Sagar Cements financials: balance sheet, profit and loss, cash flow

NSE: SAGCEMBSE: 502090Cement & Cement ProductsSmall Cap

Sagar Cements Limited · Face value ₹2 · Listed Dec 1984 on BSE, Jan 2007 on NSE

₹123.04₹2.06 (1.65%)BSE ₹122.30

Share price at the NSE close on 30 Oct 2026. Previous close ₹125.10.

30 Oct: open ₹125.09, high ₹126.50, low ₹122.11

52-week range of traded prices to 30 Oct 2026

₹120.60Low, 23 Oct 2026₹230.00High, 4 Nov 2025

Market cap: ₹1,608 Cr1,081st largest listed
P/E: Lossover the last 12 months
P/B: 0.99
Dividend yield: Nonein the last 12 months
ROE: −2.2%
ROCE: −0.4%
Debt to equity: 0.97
Volume, NSE: 25,08272.4% delivered

Sagar Cements' financial statements for the 10 years to Mar 2026, consolidated: the company and its subsidiaries together, with the half year to Sep 2026 after them.

10 years at a glance

₹ crore, years to March.Sagar Cements annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

Peak revenue ₹2,650 Cr, year to Mar 2026; lowest ₹942 Cr, year to Mar 2017A loss in 4 of the 10 years shown

Operating and net margin, per cent

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 0.4% of operating profit in the first full year.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue2,650
Materials and goods−504
Employee costs−149
Other expenses−1,705
Operating profit292
Depreciation−240
Other income+22
One-off items0.0
Finance costs−197
Profit before tax−123
Tax+122
Net profit−0.7

What the company owns

Plant, investments and other assets₹3,948 Cr
Inventory₹313 Cr
Receivables₹226 Cr
Cash and bank₹19 Cr

What pays for it: net worth and liabilities

Net worth₹1,861 Cr
Borrowings₹1,708 Cr
Other liabilities₹590 Cr
Owed to suppliers₹346 Cr

Profit and loss

Consolidated, ₹ crore, years to March. The last column is the twelve months to Sep 2026, the latest four quarters added.Sagar Cements quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026Twelve monthsFiled 30 Oct
Revenue from operations	942	1,078	1,218	1,175	1,371	1,597	2,230	2,505	2,258	2,650	2,789
	831	926	1,068	990	971	1,321	2,076	2,259	2,117	2,358	2,552
Materials and goods bought	104	145	239	227	240	225	422	412	431	504	498
Employee costs	–	–	59	65	76	86	99	117	133	149	150
Other expenses	–	–	771	698	655	1,010	1,555	1,730	1,553	1,705	1,903
Operating profit before depreciation	110	151	149	186	400	276	153	246	141	292	237
Operating margin	11.7%	14.0%	12.3%	15.8%	29.2%	17.3%	6.9%	9.8%	6.2%	11.0%	8.5%
Materials, % of revenue	–	–	19.6%	19.3%	17.5%	14.1%	18.9%	16.4%	19.1%	19.0%	17.9%
Employee costs, % of revenue	–	–	4.8%	5.5%	5.6%	5.4%	4.5%	4.7%	5.9%	5.6%	5.4%
Other expenses, % of revenue	–	–	63.3%	59.4%	47.7%	63.3%	69.7%	69.1%	68.8%	64.3%	68.2%
Depreciation and amortisation	48	54	66	79	81	93	156	214	231	240	250
Operating profit after depreciation	63	98	84	107	320	183	−3	32	−90	52	−13
Other income	4	7	3	4	8	13	223	54	21	22	18
Finance costs	62	59	63	61	47	92	202	185	188	197	211
Profit before one-off items and tax	4	46	23	50	281	104	18	−99	−256	−123	−206
One-off items	0	0	0	0	0	0	0	15	−27	0	0
Profit before tax	4	46	23	50	281	104	18	−84	−284	−123	−206
	8	19	10	23	96	45	10	−32	−67	−122	−162
Current tax	5	16	9	9	66	31	29	9	0	−9	−11
Deferred tax	3	3	1	15	29	14	−19	−41	−67	−113	−152
	−4	26	14	27	186	59	9	−52	−217	−1	−44
Belonging to the company's shareholders	–	26	14	27	186	69	29	−52	−210	−11	−37
Belonging to outside owners of subsidiaries	–	–	0	0	0	−10	−21	0	−7	10	−7
Other comprehensive income	–	–	−2	0	0	1	0	−1	0	0	0
Total comprehensive income	–	–	12	26	186	60	9	−53	−216	−1	−44
Net margin	−0.4%	2.4%	1.1%	2.3%	13.5%	3.7%	0.4%	−2.1%	−9.6%	0.0%	−1.6%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank. Belonging to the company's shareholders is left blank for the year to Mar 2017: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because the company's periods around it state no share for other owners for the gap to belong to.

