Saurashtra Cement financials: balance sheet, profit and loss, cash flow

NSE: SAURASHCEMBSE: 502175Cement & Cement ProductsSmall Cap

Saurashtra Cement Limited · Formerly Saurashtra Cement & Chemical Industries · Face value ₹10

₹47.20₹0.10 (0.21%)BSE ₹47.15

Share price at the NSE close on 29 Oct 2026. Previous close ₹47.30.

29 Oct: open ₹47.24, high ₹47.90, low ₹47.01

52-week range of traded prices to 29 Oct 2026

₹44.76Low, 26 Oct 2026₹103.45High, 30 Oct 2025

Next results date: the board meets on 4 Nov 2026 to consider: financial results. The notice · Results calendar

Market cap: ₹525 Cr1,673rd largest listed
P/E: 78.50
P/E without one-offs: 31.26
P/B: 0.55
Dividend yield: Nonein the last 12 months
ROE: 0.7%
ROE without one-offs: 1.8%
ROCE: −0.6%
Debt to equity: 0.11
Volume, NSE: 29,12875.1% delivered

Saurashtra Cement's financial statements for the 10 years to Mar 2026, consolidated: the company and its subsidiaries together, with the twelve months to Jun 2026 after them.

10 years at a glance

₹ crore, years to March.Saurashtra Cement annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

A loss in 2 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 1.3% of operating profit in the first full year.

The years either side of a change of basis do not compare. From the year to Mar 2023, the company's revenue for that year, ₹1,645 Cr, differs from its quarters added, ₹1,110 Cr.

Results for the year to Mar 2026

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

From revenue to net profit

Revenue1,666
Materials and goods−342
Employee costs−119
Other expenses−1,152
Operating profit52
Depreciation−44
Other income+19
One-off items−10
Finance costs−10
Profit before tax6.6
Tax+7.8
Net profit14

What the company owns

Plant, investments and other assets₹1,016 Cr
Inventory₹248 Cr
Cash and bank₹224 Cr
Receivables₹101 Cr

What pays for it: net worth and liabilities

Net worth₹962 Cr
Other liabilities₹319 Cr
Owed to suppliers₹201 Cr
Borrowings₹106 Cr

Saurashtra Cement business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them. A segment at a loss has no share of profit.Saurashtra Cement segment results by quarter

Revenue by segment

₹1,666 CrTotal

Cement and Cement related products₹1,590 Cr95.4% of total
Paints₹76 Cr4.6% of total

