Saurashtra Cement Ltd (SAURASHCEM)

Construction Materials · Cement · NSE · Updated 2 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹55.92 ↓ 52.47% (1Y)

🎯 Key Takeaways

Saurashtra Cement Ltd is in a turnaround phase marked by financial recovery and governance stabilization after periods of loss. Management is focused on operational efficiency, cost control, and leadership continuity, with reappointment of the Managing Director pending shareholder approval.
Revenue grew 2.3% QoQ to ₹457 in Q1FY27.
⚠️ Margins remain extremely thin (OPM of 2.1% in Q1FY27), making profitability vulnerable to cost shocks or demand slowdowns.

Market Cap

₹622

P/E Ratio

93.2

P/B Ratio

0.65

ROE

0.7%

ROCE

0.2%

Debt/Equity

0.11

Promoter

66.6%

✨ Ask AI About SAURASHCEM 📊 Interactive Charts

📖 The Story

Saurashtra Cement Ltd is in a turnaround phase marked by financial recovery and governance stabilization after periods of loss. Management is focused on operational efficiency, cost control, and leadership continuity, with reappointment of the Managing Director pending shareholder approval. The company shows improving profitability trends but remains in a fragile financial position with low margins and modest growth.

📰 What's Happening

In Q1FY27 (June 2026), the company reported revenue of ₹457 lakhs and net profit of ₹9 lakhs, reversing prior losses. The Board reappointed Managing Director M.S. Gilotra for a one-year term until December 2027, subject to shareholder approval at the 68th AGM scheduled for 23 September 2026. The AGM will include e-voting and resolutions on director appointments and managerial remuneration, including a 5% annual commission for Chairman Jay Mehta. The annual report highlights a 106% YoY surge in net profit to ₹1,441.83 lakhs and 8.3% revenue growth to ₹1,66,603.87 lakhs for FY26, driven by improved margins and tax benefits. Management emphasizes cost reduction and operational efficiency as key priorities amid industry overcapacity and input cost pressures.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	386	410	447	457
Operating Profit	-20	-10	14	10
OPM %	-5.2%	-2.5%	3.2%	2.1%
Net Profit	-11	-10	19	9
EPS	₹-0.99	₹-0.92	₹1.69	₹0.82

The company has shifted from consecutive quarterly losses in FY25 (e.g., ₹-11 lakhs NP in September 2025) to modest profitability in Q1FY26 (₹9 lakhs NP), signaling early signs of recovery. This improvement aligns with management's focus on margin enhancement and cost control, as highlighted in the annual report. However, operating margins remain thin at 2.1% in June 2026, up from negative levels just two quarters prior, indicating progress but limited scale. Revenue growth has been steady but unspectacular, rising from ₹386 lakhs to ₹457 lakhs over four quarters, reflecting gradual demand stabilization.

🔮 Management Outlook & What's Next

Management expresses confidence in sustaining profitability gains and managing macro pressures through operational discipline. The reappointment of Mr. M.S. Gilotra as Managing Director until 2027 underscores leadership continuity. The Board emphasizes cost reduction, efficiency, and monitoring of input cost inflation and overcapacity in the sector. No formal long-term guidance was provided, but management indicated that financial resilience and governance compliance will remain central to strategy, with capital allocation focused on maintaining liquidity and funding operational needs without aggressive expansion.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	Mar 2025	Mar 2025	Mar 2026	Mar 2026
Equity Capital	111	111	111	111
Reserves	784	836	842	850
Borrowings	159	136	66	106
Total Liabilities	1,501	1,603	1,577	1,588
Fixed Assets	852	903	901	909
Investments	0	0	0	0
Total Assets	1,501	1,603	1,577	1,588

The balance sheet shows stable equity of ₹111 lakhs and reserves growing slightly to ₹850 lakhs as of March 2026, indicating retained earnings are modest. Borrowings have declined significantly from ₹135 lakhs to ₹66 lakhs YoY, reflecting a deliberate deleveraging trend. Total assets remain flat around ₹1,580 lakhs, suggesting limited reinvestment or expansion. The low debt-equity ratio of 0.11 and current ratio of 1.20 point to a conservative capital structure, with minimal financial risk but also constrained growth capacity.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2025	Mar 2026
Operating	+30	+36
Investing	-5	+19
Financing	+27	-37
Net Cash Flow	+52	+18

👥 Shareholding Pattern

Category	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Promoters	66.7%	66.7%	66.6%	66.6%
FII	0.0%	0.2%	0.2%	0.1%
DII	0.1%	0.1%	0.1%	0.1%
Public	23.3%	23.4%	23.3%	24.4%
# Shareholders	50,661	49,854	49,335	49,179

Promoter holding remains stable at 66.62% over the last four quarters, indicating no dilution or stake sale. Institutional interest is minimal, with FII ownership flat at 0.08%-0.16% and DII at 0.12%, suggesting limited foreign or domestic institutional accumulation. The number of public shareholders has slightly declined from 50,661 to 49,179, which may reflect consolidation but not significant exit. No pledging or selling signals are evident, but the lack of institutional inflows reflects low investor confidence or coverage.

⚖️ Peer Comparison — Cement

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
ULTRACEMCO	3.36 L Cr	39.3	13.4%	11.2%	0.30
AMBUJACEM	1.00 L Cr	22.6	4.9%	8.8%	0.00
SHREECEM	84,606	51.9	9.6%	7.0%	0.07
JKCEMENT	39,247	41.5	13.7%	13.3%	0.86
DALBHARAT	33,927	36.3	6.9%	5.3%	0.38
ACC	23,891	12.5	9.3%	9.3%	0.00
RAMCOCEM	20,672	32.1	10.1%	7.9%	0.48
JSWCEMENT	16,974	21.7	10.2%	11.0%	0.62
NUVOCO	11,522	29.8	7.6%	4.3%	0.42
INDIACEM	11,149	120.7	1.8%	0.9%	0.13

🔗 Peer Stock Analyses

ULTRACEMCO AMBUJACEM SHREECEM JKCEMENT DALBHARAT

⚠️ Risk Factors

1. Margins remain extremely thin (OPM of 2.1% in Q1FY27), making profitability vulnerable to cost shocks or demand slowdowns. 2. Heavy reliance on cost-cutting rather than volume growth or pricing power to drive earnings. 3. No dividend policy or shareholder returns, which may limit investor appeal. 4. Leadership continuity depends on shareholder approval at the AGM, introducing governance uncertainty.

📋 Recent Filings

🧠 Analyst's Read

Saurashtra Cement is navigating a fragile recovery with improving profitability but persistent structural challenges. Investors should monitor margin trends, the outcome of the AGM vote on leadership reappointment, and any signs of operational scaling or demand pickup in the coming quarters.

Based on filing content and financial data. Not a recommendation.

Read the full analysis

Quarterly trends, balance sheet, cash flow, peer comparison, and AI insights — sign up free to unlock.

2 free AI queries per day.

✨ Deep Dive with AI on SAURASHCEM

Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-02.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

📡 Get AI alerts when SAURASHCEM files new disclosures

Track SAURASHCEM filings, board meetings, and corporate actions. Free email alerts at 5 PM.

Track SAURASHCEM — Free

Free account · 2 AI queries/day

About · Privacy Policy · Terms of Service · Pricing

Today's Announcements · Screener · Insights · AI Chat

Data provided by CMOTS Internet Technologies Pvt Ltd