Balance sheet

Consolidated, ₹ crore, at 31 March. The last column is the half year to Sep 2026, after the latest full year: the balance sheet at its end.

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026Half yearFiled 30 Oct
	844	1,021	1,258	1,309	1,689	2,020	1,794	1,861	1,781
	844	967	1,205	1,255	1,637	1,941	1,723	1,693	1,626
Share capital	20	22	24	24	26	26	26	26	26
Reserves	823	944	1,181	1,232	1,611	1,915	1,697	1,667	1,600
Belonging to outside owners of subsidiaries	0	54	54	54	51	78	72	168	155
	445	428	740	1,503	1,472	1,439	1,446	1,708	1,735
Repayable after a year	306	287	638	1,129	1,152	1,089	1,005	1,257	1,310
Repayable within a year	139	141	102	375	320	350	441	451	425
	506	502	516	747	770	1,003	1,199	1,206	1,232
Trade payables	204	223	229	223	309	518	578	346	303
Other financial liabilities	90	87	85	31	44	21	61	293	351
Other liabilities	63	42	84	103	78	97	108	107	145
Provisions	3	4	4	3	4	5	5	8	8
Tax owed	8	6	12	13	14	10	6	0	–
	411	416	800	1,308	1,365	1,334	1,183	1,439	1,516
Other financial liabilities	55	73	72	69	92	119	99	116	146
Other liabilities	2	2	2	2	2	6	8	0	–
Provisions	7	10	6	8	10	12	16	31	33
Deferred tax	41	44	82	98	108	108	56	35	27
Trade payables	0	0	0	3	0	0	0	0	0
	1,761	1,939	2,575	3,364	3,823	4,356	4,177	4,505	4,529
Held for sale or for a demerger	–	–	–	–	–	1	–	–	–
	1,421	1,617	1,977	2,644	3,070	3,494	3,479	3,745	3,801
Plant in use, after depreciation	1,178	1,271	1,213	1,937	2,687	3,113	2,957	3,055	–
Plant being built	110	108	517	101	99	15	123	116	–
Intangible assets	27	59	69	14	53	86	82	78	76
Goodwill	39	42	42	42	42	42	42	42	42
Intangible assets being developed	0	0	0	55	–	0	0	0	0
Property held to earn rent	0	0	0	0	12	10	28	54	55
Investments	0	0	0	315	0	0	0	0	0
Loans given	0	0	0	0	1	1	1	1	1
Other financial assets	21	17	18	30	43	46	65	67	49
Deferred tax	33	21	6	15	98	140	155	226	244
Other assets	13	99	111	135	36	42	27	107	46
	340	322	598	720	753	861	697	760	728
Inventories	145	116	124	209	271	308	274	313	246
Trade receivables	116	137	101	120	133	208	204	226	292
Cash and cash equivalents	18	3	225	143	175	167	70	4	2
Other bank balances	12	10	29	20	36	95	93	15	12
Loans given	0	0	0	0	0	1	1	1	1
Other financial assets	3	4	3	6	5	9	10	125	117
Tax paid in advance	1	5	5	5	0	1	1	5	0
Other assets	46	48	111	218	133	73	45	72	59
Net debt	415	415	486	1,341	1,262	1,177	1,282	1,690	1,722

Borrowings are counted again inside the liabilities due within a year and after a year. Plant in use and plant being built are given for full years only. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March. The last column is the half year to Sep 2026, after the latest full year: the cash flow over its six months.