Profit by segment

Cement and Cement related products₹42.1 Cr100.0% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Cement and Cement related products
Revenue, ₹ crore
743
1,621
1,470
1,590
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
19
−5
55
42
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Paints
Revenue, ₹ crore
18
25
39
68
76
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−6
−14
−16
−27
−25
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others - Subsidiary Company
Revenue, ₹ crore
0
0
0
0
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
0
0
0
0
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	–	–	–	761	1,645	1,765	1,538	1,666
Company revenue, as in its results	621	608	674	761	1,645	1,765	1,538	1,666
Revenue	–	–	–	743	1,621	–	1,470	1,590
Revenue growth	–	–	–	–	–	–	–	8.2%
Profit	–	–	–	19	−5	–	55	42
Profit growth	–	–	–	–	–	–	–	−23.3%
Margin	–	–	–	2.6%	−0.3%	–	3.7%	2.7%
Return on capital	–	–	–	4.1%	−0.6%	–	6.2%	4.7%
Assets	–	–	–	713	1,290	–	1,511	1,489
Liabilities	–	–	–	249	468	–	624	599
Capital employed	–	–	–	464	822	–	886	890
Revenue	–	–	–	18	25	39	68	76
Revenue growth	–	–	–	–	–	58.3%	74.6%	11.9%
Profit	–	–	–	−6	−14	−16	−27	−25
Margin	–	–	–	−35.5%	−58.2%	−41.2%	−39.6%	−33.0%
Return on capital	–	–	–	−10.8%	−23.9%	−27.9%	−44.7%	−35.5%
Assets	–	–	–	68	67	78	91	98
Liabilities	–	–	–	9	7	21	31	27
Capital employed	–	–	–	59	60	58	60	71
	–	–	–	0	0	–	0	0
Profit	–	–	–	0	0	–	0	0
Return on capital	–	–	–	−6.8%	−61.9%	–	−41.6%	−26.9%
Assets	–	–	–	0	1	–	1	1
Liabilities	–	–	–	0	0	–	0	0
Capital employed	–	–	–	0	1	–	1	1
Revenue	–	–	–	–	–	1,726	–	–
Profit	–	–	–	–	–	114	–	–
Margin	–	–	–	–	–	6.6%	–	–
Return on capital	–	–	–	–	–	13.2%	–	–
Assets	–	–	–	–	–	1,492	–	–
Liabilities	–	–	–	–	–	622	–	–
Capital employed	–	–	–	–	–	870	–	–
	–	–	–	–	–	0	–	–
Profit	–	–	–	–	–	0	–	–
Return on capital	–	–	–	–	–	−61.4%	–	–
Assets	–	–	–	–	–	1	–	–
Liabilities	–	–	–	–	–	0	–	–
Capital employed	–	–	–	–	–	1	–	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March. The last column is the twelve months to Jun 2026, the latest four quarters added.Saurashtra Cement quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026Filed 12 May	Jun 2026Twelve monthsFiled 6 Aug
Revenue from operations	475	592	621	608	674	761	1,645	1,765	1,538	1,666	1,699
	–	542	617	499	559	738	1,639	1,635	1,494	1,614	1,661
Materials and goods bought	40	47	60	50	93	97	249	288	270	342	384
Employee costs	–	–	49	45	45	48	98	112	120	119	118
Other expenses	–	–	508	404	421	592	1,293	1,235	1,104	1,152	1,159
Operating profit before depreciation	–	50	4	109	115	24	6	130	44	52	38
Operating margin	–	8.4%	0.7%	17.9%	17.0%	3.1%	0.4%	7.4%	2.8%	3.2%	2.3%
Materials, % of revenue	–	–	9.6%	8.2%	13.8%	12.8%	15.1%	16.3%	17.5%	20.5%	22.6%
Employee costs, % of revenue	–	–	8.0%	7.4%	6.7%	6.3%	5.9%	6.4%	7.8%	7.2%	6.9%
Other expenses, % of revenue	–	–	81.7%	66.5%	62.5%	77.8%	78.6%	70.0%	71.8%	69.2%	68.2%
Depreciation and amortisation	–	18	18	20	20	23	39	47	42	44	45
Operating profit after depreciation	–	32	−14	89	95	1	−33	83	2	8	−6
Other income	11	18	9	8	12	12	13	36	17	19	19
Finance costs	4	3	5	4	4	5	9	8	14	10	10
Profit before one-off items and tax	16	46	−10	93	102	8	−29	110	5	17	2
One-off items	0	0	3	−16	0	0	0	−20	9	−10	−10
Profit before tax	16	46	−7	77	102	8	−29	90	14	7	−8
	6	−16	−2	21	30	4	−7	33	7	−8	−15
Current tax	–	10	0	14	29	1	0	30	4	3	−2
Deferred tax	–	−26	−2	7	1	3	−7	4	3	−11	−13
Net profit	10	62	−5	57	72	4	−22	57	7	14	7
Other comprehensive income	–	–	−1	−2	4	2	0	0	0	0	0
Total comprehensive income	–	–	−6	54	76	6	−22	56	7	14	7
Net margin	2.0%	10.6%	−0.8%	9.3%	10.7%	0.5%	−1.3%	3.2%	0.5%	0.9%	0.4%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the year to Mar 2018 they do not, so they are left blank. Operating expenses, operating profit before depreciation and operating profit after depreciation are left blank for the year to Mar 2017: the statement does not state its depreciation, which operating profit is worked out from, so operating profit is not given.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026Filed 12 May
	408	451	523	524	882	928	947	962
Share capital	69	70	70	70	111	111	111	111
Reserves	339	381	453	453	771	817	836	850
	30	25	17	61	63	84	135	106
Repayable after a year	4	6	5	4	5	10	33	31
Repayable within a year	26	18	13	57	57	74	102	76
	172	187	168	223	376	515	523	506
Trade payables	63	55	37	48	107	204	201	201
Other financial liabilities	20	42	25	20	34	49	58	68
Other liabilities	60	70	88	93	167	173	157	153
Provisions	3	3	3	5	10	8	5	9
Tax owed	0	0	1	–	0	7	0	0
	16	26	35	35	100	128	133	120
Other financial liabilities	0	2	0	0	2	1	1	0
Provisions	12	13	13	11	19	28	29	29
Deferred tax	0	5	17	20	73	90	70	61
	597	664	726	781	1,357	1,571	1,603	1,588
Held for sale or for a demerger	–	–	–	–	–	–	–	11
	416	419	439	510	1,007	953	996	979
Plant in use, after depreciation	348	351	345	377	799	844	903	882
Plant being built	37	38	60	68	50	30	30	37
Intangible assets	0	0	0	23	30	26	26	24
Goodwill	0	0	0	2	2	2	2	2
Intangible assets being developed	0	0	1	5	1	1	1	1
Investments	5	4	8	9	0	0	0	0
Loans given	2	1	1	0	0	0	0	0
Other financial assets	1	1	1	2	82	9	11	7
Deferred tax	2	0	0	–	0	–	0	–
Other assets	20	24	24	24	43	40	24	27
	181	245	287	271	351	618	606	597
Inventories	78	100	56	96	180	263	251	248
Trade receivables	16	34	29	35	78	88	101	101
Cash and cash equivalents	8	8	4	1	8	9	60	79
Other bank balances	73	94	184	127	69	241	175	145
Loans given	0	0	0	0	0	0	0	0
Other financial assets	2	2	3	2	2	4	2	2
Tax paid in advance	0	0	0	–	0	–	1	4
Other assets	4	7	11	10	13	14	15	18
Net debt	−51	−78	−171	−67	−14	−165	−101	−117

