Panyam Cements & Mineral Industries Ltd (500322)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Panyam Cements' revenue was ₹35.3 Cr, and net profit ₹-23.0 Cr (a bigger loss than a year earlier); the operating margin was -29.6%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹35.3 | — | -12.1% |
| Operating profit | ₹-10.5 | loss widened | loss narrowed |
| Net profit | ₹-23.0 | loss widened | to loss |
| EPS (₹) | -28.69 | loss widened | to loss |
| Operating margin | -29.6% | — | — |
📢 Recent Corporate Announcements
Panyam Cements and Mineral Industries Ltd has submitted its monthly report regarding share transfer requests re-lodged under SEBI's special physical window. As per RTA XL Softech Systems Ltd, nil requests were received, processed, approved, or rejected during September 2026. The submission complies with SEBI circular requirements and entails zero operational or financial impact on the company.
- Nil requests received for re-lodgement of physical shares during September 2026
- Nil requests processed, approved, or rejected in the reporting period
- Filing made pursuant to SEBI Circular No. SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/97 dated July 2, 2025
Panyam Cements & Mineral Industries announced the appointment of Mr. Sunki Reddy Pitchi Reddy as Chief Financial Officer (KMP) effective September 29, 2026. Pitchi Reddy brings over 30 years of experience across accounts, corporate compliance, and taxation. Additionally, the Board approved the un-audited financial results for the quarter ended June 30, 2026. The leadership change comes as the micro-cap company navigates an indebted balance sheet with Rs 385 Cr in debt and negative net worth of Rs -237 Cr.
- Appointment of Mr. Sunki Reddy Pitchi Reddy as CFO and KMP effective September 29, 2026
- New CFO brings over 30 years of experience in finalization of accounts and corporate compliance
- Board approved un-audited financial results for the quarter ended June 30, 2026
- Full-time appointment confirmed following the Board meeting concluded at 1:30 p.m. on September 29, 2026
Panyam Cements & Mineral Industries announced the appointment of Mr. Sunki Reddy Pitchi Reddy as Chief Financial Officer (KMP) effective September 29, 2026. Pitchi Reddy brings over 30 years of experience across accounts, corporate compliance, and taxation. Additionally, the Board approved the un-audited financial results for the quarter ended June 30, 2026. The leadership change comes as the micro-cap company navigates an indebted balance sheet with Rs 385 Cr in debt and negative net worth of Rs -237 Cr.
- Appointment of Mr. Sunki Reddy Pitchi Reddy as CFO and KMP effective September 29, 2026
- New CFO brings over 30 years of experience in finalization of accounts and corporate compliance
- Board approved un-audited financial results for the quarter ended June 30, 2026
- Full-time appointment confirmed following the Board meeting concluded at 1:30 p.m. on September 29, 2026
Panyam Cements reported a net loss of ₹23.02 Cr for Q1 FY27 (ended June 30, 2026), worsening compared to a net loss of ₹18.89 Cr in Q1 FY26, though narrowing from a loss of ₹33.21 Cr in Q4 FY26. Revenue from operations stood at ₹35.34 Cr for the quarter, compared to ₹0.30 Cr reported in Q1 FY25. High fuel and power expenses (₹23.97 Cr) and finance costs (₹11.63 Cr) heavily pressured operating margins. Additionally, the Board appointed Sunki Reddy Pitchi Reddy as Chief Financial Officer effective September 29, 2026.
- Revenue from operations was ₹3,534.42 Lakhs (₹35.34 Cr) in Q1 ended June 30, 2026
- Net loss for the quarter stood at ₹2,301.57 Lakhs (₹23.02 Cr) vs ₹1,888.89 Lakhs in Q1 FY26
- Power and fuel expenses accounted for ₹2,396.71 Lakhs, exceeding 67% of operational revenue
- Finance costs remained elevated at ₹1,163.34 Lakhs for the quarter
- Appointed Sunki Reddy Pitchi Reddy as Chief Financial Officer effective September 29, 2026
Panyam Cements reported a net loss of ₹23.02 Cr for Q1 FY27 (ended June 30, 2026), worsening compared to a net loss of ₹18.89 Cr in Q1 FY26, though narrowing from a loss of ₹33.21 Cr in Q4 FY26. Revenue from operations stood at ₹35.34 Cr for the quarter, compared to ₹0.30 Cr reported in Q1 FY25. High fuel and power expenses (₹23.97 Cr) and finance costs (₹11.63 Cr) heavily pressured operating margins. Additionally, the Board appointed Sunki Reddy Pitchi Reddy as Chief Financial Officer effective September 29, 2026.
