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Sagar Cements Limited (SAGCEM)

₹136.02 -1.33% last close, 16 Oct

📊 NSE: SAGCEM 🏢 Cement - South India 📢 Latest filing: 07 Oct 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q4 FY26)

In its latest reported quarter, Q4 FY26, Sagar Cements' revenue was ₹787 Cr (+19.6% year on year, +33.3% on the previous quarter), and net profit ₹100 Cr (against a loss a year earlier); the operating margin was 10.4%.

Q4 FY26 (₹ Cr)	Value	YoY vs Q4 FY25	QoQ
Revenue	₹787	+19.6%	+33.3%
Operating profit	₹81.5	+121.5%	+116.5%
Net profit	₹100	from loss	from loss
EPS (₹)	7.65	from loss	from loss
Operating margin	10.4%	—	—

Full quarterly financials → Results calendar →

SAGCEM delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 75.72% of the SAGCEM shares traded on NSE were taken to delivery, against the stock's own 20-session average of 65.2%. That is close to its usual level. It traded 2.0 times its average daily volume.

75.72%Delivery, 16 Oct

65.2%Own 20-session average

2.0×Volume vs its average

₹136.02NSE close · -1.33%

Delivery in the last 5 sessions: 64.3% · 64.8% · 79.7% · 69.7% · 75.7%

Delivery across the market →Unusual volume today →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Sagar Cements Submits Demat Compliance Certificate for Q2 Ended September 30, 2026

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 07 Oct 2026, 04:21 PM

Sagar Cements Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate from RTA KFin Technologies Limited covers the quarter ended September 30, 2026. It confirms that all dematerialization requests received within 15 days were verified, processed, and the physical share certificates mutilated and cancelled. This is a standard quarterly regulatory compliance intimation with zero financial or operational impact.

Compliance certificate submitted for the quarter ended September 30, 2026
Confirmation provided by Registrar and Share Transfer Agent KFin Technologies Limited on October 07, 2026
Dematerialization requests confirmed or rejected within the mandated 15-day timeline for the period July 1, 2026 to September 30, 2026

💡 No action required. Investors should track Sagar Cements' upcoming Q2 financial results for operational performance and cement volume updates.

Subsidiary ACL Expands Capacity to 3.00 MTPA; Group Total Reaches 11.75 MTPA

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 28 Sep 2026, 06:01 PM

Sagar Cements announced that its subsidiary, Andhra Cements Limited (ACL), has commissioned an expansion in cement grinding capacity from 1.82 MTPA to 3.00 MTPA at Sri Durga Cement Works in Dachepalli, Andhra Pradesh. This addition of 1.18 MTPA increases Sagar Cements' total group cement manufacturing capacity to 11.75 MTPA, representing a ~11.2% capacity increase. The expansion will bolster volume potential for the company, which reported TTM revenue of Rs 2,650 Cr and an operating profit margin of 11.0%.

ACL grinding capacity expanded from 1.82 MTPA to 3.00 MTPA (+1.18 MTPA)
Total group cement manufacturing capacity raised to 11.75 MTPA
Expansion commissioned at Sri Durga Cement Works, Dachepalli, Palnadu District
Commissioning expands overall group production capacity base by ~11.2%

💡 Track capacity utilization ramp-up and volume growth in forthcoming quarterly disclosures, alongside regional pricing dynamics in southern markets.

Sagar Cements Q1: 13% Volume Growth; Targets 7 MT for FY27 Amid ₹1,704 Cr Gross Debt

🟡 NEUTRAL ⭐ 6/10

EARNINGS 📅 30 Jul 2026, 05:12 PM

Sagar Cements reported a 13% YoY volume growth in Q1 FY27, though revenue grew only 5% due to stable realizations. The company posted a net loss of ₹28 crore for the quarter, with EBITDA per tonne at ₹451, compressed by higher fuel costs of ₹1,484 per tonne. Management has maintained a volume guidance of 7 million tonnes for FY27 and expects EBITDA per tonne to improve to ₹500-₹550. Gross debt remains high at ₹1,704 crore, with a focus on deleveraging through land monetization and operational cash flows over the next two years.

