Financial Performance Highlights

Quarterly Performance (₹ in lakhs)

  • Revenue from operations: Q2 FY27: 16,598; Q1 FY27: 14,217; Q2 FY26: 7,785
  • Total income: Q2 FY27: 16,695; Q1 FY27: 14,336; Q2 FY26: 7,844
  • Loss before tax: Q2 FY27: (3,766); Q1 FY27: (4,777); Q2 FY26: (4,192)
  • Net loss: Q2 FY27: (2,835); Q1 FY27: (3,593); Q2 FY26: (4,192)
  • Earnings per share (Basic): Q2 FY27: (3.08); Q1 FY27: (3.90); Q2 FY26: (4.55)

Six-Month Performance (₹ in lakhs)

  • Revenue from operations: H1 FY27: 30,815; H1 FY26: 17,738; FY26: 44,249
  • Total income: H1 FY27: 31,031; H1 FY26: 17,902; FY26: 45,239
  • Loss before tax: H1 FY27: (8,543); H1 FY26: (7,154); FY26: (15,648)
  • Net loss: H1 FY27: (6,428); H1 FY26: (7,154); FY26: (6,716)
  • Earnings per share (Basic): H1 FY27: (6.98); H1 FY26: (7.76); FY26: (7.29)

Expense Breakdown (Q2 FY27, ₹ in lakhs)

  • Cost of materials consumed: 2,706
  • Changes in inventories: (2,154)
  • Employee benefits expense: 438
  • Finance costs: 3,179
  • Depreciation and amortization: 2,106
  • Power and fuel expense: 8,526
  • Freight and forwarding expense: 3,947
  • Other expenses: 1,713

Tax Impact

  • Deferred tax benefit: Q2 FY27: (931); Q1 FY27: (1,184); H1 FY27: (2,115); FY26: (8,932)
  • Current tax: Nil for all periods

Balance Sheet Position (as of September 30, 2026, ₹ in lakhs)

  • Total assets: 149,996 (March 31, 2026: 142,006)
  • Non-current assets: 130,628 (March 31, 2026: 123,073)
  • Property, plant and equipment: 102,101 (95,941)
  • Deferred tax assets (net): 24,003 (21,890)
  • Current assets: 19,368 (18,933)
  • Inventories: 6,796 (8,129)
  • Trade receivables: 6,376 (4,640)
  • Cash and cash equivalents: 28 (21)
  • Equity: 1,650 (8,074)
  • Equity share capital: 9,217 (9,217)
  • Other equity: (7,567) ((1,143))
  • Non-current liabilities: 112,626 (105,478)
  • Borrowings: 106,891 (101,216)
  • Current liabilities: 35,720 (28,454)
  • Borrowings: 11,486 (10,248)

Cash Flow Statement (Six months ended September 30, 2026, ₹ in lakhs)

  • Net cash from operating activities: 6,522 (H1 FY26: 199)
  • Net cash used in investing activities: (8,612) (H1 FY26: (13,514))
  • Net cash from financing activities: 2,097 (H1 FY26: 13,318)
  • Net increase in cash: 7 (H1 FY26: 3)
  • Cash and cash equivalents at end: 28 (H1 FY26: 22)

Key Operational and Strategic Updates

Ownership Structure

  • Parent company Sagar Cements Limited reduced its stake from 90.00% to 75.00% in previous year through Offer for Sale of 1,38,25,821 equity shares to meet Minimum Public Shareholding requirements.

Amalgamation Scheme

  • Board approved Scheme of Amalgamation on June 5, 2026, for merger into Sagar Cements Limited with effect from April 1, 2026.
  • Scheme subject to approvals from Stock Exchanges, SEBI, shareholders, creditors, NCLT, and other regulatory authorities.

Accounting Treatment

  • Reversed Mineral Bearing Lands (MBL) Cess provision of ₹118.04 lakhs based on management assessment and external legal opinion following Mines and Minerals Amendment Act, 2026.
  • Deferred tax assets recognized based on projected future taxable income under Section 115BAA of Income-tax Act, 1961.

Audit and Review

  • Statutory auditors B S R and Co issued unmodified limited review report.
  • Financial results prepared in accordance with Indian Accounting Standards (Ind AS) and SEBI LODR Regulations.
  • Company operates in single business segment of cement and cement related products.

Meeting Details

  • Board meeting held on October 30, 2026, from 2:30 p.m. to 3:30 p.m.
  • Results reviewed by Audit Committee and approved by Board of Directors.