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Sagar Cements Q3 FY26: Revenue up 5% to ₹591 Cr, EBITDA Flat at ₹38 Cr
Sagar Cements reported a 5% YoY revenue growth to ₹591 crore in Q3 FY26, supported by an 8% increase in sales volume. However, EBITDA remained flat at ₹38 crore with a low EBITDA per tonne of ₹254, resulting in a net loss of ₹64 crore for the quarter. Management has revised its FY26 volume guidance to 6 million tonnes and expects a recovery in Q4 with an EBITDA per tonne target of ₹550. Significant progress was noted in expansion projects, including the commissioning of a new preheater at Andhra Cements and the expected completion of the Jeerabad expansion by Q1 FY27.
Key Highlights
Revenue grew 5% YoY to ₹591 crore, while sales volume increased 8% YoY.
EBITDA per tonne stood at ₹254 for Q3, with a full-year FY26 target of ₹500-525.
Gross debt as of December 31, 2025, was ₹1,627 crore with a debt-equity ratio of 0.78:1.
Power and fuel costs reduced to ₹1,408 per tonne from ₹1,456 per tonne in the previous year.
Volume target for FY27 set at 7 million tonnes following capacity expansions at Jeerabad and Dachepalli.
💼 Action for Investors
Investors should closely monitor the company's ability to transition to profitability in Q4 FY26 as guided by management. While expansion projects provide long-term volume growth potential, the current net loss and high debt levels necessitate a cautious outlook until operational efficiencies at the Andhra Cements unit are fully realized.