- Revenue from operations was ₹3,534.42 Lakhs (₹35.34 Cr) in Q1 ended June 30, 2026
- Net loss for the quarter stood at ₹2,301.57 Lakhs (₹23.02 Cr) vs ₹1,888.89 Lakhs in Q1 FY26
- Power and fuel expenses accounted for ₹2,396.71 Lakhs, exceeding 67% of operational revenue
- Finance costs remained elevated at ₹1,163.34 Lakhs for the quarter
- Appointed Sunki Reddy Pitchi Reddy as Chief Financial Officer effective September 29, 2026
Panyam Cements has informed the exchange that it will not be able to submit its unaudited financial results for the quarter ended June 30, 2026, by the regulatory deadline of August 14, 2026. The company attributed the delay to ongoing audit procedures and verification processes required to ensure accuracy and compliance. This delay occurs against a backdrop of financial stress, with the company reporting a TTM loss of ₹38 Cr and a negative net worth of ₹237 Cr. Such reporting delays are often viewed with caution by the market as they postpone transparency on operational recovery.
- Company failed to meet the August 14, 2026, deadline for Q1 FY27 results submission.
- The delay is attributed to incomplete audit procedures and verification processes.
- Company carries a significant debt of ₹385 Cr against a market cap of only ₹91 Cr.
- Net worth remains deeply negative at -₹237 Cr as per the latest financial context.
- Promoter holding is extremely high at 95.0%, indicating very low public float and liquidity.
Panyam Cements has announced that its Chief Financial Officer, Mr. P V N L Anil Kumar, has resigned to pursue outside opportunities, effective August 25, 2026. This leadership change occurs while the company faces significant financial distress, including a negative net worth of ₹-237 Cr and a high debt load of ₹385 Cr. Given the TTM revenue of ₹85 Cr and ongoing losses (₹-38 Cr TTM PAT), the CFO's role is critical for managing creditor relations and potential restructuring. Investors should monitor the timeline for appointing a successor with experience in turnaround situations.
- CFO Mr. P V N L Anil Kumar to step down effective August 25, 2026
- Company carries a debt of ₹385 Cr against a market cap of only ₹91 Cr
- Net worth stands at ₹-237 Cr, indicating severe balance sheet stress
- TTM revenue of ₹85 Cr is significantly lower than the total outstanding debt
Panyam Cements & Mineral Industries Ltd has announced the resignation of its Chief Financial Officer, Mr. P V N L Anil Kumar, effective August 25, 2026. This leadership change occurs while the company faces significant financial distress, including a negative net worth of ‡-237 Cr and a high debt load of ‡385 Cr. The company reported a TTM loss of ‡38.5 Cr on revenue of ‡85 Cr, with operating margins at -32.8%. Investors should note that the CFO is leaving to pursue outside opportunities, leaving a critical vacancy in a company requiring urgent financial turnaround.
- CFO Mr. P V N L Anil Kumar to step down effective August 25, 2026
- Company is managing a total debt of ‡385 Cr against a market cap of only ‡91 Cr
- Net worth remains deeply negative at ‡-237 Cr as per latest financial context
- TTM revenue stands at ‡85 Cr with a net loss of ‡38.5 Cr
- Promoter holding is exceptionally high at 95.0%, indicating limited public float
Panyam Cements & Mineral Industries Ltd has reported its audited financial results for the year ended March 31, 2026. The statutory auditors have issued an 'Emphasis of Matter' regarding the company's ability to continue as a going concern, citing negative net worth and persistent cash losses. With a TTM revenue of only Rs 45 Cr against a massive debt of Rs 385 Cr, the company's financial position remains extremely precarious. The accounts were prepared on a going concern basis despite current liabilities exceeding current assets.
- Auditors highlighted negative net worth and excess of current liabilities over current assets in Note No 9.
- Company reported continued cash losses for the quarter and year ended March 31, 2026.
- Debt stands at Rs 385 Cr, which is approximately 8.5x the TTM revenue of Rs 45 Cr.
- Promoter holding remains exceptionally high at 95.0%, leaving a very thin public float.
- Auditors issued an 'Emphasis of Matter' regarding the going concern assumption.
Panyam Cements & Mineral Industries Ltd has released its audited financial results for the year ended March 31, 2026. The statutory auditors have included an 'Emphasis of Matter' regarding the company's ability to continue as a going concern due to its negative net worth (Rs -237 Cr) and persistent cash losses. With a debt of Rs 385 Cr against a TTM revenue of just Rs 45 Cr, the company faces significant liquidity challenges. Despite these factors, the financial statements have been prepared on a going concern basis.
- Auditors issued an Emphasis of Matter regarding Note No 9 concerning going concern status.