Achieved 13% YoY volume growth in Q1 FY27, targeting 7 million tonnes for the full year.
EBITDA per tonne stood at ₹451 for the quarter, with management guiding for ₹500-₹550 for FY27.
Gross debt reported at ₹1,704 crore as of June 30, 2026, with a debt-to-equity ratio of 0.78:1.
Completed 0.5 MTPA expansion at Jeerabad; 0.75 MTPA expansion at Andhra Cements expected by end of Q2 FY27.
Power and fuel costs increased to ₹1,484 per tonne from ₹1,450 per tonne in the previous year.

💡 Watch for the successful commissioning of the 0.75 MTPA Andhra Cements expansion by the end of Q2 FY27 and the progress of land monetization at Vizag to reduce the high debt burden.

Sagar Cements releases Q1 FY27 analyst call recording; focus on 0.5 MTPA Jeerabad plant

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 28 Jul 2026, 03:30 PM

Sagar Cements has shared the recording link for its Q1 FY27 analyst call held on July 28, 2026. This follows the announcement of un-audited financial results for the quarter ended June 30, 2026. The call is expected to provide updates on the operationalization of the 0.5 MTPA Jeerabad grinding plant, which was scheduled for commissioning by March 2026. Given the company's TTM revenue of Rs 2,650 Cr and a significant PAT turnaround to Rs 100.05 Cr in Mar 2026, management commentary on volume growth and pricing sustainability is key.

Recording link provided for the analyst meet held on July 28, 2026, regarding Q1 FY27 results.
Covers un-audited standalone and consolidated financial results for the quarter ended June 30, 2026.
Follows the prior intimation of the meeting sent to exchanges on July 22, 2026.
Management commentary likely addresses the 0.5 MTPA Jeerabad plant intended to contribute to volumes from Q1 FY27.

💡 Investors should listen to the recording to understand if the negative EBITDA per ton of Rs 498 seen in H1 FY26 has been structurally corrected through the new capacity and preheater upgrades.

Sagar Cements Q1 FY27: Revenue up 5% to ₹706 Cr, but PAT slips to ₹28 Cr Loss

🔴 NEGATIVE ⭐ 7/10

EARNINGS 📅 27 Jul 2026, 06:35 PM

Sagar Cements reported a 13% YoY growth in sales volume to 1.61 MnT for Q1 FY27, driving a 5% increase in revenue to ₹706.07 Cr. However, profitability was severely impacted by a 6% drop in realizations and a 3% rise in total expenditure per ton, leading to a 40% decline in EBITDA to ₹72.42 Cr. The company posted a net loss of ₹28.10 Cr compared to a profit of ₹7.49 Cr in the previous year's quarter. Despite the loss, the company commissioned 0.50 MTPA of new capacity at Jeerabad and maintains a volume guidance of 7 million MT for FY27.

Sales volume grew 13% YoY to 1.61 MnT, but EBITDA per ton crashed 47% to ₹451 from ₹851
Revenue increased 5% YoY to ₹706.07 Cr, representing approximately 27% of TTM revenue
Net loss of ₹28.10 Cr recorded against a profit of ₹7.49 Cr in Q1 FY26
Capacity utilization improved by 660 bps to 63% during the quarter
Successfully commissioned 0.50 MTPA expansion at Jeerabad and 1.55 MW WHRS at Gudipadu

💡 Monitor the recovery in cement realizations and the operational ramp-up of the newly commissioned Jeerabad capacity to see if it can offset current cost pressures.

