Company Overview
Shiva Cement Limited (Scrip Code: 532323), a subsidiary of JSW Cement Limited and part of the JSW Group, reported mixed financial results for FY 2025-26. The company achieved significant revenue growth of 39.8% to ₹4,351.7 crore but recorded a net loss of ₹125.5 crore, reducing from ₹142.5 crore in FY25. Accumulated losses reached ₹559.19 crore, resulting in negative net worth, though management maintains a going concern basis supported by financial backing from JSW Cement Limited.
Operational Performance & Expansion
The company commissioned its 1 MTPA cement grinding unit at Sambalpur, Odisha through partnership with Bhushan Power & Steel Limited, achieving 93% clinker plant utilization. Sustainability initiatives included 60% power from waste heat recovery and 12% thermal substitution rate using alternative fuels. CSR spending of ₹2.95 crore benefited 96,387 people across healthcare, education, and livelihood programs.
Financial Structure & Liabilities
Finance costs increased 13.55% to ₹1,310.4 crore, while borrowings from holding company JSW Cement Limited stood at ₹805.5 crore. The company maintained 'CRISIL A+/Stable' and 'CRISIL AA- (CE)/Stable' ratings on various facilities. Contingent liabilities included tax matters of ₹304.9 crore and royalty disputes of ₹111.5 crore.
Employee Benefits Impact
The implementation of new Labour Codes resulted in a ₹186.0 lakh past service cost expense for gratuity obligations, recognized as an exceptional item. The total defined benefit cost for gratuity was ₹257.0 lakhs for FY26, with present value of gratuity obligation at ₹498.3 lakhs.
Related Party Transactions
Significant transactions included sales to JSW Cement Limited of ₹3,028.1 crore and purchases from Bhushan Power & Steel Limited of ₹222.1 crore. Loan transactions with JSW Cement Limited involved ₹16,515.0 lakhs received and interest payments of ₹4,878.4 lakhs.
Governance & AGM Details
The 40th Annual General Meeting is scheduled for July 17, 2026, to adopt audited financial statements and re-appoint director Mr. Shouvik Chakraborty. The board includes Mr. Manoj Kumar Rustagi as Whole-time Director & CEO, with appropriate committee structures in place.
Regulatory Compliance & Outlook
The company confirmed compliance with SEBI regulations and various statutory requirements. Management remains focused on maximizing utilization of newly commissioned facilities, expanding value-added products, and continuing operational improvements despite challenging financial conditions.