₹ crore	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026Half year
	377	87	175	400	234	216	187
	414	117	190	410	230	215	191
	22	−170	36	163	97	−79	71
Receivables	35	−22	−13	−75	6	−26	−66
Inventories	−8	−84	−62	−37	33	−39	67
Payables	6	−7	84	210	60	20	−43
Other working capital	−10	−57	27	63	−2	−34	114
Tax paid	−37	−30	−15	−10	4	0	−4
Capital spending	461	361	0	226	138	423	152
Free cash flow	−84	−274	175	175	96	−208	35
	−477	−784	170	−188	−113	−412	−146
Plant and property sold	1	5	1	26	8	7	1
Companies bought	0	0	−322	0	0	0	0
Interest received	3	6	167	13	15	7	6
	322	615	−367	−221	−217	130	−43
Borrowings raised	392	771	87	92	148	397	63
Borrowings repaid	−73	−84	−606	−127	−163	−160	−5
Interest paid	−47	−75	−178	−176	−192	−182	−102
Lease payments	−2	−2	−2	0	−1	−13	0
Dividends paid	15	6	9	9	9	0	0
Shares bought back	0	0	0	0	0	0	0
Shares issued	67	11	350	0	0	0	0
Net change in cash	222	−82	−21	−8	−97	−67	−2

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Sagar Cements dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	−₹0.44	₹2.56	₹1.33	₹2.47	₹16.05	₹5.03	₹0.66	−₹3.98	−₹16.58	−₹0.06
As stated that year	−₹2.19	₹12.81	₹6.66	₹12.36	₹80.24	₹5.03	₹0.66	−₹3.98	−₹16.58	−₹0.06
	−₹0.44	₹2.56	₹1.33	₹2.47	₹16.05	₹5.03	₹0.66	−₹3.98	−₹16.58	−₹0.06
As stated that year	−₹2.19	₹12.81	₹6.66	₹12.36	₹80.24	₹5.03	₹0.66	−₹3.98	−₹16.58	−₹0.06
	₹0.30	₹0.80	₹0.50	₹0.50	₹1.30	₹0.70	₹0.70	₹0.70	–	–
As declared that year	₹1.50	₹4.00	₹2.50	₹2.50	₹6.50	₹0.70	₹0.70	₹0.70	–	–
	–	–	₹82.73	₹86.77	₹102.51	₹106.85	₹125.28	₹148.52	₹131.81	₹129.52
On that year's share count	–	–	₹413.64	₹433.87	₹512.57	₹106.85	₹125.28	₹148.52	₹131.81	₹129.52
Dividend payout	–	31.1%	37.5%	20.9%	8.2%	11.9%	31.5%	–	–	–
Shareholder yield	–	–	–	–	−3.1%	−0.2%	−13.7%	0.3%	0.4%	0.0%
Market cap at the year end (₹ crore)	1,432	1,883	1,320	668	1,680	2,895	2,480	2,723	2,351	2,002

Every year is restated for later splits and bonuses, so they do not break the line. The figure the company stated that year is under each line it differs from.