Borrowings are counted again inside the liabilities due within a year and after a year. 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.

₹ crore	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026Filed 12 May
	134	−8	21	155	30	36
	149	−5	25	163	41	43
	30	−33	16	48	−7	−19
Receivables	5	−6	−19	−10	−13	−1
Inventories	44	−40	6	−82	11	4
Payables	−15	16	29	137	0	−9
Other working capital	−3	−2	0	4	−4	−13
Tax paid	−16	−3	−3	−8	−10	−6
Capital spending	39	35	39	68	86	29
Free cash flow	94	−44	−17	87	−56	7
	−121	−25	32	−157	−5	19
Plant and property sold	1	1	1	1	2	1
Companies bought	0	−55	0	0	0	0
Interest received	6	8	10	10	13	13
Dividends received	0	0	0	0	0	0
	−17	30	−49	3	27	−37
Borrowings raised	2	44	4	26	55	11
Borrowings repaid	−9	−3	−44	−5	−5	−39
Interest paid	−3	−4	−8	−7	−12	−8
Lease payments	−1	−1	−2	−1	0	−1
Dividends paid	6	5	0	11	11	0
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	−4	−3	5	1	52	18

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.Saurashtra Cement dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026Filed 12 May
Earnings per share	₹1.50	₹9.03	−₹0.71	₹8.14	₹10.38	₹0.57	−₹1.99	₹5.11	₹0.63	₹1.30
Diluted earnings per share	₹1.50	₹9.03	−₹0.71	₹8.09	₹10.26	₹0.56	−₹1.99	₹5.10	₹0.63	₹1.30
Dividend per share	–	–	–	–	–	–	–	₹1.00	–	–
Book value per share	–	–	₹58.88	₹64.86	₹74.88	₹74.47	₹79.67	₹83.59	₹85.17	₹86.41
Dividend payout	–	–	–	–	–	–	–	19.6%	–	–
Shareholder yield	–	–	–	–	1.3%	1.2%	−0.1%	0.9%	1.3%	0.0%
Market cap at the year end (₹ crore)	309	481	329	195	442	440	350	1,172	834	536