- Company reported a negative net worth of Rs -237 Cr as per latest financial context.
- Total debt stands at Rs 385 Cr, which is approximately 4.1x the company's current market capitalization of Rs 93 Cr.
- TTM revenue of Rs 45 Cr is significantly lower than the FY24 revenue of Rs 120 Cr, indicating a sharp operational decline.
- Promoter holding remains high at 95.0%, leaving very low public float.
Panyam Cements & Mineral Industries has scheduled a board meeting for July 27, 2026, to approve audited financial results for Q4 and the full year ended March 31, 2026. The company is currently under significant financial stress, reporting a TTM net loss of ₹88 Cr and a negative net worth of ₹237 Cr. With a debt of ₹385 Cr against a market cap of only ₹82 Cr, the upcoming results are critical for assessing solvency. The trading window has remained closed since April 1, 2026.
- Board meeting scheduled for July 27, 2026, to approve FY26 audited results.
- Trading window for insiders has been closed since April 1, 2026.
- Company reported a TTM loss of ₹88 Cr as of the latest available data.
- Debt levels remain high at ₹385 Cr, significantly exceeding the ₹82 Cr market capitalization.
- Promoter holding remains concentrated at 95.0% as of June 2026.
Mr. Chiluka Seshi Kumar has resigned from his position as Company Secretary, Compliance Officer, and Key Managerial Person (KMP) of Panyam Cements & Mineral Industries Ltd. The resignation is effective from the close of business hours on July 18, 2026. He is departing to pursue opportunities outside the company. This is a mandatory regulatory role that the company will need to fill to maintain compliance with SEBI norms.
- Resignation of Mr. Chiluka Seshi Kumar as Company Secretary and Compliance Officer.
- Effective date of resignation is the closure of business hours on July 18, 2026.
- The role is classified as a Key Managerial Person (KMP) under SEBI (LODR) Regulations.
- The reason for departure is to pursue external opportunities.
Mr. Chiluka Seshi Kumar has resigned from his role as the Company Secretary and Compliance Officer of Panyam Cements & Mineral Industries Ltd. The resignation is effective from the close of business hours on July 18, 2026. He is departing to pursue other professional opportunities outside the organization. As a Key Managerial Person (KMP), his role is vital for regulatory compliance and corporate governance. The company is now required to appoint a successor to fulfill these statutory obligations.
- Resignation of Mr. Chiluka Seshi Kumar as CS and KMP effective July 18, 2026
- The resignation was formally communicated to the board on July 17, 2026
- Disclosure follows SEBI Circular SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023
Financial Performance
Revenue Growth by Segment
Total Operating Income grew by 209.11% YoY to INR 120.12 Cr in FY24 from INR 38.86 Cr in FY23. In H1FY25, revenue reached INR 62.14 Cr, an 80% increase compared to H1FY24, driven by the stabilization of cement manufacturing operations and the shift to in-house clinker production.
Geographic Revenue Split
The company primarily serves the South Indian market, with 100% of revenue currently derived from Andhra Pradesh, Telangana, Karnataka, Tamil Nadu, Goa, and Kerala. Proximity to these regions helps optimize logistics costs for its cement and clinker products.
Profitability Margins
The company reported a Net Profit Margin of -107% in FY25 compared to -46% in FY24. Operating Profit Margin stood at -64% in FY25 vs -36% in FY24. The decline is attributed to high finance costs and the nascent stage of operations following the NCLT restructuring phase.
EBITDA Margin
EBITDA margin was -26.49% in FY24, an improvement from -67.35% in FY23. Despite the improvement in percentage terms, absolute EBITDA remained negative at INR -31.82 Cr in FY24 due to high fixed costs and under-utilization of capacity during the initial ramp-up phase.
Capital Expenditure
The company has invested in limestone mining and clinker production facilities, mining 248,000 Tonnes of limestone in FY25. While specific INR Cr figures for future capex are not disclosed, the management is evaluating strategic solutions for waste heat recovery and solar energy systems to manage long-term costs.
Credit Rating & Borrowing
The company's long-term rating was upgraded to IVR BB/Stable in December 2024 from IVR BB-/Negative (Issuer Not Cooperating). Short-term facilities are rated IVR A4. The company faces high finance costs as a capital-intensive business, with interest coverage remaining weak at -0.28x in FY25.
Operational Drivers
Raw Materials
Key raw materials include Limestone (the primary input), Clinker (now produced in-house), Coal, Gypsum, and Iron Ore. Limestone is sourced from captive quarries, while other materials are purchased locally.
