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Sagar Cements Results: Latest Quarterly Results & Analysis

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Sagar Cements Ltd. 22 Jan 2026 11:41 AM
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Q3FY26 Quarterly Result Announced for Sagar Cements Ltd.

Cement & Cement Products company Sagar Cements announced Q3FY26 results

  • Sales Volume: Q3FY26 dispatches grew 8% YoY to 1.48 million tonnes and 9% QoQ.
  • Revenue: Revenue from operations in Q3FY26 increased 5% YoY to Rs 590.5 crore; sequentially, it softened 2%.
  • Total expenditure/ton declined 2% YoY to Rs 3,735 in Q3, aided by marginal savings in freight and fuel.
  • Operating EBITDA remained stable YoY at Rs 37.7 crore for the quarter, but normalised per-ton profitability slipped 7% to Rs 254 owing to weaker realisations.
  • Higher depreciation and finance costs led to a Q3FY26 loss after tax of Rs 64.1 crore versus a Rs 54.5 crore loss a year ago.
  • Q3FY26 net realisation slipped 3% YoY and 10% QoQ to Rs 3,989/ton on muted pricing.
  • Raw-material cost/ton rose 8% YoY to Rs 797, while power & fuel cost/ton eased 3% to Rs 1,408; freight cost/ton was marginally lower at Rs 830.
  • Gross debt stood at Rs 1,627 crore (up 1% QoQ) and cash at Rs 83 crore, resulting in net debt of Rs 1,544 crore.
  • Long-term debt-equity ratio remained comfortable at 0.78×.

Sreekanth Reddy, Jt. Managing Director, said:  “Our performance for the quarter was largely in line with our expectations. Demand remained soft during the first half impacted by the extended monsoon and the festive season, but witnessed a gradual improvement towards the end of the quarter. Pricing also remained benign across most of our markets. That said, we believe we will end the fiscal on a positive note with overall volumes of around 6 million MT, supported by a pickup in demand and an improving pricing trend.

Furthermore, we are working towards improving efficiencies and profitability through various cost initiatives, including WHRS and solar capacity additions, lead distance optimization, and plant upgrades. Additionally, we expect improving cash flows and planned land monetization to support prudent growth going forward.

On the capacity expansion front, our projects at Andhra Cements and Jeerabad are progressing as per plan. Theconstruction of the 6-stage preheater at the Dachepalli plant of Andhra Cements has been successfully completedand was recently commissioned. The 4.35 MW WHR project at the Gudipadu unit is expected to be commissioned bythe end of FY26. We also expect to commission expansion of the Jeerabad capacity from 1.0 MTPA to 1.5 MTPA byearly part of Q1FY27 and the cement capacity at Dachepalli by August 2026.

Going ahead, we remain committed to delivering sustainable and profitable growth by strengthening operationalexcellence, deepening our regional presence, and increasing the use of renewable energy across our manufacturing footprint."

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Cement & Cement Products company Sagar Cements announced Q2FY26 results

  • Revenue increased by 27% YoY and volume increased by 17% from Rs 47,512 lakh in Q2FY25 to Rs 60,186 lakh in Q2FY26.
  • Operating EBITDA of Rs 5,133 lakh for Q2FY26 as against Rs 1,993 lakh during Q2FY25.
  • Operating EBITDA of Rs 377 per ton during Q2FY26.
  • EBITDA margin increased by 500 bps to 9% for Q2FY26 (v/s Q2FY25).
  • Loss after tax stood at Rs 4,417 lakh for Q2FY26 v/s Loss of Rs 5,698 lakh during Q2FY25.

Sreekanth Reddy, Jt. Managing Director, Sagar Cements, said: We have maintained our growth momentum in Q2, with significant volumes growth on a YoY basis, despite the seasonal impact of the monsoon. As expected, realisations softened during the quarter; however, the overall operating environment remained stable with input prices continuing to be benign.