Rs 28.1 Cr Consolidated Net Loss in Q1 FY27; Revenue Grows but Margins Under Pressure

🔴 NEGATIVE ⭐ 7/10

EARNINGS 📅 27 Jul 2026, 04:34 PM

Sagar Cements reported a consolidated net loss of Rs 28.10 Cr for Q1 FY27, a significant reversal from a profit of Rs 7.49 Cr in the same quarter last year. While standalone revenue grew 8.3% YoY to Rs 471.81 Cr, the company faced substantial margin pressure, with power and fuel costs alone consuming nearly 32% of standalone revenue. The company is currently progressing with the merger of its subsidiary, Andhra Cements Limited, following a stake reduction to 75% to meet public shareholding norms.

Consolidated net loss of Rs 28.10 Cr in Q1 FY27 vs a profit of Rs 7.49 Cr in Q1 FY26
Standalone revenue increased 8.3% YoY to Rs 471.81 Cr from Rs 435.75 Cr
Power and fuel expenses stood at Rs 150.31 Cr, representing 31.8% of standalone revenue
Consolidated EPS turned negative at Rs -2.15 compared to Rs 0.57 in the year-ago period
Proposed merger with Andhra Cements approved with an appointed date of April 1, 2026

💡 Investors should monitor the realization (selling price) trends in South India and the progress of the Andhra Cements merger, which aims to streamline the corporate structure.

Sagar Cements to host Q1 FY27 earnings call on July 28, 2026

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 22 Jul 2026, 02:33 PM

Sagar Cements has scheduled its Q1 FY27 earnings call for July 28, 2026, following the release of financial results on July 27. This call is particularly significant as it will cover the first full quarter of operations for the 0.5 MTPA Jeerabad grinding plant, which was expected to start contributing to volumes in Q1 FY27. The company is coming off a volatile period, having reported a TTM revenue of Rs 2,650 Cr and a net profit of Rs 100.05 Cr in the most recent March 2026 quarter after several loss-making periods. Investors will be looking for updates on margin recovery and the impact of recent kiln upgrades at the Dachepalli plant.

Earnings call scheduled for July 28, 2026, at 11:00 AM IST via Zoom
Financial results for Q1 FY27 to be officially released on July 27, 2026
Management to discuss performance following the commissioning of the 0.5 MTPA Jeerabad plant
Call will include an interactive Q&A session for analysts and investors

💡 Monitor the Q1 FY27 results for improvements in EBITDA per ton and volume growth driven by the new Madhya Pradesh capacity.

Sagar Cements Submits Routine Q1 FY27 Share Dematerialization Certificate

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 07 Jul 2026, 12:28 PM

Sagar Cements Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The document, issued by KFin Technologies Limited, confirms that all share dematerialization requests received between April 1, 2026, and June 30, 2026, were processed within the required 15-day timeframe. This is a standard administrative filing confirming that physical share certificates were properly mutilated and the register of members was updated. It has no impact on the company's financial health or operational performance.

Compliance certificate issued for the quarter ended June 30, 2026
Demat requests confirmed as processed within 15 days of receipt
Registrar and Share Transfer Agent (RTA) identified as KFin Technologies Limited
Confirmation that security certificates were mutilated and cancelled after verification

💡 No action is required as this is a procedural filing. Investors should instead monitor the commissioning of the 0.5 MTPA Jeerabad grinding plant expected by March 2026.

India Ratings Downgrades Sagar Cements to 'IND BBB' from 'IND BBB+'; Outlook Stable

🔴 NEGATIVE ⭐ 9/10

REGULATORY 📅 03 Jul 2026, 04:37 PM

India Ratings & Research has downgraded Sagar Cements' long-term bank loan rating to 'IND BBB' from 'IND BBB+' and its short-term rating to 'IND A3+' from 'IND A2'. The downgrade affects bank facilities totaling Rs 964 crore, which is significant given the company's market cap of Rs 2,174 crore. While the outlook was revised from 'Negative' to 'Stable', the downgrade reflects persistent financial pressure despite a profitable March 2026 quarter. Additionally, the company has fully repaid and withdrawn ratings for NCDs worth Rs 11.54 crore.

