Saurashtra Cement Limited (SAURASHCEM)
₹50.29 +0.02% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Saurashtra Cement's revenue was ₹457 Cr (+7.8% year on year, +2.3% on the previous quarter), and net profit ₹9.1 Cr (-45.8% year on year); the operating margin was 4.5%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹457 | +7.8% | +2.3% |
| Operating profit | ₹20.7 | -40.5% | -21.8% |
| Net profit | ₹9.1 | -45.8% | -51.5% |
| EPS (₹) | 0.82 | -46.1% | -51.5% |
| Operating margin | 4.5% | — | — |
SAURASHCEM delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 56.94% of the SAURASHCEM shares traded on NSE were taken to delivery, against the stock's own 20-session average of 66.11%. That is close to its usual level. Turnover was only ₹50 lakh, so a handful of trades can move this figure.
Delivery in the last 5 sessions: 46.5% · 76.2% · 77.7% · 92.6% · 56.9%
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
Saurashtra Cement Limited has appointed Mr. Anurag Tiwari as Managing Director - Designate and Senior Management Personnel, effective October 16, 2026. This appointment signifies a leadership succession arrangement and does not yet constitute a separate statutory office under the Companies Act, 2013. Mr. Tiwari brings 29 years of industrial operations and business turnaround experience across firms such as UltraTech Cement, L&T, Siemens, and Vedanta. The move comes as the company manages a lean operating margin of 2.3% on TTM revenue of ₹1,699 Cr.
- Appointed Mr. Anurag Tiwari as Managing Director - Designate effective October 16, 2026
- Transition arrangement approved at the Board meeting held on October 12, 2026
- Appointee brings 29 years of multi-sector experience, including prior roles at UltraTech Cement and L&T
- Designation solely reflects planned succession and does not yet create a separate statutory office
Saurashtra Cement Limited has appointed Mr. Anurag Tiwari as Managing Director - Designate and Senior Management Personnel, effective October 16, 2026. This appointment signifies a leadership succession arrangement and does not yet constitute a separate statutory office under the Companies Act, 2013. Mr. Tiwari brings 29 years of industrial operations and business turnaround experience across firms such as UltraTech Cement, L&T, Siemens, and Vedanta. The move comes as the company manages a lean operating margin of 2.3% on TTM revenue of ₹1,699 Cr.
- Appointed Mr. Anurag Tiwari as Managing Director - Designate effective October 16, 2026
- Transition arrangement approved at the Board meeting held on October 12, 2026
- Appointee brings 29 years of multi-sector experience, including prior roles at UltraTech Cement and L&T
- Designation solely reflects planned succession and does not yet create a separate statutory office
Saurashtra Cement Limited has submitted its confirmation certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate was issued by the Registrar and Share Transfer Agent, MUFG Intime India Private Limited, dated October 3, 2026. It confirms that securities received for dematerialisation during the quarter were duly processed, listed, and cancelled as per regulatory timelines. This is a standard quarterly administrative filing with no operational or financial impact.
- Compliance certificate submitted under Regulation 74(5) of SEBI Regulations, 2018
- Pertains to the second quarter ended September 30, 2026
- Issued by RTA MUFG Intime India Private Limited on October 3, 2026
- Confirms mutilation and cancellation of dematerialised share certificates within prescribed timelines
Mehta Family Trust, represented by trustees Jay Mehta and Juhi Chawla, has indirectly acquired a 9.46% voting interest (1,05,22,431 shares) in Saurashtra Cement Limited. The transaction was executed via acquiring a 50.04% voting stake in Omna Enterprises LLP on September 24, 2026. This transfer forms part of an internal promoter family reorganization pursuant to a SEBI exemption order dated July 14, 2026. Aggregate promoter holding, public shareholding, and overall management control remain unchanged.