Our focus on operational efficiency and cost optimization helped us sustain healthy margins even in a softer pricing environment. EBITDA/ton remained resilient, supported by higher plant utilisation levels and disciplined cost management across the value chain.

With the monsoon season now behind us, we expect demand momentum to pick up in H2, led by the continued push in infrastructure, housing, and construction activities. For FY26, we expect our overall sales volumes to be around 6 million MT.

Our capacity expansion projects at Andhra Cement, and Jeerabad are progressing as per plan. The construction of 6-stage pre-heater was successfully completed at the Dachepalli Plant of Andhra Cements and after trial runs it got commissioned on 23rd October, 2025, further we expect to commission the cement capacity by the end of Q1FY27.The 4.35 MW WHR project at the Gudipadu unit and the expansion of the Jeerabad capacity from 1 MTPA to 1.5 MTPA are expected to be commissioned by the end of FY26.

We remain committed to driving sustainable and profitable growth through operational excellence, enhanced regional presence, and increased use of renewable energy across our manufacturing footprint

Result PDF

Cement & Cement Products company Sagar Cements announced Q1FY26 results

  • Revenue increased by 20% YoY and volume increased by 11% in Q1FY26 Rs 67,066 lakh.
  • Plants operated at around 55% during the current quarter.
  • Operating EBITDA of 12,145 lakh for Q1FY26 as against Rs 4,670 lakh during Q1FY25.
  • Operating EBITDA of Rs 851 per ton during Q1FY26.
  • EBITDA margin stood at 18% in Q1FY26 v/s 8% in Q1FY25.
  • Profit after tax stood at Rs 749 lakh for Q1FY26 v/s loss of Rs 3,220 lakh during Q1FY25.

Sreekanth Reddy Jt. Managing Director, said: We have started the year on a strong note as can be seen from our financials. Volumes for the quarter grew by 11% on a YoY basis driven by pick up Government spendings, construction sector and housing sector. In addition to higher volumes, the quarterly performance was also aided by better pricing environment. The combination of which resulted in revenue growth of 20% YoY for the quarter.

EBITDA for the quarter stood at Rs 121 crore, with margins of 18%. EBITDA/ton improved to Rs 851 owing to better realisations, higher operating leverage and benign input prices. Our focus remains on driving down costs and reinforcing our competitive advantage in cost efficiency. By improving operational performance and integrating more renewable energy, we are poised for steady growth in profitability and margins in the years ahead.

Our modernisation plans at Andhra Cements Dachepalli unit is progressing as per schedule. We are confidant of achieving our target volume of ~6 MnT in FY26.

The Board of one of the subsidiaries Sagar Cements (M) Private Limited has given approval to take up the expansion of cement grinding capacity from 1 MTPA to 1.5 MTPA and as part of green energy initiatives to establish a 6 MW solar power plant, involving a capex of around Rs 140 crore.

In conclusion, we believe our enhanced capacities positions us strongly to capitalize on the growing demand from the infrastructure and real estate sectors in the coming years. Additionally, our continued focus on diversifying revenue streams and expanding our regional presence is expected to further strengthen the company’s overall profitability profile.

Result PDF

Cement & Cement Products company Sagar Cements announced Q4FY25 results

  • Revenue decreased by 7% YoY and volume increased by 5% for Q4FY25 to Rs 65,804 lakh from Rs 70,871 lakh during Q4FY24.
  • Operating EBITDA of Rs 3,682 lakh for Q4FY25 as against Rs 6,813 lakh during Q4FY24.
  • Operating EBITDA of Rs 218 per ton during Q4FY25.
  • EBITDA margin decreased by 400 bps to 6% for Q4FY25 (v/s Q4FY24).
  • Loss after tax stood at Rs 7,305 lakh for Q4FY25 v/s Profit of Rs 1,158 lakh during Q4FY24.

