Anjani Portland Cement reported a consolidated net loss of ₹263.1 crore for the financial year ended March 31, 2026 (FY26), narrowing significantly from the ₹812.2 crore loss recorded in FY25. The company’s consolidated revenue from operations increased by 5.9% to ₹4,552.1 crore, up from ₹4,300.3 crore in the previous year.

On a standalone basis, the company reported a net loss of ₹1,039.6 crore, compared to a loss of ₹348.2 crore in FY25. This deterioration was primarily driven by an exceptional item—a loss on the sale of investment in its subsidiary amounting to ₹799.6 crore. Excluding this exceptional item, the standalone profit before tax stood at a loss of ₹236.2 crore, an improvement from the ₹465.7 crore loss in FY25.

Operational Performance

The company’s installed cement capacity remained unchanged at 1,160,000 MT per annum. However, capacity utilization dropped to 40% in FY26 from 61% in FY25. Consequently, cement production decreased to 465,292 MT from 705,239 MT in the previous year. Total cement sales volume, including traded cement, fell to 821,145 MT from 999,823 MT.

The management attributed the lower volumes and realizations to sluggish market conditions, stiff competition, and erratic weather conditions. Despite the volume decline, the company focused on selling in core markets to cut non-core sales, which impacted overall capacity utilization.

Financial Highlights

On a standalone basis, revenue from operations declined by 16.9% to ₹3,102.0 crore. Other income also saw a sharp drop to ₹23 lakh from ₹109 lakh in FY25, as the previous year included write-backs of long-carried forward liabilities.

Cost efficiency measures helped improve the operating position. Standalone operating profit turned positive at ₹81.3 lakh, compared to an operating loss of ₹30.7 lakh in FY25. Power and fuel costs decreased by 37.1% to ₹732.0 crore, while freight and forwarding charges fell by 34.3% to ₹466.9 crore.

What the Numbers Show

A critical divergence exists between the standalone and consolidated results. While the standalone entity reported a widened loss due to a one-time exceptional charge, the consolidated group demonstrated operational improvement with EBITDA turning positive to ₹352.0 crore from a negative ₹179.4 crore. This suggests that the subsidiary’s performance or consolidation adjustments contributed positively to the group’s bottom line, offsetting the parent company’s standalone challenges.

Corporate Actions

The Board of Directors did not recommend any dividend for FY26 due to the losses incurred. The company’s 42nd Annual General Meeting is scheduled for September 10, 2026, to approve financial statements and related party transactions. Shareholders will vote on material related party transactions with its holding company, Chettinad Cement Corporation Private Limited, and its subsidiary, Bhavya Cements Private Limited.

Anjani Portland Cement reported a widened consolidated net loss of ₹980 lakh for the quarter ended June 30, 2026, compared to a net loss of ₹345 lakh in the same quarter of FY26. The deterioration in profitability was accompanied by a sharp decline in top-line growth, with total income from operations dropping 35.6% year-on-year to ₹897.6 crore from ₹1,395.3 crore.

The standalone results mirrored the consolidated trend, showing a net loss of ₹373 lakh for Q1FY27 against a profit of ₹269 lakh in Q1FY26. Standalone revenue from operations stood at ₹427.3 lakh, down significantly from ₹1,158.3 lakh in the prior year period. This represents a sequential improvement from the previous quarter’s standalone loss of ₹333 lakh but marks a substantial reversal from the prior year’s profitability.

Financial Performance Overview

The company’s earnings per share (EPS) on a consolidated basis were negative ₹2.41, compared to negative ₹1.16 in Q1FY25. On a standalone basis, the EPS was negative ₹1.27, contrasting with a positive ₹0.92 in the corresponding period last year. The full fiscal year FY26 had seen a consolidated net loss of ₹2,631 lakh and a standalone net loss of ₹10,396 lakh, indicating that while the quarterly standalone loss has narrowed compared to the annual figure, the current quarter remains under pressure.

What the Numbers Show

The divergence between the standalone and consolidated results highlights the impact of subsidiaries on the company’s overall financial health. While the standalone entity reported a modest loss of ₹373 lakh, the consolidated group loss was significantly higher at ₹980 lakh. This suggests that subsidiary operations contributed disproportionately to the losses during the quarter, potentially due to higher overheads, lower utilization rates, or specific project-related challenges within the group structure. The sharp contraction in standalone revenue (-63.1% YoY) compared to consolidated revenue (-35.6% YoY) further indicates that the parent company’s direct operations faced more severe headwinds than the broader group, possibly due to regional demand shifts or capacity constraints at specific plants.