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SHREDIGCEM - Sh. Digvijay Cem

📊 NSE: SHREDIGCEM 🏢 Cement - North India 📅 Last Updated: 12/14/2025 13:04

📢 Recent Corporate Announcements

Shree Digvijay Cement Updates on CEO & MD Selection Process Following Feb 2026 Resignation

🔵 WATCH ⭐ 6/10

MANAGEMENT 📅 29 Apr 2026, 03:34 PM

Shree Digvijay Cement has provided a status update on the appointment of its new CEO & Managing Director. The position has been vacant since the previous CEO's resignation on February 6, 2026. Currently, the Nomination & Remuneration Committee (NRC) is evaluating a shortlist of candidates for the role. A final appointment will be announced once the Board of Directors approves the NRC's recommendation.

CEO & MD position has been vacant since the resignation effective February 6, 2026
Nomination & Remuneration Committee (NRC) is currently in the process of evaluating shortlisted candidates
Board of Directors' approval is pending the final recommendation from the NRC
The update comes approximately 82 days after the leadership vacancy occurred

💡 Investors should monitor for the final appointment announcement to evaluate the new leader's credentials and potential impact on the company's strategic direction.

Shree Digvijay Cement Q4 PAT at ₹7.95 Cr; Recommends ₹1 Dividend & Commences Hi-Bond Partnership

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 29 Apr 2026, 03:32 PM

Shree Digvijay Cement reported a strong sequential recovery in Q4 FY26, with PAT reaching ₹7.95 crore compared to a loss of ₹6.97 crore in the previous quarter. Revenue for the quarter rose to ₹208.47 crore, driven by higher realizations and an improved pricing environment despite a slight dip in volumes. The company has operationalized its strategic agreement with Hi-Bond Cement, contributing ₹15.36 crore in revenue and ₹2 crore in EBITDA during the initial period. For the full year, EBITDA grew to ₹74.61 crore, and the board recommended a final dividend of ₹1.0 per share.

Q4 EBITDA per ton surged to ₹637 from ₹100 in the preceding quarter, reflecting significantly improved margins.
Annual revenue grew to ₹749.10 crore in FY26 from ₹725.15 crore in FY25.
Strategic BDA with Hi-Bond Cement involved a ₹400 crore refundable security deposit to secure long-term distribution rights.
The company sold 29,928 MT of traded goods (Hi-Bond) in the short period since commencement on March 19, 2026.
Board recommended a final dividend of ₹1.0 per equity share for the financial year.

💡 Investors should monitor the scalability of the Hi-Bond partnership and the sustainability of the improved EBITDA per ton. The stock remains a watch for turnaround consistency and the impact of the ₹400 crore deposit on the balance sheet.

Shree Digvijay Cement Recommends ₹1 Dividend; FY26 Revenue Up 3% to ₹749 Crore

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 29 Apr 2026, 03:30 PM

Shree Digvijay Cement reported a steady FY26 performance with revenue from operations rising to ₹749.10 crore and EBITDA increasing to ₹74.61 crore. The Board has recommended a final dividend of ₹1.00 per share, representing a 10% payout on face value. A significant highlight is the sharp sequential recovery in Q4, where the company posted a profit of ₹7.95 crore compared to a loss of ₹6.97 crore in the preceding quarter. The company also initiated a strategic distribution agreement with Hi-Bond Cement, backed by a ₹400 crore security deposit, to bolster market reach.

Recommended a final dividend of ₹1.00 per equity share (10% of face value) for FY26.
Annual Revenue from operations grew 3.3% YoY to ₹74,909.91 lacs.
EBITDA per ton improved to ₹521 in FY26 from ₹489 in FY25, reflecting better operational efficiency.
Q4 FY26 PAT turned positive at ₹795 lacs versus a loss of ₹697 lacs in Q3 FY26.
Executed a long-term distribution agreement with Hi-Bond Cement, involving a ₹400 crore refundable security deposit.

💡 Investors should view the strong Q4 turnaround and the strategic tie-up with Hi-Bond Cement as positive indicators for future volume growth. The steady dividend yield and improving EBITDA per ton suggest resilient operational management despite market fluctuations.