Sreekanth Reddy, Jt. Managing Director, said: “Q4 saw a significant 23% (QoQ) increase in volume, as demand carried over from the previous quarter gained further traction due to a rebounding construction sector, real estate growth, and higher government spending. Prices as well after staying stable for large part of the quarter have started trending higher.”

Our EBITDA for the quarter stood at Rs 37 crore, translating to a margin of 6%. On a per-ton basis, EBITDA stood at Rs 218. This improved operational profitability was primarily driven by enhanced operating leverage and a reduction in energy and freight expenses. Looking ahead, we anticipate further strengthening of our operational profitability and margins over the coming years. This positive trajectory will be supported by our strategic initiatives focused on increasing the contribution of green power, implementing cost optimization measures, and achieving higher capacity utilization across our facilities.

For FY26 we believe we will be able to achieve sales volumes of ~ 6.0 to 6.3 million tonnes.

In conclusion, we are confident that our strategic initiatives aimed at reducing freight costs – by shortening lead distances, lowering the clinker factor, modernizing our assets, and optimizing our energy sources – will be instrumental in generating sustainable, long-term value for our shareholders.

Result PDF

Cement & Cement Products company Sagar Cements announced Q3FY25 results

  • Revenue decreased by 16% YoY and volume decreased by 2% for Q3FY25.
  • Plants operated at around 53% during the current quarter.
  • Operating EBITDA of Rs 3,764 lakhs for Q3FY25 as against Rs 8,706 lakhs during Q3FY24.
  • Operating EBITDA of Rs 273 per ton during Q3FY25.
  • EBITDA margin decreased by 600 bps to 7% for Q3FY25 (v/s Q3FY24).
  • Loss after tax stood at Rs 5,445 lakhs for Q3FY25 v/s Loss of Rs 1,050 lakhs during Q3FY24.

Sreekanth Reddy Jt. Managing Director commented: “Q3 performance benefitted in part from the pick-up in demand during the second half of the quarter and steady realisations. While the quarter began on a soft note owing to festive season and labour unavailability, construction activities picked up pace during the second half. Demand from rural segment also revived steadily aided by better agricultural output.

EBITDA for the quarter stood at Rs. 38 crore, with margins of 7%. EBITDA/ton stood at Rs. 273. While input prices remained largely steady compared to previous quarter, we expect the benefit of softening raw material prices to reflect in our financials from next quarter. Moreover, our initiatives to enhance the energy mix by increasing the proportion of green power, improving operational efficiencies, and achieving higher utilization rates across our facilities will contribute to profitability and margin growth in the years ahead.

For the full year FY25 we believe we will be able to achieve sales volumes similar to FY24 of 5.50 MnT.

During January 2025 the Company has successfully commissioned 6 MW Solar Power plant at its Gudipadu Unit. Further the Company has received approvals for implementation of 6 MW Solar Power plant at its Dachepalli unit.

To conclude, we believe that our initiatives to lower freight costs—through shortening lead distances, decreasing the clinker factor, upgrading our assets, and optimizing our energy mix will effectively generate long-term value for our shareholders.”

Result PDF

Cement & Cement Products company Sagar Cements announced Q2FY25 results

  • Revenue decreased by 19% YoY and volume decreased by 12% for Q2FY25.
  • Plants operated at around 43% during the current quarter.
  • Operating EBITDA of Rs 1,993 lakh for Q2FY25 as against Rs 6,022 lakh during Q2FY24.
  • Operating EBITDA of Rs 172 per ton during Q2FY25.
  • EBITDA margin decreased by 600 bps to 4% for Q2FY25 (v/s Q2FY24).
  • Loss after tax stood at Rs 5,698 lakh for Q2FY25 v/s Loss of Rs 1,085 lakh during Q2FY24.

Sreekanth Reddy, Jt. Managing Director, Sagar Cements, said: Our quarterly results depict the difficult industry landscape we are currently navigating. Demand remained subdued owing to extended monsoon season and sluggish project completions, which in turn impacted the overall volume growth during the quarter. Moreover, intense competition in pricing within our primary markets contributed to reduced profitability. EBITDA for the quarter stood at Rs. 20 crore, with margins of 4%.