- Mehta Family Trust indirectly acquired 1,05,22,431 voting rights representing 9.46% of Saurashtra Cement
- Acquisition resulted from obtaining 50.04% voting rights in promoter entity Omna Enterprises LLP on September 24, 2026
- Conducted under SEBI Exemption Order dated July 14, 2026 (Ref: WTM/KCV/CFD/06/2026-27)
- Total target company share capital remains unchanged at INR 1,11,28,72,800 (11,12,87,280 equity shares of INR 10 each)
- No change in total promoter shareholding, public float, or management control
Mehta Family Trust, represented by trustees Jay Mehta and Juhi Chawla, has indirectly acquired a 9.46% voting interest (1,05,22,431 shares) in Saurashtra Cement Limited. The transaction was executed via acquiring a 50.04% voting stake in Omna Enterprises LLP on September 24, 2026. This transfer forms part of an internal promoter family reorganization pursuant to a SEBI exemption order dated July 14, 2026. Aggregate promoter holding, public shareholding, and overall management control remain unchanged.
- Mehta Family Trust indirectly acquired 1,05,22,431 voting rights representing 9.46% of Saurashtra Cement
- Acquisition resulted from obtaining 50.04% voting rights in promoter entity Omna Enterprises LLP on September 24, 2026
- Conducted under SEBI Exemption Order dated July 14, 2026 (Ref: WTM/KCV/CFD/06/2026-27)
- Total target company share capital remains unchanged at INR 1,11,28,72,800 (11,12,87,280 equity shares of INR 10 each)
- No change in total promoter shareholding, public float, or management control
Mehta Family Trust, represented by trustees Jay Mehta and Juhi Chawla, has indirectly acquired a 9.46% voting interest (1,05,22,431 shares) in Saurashtra Cement Limited. The transaction was executed via acquiring a 50.04% voting stake in Omna Enterprises LLP on September 24, 2026. This transfer forms part of an internal promoter family reorganization pursuant to a SEBI exemption order dated July 14, 2026. Aggregate promoter holding, public shareholding, and overall management control remain unchanged.
- Mehta Family Trust indirectly acquired 1,05,22,431 voting rights representing 9.46% of Saurashtra Cement
- Acquisition resulted from obtaining 50.04% voting rights in promoter entity Omna Enterprises LLP on September 24, 2026
- Conducted under SEBI Exemption Order dated July 14, 2026 (Ref: WTM/KCV/CFD/06/2026-27)
- Total target company share capital remains unchanged at INR 1,11,28,72,800 (11,12,87,280 equity shares of INR 10 each)
- No change in total promoter shareholding, public float, or management control
Saurashtra Cement Limited has received a Show Cause Notice under Section 73 of the CGST/GGST Act, 2017 from Gujarat tax authorities for the financial year 2022-23. The total demanded amount is ₹3,83,41,188 (₹3.83 crore), which includes interest and penalties. The demand pertains to alleged short payment of GST on B2C supplies, excess ITC availed, and ineligible ITC claims. SCL stated the demand is not maintainable, expects no operational or financial impact, and will submit a reply ahead of the hearing scheduled for October 29, 2026.
- Received Show Cause Notice under Section 73 of CGST and GGST Act for FY 2022-23
- Total demand amount stands at ₹3,83,41,188 (including interest and penalty)
- Allegations relate to short GST payment on B2C supplies and excess/ineligible ITC reversals
- Personal hearing is scheduled before the Deputy Commissioner of State Tax on 29th October 2026
ICRA Limited has reaffirmed the long-term credit rating for Saurashtra Cement Limited at [ICRA]BBB- with a Stable outlook. The rating covers bank facilities aggregating to Rs 404.00 crore, which represents roughly 32% of the company's TTM revenue of Rs 1,253 crore. Rated facilities comprise Rs 340.00 crore in non-fund-based lines, Rs 31.95 crore in term loans, Rs 20.00 crore in cash credit, and Rs 12.05 crore unallocated limits. The reaffirmation indicates stable creditworthiness at the investment-grade threshold without any change in borrowing capacity or terms.