Import Sources
Raw materials like coal, gypsum, and iron ore are primarily sourced locally from the states of Andhra Pradesh and Telangana to minimize transportation expenses.
Key Suppliers
Not specifically disclosed in the documents, though the company transitioned from purchasing clinker from the secondary market to in-house production in March 2023 to improve supply chain control.
Capacity Expansion
Current production for FY25 included 180,511 Tonnes of Clinker and 226,992 Tonnes of Cement. The company is leveraging its strategic location near high-quality limestone mines to expand its market footprint across South India.
Raw Material Costs
Raw material costs are a significant portion of the cost structure; the company moved to in-house clinker production to reduce reliance on expensive secondary market purchases, which previously impacted margins.
Manufacturing Efficiency
The company produced 226,992 Tonnes of cement in FY25, including 103,041 Tonnes of OPC and 56,179 Tonnes of PPC. Efficiency is being targeted through better operating cycles and reduced coal consumption.
Logistics & Distribution
Distribution is a major cost driver; the company dispatched 231,124 Tonnes of cement in FY25. High freight costs and inadequate infrastructure in the operating regions are cited as primary operational concerns.
Strategic Growth
Expected Growth Rate
6-7%
Growth Strategy
The company aims to achieve growth by expanding its footprint into Karnataka, Tamil Nadu, Goa, and Kerala. It has transitioned to 100% in-house clinker production to improve margins and is focusing on blended cement (PPC) and green energy to reduce costs and meet ESG standards.
Products & Services
The company sells Ordinary Portland Cement (OPC), OPC Bulk, Portland Pozzolana Cement (PPC), and Clinker.
Brand Portfolio
Panyam Cements (PCMIL).
New Products/Services
The company is proactively exploring opportunities in 'Green Cement' and blended cement varieties to cater to increasing ESG scrutiny in the construction sector.
Market Expansion
Target regions include the neighboring states of Karnataka, Telangana, Tamil Nadu, Goa, and Kerala, leveraging the plant's strategic location in Andhra Pradesh.
Market Share & Ranking
Not disclosed; the company is currently in a nascent stage of operations under new management and faces intense competition from major established cement players.
Strategic Alliances
The company underwent a restructuring phase under NCLT and is now under the stewardship of new promoter Dr. Jagathrakshakan Srinisha.
External Factors
Industry Trends
The Indian cement industry is the 2nd largest globally, expected to add 150-160 MT capacity by FY28. Demand is projected to grow 4-5% in FY25, driven by urban housing and infrastructure.
Competitive Landscape
Faces intense competition from large-scale national players who have better economies of scale and stronger brand recognition in the South Indian market.
Competitive Moat
The primary moat is the proximity to high-quality limestone mines and a strategic location that allows for lower logistics costs to five key South Indian states. However, this is challenged by the 'nascent stage' of the new management's brand building.
Macro Economic Sensitivity
Highly sensitive to infrastructure spending and real estate trends. A slowdown in government infrastructure projects (Gati Shakti) would directly reduce demand for OPC and PPC cement.
Consumer Behavior
Increasing demand for blended cement (PPC) due to environmental consciousness and the need for durable, cost-effective construction materials.
Geopolitical Risks
Global price trends in coal and fuel impact production costs, as the cement industry is highly sensitive to energy commodity inflation.
Regulatory & Governance
Industry Regulations
Operations are subject to strict pollution norms and carbon emission regulations. Compliance requires substantial investment in cleaner technologies, increasing production costs.
Environmental Compliance
The company is under scrutiny for carbon intensity and is exploring waste heat recovery and solar energy to comply with tightening ESG regulations.
Taxation Policy Impact
The industry faces heavy taxes and royalty levies on limestone mining, which increases the base cost of production.
Legal Contingencies
The company recently emerged from NCLT restructuring. While specific pending court case values are not listed, the company notes that negative perceptions from previous management's operations may impact public relations.
Risk Analysis
Key Uncertainties
Liquidity is 'Stretched' with inadequate cash accruals to service debt obligations starting August 2025. There is a high dependency on promoter fund infusion to meet shortfalls.
Geographic Concentration Risk
High concentration in South India, specifically Andhra Pradesh and Telangana, making it vulnerable to regional economic shifts and local cement price wars.
Third Party Dependencies
While clinker is now in-house, there is a high dependency on external suppliers for coal and fuel, where price volatility directly impacts the bottom line.
Technology Obsolescence Risk
Risk of falling behind larger competitors who are more advanced in green cement technology and digital supply chain optimization.
Credit & Counterparty Risk
Current ratio and quick ratio are below unity at 0.53x and 0.23x respectively, indicating significant short-term liquidity risk and potential difficulty in meeting immediate liabilities.
