The Board approved the Unaudited Standalone Financial Results of the Company for the quarter and half year ended September 30, 2026. The financial results were reviewed by the Audit Committee and subsequently approved by the Board. The Statutory Auditors, M/s Shah Gupta & Co., Chartered Accountants, Mumbai, carried out a limited review of these results and issued a Limited Review Report.

Financial Performance (Quarter Ended September 30, 2026)

  • Revenue from operations: ₹11,270.01 lakh
  • Other income: ₹99.56 lakh
  • Total Income: ₹11,369.57 lakh
  • Total Expenses: ₹14,213.07 lakh (Breakdown: Cost of materials consumed ₹3,092.47 lakh; Changes in inventories (₹2,201.15) lakh; Employee benefits expense ₹676.76 lakh; Finance costs ₹3,533.02 lakh; Depreciation and amortisation expense ₹1,141.31 lakh; Power and fuel ₹5,288.91 lakh; Freight and forwarding expense ₹734.50 lakh; Other expenses ₹1,947.25 lakh)
  • Loss before exceptional items: (₹2,843.50) lakh
  • Exceptional items: Nil (compared to nil in Q1 FY27 and Q2 FY26, and (₹186.04) lakh in FY26)
  • Loss before tax: (₹2,843.50) lakh
  • Tax Expense - Deferred tax: (₹558.28) lakh
  • Net loss for the period: (₹2,285.22) lakh
  • Other comprehensive income: ₹15.21 lakh
  • Total comprehensive loss for the period: (₹2,270.00) lakh
  • Earnings per share (Basic and Diluted): (₹0.77)

Financial Performance (Half Year Ended September 30, 2026)

  • Revenue from operations: ₹26,419.44 lakh
  • Other income: ₹205.66 lakh
  • Total Income: ₹26,625.10 lakh
  • Total Expenses: ₹32,114.35 lakh
  • Loss before exceptional items: (₹5,489.25) lakh
  • Exceptional items: Nil
  • Loss before tax: (₹5,489.25) lakh
  • Tax Expense - Deferred tax: (₹1,069.23) lakh
  • Net loss for the period: (₹4,420.02) lakh
  • Other comprehensive income: ₹88.70 lakh
  • Total comprehensive loss for the period: (₹4,331.32) lakh
  • Earnings per share (Basic and Diluted): (₹1.50)

Comparative Figures

  • Q2 FY26 Net Loss: (₹3,272.97) lakh; H1 FY26 Net Loss: (₹6,300.50) lakh; FY26 Net Loss: (₹12,553.25) lakh
  • Paid-up equity share capital remained constant at ₹5,900.00 lakh (Face Value ₹2 per share)

Going Concern Note

Note 5 highlights a material uncertainty regarding the Company's ability to continue as a going concern. For the half-year ended September 30, 2026, the Company incurred a loss of ₹4,420.02 lakh, and accumulated losses amounted to ₹60,249.91 lakh as at that date.

Management's assessment supporting the use of the going concern basis includes:

  • Improved operational performance of the grinding unit
  • Commencement of dolomite mining operations from August 2026 following receipt of the Consent to Operate (CTO)
  • Implementation of strategic business initiatives
  • Proposed amalgamation with JSW Cement Limited pursuant to a Scheme of Arrangement approved by the Board on September 29, 2026 (subject to statutory, regulatory, and other approvals)

Based on this assessment and projected future cash flows, management believes the Company will generate adequate cash flows to meet its obligations. The financial results have been prepared on a going concern basis. The auditors' conclusion is not modified in respect of this matter.

Deferred Tax Asset Reassessment

As of September 30, 2026, the company reassessed its Net deferred tax assets and reversed opening deferred tax assets of ₹257.56 lakh, corresponding to unabsorbed losses not available for future utilization. Deferred tax assets are recognized only to the extent reasonably certain of utilization based on updated future projections.

Statement of Assets and Liabilities (As at September 30, 2026)

  • Total Assets: ₹196,113.74 lakh (Non-current: ₹177,272.75 lakh; Current: ₹18,840.99 lakh)
  • Property, Plant and Equipment: ₹112,865.12 lakh
  • Capital work-in-progress: ₹2,073.14 lakh
  • Inventories: ₹8,896.96 lakh
  • Cash and cash equivalents: ₹150.90 lakh
  • Total Equity: (₹6,526.74) lakh (Equity share capital: ₹5,900.00 lakh; Other equity: (₹12,426.74) lakh)
  • Total Liabilities: ₹202,640.48 lakh (Non-current: ₹141,795.35 lakh; Current: ₹60,845.13 lakh)
  • Borrowings: ₹167,957.56 lakh (Non-current: ₹139,849.59 lakh; Current: ₹28,107.97 lakh)

Statement of Cash Flow (Half Year Ended September 30, 2026)

  • Net cash generated from operating activities: ₹6,898.83 lakh
  • Net cash used in investing activities: (₹1,416.01) lakh
  • Net cash used in financing activities: (₹5,507.52) lakh
  • Net decrease in cash and cash equivalents: (₹24.70) lakh
  • Cash and cash equivalents at end of period: ₹150.90 lakh

Additional Information

  • The financial results are prepared in accordance with Indian Accounting Standards (Ind AS) and Regulation 33 of SEBI LODR.
  • The company has only one reportable operating segment (Cement and Cement related products) as per IND AS 108.
  • This intimation is available on the company website at https://shivacement.com/.