- Total rated bank facilities reaffirmed at Rs 404.00 crore
- Long-term rating maintained at [ICRA]BBB- with a Stable outlook
- Facilities include Rs 340.00 crore non-fund-based and Rs 31.95 crore term loans
- Includes Rs 20.00 crore cash credit and Rs 12.05 crore unallocated limits
- Primary participating banks are HDFC Bank Limited and ICICI Bank Limited
Saurashtra Cement Limited has entered into a Power Consumption Agreement and a Share Purchase & Shareholders' Agreement to source renewable energy under a Group Captive Wind-Solar Hybrid arrangement. The company will contract 14 MW of hybrid power and invest approximately ₹14.92 crore to acquire 1,49,22,600 equity shares of Jamnagar Renewables Two Private Limited. The agreement spans a tenure of 25 years with a 7-year lock-in period. The ₹14.92 crore equity investment represents roughly 2.4% of the company's current market capitalization of ₹619 crore.
- Sourcing 14 MW contracted capacity under a Group Captive Wind-Solar Hybrid arrangement
- Proposed equity investment of approximately ₹14.92 crore in 1,49,22,600 equity shares at ₹10 each
- Long-term agreement tenure of up to 25 years from actual commencement date
- Mandatory lock-in period of 7 years under Electricity Rules, 2005
Saurashtra Cement Limited has received a Show Cause Notice under Section 73 of the CGST and Maharashtra GST Acts for an alleged excess Input Tax Credit claim in GSTR-3B/9 for FY 2022-23. The total demand amount stands at ₹2,06,93,890 (approx. ₹2.07 crore), which represents roughly 0.17% of the company's TTM revenue of ₹1,253 crore. The company stated that the demand is not maintainable based on its assessment and plans to submit a reply by the 23 October 2026 deadline. Management expects no material impact on operations or financials.
- Received Show Cause Notice on 25 September 2026 under Section 73 of CGST/GGST Acts.
- Total disputed demand amount is ₹2,06,93,890 relating to excess Input Tax Credit in FY 2022-23.
- Notice issued by Office of the Deputy Commissioner Of State Tax, Nodal-12, Zone-IV, Mumbai.
- Company is required to submit its reply before 23 October 2026.
Saurashtra Cement Limited disclosed an internal promoter shareholding restructuring under SEBI SAST and PIT Regulations. Mehta Family Trust consolidated indirect beneficial interest and voting rights for 1,62,15,400 equity shares (14.57% stake) held through Galaxy Technologies Private Limited. The transaction was executed on September 22, 2026, pursuant to a SEBI exemption order dated July 14, 2026. The restructuring entails no change in aggregate promoter group ownership, control, or public shareholding.
- Mehta Family Trust consolidates indirect voting rights for 1,62,15,400 shares (14.57% of total equity)
- Shares remain registered under promoter group entity Galaxy Technologies Private Limited
- Transaction conducted pursuant to SEBI open offer exemption order dated July 14, 2026
- Transfer executed on September 22, 2026, as an internal family succession reorganization with no change in overall promoter holding
Saurashtra Cement Limited disclosed an internal promoter shareholding restructuring under SEBI SAST and PIT Regulations. Mehta Family Trust consolidated indirect beneficial interest and voting rights for 1,62,15,400 equity shares (14.57% stake) held through Galaxy Technologies Private Limited. The transaction was executed on September 22, 2026, pursuant to a SEBI exemption order dated July 14, 2026. The restructuring entails no change in aggregate promoter group ownership, control, or public shareholding.
- Mehta Family Trust consolidates indirect voting rights for 1,62,15,400 shares (14.57% of total equity)
- Shares remain registered under promoter group entity Galaxy Technologies Private Limited
- Transaction conducted pursuant to SEBI open offer exemption order dated July 14, 2026
- Transfer executed on September 22, 2026, as an internal family succession reorganization with no change in overall promoter holding
Saurashtra Cement Limited disclosed an internal promoter shareholding restructuring under SEBI SAST and PIT Regulations. Mehta Family Trust consolidated indirect beneficial interest and voting rights for 1,62,15,400 equity shares (14.57% stake) held through Galaxy Technologies Private Limited. The transaction was executed on September 22, 2026, pursuant to a SEBI exemption order dated July 14, 2026. The restructuring entails no change in aggregate promoter group ownership, control, or public shareholding.