Shree Digvijay Cement Q4 PAT at ₹7.95 Cr, Turnaround QoQ; Recommends ₹1 Dividend

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 29 Apr 2026, 03:25 PM

Shree Digvijay Cement reported a strong sequential recovery in Q4 FY26, posting a PAT of ₹7.95 crore compared to a loss of ₹6.97 crore in Q3 FY26. Revenue for the quarter rose to ₹208.47 crore, supported by improved pricing and higher realizations. For the full year FY26, the company maintained steady performance with a PAT of ₹25.00 crore on a revenue of ₹749.10 crore. Additionally, the company has entered a strategic long-term distribution agreement with Hi-Bond Cement, involving a ₹400 crore security deposit to boost market reach.

Q4 EBITDA surged to ₹25.10 crore from ₹3.84 crore in the previous quarter, with EBITDA per ton rising from ₹100 to ₹637.
Full-year FY26 revenue grew 3.3% YoY to ₹749.10 crore, while PAT remained nearly flat at ₹25.00 crore.
Board recommended a final dividend of ₹1.00 per equity share (10% of face value) for FY26.
Executed a strategic agreement with Hi-Bond Cement for exclusive distribution, supported by a ₹400 crore refundable security deposit.
Total sales volume for FY26 reached 14.33 lakh tons, including 0.30 lakh tons from newly integrated traded goods.

💡 The sharp sequential recovery in margins and the strategic tie-up for additional volumes are positive catalysts. Investors should monitor the cash flow impact of the ₹400 crore deposit and the scalability of the Hi-Bond distribution agreement.

Shree Digvijay Cement Announces Trading Window Closure from April 1, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 27 Mar 2026, 11:08 PM

Shree Digvijay Cement Co. Ltd has announced the closure of its trading window for all designated persons and their immediate relatives starting April 1, 2026. This action is taken in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015. The window will remain closed until 48 hours after the company declares its audited standalone and consolidated financial results for the quarter and year ending March 31, 2026. This is a standard regulatory procedure observed by listed companies before the release of financial results.

Trading window closure to commence from Wednesday, April 1, 2026.
Closure applies to all Designated Persons and their immediate relatives as per the Company's Code of Conduct.
The window will reopen 48 hours after the announcement of the audited financial results for Q4 and FY 2026.
Compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015.

💡 No immediate action is required as this is a routine regulatory filing. Investors should monitor the upcoming announcement of the Q4 and annual financial results for performance evaluation.

Shree Digvijay Cement Integrates Hi-Bond; Combined Capacity Reaches 5.2 MTPA

🟢 POSITIVE ⭐ 9/10

M&A 📅 27 Mar 2026, 09:38 PM

Shree Digvijay Cement has integrated Hi-Bond Cement under a Brand Usage and Distribution Agreement (BDA) effective March 19, 2026, increasing combined capacity to 5.2 million tons. This makes the company the third-largest player in Gujarat with a 16-17% market share in the Saurashtra region. While the integration scales operations, the company will need to purchase 0.8-0.9 million tons of clinker to meet additional grinding requirements, which is expected to reduce EBITDA by approximately INR 200 per metric ton on those volumes. Management holds an unconditional call option to acquire Hi-Bond assets and is optimistic about demand from the 2030 Commonwealth Games in Ahmedabad.

Combined capacity of 5.2 million tons makes it the 3rd largest player in Gujarat after UltraTech and Adani.
Post-integration market share stands at 9-10% in Gujarat and 16-17% in the Saurashtra region.
Commercial terms involve purchasing cement from Hi-Bond at cost plus a fixed margin of INR 500.
Additional 1.5 million ton sales volume requires 0.8-0.9 million tons of purchased clinker, impacting EBITDA by ~INR 200/ton.
Company holds 25 million tons of limestone reserves and an unconditional call option for Hi-Bond assets.

💡 Investors should view this as a significant scale-up that improves market positioning, though they must monitor the margin dilution from outsourced clinker. Watch for the eventual exercise of the call option to fully acquire Hi-Bond assets, which would further formalize the integration.