EBITDA/ton stood at Rs. 172. While input prices remained relatively stable, lower revenues and utilization levels led to margin compression. Despite existing challenges related to demand and pricing, we are steadfast in our commitment to long-term objectives of cost reduction and operational enhancements. Anticipated improvements in the business's margin profile and profitability in the upcoming years are expected to stem from an enhanced energy mix—increased reliance on renewables— and improved efficiencies and utilization rates across our facilities.

For the full year we believe we will be able to achieve volumes of 5.75 million tonnes during FY25.

To conclude, we are confident that enhanced cost efficiency achieved through minimizing lead distances, enhancing green energy usage, reducing clinker factors, and upgrading our ACL plant will position us favorably to enhance customer service, thereby creating significant value for our shareholders.

Result PDF

Cement & cement products company Sagar Cements announced Q1FY25 results:

  • Revenue increased by 4% YoY and volume increased by 9% in Q1FY25.
  • Plants operated at around 49% during the current quarter.
  • Operating EBITDA of 4,670 lakh for Q1FY25 as against Rs 3,050 lakh during Q1FY24.
  • Operating EBITDA of Rs 356 per ton during Q1FY25.
  • EBITDA margin stood at 8% in Q1FY25 v/s 6% in Q1FY24).
  • Loss after tax stood at Rs 3,220 lakh for Q1FY25 v/s loss of Rs 4,228 lakh during Q1FY24 . 

Commenting on the Performance, Sreekanth Reddy, Jt. Managing Director, said: "Our results are largely on expected lines given the soft demand and benign prices which prevailed during the quarter. Volume offtake trended lower amidst intense heat wave, labor unavailability and slowdown in construction activities because of general elections. While certain pockets did witness pick up in demand during the later part of the quarter, on an overall basis it was largely subdued. In line with demand and owing to heightened competitive intensity, prices as well were relatively weak across regions which in turn impacted our topline for the quarter.

EBITDA for the quarter stood at Rs 47 crore, with margins of 8%. EBITDA/ton stood at Rs 356. We remain committed to lowering costs and further solidifying our position as one of the lowest-cost cement producers in the country/industry. With improvement in operational efficiencies across our units and higher share of renewable energy in the mix, we expect our profitability and margins to improve in coming years.

Expansion plan at Dachepalli unit of Andhra Cements Ltd. is progressing as per schedule, and we believe we will be able to achieve volumes of 6.50 MnT during FY25.

The Board has accorded its approval for setting up 6 MW Solar Power Plants each, at its Gudipadu and Dachepalli units which is in line with our stated ESG objectives.

To conclude, we believe our enhanced capacities positions us well to capture the growing infrastructure and real estate demand over the coming years. Furthermore, our efforts towards diversifying revenues streams and increasing our regional footprint should help us in improving the overall profitability profile of the company."

Result PDF

Sagar Cements announced consolidated Q4FY24 results:

  • Revenue increased by 14% YoY and volume increased by 19% for Q4FY24.
  • Plants operated at around 60% during the current quarter.
  • Operating EBITDA of Rs 6,813 lakhs for Q4FY24 as against Rs 3,886 lakhs during Q4FY23.
  • Operating EBITDA of Rs 422 per ton during Q4FY24.
  • EBITDA margin increased by 400 bps to 10% for Q4FY24 (v/s Q4FY23).
  • Profit after tax stood at Rs 1,158 lakhs for Q4FY24 v/s Profit of Rs 8,793 lakhs during Q4FY23.

