SHIVA CEMENT LTD. Q1 FY27 Results

Shiva Cement's standalone Q1 FY27 (only statement filed; no consolidated results in this filing) revenue from operations rose 43.5% YoY to ₹151.49 Cr (₹105.61 Cr in Q1 FY26) and 24.8% QoQ (₹121.36 Cr in Q4 FY26). The net loss narrowed to ₹21.35 Cr from ₹30.28 Cr a year ago (loss down ~29.5%) and from ₹28.63 Cr last quarter (down ~25.4%), with basic EPS at -₹0.72 versus -₹1.03 a year ago. The company remains loss-making, but this is the second straight quarter of a narrowing trend on both an absolute and percentage-of-revenue basis.

The operating margin (EBITDA/revenue) swung to roughly +12.3% from -1.9% in Q1 FY26 and an estimated ~8.7-8.9% in Q4 FY26, as revenue growth outpaced the increase in power & fuel cost (₹47.48 Cr) and cost of materials (₹29.52 Cr) even as employee costs and other expenses also scaled with volumes. Net margin improved to -14.0% from -28.3% YoY and -23.3% QoQ but stayed negative because finance costs (₹34.96 Cr) and depreciation (₹11.22 Cr) — together close to 30% of revenue — still exceed the operating profit generated. A ₹5.11 Cr deferred-tax credit, which includes a ₹1.29 Cr reversal of previously recognised deferred tax assets on reassessed utilisation certainty (Note 6), cushioned the reported loss against a pre-tax loss of ₹26.46 Cr.

The stock went into the print at ₹17.23, up 0.9% over the past month of trading.

For context: this is the highest quarterly PAT in the last 6 quarters on our records; PAT has now risen for 2 consecutive quarters; revenue is at a 6-quarter high.

Both the company (Note 5) and the statutory auditors (emphasis-of-matter paragraph) flagged material uncertainty around going concern given accumulated losses of ~₹599.8 Cr per the company's own note (the auditors' report cites ₹579.8 Cr, a discrepancy across the two documents) against this quarter's ₹21.35 Cr loss. Management's stated mitigants are the newly commissioned grinding unit — whose ramp-up appears to explain the revenue and margin improvement — and the commencement of dolomite mining operations following the Consent to Operate (CTO) the company announced receiving on July 23, 2026, four days ahead of this result. There is no prior management guidance or concall commentary on record to grade this print against, and no analyst/street estimates could be found for this micro-cap JSW Cement subsidiary, so both vsGuidance and vsStreet are unknown. No separate management press release accompanied the filing beyond the standard BSE board-outcome letter.