Shree Digvijay Cement Releases Audio Recording of March 2026 Investor Conference Call

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 25 Mar 2026, 09:57 PM

Shree Digvijay Cement Co. Ltd has officially released the audio recording of its Analyst and Institutional Investor meeting held on March 25, 2026. The meeting, which commenced at 09:00 AM IST, follows an earlier intimation provided by the company on March 20, 2026. This disclosure is made in compliance with SEBI Listing Obligations and Disclosure Requirements (LODR) Regulations. Investors can access the full recording via the company's official website to review management's commentary and Q&A sessions.

Audio recording of the conference call held on March 25, 2026, is now publicly available.
The meeting was conducted at 09:00 AM IST following a prior notice on March 20, 2026.
Compliance with Regulation 30 and 46 of SEBI (LODR) Regulations, 2015.
The recording link is hosted on the company's official investor relations web portal.

💡 Investors should listen to the recording to understand management's perspective on recent performance and future growth strategies. No immediate action is required as this is a routine regulatory filing.

Shree Digvijay Cement Shareholders Approve Director Appointment with 99.87% Majority

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 14 Mar 2026, 09:56 PM

Shree Digvijay Cement Co. Ltd has announced the successful passage of an ordinary resolution to appoint Mr. Shitij Ramesh Kale as a Non-Executive & Non-Independent Director. The resolution received overwhelming support, with 99.87% of the 94.89 million votes cast in favor. The voting process, conducted via postal ballot and e-voting, saw a total turnout of approximately 64.18% of the company's share capital. The promoter group, which holds a significant stake, voted unanimously in favor of the appointment.

Ordinary resolution for the appointment of Mr. Shitij Ramesh Kale as Director was passed with 99.87% favor.
A total of 94,774,558 votes were cast in favor, while only 125,438 votes (0.13%) were against.
Total voting participation stood at 64.18% of the total 147,869,278 outstanding shares.
The promoter group exercised 100% of its 80,131,631 votes in favor of the resolution.
The voting process was conducted through remote e-voting between February 13 and March 14, 2026.

💡 This is a routine administrative update regarding board composition and does not require immediate portfolio action. Investors should continue to monitor the company's operational performance and cement sector trends.

Shree Digvijay Cement Secures INR 488 Cr Loan for Hi-Bond Deal and Mill Refinancing

🟢 POSITIVE ⭐ 8/10

EXPANSION 📅 13 Mar 2026, 01:47 PM

Shree Digvijay Cement has executed facility agreements with ICICI Bank and Axis Bank for term loans totaling INR 488 crores. A significant portion of this, INR 400 crores, is dedicated to a refundable security deposit for an exclusive long-term distribution agreement with Hi-Bond Cement. The remaining INR 132 crores will be used to refinance the company's new Cement Mill. This financing follows the previously obtained CCI approval and marks a major step in the company's strategic expansion and supply chain integration.

Total term loan facilities of INR 488 crores secured from Axis Bank and ICICI Bank (INR 244 crores each).
INR 400 crore allocated for a refundable security deposit to Hi-Bond Cement for exclusive brand usage and distribution.
INR 132 crore earmarked for refinancing the company's new Cement Mill project.
Company to contribute INR 44 crores from internal cash flows towards the Hi-Bond security deposit.
The move operationalizes a strategic long-term supply agreement previously approved by the CCI.

💡 Investors should view this as a positive step toward scaling operations through the Hi-Bond partnership, though they should monitor the impact of increased debt on the balance sheet.

Shree Digvijay Cement Proposes Appointment of Shitij Ramesh Kale as Non-Executive Director

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 12 Feb 2026, 06:07 PM

Shree Digvijay Cement has initiated a postal ballot process to seek shareholder approval for the appointment of Mr. Shitij Ramesh Kale as a Non-Executive & Non-Independent Director. The appointment follows his initial induction as an Additional Director on December 18, 2025. Shareholders eligible as of the February 6, 2026 cut-off date can participate in the electronic voting process. The voting window is open for 30 days, with final results expected to be announced by March 16, 2026.