Long-term bank loan rating downgraded to 'IND BBB' from 'IND BBB+'
Short-term rating lowered to 'IND A3+' from 'IND A2'
Total bank facilities covered under the rating action amount to Rs 964 crore
Non-convertible debentures (NCDs) worth Rs 11.54 crore fully repaid and rating withdrawn
Outlook revised to 'Stable' from 'Negative', indicating a potential bottoming out of credit concerns

💡 Monitor the impact of the downgrade on the company's finance costs, which were already noted as rising in previous filings. Watch for the operational performance of the new 0.5 MTPA Jeerabad plant to see if it generates sufficient cash flow to improve debt servicing metrics.

Sagar Cements Shareholders Approve Rs 500 Cr RPT and Rs 150 Cr Loan to Andhra Cements

🟢 POSITIVE ⭐ 7/10

BOARD_MEETING 📅 26 Jun 2026, 04:45 PM

Sagar Cements Limited held its 45th Annual General Meeting on June 25, 2026, where all five proposed resolutions were passed with a requisite majority of over 99.99%. Key approvals include the adoption of FY26 financial statements and the re-appointment of directors Dr. S. Anand Reddy and Smt. S. Rachana. Notably, shareholders approved a special resolution for material related party transactions with subsidiary Andhra Cements Limited (ACL) up to Rs 500 crores. Furthermore, the company received authorization to provide a loan of up to Rs 150 crores to ACL to support its operations.

Shareholders approved material related party transactions with subsidiary Andhra Cements Limited (ACL) for an aggregate value up to Rs 500 crores.
A loan facility of up to Rs 150 crores to subsidiary ACL was authorized under Section 185 of the Companies Act.
All resolutions, including the adoption of FY26 audited financial statements, were passed with over 99.99% votes in favor.
Ratified remuneration of Rs 12,00,000 plus expenses for Cost Auditors M/s. Narasimha Murthy & Co. for the financial year ending March 31, 2027.

💡 Investors should monitor the utilization of the Rs 150 crore loan by Andhra Cements to ensure it drives operational efficiency and synergy for the parent company. The overwhelming shareholder support indicates strong confidence in the current management and their strategic direction.

Sagar Cements Concludes 45th AGM; Seeks Approval for FY26 Financials and Director Re-appointments

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 25 Jun 2026, 05:26 PM

Sagar Cements Limited conducted its 45th Annual General Meeting (AGM) on June 25, 2026, to address five key resolutions. The meeting included the adoption of audited standalone and consolidated financial statements for the fiscal year ended March 31, 2026. Shareholders also voted on the re-appointment of directors Dr. S. Anand Reddy and Smt. S. Rachana, who retired by rotation. Additionally, the company sought approval for material related party transactions and the ratification of cost auditors' remuneration.

45th Annual General Meeting held on June 25, 2026, via Video Conferencing.
Adoption of audited financial statements for the year ended March 31, 2026, was a primary agenda item.
Proposed re-appointment of two directors, Dr. S. Anand Reddy and Smt. S. Rachana.
Approval sought for material related party transactions and ratification of Cost Auditors' remuneration.
Voting results to be furnished separately under Regulation 44(3) of SEBI LODR.

💡 Investors should review the upcoming voting results to confirm shareholder support for the management and related party transactions. This is a routine governance event with no immediate impact on stock fundamentals.

Sagar Cements to Close Trading Window from July 1, 2026, for Q1 FY27 Results

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 25 Jun 2026, 02:27 PM

Sagar Cements Limited has announced the closure of its trading window starting July 1, 2026, in compliance with SEBI (Prohibition of Insider Trading) Regulations. This closure is ahead of the declaration of the company's un-audited financial results for the first quarter ending June 30, 2026. The restriction applies to all directors, key management personnel, and designated persons, preventing them from trading in company shares. The window will reopen 48 hours after the financial results are approved by the Board and disclosed to the exchanges.