- Mehta Family Trust consolidates indirect voting rights for 1,62,15,400 shares (14.57% of total equity)
- Shares remain registered under promoter group entity Galaxy Technologies Private Limited
- Transaction conducted pursuant to SEBI open offer exemption order dated July 14, 2026
- Transfer executed on September 22, 2026, as an internal family succession reorganization with no change in overall promoter holding
Saurashtra Cement Limited disclosed an internal promoter shareholding restructuring under SEBI SAST and PIT Regulations. Mehta Family Trust consolidated indirect beneficial interest and voting rights for 1,62,15,400 equity shares (14.57% stake) held through Galaxy Technologies Private Limited. The transaction was executed on September 22, 2026, pursuant to a SEBI exemption order dated July 14, 2026. The restructuring entails no change in aggregate promoter group ownership, control, or public shareholding.
- Mehta Family Trust consolidates indirect voting rights for 1,62,15,400 shares (14.57% of total equity)
- Shares remain registered under promoter group entity Galaxy Technologies Private Limited
- Transaction conducted pursuant to SEBI open offer exemption order dated July 14, 2026
- Transfer executed on September 22, 2026, as an internal family succession reorganization with no change in overall promoter holding
Saurashtra Cement Limited disclosed an internal promoter shareholding restructuring under SEBI SAST and PIT Regulations. Mehta Family Trust consolidated indirect beneficial interest and voting rights for 1,62,15,400 equity shares (14.57% stake) held through Galaxy Technologies Private Limited. The transaction was executed on September 22, 2026, pursuant to a SEBI exemption order dated July 14, 2026. The restructuring entails no change in aggregate promoter group ownership, control, or public shareholding.
- Mehta Family Trust consolidates indirect voting rights for 1,62,15,400 shares (14.57% of total equity)
- Shares remain registered under promoter group entity Galaxy Technologies Private Limited
- Transaction conducted pursuant to SEBI open offer exemption order dated July 14, 2026
- Transfer executed on September 22, 2026, as an internal family succession reorganization with no change in overall promoter holding
Financial Performance
Revenue Growth by Segment
Total revenue grew 18.6% YoY to INR 809.20 Cr in H1 FY26. The Cement & Clinker segment grew 19.3% YoY to INR 774.31 Cr, while the Paints segment grew 5.9% YoY to INR 34.89 Cr.
Geographic Revenue Split
The majority of revenues (estimated >90%) are derived from the Saurashtra region in Gujarat, where the company's primary manufacturing assets are located.
Profitability Margins
The company achieved a significant turnaround, reporting a consolidated Profit Before Tax (PBT) of INR 9.06 Cr in H1 FY26 compared to a loss of INR 35.50 Cr in H1 FY25. The PBT margin stands at 1.12%.
EBITDA Margin
Core profitability improved as segment results for Cement & Clinker reached INR 14.72 Cr in Q2 FY26. Finance costs were reduced by 37.8% YoY to INR 4.78 Cr in H1 FY26, aiding margin expansion.
Capital Expenditure
The company completed a modernization project for its Sidheegram cement plant in FY25 at a total cost of INR 80 Cr. No major capital expenditure is planned for FY26.
Credit Rating & Borrowing
The company maintains a stable credit profile with total debt standing at INR 135.7 Cr as of March 2025, up from INR 85.0 Cr in March 2024 due to modernization funding.
Operational Drivers
Raw Materials
Key raw materials include limestone (sourced from captive mines), gypsum, and energy inputs like coal and petcoke. Raw material and energy costs typically represent 60-70% of total production costs.