Ordinary resolution proposed for the appointment of Mr. Shitij Ramesh Kale (DIN: 08593079) as a Non-Executive Director.
Cut-off date for determining voting eligibility is fixed as February 6, 2026.
Remote e-voting period is scheduled from February 13, 2026, to March 14, 2026.
Results of the postal ballot and the Scrutinizer's report will be declared by March 16, 2026.

💡 This is a routine management appointment and corporate governance procedure. Shareholders should review the director's credentials in the explanatory statement and cast their votes through the NSDL e-voting platform.

Shree Digvijay Cement Reports Q3 Net Loss of ₹6.98 Cr; Revenue at ₹183 Cr

🔴 NEGATIVE ⭐ 7/10

EARNINGS 📅 12 Feb 2026, 10:37 AM

Shree Digvijay Cement reported a consolidated net loss of ₹6.98 crore for the quarter ended December 31, 2025, compared to a loss of ₹4.84 crore in the same period last year. Revenue from operations stood at ₹183.33 crore, showing a sequential growth of 13.6% but a slight year-on-year decline of 1.8%. The quarterly performance was severely impacted by rising input costs, with material costs jumping over 60% YoY. Despite the quarterly loss, the nine-month net profit remains healthy at ₹17.03 crore, significantly higher than the ₹6.83 crore recorded in the previous year's corresponding period.

Consolidated Net Loss widened to ₹6.98 crore in Q3 FY26 from ₹4.84 crore in Q3 FY25.
Revenue from operations grew 13.6% QoQ to ₹183.33 crore, though it dipped 1.8% YoY.
Cost of materials consumed surged 64% YoY to ₹55.21 crore, impacting operating margins.
Finance costs increased significantly to ₹3.55 crore from ₹0.84 crore in the year-ago quarter.
9M FY26 Net Profit stands at ₹17.03 crore, up 149% compared to ₹6.83 crore in 9M FY25.

💡 Investors should be cautious about the significant margin contraction and rising finance costs observed this quarter. While the 9-month cumulative performance is strong, the volatility in quarterly earnings suggests waiting for signs of cost stabilization.

Shree Digvijay Cement Reports Q3 FY26 Net Loss of ₹6.98 Crore as Input Costs Surge

🔴 NEGATIVE ⭐ 8/10

EARNINGS 📅 06 Feb 2026, 02:35 PM

Shree Digvijay Cement reported a consolidated net loss of ₹6.98 crore for the quarter ended December 31, 2025, compared to a loss of ₹4.84 crore in the same period last year. Revenue from operations saw a slight year-on-year decline to ₹183.34 crore from ₹186.76 crore, though it improved sequentially from ₹161.35 crore in Q2 FY26. The quarterly performance was severely impacted by a sharp rise in material costs and finance charges. However, the nine-month (9M FY26) performance remains stronger with a net profit of ₹17.03 crore compared to ₹6.83 crore in the previous year.

Net loss for Q3 FY26 stood at ₹6.98 crore versus a profit of ₹10.22 crore in the preceding quarter.
Revenue from operations declined 1.8% YoY to ₹183.34 crore, while total expenses rose to ₹193.89 crore.
Cost of materials consumed surged to ₹55.21 crore in Q3 FY26 from ₹33.58 crore in Q3 FY25.
Finance costs increased significantly to ₹3.55 crore compared to ₹0.84 crore in the year-ago quarter.
9M FY26 cumulative net profit remains positive at ₹17.03 crore, up 149% from ₹6.83 crore YoY.

💡 The quarterly loss and rising input costs are concerning, though the year-to-date performance remains ahead of last year. Investors should wait for signs of margin stabilization and improved cost management before increasing exposure.

Shree Digvijay Cement: India Resurgence Fund Completes Open Offer for 26% Stake

🔵 WATCH ⭐ 8/10

M&A 📅 30 Jan 2026, 08:05 PM

India Resurgence Fund (Schemes 1, 2, and 4) has concluded its open offer to acquire up to 3,85,43,837 equity shares of Shree Digvijay Cement. This acquisition represents 26% of the company's expanded share capital. The post-offer advertisement has been released following the completion of the regulatory process under SEBI (SAST) Regulations. This marks a significant shift in the company's ownership structure and potential management influence.

