	-28.9%
Working capital
Receivable days	37	16	24	3	2,91,635	0	1	0
Inventory days	98	107	511	1,544	24,546	226	288	232
Payable days	58	0	327	695	38,584	307	37	60
NWC days	77	123	208	853	2,77,598	-81	251	172
Leverage
Current ratio	0.11	0.1	0.42	0.39	0.63	0.5	0.56	0.28
Debt to EBITDA	—	—	—	—	—	36.5	—	125.24
Debt to equity	0.5	22.76	-14.27	-18.77	-16.46	-9.7	13.68	-77.2
Interest coverage	-1	-1.1	-1	-2.9	-7.5	0.1	-0.4	-0.2
Asset turnover	0.15	0.15	0.09	0	0	0.22	0.18	0.23
Return ratios
Return on assets %	-10.5%	-10.8%	-7.3%	-2.8%	-5.8%	-4.4%	-8.4%	-6.6%
Return on capital employed %	-12%	-41.6%	-11.2%	-6%	-11.2%	0.8%	-3.4%	-1.6%
Return on equity %	-72%	-366.9%	127.2%	59.7%	102.7%	46.5%	-137.8%	571.9%

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
	59.59%	59.59%	59.59%	66.44%	66.44%	66.44%	66.44%	66.44%	66.44%	66.44%	66.5%	66.5%
	0%	0.1%	0.1%	0.11%	0.11%	0.11%	0.11%	0.11%	0.11%	0.11%	0.11%	0.11%
	0.11%	0.11%	0.11%	0.07%	0.07%	0.07%	0.07%	0.07%	0.07%	0.07%	0.07%	0.07%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	40.3%	40.2%	40.2%	33.38%	33.38%	33.38%	33.38%	33.38%	33.38%	33.38%	33.32%	33.32%
No. of shareholders	—	—	—	—	—	—	—	—	56,800	56,064	55,238	54,974

Promoter holding up 6.91 percentage points since Sep 2023.

Girish MenonChief Financial Officer
Mr. MANOJ KUMAR RUSTAGIExecutive Director-CEO
Mr. NARINDER SINGH KAHLONNon-Executive - Non Independent Director
Mr. JAGDISH CHANDRA TOSHNIWALNon-Executive - Independent Director
Mr. SANJAY SHARMANon-Executive - Independent Director
Mr. SHOUVIK CHAKRABORTYNon-Executive - Non Independent Director
Ms. SUDESHNA BANERJEENon-Executive - Independent Director
Ms. Ishika SharmaCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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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 Shiva Cement Ltd. 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

Annual reports

Credit ratings

Pursuant to Regulation 30, read with Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulation 2015 ("Listing Regulations"), ....30 Oct 2025

Documents link to external sources (exchange filings, company investor pages).

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Events

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

1

Board meeting to consider results27 Jul 2026

1

Bonus 1:109 Dec 2010 · ex-date

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

11 announcementsExport CSV

30 Sept 2026, 4:18 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

29 Sept 2026, 7:25 pmCompany Update

Announcement under Regulation 30 (LODR)-Scheme of Arrangement

Scheme of Arrangement PDF

29 Sept 2026, 7:24 pmOthers

Board Meeting Outcome for Outcome Of The Board Meeting

Outcome without intimation PDF

28 Jul 2026, 11:34 amCompany Update

Announcement under Regulation 30 (LODR)-Press Release / Media Release

Press Release / Media Release PDF

27 Jul 2026, 7:52 pmResult

Outcome Of The Board Meeting Held On 27Th July, 2026

Financial Results PDF

27 Jul 2026, 7:30 pmBoard Meeting

Board Meeting Outcome for Outcome Of The Board Meeting Held On 27Th July 2026.

Outcome of Board Meeting PDF

23 Jul 2026, 6:35 pmCompany Update

Shiva Cement Ltd - 532323 - Intimation Under Regulation 30 Of The Securities And Exchange Board Of India (Listing Obligations And Disclosure Requirements) Regulations, 2015

General PDF

22 Jul 2026, 12:57 pmBoard Meeting

Board Meeting Intimation for Considering And Approving, Inter-Alia, The Unaudited Financial Results Of The Company For The Quarter Ended 30Th June, 2026.

Exchange filing PDF

Date	Category	Subject	Filing
30 Sept 2026, 4:18 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
29 Sept 2026, 7:25 pm	Company Update Scheme of Arrangement	Announcement under Regulation 30 (LODR)-Scheme of Arrangement

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	70.1%	22.8%	-4,700%	79.3%	73.6%	72.1%
EBITDA margin %	-23.6%	-25.9%	-38%	-647.6%	-4,02,700%	11.2%	-3.7%	3.1%
EBIT margin %	-49.6%	-50.2%	-65.4%	-851%	-9,92,600%	2.2%	-17.2%	-6.5%
PAT margin %	-72.4%	-70.5%	-77.2%	-735.5%	-8,04,700%	-19.7%	-45.8%	-28.9%
Working capital
Receivable days	37	16	24	3	2,91,635	0	1	0
Inventory days	98	107	511	1,544	24,546	226	288	232
Payable days	58	0	327	695	38,584	307	37	60
NWC days	77	123	208	853	2,77,598	-81	251	172
Leverage
Current ratio	0.11	0.1	0.42	0.39	0.63	0.5	0.56	0.28
Debt to EBITDA	—	—	—	—	—	36.5	—	125.24
Debt to equity	0.5	22.76	-14.27	-18.77	-16.46	-9.7	13.68	-77.2
Interest coverage	-1	-1.1	-1	-2.9	-7.5	0.1	-0.4	-0.2
Asset turnover	0.15	0.15	0.09	0	0	0.22	0.18	0.23
Return ratios
Return on assets %	-10.5%	-10.8%	-7.3%	-2.8%	-5.8%	-4.4%	-8.4%	-6.6%
Return on capital employed %	-12%	-41.6%	-11.2%	-6%	-11.2%	0.8%	-3.4%	-1.6%
Return on equity %	-72%	-366.9%	127.2%	59.7%	102.7%	46.5%	-137.8%	571.9%

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	14	35	-59	-5	-11	-4	-43	-110	253	-57	85
	-12	-40	-11	-3	-6	-75	-432	-342	-254	-210	-232
	-2	6	70	8	17	86	481	448	8	261	146
Net cash flow	-0	0	0	0	-0	7	5	-3	7	-5	-1
Free cash flow	—	-6	-71	-8	—	-84	-480	-459	-1	-57	85
CFO / Operating profit %	152.2%	—	—	—	—	—	—	—	648%	—	627.8%

Shiva Cement Ltd

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

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

Annual reports

Credit ratings

Events

Board meetings1

Bonus issues1

Announcements

Ratio timeline

Quarterly record

Board and management

Not in the F&O segment

Board meetings1

Bonus issues1

No fund holdings on record

Announcements

Annual reports

Credit ratings

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Return on equity

1

1

1

1