Ratios

Consolidated, years to March.Saurashtra Cement PE ratio and valuation

Ratio	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026Filed 12 May
Revenue growth	24.7%	4.9%	−2.1%	10.8%	13.0%	–	7.3%	−12.9%	8.4%
Operating profit growth	–	−91.6%	2,489.6%	5.0%	−79.3%	–	2,082.2%	−66.3%	19.8%
Net profit growth	547.8%	–	–	27.9%	−94.5%	–	–	−87.7%	106.5%
Earnings per share growth	502.0%	–	–	27.5%	−94.5%	–	–	−87.7%	106.3%
	–	−1.2%	13.2%	14.8%	0.8%	−3.1%	6.3%	0.7%	1.5%
	–	–	14.4 pts	1.7 pts	−14.1 pts	−3.9 pts	9.4 pts	−5.5 pts	0.8 pts
From the net margin	–	–	15.3 pts	2.0 pts	−14.1 pts	−2.7 pts	10.6 pts	−5.4 pts	0.7 pts
From asset turnover	–	–	−1.0 pts	0.1 pts	0.0 pts	−1.0 pts	−1.6 pts	−0.2 pts	0.1 pts
From borrowing	–	–	0.0 pts	−0.4 pts	0.0 pts	−0.2 pts	0.4 pts	0.0 pts	0.0 pts
Return on capital employed	–	−3.2%	18.8%	17.5%	0.2%	−3.5%	8.2%	0.1%	0.8%
Cash conversion	–	–	–	185.2%	−207.7%	–	274.1%	432.9%	252.8%
Interest cover	9.4	–	20.0	21.6	0.2	–	10.2	0.1	0.8
Debt to equity	–	0.07	0.05	0.03	0.12	0.07	0.09	0.14	0.11
Receivable days	–	9	21	16	17	17	18	24	22
Inventory days	–	478	732	220	361	265	333	340	264
Payable days	–	387	401	145	181	158	259	272	214
Cash conversion cycle, days	–	100	352	90	198	124	92	92	72
Working capital days	–	−27	−16	−31	−11	−10	−15	−12	−12
Asset turnover	–	1.04	0.96	0.97	1.01	1.54	1.21	0.97	1.04
Assets per rupee of net worth	–	1.46	1.47	1.43	1.44	1.52	1.62	1.69	1.67
Sales per rupee of plant	–	1.78	1.73	1.95	2.02	2.06	2.09	1.70	1.89
Capital spending to depreciation	–	–	–	1.97	1.55	1.00	1.45	2.04	0.66
Plant being built, % of plant in use	–	10.6%	10.8%	17.3%	17.9%	6.3%	3.6%	3.3%	4.2%

Interest cover is left blank for the years to Mar 2019 and Mar 2023: operating profit after depreciation is a loss, and a loss covers no interest bill. Revenue growth and operating profit growth are left blank for the year to Mar 2023: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. 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: 0.9%
Cash from operations against operating profit: 69.5%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	–	0.4%
Return on equity, average	–	1.2%	2.8%
Return on capital employed, average	–	1.2%	3.0%
Operating margin, average	6.8%	3.4%	4.5%
Net margin, average	3.6%	0.7%	1.5%
Asset turnover, average	–	1.15	1.07
Cash conversion cycle, days, average	–	116	85
Interest cover, average	–	2.8	3.7
Debt to equity, average	–	0.11	0.11

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	235	222	36
Cash from investing	−136	−144	19
Cash from financing	−27	−7	−37
Capital spending	258	184	29
Dividends paid	27	22	0
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	140	92	11
Borrowings repaid	96	49	39

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	–	–	–	–	6	4	4	5	3	7
Altman Z-scorePublished threshold 1.81	–	–	2.89	2.78	3.79	2.94	2.63	3.23	2.57	2.42
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.80	−2.27	−1.50	−2.93	−2.44	−2.43
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	8.55	4.92	−7.10	4.00	−1.13	−2.56
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	2.71	4.36	4.97	2.84
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	119.47	−26.30	8.07	6.69	5.35	27.14	−7.88
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	44.18	−131.14	67.55	−68.56	29.98	2.00	−28.41
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	0.37	0.72	−0.26	0.21	0.17	0.04	0.38
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	1.73	4.14	1.24	0.11	0.33	0.30	1.58
Effective tax ratePublished threshold 17.16 per cent	38.03	−34.46	–	26.94	29.45	47.98	–	37.01	50.39	−119.17
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	6.55	–	28.05	−23.31	−212.66

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
29 Sep 2026	ICRA Limited	Fund-based-Term loan	[ICRA]BBB-Review, Re-affirm	Stable	31.95
29 Sep 2026	ICRA Limited	Fund-based-Cash credit	[ICRA]BBB-Review, Re-affirm	Stable	20
29 Sep 2026	ICRA Limited	Unallocated limits-Unallocated limits	[ICRA]BBB-Review, Re-affirm	Stable	12.05
29 Sep 2026	ICRA Limited	Non-fund based-Others	[ICRA]BBB-Review, Re-affirm	Stable	340

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