Ratios

Consolidated, years to March.Sagar Cements PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue growth	–	14.5%	13.0%	−3.5%	16.7%	16.4%	39.6%	12.3%	−9.9%	17.4%
Operating profit growth	–	37.1%	−1.2%	24.2%	115.9%	−31.1%	−44.5%	60.5%	−42.6%	107.0%
Net profit growth	–	–	−48.2%	95.2%	599.6%	−68.1%	−85.6%	–	–	–
Earnings per share growth	–	–	−48.0%	85.6%	549.2%	−68.7%	−86.9%	–	–	–
	–	–	1.6%	3.0%	17.1%	5.6%	2.0%	−2.9%	−11.5%	−0.6%
	–	–	–	1.3 pts	14.2 pts	−11.5 pts	−3.6 pts	−4.9 pts	−8.5 pts	10.8 pts
From the net margin	–	–	–	1.7 pts	14.7 pts	−11.7 pts	−3.9 pts	−5.2 pts	−10.1 pts	10.9 pts
From asset turnover	–	–	–	−0.3 pts	−0.8 pts	−0.6 pts	0.3 pts	0.0 pts	1.8 pts	−0.1 pts
From borrowing	–	–	–	−0.1 pts	0.3 pts	0.8 pts	0.1 pts	0.3 pts	−0.2 pts	−0.1 pts
Return on capital employed	–	–	6.5%	7.4%	16.0%	6.5%	−0.1%	0.9%	−2.8%	1.5%
Cash conversion	–	–	–	–	203.2%	147.0%	2,060.7%	–	–	–
Interest cover	1.0	1.6	1.3	1.7	6.9	2.0	–	0.2	–	0.3
Debt to equity	–	–	0.53	0.42	0.59	1.15	0.87	0.71	0.81	0.92
Receivable days	–	–	35	42	27	27	22	30	33	31
Inventory days	–	–	222	186	189	338	234	273	232	227
Payable days	–	–	312	358	349	361	267	460	490	251
Cash conversion cycle, days	–	–	−55	−130	−133	4	−11	−157	−225	7
Working capital days	–	–	−17	−16	−19	42	15	−8	−36	−2
Asset turnover	–	–	0.69	0.64	0.61	0.54	0.62	0.61	0.53	0.61
Assets per rupee of net worth	–	–	2.09	2.04	2.08	2.41	2.48	2.29	2.33	2.54
Sales per rupee of plant	–	–	1.03	0.92	1.13	0.82	0.83	0.80	0.76	0.87
Capital spending to depreciation	–	–	–	–	5.73	3.89	0.00	1.05	0.60	1.77
Plant being built, % of plant in use	–	–	9.3%	8.5%	42.6%	5.2%	3.7%	0.5%	4.2%	3.8%

Revenue growth and operating profit growth are left blank for the year to Mar 2017: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. Interest cover is left blank for the years to Mar 2023 and Mar 2025: operating profit after depreciation is a loss, and a loss covers no interest bill. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: −0.3%
Cash from operations against operating profit: 73.8%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	14.1%	5.9%
Return on equity, average	–	−1.5%	−5.0%
Return on capital employed, average	–	1.2%	−0.1%
Operating margin, average	13.4%	10.2%	9.0%
Net margin, average	1.1%	−1.5%	−3.9%
Asset turnover, average	–	0.58	0.58
Cash conversion cycle, days, average	–	−76	−125
Interest cover, average	–	–	0.2
Debt to equity, average	–	0.89	0.81

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	1,112	850	216
Cash from investing	−1,327	−713	−412
Cash from financing	−60	−308	130
Capital spending	1,148	787	423
Dividends paid	33	18	0
Shares bought back	0	0	0
Shares issued for cash	361	0	0
Borrowings raised	1,494	636	397
Borrowings repaid	1,140	450	160

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	7	5	6	5	4	7
Altman Z-scorePublished threshold 1.81	–	–	2.26	1.81	2.40	2.02	2.06	1.93	1.48	1.50
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.74	−2.74	−2.54	−2.57	−2.86	−2.51
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	12.63	25.46	−9.37	−6.48	−7.91	4.51
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	2.52	42.47	–	–
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	21.79	−43.06	3.01	−28.90	43.60	8.15	−6.72
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−15.32	1.84	73.84	−57.46	16.02	−15.70	−2.62
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	0.59	4.55	6.85	−4.05	−2.22	−1.21	5.54
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.63	22.94	0.12	0.11	0.02	1.64	0.34
Effective tax ratePublished threshold 17.16 per cent	192.89	42.50	41.42	46.59	33.98	43.13	53.98	–	–	–
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	14.52	−26.10	–	–	–

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
2 Jul 2026	India Ratings and Research Private Limited	Non-convertible debentures	WDReview, Other		11.54
2 Jul 2026	India Ratings and Research Private Limited	Bank loan facilities	IND BBB; IND A3+Review, Downgrade	Stable	770.96

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.