Import Sources
Limestone is sourced locally in Gujarat through captive mines; coal and petcoke are sourced through a mix of domestic supplies and imports from the Middle East or other international markets.
Key Suppliers
Not specifically disclosed in the documents, though the company relies on major fuel suppliers and local mining operations.
Capacity Expansion
Current grinding capacity is 2.7 MTPA and clinker capacity is 2.8 MTPA. No immediate expansion is planned following the INR 80 Cr modernization of the Sidheegram plant in FY25.
Raw Material Costs
Raw material costs are managed through integrated operations. The modernization of the Sidheegram plant was specifically aimed at improving energy efficiency and reducing the cost of production.
Manufacturing Efficiency
Manufacturing efficiency is high, with capacity utilization levels exceeding 95% from FY2022 to FY2025.
Logistics & Distribution
Distribution is focused on the Gujarat market, leveraging the proximity of the Ranavav and Sidheegram plants to key consumption centers in the Saurashtra region.
Strategic Growth
Expected Growth Rate
12%
Growth Strategy
Growth will be achieved by leveraging the modernized Sidheegram plant to improve throughput and efficiency. The company aims to capitalize on sustained demand from the housing and infrastructure sectors in Gujarat while maintaining its high capacity utilization (>95%) and regional brand dominance.
Products & Services
The company sells cement bags (OPC and PPC), clinker, and various paint products.
Brand Portfolio
Hathi, Sidhee, and Snowcem.
New Products/Services
The company continues to promote its 'Snowcem' paint brand, which currently contributes 2-5% of overall revenues.
Market Expansion
Focus remains on consolidating its position in the Saurashtra and broader Gujarat markets where it has established brand equity.
Market Share & Ranking
The company is a significant regional player in the Gujarat cement market with high brand recall.
Strategic Alliances
Saurashtra Cement is a flagship company of the Mehta Group, providing it with group-level strategic support and management expertise.
External Factors
Industry Trends
The industry is seeing a trend toward consolidation and a focus on green energy. SCL is positioning itself through plant modernization and maintaining high efficiency to compete with larger players.
Competitive Landscape
Intense competition exists in the Western India market from multiple large-scale industry players.
Competitive Moat
The company's moat is its regional brand strength (Hathi/Sidhee) and integrated manufacturing, which are sustainable due to the high logistics costs that deter distant competitors from entering the Saurashtra market.
Macro Economic Sensitivity
Highly sensitive to GDP growth and infrastructure spending in India; cement demand typically correlates at 1.2x to GDP growth.
Consumer Behavior
Increasing consumer preference for branded cement in the individual home builder (IHB) segment supports SCL's retail-focused brands.
Geopolitical Risks
Geopolitical tensions affecting global coal and petcoke prices represent a significant risk to operating margins.
Regulatory & Governance
Industry Regulations
Operations are governed by the Mines and Minerals (Development and Regulation) Act for limestone sourcing and environmental standards set by the state and central boards.
Environmental Compliance
The company must comply with stringent pollution control norms for cement manufacturing and mining regulations for limestone extraction.
Taxation Policy Impact
The company is subject to standard Indian corporate tax rates; current tax liabilities were nil for H1 FY26.
Legal Contingencies
The company reported a minor provision for doubtful debts of INR 0.10 lakhs; no major pending litigation values were disclosed in the financial extracts.
Risk Analysis
Key Uncertainties
Volatility in fuel prices (coal/petcoke) and cyclicality in the construction industry are the primary business risks, with potential margin impacts of 5-10%.
Geographic Concentration Risk
High risk with nearly 100% of manufacturing and the majority of revenue concentrated in Gujarat.
Third Party Dependencies
High dependency on external suppliers for fuel and power, though clinker is produced in-house.
Technology Obsolescence Risk
Mitigated by the recent INR 80 Cr modernization of the Sidheegram plant to meet current industry efficiency standards.
Credit & Counterparty Risk
Low risk, as evidenced by minimal provisions for doubtful debts and a strong liquidity position.