Result PDF

Cement & Cement products company Sagar Cements announced Q3FY24 results:

  • Revenue increased by 16% YoY to Rs 66,941 lakhs and volume increased by 14% to 14,07,167 MT for Q3FY24.
  • Plants operated at around 55% during the current quarter.
  • Operating EBITDA of Rs 8,706 lakhs for Q3FY24 as against Rs 4,758 lakhs during Q3FY23.
  • Operating EBITDA of Rs 619 per ton during Q3FY24.
  • EBITDA margin increased by 500 bps to 13% for Q3FY24 (v/s Q3FY23).
  • Loss after tax stood at Rs 1,018 lakhs for Q3FY24 v/s Loss of Rs 2,368 lakhs during Q3FY23.

Commenting on the performance, Sreekanth Reddy, Jt. Managing Director of the Company said, “We had a good quarter marked by healthy volumes and steady realisations. Although overall volumes were affected by state elections and labor shortages during the festive season, we witnessed a 14% growth in volumes during Q3FY24 when compared with Q3FY23. Additionally, favorable prices prevailed in our key markets, leading to a 16% increase in revenue for the quarter.

As far as EBITDA and margins are concerned, we observed a significant enhancement on a per-ton basis, consistent with our earlier projections. The combination of increased operating leverage and consistent realizations contributed to improved profitability for the quarter. We anticipate this positive trend to persist in the future, supported in part by higher utilization levels of recently acquired units and strategic initiatives aimed at promoting the use of green power, and alternative fuels, as well as the deployment of electric trucks and wheel loaders.

Operationally, we believe we are on track towards meeting our guidance of attaining 5.6 MnT volumes for the fiscal. Performance and capex plans of our recently acquired unit, Andhra Cements is progressing as per plan.

To conclude, our widespread geographical footprint, advancing product mix, and increased emphasis on elevating the proportion of green fuel in the overall energy mix, collectively position us favorably to generate value for our shareholders.”

 

Result PDF

Sagar Cements announced Q1FY24 results:

  • Revenue decreased by 3% YoY and volume decreased by 1% for Q1FY24.
  • Plants operated at around 47% during Q1FY24.
  • Operating EBITDA of Rs 3,048 lakh for Q1FY24 as against Rs 6,103 lakh during Q1FY23.
  • Operating EBITDA of Rs 258 per ton during Q1FY24.
  • EBITDA margin declined by 500 bps to 6% for Q1FY24 (v/s Q1FY23).
  • Loss after tax stood at Rs 4,223 lakh for Q1FY24 v/s Loss of Rs 1,310 lakh during Q1FY23.

Commenting on the performance, Sreekanth Reddy, Jt. Managing Director of the Company said, “We would like to highlight that Q1 performance was largely impacted owing to the maintenance shutdown undertaken for Matampally’s line II clinker production. That coupled with a competitive pricing environment across our key markets weighed in on our quarterly performance. Realisations have remained relatively stable as compared to the sequential quarter. Demand from both infrastructure and housing segments continued to witness good momentum aiding in healthy volume growth across regions. Incremental volume growth was visible in the newly commissioned plants.

We have seen a decline in our operating profitability by 50% during the quarter in part owing to a benign pricing environment and also largely owing to high-cost inventory on the books. We expect the margins to benefit from falling fuel prices in the coming quarters. In addition to moderating input prices, higher utilization levels and regional diversification should help us deliver better profitability. Although, the overall advantage may be restricted, due to the overall benign pricing environment.

During Q1FY24 the blended cement sales improved to 55% as against 50% reported during Q1 FY23.

In terms of operations, as mentioned earlier, our efforts are directed towards improving the overall efficiencies and ramping up the utilization levels of our recently acquired units. Our Jeerabad and Jajpur facilities are performing in line with our expectations and we believe we will be able to achieve 80% utilization levels for the former and EBITDA breakeven for Jajpur during this fiscal.

On the ESG front, the company has acquired electric trucks & electric wheel loaders to be used in the operation at plants. Also, Company has started growing Bio-mass to use as alternate fuel in the kilns.

To conclude, we believe our geographic and product mix, cost economics, and commitment towards improving operational efficiencies will position us well to create value for our shareholders.”

 

Result PDF

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