Trading window closure begins on July 1, 2026.
Closure pertains to the un-audited financial results for the quarter ending June 30, 2026.
The window will remain closed until 48 hours after the official declaration of results.
Restriction applies to all Directors, KMPs, and designated persons of the company and its subsidiaries.
The specific date for the Board meeting to approve results will be announced separately.

💡 This is a routine regulatory announcement with no immediate impact on stock fundamentals; investors should wait for the Q1 result date announcement to assess financial performance.

Sagar Cements Completes Commissioning of 4.35 MW Waste Heat Recovery System

🟢 POSITIVE ⭐ 6/10

EXPANSION 📅 24 Jun 2026, 03:18 PM

Sagar Cements has announced the successful commissioning of the remaining 1.55 MW capacity of its Waste Heat Recovery Power System (WHRS) at the Gudipadu plant in Andhra Pradesh. With this, the entire 4.35 MW WHRS capacity at the facility is now fully operational. The project is designed to enhance energy efficiency and optimize power costs, which are critical for cement production margins. This initiative also supports the company's long-term sustainability goals by utilizing waste heat for power generation.

Commissioned the final 1.55 MW capacity of the WHRS at the Gudipadu plant
Total operational WHRS capacity at the Andhra Pradesh facility reaches 4.35 MW
Project aimed at optimizing power costs and enhancing energy efficiency
Aligns with the company's sustainability initiatives in the manufacturing process

💡 Investors should monitor the reduction in power and fuel costs in future earnings reports as this facility scales. The move is a positive for long-term operational efficiency and margin protection.

Sagar Cements Group Capacity Reaches 11 MTPA with New 0.5 MTPA Unit in Madhya Pradesh

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 10 Jun 2026, 11:52 AM

Sagar Cements' subsidiary, Sagar Cements (M) Private Limited (SCMPL), has successfully commissioned an additional 0.5 MTPA grinding capacity at its Jeerabad plant in Madhya Pradesh. This expansion increases the subsidiary's total capacity from 1.0 MTPA to 1.5 MTPA. Following this commissioning, the consolidated group cement capacity of Sagar Cements now stands at 11.00 MTPA. This move is expected to bolster the company's market presence in Central India and drive volume growth.

Commissioned 0.5 MTPA additional grinding capacity at the Jeerabad plant in Madhya Pradesh
Subsidiary SCMPL capacity increased by 50%, moving from 1.0 MTPA to 1.5 MTPA
Total consolidated group cement capacity reached a significant milestone of 11.00 MTPA
Commercial operations have officially commenced, allowing for immediate revenue generation from the new unit

💡 Investors should view this as a positive development for long-term volume growth and market share expansion. Monitor the company's upcoming quarterly results for improvements in capacity utilization and regional sales growth.

Sagar Cements to Merge Subsidiary Andhra Cements; Swap Ratio Set at 29:98

🟢 POSITIVE ⭐ 9/10

M&A 📅 05 Jun 2026, 05:27 PM

Sagar Cements Limited (SCL) has approved the merger of its 75%-owned subsidiary, Andhra Cements Limited (ACL), into itself to streamline operations and branding. Under the scheme, minority shareholders of ACL will receive 29 shares of SCL for every 98 shares held in ACL. The merger integrates ACL's FY26 revenue of ₹44,249 Lakhs into SCL's standalone operations, aiming for better cost rationalization and supply chain optimization. Post-merger, the promoter holding in SCL will dilute from 48.33% to 45.93%.

Share exchange ratio: 29 equity shares of SCL (FV ₹2) for every 98 equity shares of ACL (FV ₹10).
Andhra Cements reported a standalone revenue of ₹44,249 Lakhs and a net worth of ₹8,074 Lakhs for FY 2025-26.
Sagar Cements' total equity share count will increase from 13,07,07,548 to 13,75,26,405 shares post-merger.
The consolidation aims to unify the 10.50 MTPA capacity under a single corporate and brand structure.
The transaction is subject to NCLT, SEBI, and stock exchange approvals.