Open offer for 3,85,43,837 equity shares, equivalent to a 26% stake in expanded share capital.
Acquirers include three schemes of India Resurgence Fund (Scheme 1, Scheme 2, and Scheme 4).
Post-offer advertisement published on January 29, 2026, following SEBI (SAST) compliance.
Axis Capital Limited acted as the Manager to the Open Offer.

💡 Investors should review the updated shareholding pattern and watch for any strategic changes or management shifts under the new major shareholders. No immediate trading action is needed as the offer period has concluded.

Shree Digvijay Cement Open Offer Tendering Period Extended to January 19, 2026

🟡 NEUTRAL ⭐ 8/10

M&A 📅 16 Jan 2026, 03:23 PM

India Resurgence Fund is conducting an open offer to acquire up to 3,85,43,837 equity shares of Shree Digvijay Cement, representing 26% of the expanded share capital. The tendering period, which originally commenced on January 5, 2026, has been extended by one working day due to a declared trading holiday for municipal elections in Maharashtra. The offer will now conclude on Monday, January 19, 2026, instead of the previous January 16 deadline. This procedural change ensures the mandatory 10-working-day window for public shareholders is maintained as per SEBI regulations.

Open offer for 3,85,43,837 equity shares representing 26% of the expanded share capital
Acquirers include India Resurgence Fund Schemes 1, 2, and 4
Tendering period closing date revised from January 16, 2026, to January 19, 2026
Extension granted by SEBI due to a trading holiday on January 15, 2026
Axis Capital Limited is the appointed Manager to the Open Offer

💡 Public shareholders interested in tendering their shares should note the revised closing date of January 19, 2026. Consult with your DP or broker to ensure submission before the new deadline.

Shree Digvijay Cement Submits SEBI Compliance Certificate for Q3 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 07 Jan 2026, 10:52 AM

Shree Digvijay Cement has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by MUFG Intime India Private Limited, confirms that all dematerialization requests for the quarter ended December 31, 2025, were processed within prescribed timelines. It verifies that security certificates were mutilated and cancelled after verification, and the depositories' names were updated in the register of members. This is a standard administrative filing ensuring the integrity of shareholding records.

Compliance certificate submitted for the quarter ended December 31, 2025
Issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited
Confirms dematerialization requests were processed and listed on stock exchanges
Verification and cancellation of physical certificates completed within prescribed SEBI timelines

💡 No action is required as this is a routine regulatory filing confirming administrative compliance regarding share dematerialization.

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💰 Financial Performance

Revenue Growth by Segment

The company operates in a single segment: Manufacturing and Sales of Cement. Revenue from operations decreased by 8.6% YoY, falling from INR 793.34 Cr in FY2024 to INR 725.19 Cr in FY2025 due to subdued realizations and lower demand.

Geographic Revenue Split

100% of revenue is derived from the Indian market, specifically concentrated in Western India with its primary production facility located in Digvijaygram, Gujarat.

Profitability Margins

Profitability saw a significant decline in FY2025; Net Profit Margin dropped from 11.07% in FY2024 to 3.47% in FY2025. Operating margins for 9M FY2025 weakened to 5.80% from 18.69% in the previous fiscal due to a steep decline in realizations and a INR 17 Cr annual shutdown cost in Q3 FY2025.

EBITDA Margin

EBITDA margin contracted by 1,022 basis points, falling from 19.34% (INR 154.94 Cr) in FY2024 to 9.12% (INR 67.06 Cr) in FY2025, reflecting intense cost pressures and lower sales realizations.

Capital Expenditure

The company is executing a brownfield capex of INR 250.0 Cr to double its cement grinding capacity from 1.5 MTPA to 3.0 MTPA, with commissioning expected in Q4 FY2025.

Credit Rating & Borrowing

Crisil reaffirmed the long-term rating at 'Crisil A' but revised the outlook to 'Negative'. Short-term rating is 'Crisil A1'. The company secured term debt of INR 125.0 Cr for capex, with gross debt rising to INR 109.85 Cr in FY2025 from zero in FY2024.

⚙️ Operational Drivers

Raw Materials

Key raw materials include Clinker, Gypsum, and Fly Ash. Total expenditure on operations was INR 667.93 Cr in FY2025, representing approximately 92% of total revenue.

Import Sources

Primary sourcing is domestic, centered around the manufacturing hub in Gujarat, India, to optimize logistics for the Jamnagar facility.

Key Suppliers

The company entered into an exclusive 10-year usage, supply, and distributorship agreement with Hi-Bond Cement (India) Pvt Ltd (HIBOND) starting in 2025.

Capacity Expansion

Current installed capacity is 1.5 MTPA; expanding to 3.0 MTPA through a brownfield project at the Digvijaygram facility, scheduled for completion by Q4 FY2025.

Raw Material Costs

Raw material and operating costs as a percentage of revenue increased significantly as total expenditure rose to INR 667.93 Cr against a revenue of INR 725.19 Cr, driven by volatility in input prices and the inability to pass costs to consumers.

Manufacturing Efficiency

Capacity utilization is a key monitorable; clinker production was 10.05 Lakh MT and cement production was 13.87 Lakh MT in FY2025.

Logistics & Distribution

Logistics operations are managed to enhance market reach; the company utilizes its coastal location in Jamnagar for efficient distribution in Western India.

📈 Strategic Growth

Expected Growth Rate

100%

Growth Strategy

Growth will be achieved by doubling grinding capacity to 3.0 MTPA, an exclusive 10-year distribution agreement with Hi-Bond Cement, and a strategic ownership shift as India Resurgence Fund (IRF) acquires a 50.10% stake to provide capital and strategic oversight.

Products & Services

The company sells cement bags (primarily Portland Pozzolana Cement) and Clinker to construction and infrastructure customers.

Brand Portfolio

Shree Digvijay Cement, Kamal Cement, and Hi-Bond (via exclusive distribution agreement).

New Products/Services

Launch of innovative and superior quality niche products is planned to enhance market reach, though specific revenue contribution percentages for new launches are not yet disclosed.

Market Expansion

Expansion is focused on deepening the distribution network in Western India and leveraging the Hi-Bond brand for broader market penetration starting FY2026.

Market Share & Ranking

The company maintains an established market position in Western India with a 1.5 MTPA capacity, set to grow to 3.0 MTPA.

Strategic Alliances

Exclusive 10-year usage and supply agreement with Hi-Bond Cement (India) Pvt Ltd, including an option to acquire 100% equity of HIBOND.

🌍 External Factors

Industry Trends

The industry is moving toward consolidation and sustainability; SDCCL is positioning itself by doubling capacity and targeting 65% green power to counter the 8.6% revenue decline seen in the current sluggish market.

Competitive Landscape

Faces intense competition from large pan-India players and regional manufacturers in the Gujarat and Western India markets.

Competitive Moat

Moat is based on its coastal location in Jamnagar providing logistics advantages and a long-standing brand presence since 1944; sustainability is reinforced by the IRF acquisition and Hi-Bond alliance.

Macro Economic Sensitivity

Highly sensitive to infrastructure spending and GDP growth; cyclical downturns in the cement industry result in slow offtake and constrained operating rates.

Consumer Behavior

Shift toward branded, high-quality cement for individual home builders and infrastructure projects.

Geopolitical Risks

Global demand-supply conditions and fluctuations in international fuel prices (coal/petcoke) impact the cost of production.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to evolving environmental norms and pollution control standards; the company maintains an adequate system of internal controls tested for compliance with the 2013 Act.

Environmental Compliance

The company follows 'Clean and Green is Profitable' philosophy, subscribing to voluntary emissions reduction programs and investing in Waste Heat Recovery Systems.

Taxation Policy Impact

Tax expenses for FY2025 were INR 9.34 Cr, representing an effective tax rate of approximately 27% on Profit Before Tax of INR 34.54 Cr.

Legal Contingencies

The Regional Director partially allowed an appeal, dropping a penalty under Section 90(4A), but upheld penalties of INR 2,00,000 each on several individuals (including Ermirio Pereira de Moraes and others) for failure to submit BEN-1 forms under Section 90(10).