💡 Investors should view this as a positive consolidation move that removes corporate redundancies; however, they should monitor the timeline for NCLT approvals and the impact on SCL's consolidated debt-to-equity ratio.

View All SAGCEM Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Not disclosed in available documents, but overall profitability declined significantly with a loss after tax of INR 41.92 Cr in Q2 FY26 compared to a loss of INR 34.88 Cr in Q2 FY25.

Geographic Revenue Split

Not disclosed in available documents, though operations are concentrated in Andhra Pradesh (Dachepalli, Mattampally) and Madhya Pradesh (Jeerabad).

Profitability Margins

Net Profit Margin deteriorated from (2.08)% in FY24 to (9.91)% in FY25. Operating Profit Margin fell from 10.00% to 6.00% in the same period due to lower selling prices.

EBITDA Margin

Operating EBITDA per ton was INR (247) in Q2 FY26, an improvement from INR (680) in Q1 FY26, but significantly lower than the INR 372 achieved in Q2 FY25.

Capital Expenditure

Capital expenditure for the half-year ended September 30, 2025, was INR 138.15 Cr, primarily directed toward the Jeerabad grinding plant and preheater upgrades.

Credit Rating & Borrowing

Total consolidated borrowings increased by 12.7% to INR 1,609.50 Cr as of September 30, 2025, from INR 1,428.00 Cr in March 2025. Finance costs rose 16% YoY to INR 20.91 Cr in Q2 FY26.

⚙️ Operational Drivers

Raw Materials

Clinker and Limestone. Clinker inventory adjustments significantly impacted profitability during plant shutdowns.

Capacity Expansion

Jeerabad grinding plant adding 0.5 MTPA capacity, expected to commission before March 2026. Dachepalli plant kiln shut for new preheater commissioning in Q2 FY26.

Raw Material Costs

Not disclosed as a specific % of revenue, but inventory adjustments and clinker consumption from stock during shutdowns impacted the EBITDA per ton by approximately INR 27.

Manufacturing Efficiency

Capacity utilization metrics not disclosed, but efficiency was hampered by maintenance shutdowns and kiln upgrades, leading to negative EBITDA per ton of INR (498) for H1 FY26.

📈 Strategic Growth

Growth Strategy

Growth will be driven by the commissioning of the 0.5 MTPA Jeerabad grinding plant by March 2026, which is expected to contribute to volumes starting Q1 FY27. The company is also upgrading the Dachepalli plant with a new preheater to improve operational efficiency.

Products & Services

Cement bags and Clinker.

Brand Portfolio

Sagar Cements.

Market Expansion

Expansion into the Madhya Pradesh region via the Jeerabad plant to capture local demand.

🌍 External Factors

Industry Trends

The industry is shifting toward ESG compliance; SAGCEM renamed its committee to Risk Management & ESG Committee in July 2024 to align with these trends.

Competitive Landscape

Facing intense pricing competition, particularly in the non-trade segment where price declines were more significant.

Competitive Moat

Moat is based on being a 'preferred brand' for customers in its core southern and central Indian markets, though this is currently challenged by industry-wide pricing pressure.

Macro Economic Sensitivity

Highly sensitive to infrastructure spending and the Indian cement industry's potential for sustainable development.

Consumer Behavior

Shift in demand between trade and non-trade segments affecting overall realization.

⚖️ Regulatory & Governance

Industry Regulations

Compliance with SEBI Listing Regulations (Regulation 17, 18, 21) and Section 177 of the Companies Act regarding audit and risk management oversight.

Environmental Compliance

ESG compliance is managed by the newly renamed Risk Management & ESG Committee; specific costs not disclosed.

Taxation Policy Impact

Tax expenses were zero in H1 FY26 due to losses, compared to a tax expense of INR 22.40 Cr in H1 FY25.

Legal Contingencies

122 investor complaints were received in FY25, primarily regarding non-receipt of dividend warrants (84) and securities (25); all were resolved with zero pending cases as of March 31, 2025.