Saurashtra Cement Limited has disclosed the resignation of Mr. Surender Bhatia, Chief Executive Officer of its Paints Division, in a regulatory filing dated May 18, 2026. The intimation was made under Regulation 30 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, as Mr. Bhatia holds the designation of Key Managerial Personnel (KMP) at the company.

Key Details of the Resignation

Mr. Bhatia formally resigned on May 15, 2026, citing personal reasons for his decision to step down. As per the terms of his employment, he is currently serving his notice period, and his last working day at the company has been confirmed as August 14, 2026.

The following table summarises the key details of the development:

Regulatory Disclosure

The disclosure was filed with both BSE Limited and the National Stock Exchange of India Limited, as required under applicable listing regulations. The filing was signed by Sonali Sanas, Chief Legal Officer, CS & Strategy, on behalf of Saurashtra Cement Limited. The company has requested the exchanges to take the intimation on record.

Saurashtra Cement reported a broad-based decline in its audited financial performance for the fourth quarter and full year ended March 31, 2026, with revenue, operating profit, and net profit all falling year-on-year on both standalone and consolidated bases. The Board of Directors approved the audited standalone and consolidated financial results at its meeting held on May 12, 2026, with statutory auditors M/s. Manubhai & Shah LLP issuing an unmodified audit opinion on both sets of results. In compliance with Regulation 47 read with other applicable provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company published newspaper advertisements disclosing the financial results in Business Standard (Mumbai & Ahmedabad Edition — English) and Jai Hind (Gujarati Edition). The consolidated financial results include the results of Agrima Consultants International Limited, a wholly owned subsidiary of the company.

Q4 FY26 Financial Performance at a Glance

The company's quarterly results showed deterioration across all major financial indicators compared to the same quarter of the previous year. The following table summarises the key standalone and consolidated metrics for Q4 FY26:

Revenue and Operating Performance

Saurashtra Cement's standalone revenue from operations for Q4 FY26 stood at ₹44,664.67 lakhs, declining from ₹47,805.15 lakhs in the corresponding quarter of the previous year. Total income, including other income of ₹425.87 lakhs, came in at ₹45,090.54 lakhs against ₹48,260.39 lakhs in Q4 FY25. On a full-year basis, standalone revenue from operations reached ₹1,66,603.87 lakhs for the year ended March 31, 2026. Key cost components for Q4 FY26 included power and fuel expenses of ₹14,963.03 lakhs, freight and forwarding costs of ₹7,976.08 lakhs, and cost of materials consumed at ₹8,383.63 lakhs. Depreciation and amortisation for the quarter stood at ₹1,212.41 lakhs, while finance costs were ₹216.51 lakhs.

Exceptional Items and Net Profit

The quarter's profit before tax was impacted by exceptional items recognised during the full year, including a statutory impact of ₹655.73 lakhs related to the implementation of new Labour Codes effective November 21, 2025, and an impairment loss of ₹355.64 lakhs on certain assets classified as held for sale pertaining to the Cement & Cement related products Division. The gross block of these assets amounted to ₹1,544.45 lakhs with accumulated depreciation of ₹42.81 lakhs, and their carrying value of ₹1,146.00 lakhs has been disclosed as assets classified as held for sale. Standalone net profit for Q4 FY26 came in at ₹1,900.49 lakhs, compared to ₹3,310.42 lakhs in Q4 FY25, reflecting the combined effect of lower revenues, higher cost pressures, and exceptional charges. For the full year ended March 31, 2026, standalone net profit stood at ₹698.25 lakhs, while consolidated net profit for the full year also stood at ₹698.25 lakhs.

Segment-Wise Performance

The company operates across two reportable segments — cement and cement related products, and paints. The segment-wise revenue and results for the standalone entity are presented below:

The cement segment reported a segment profit (after depreciation, before finance costs) of ₹2,470.19 lakhs in Q4 FY26, compared to ₹6,229.48 lakhs in Q4 FY25. The paints segment continued to record a loss of ₹962.00 lakhs in Q4 FY26, against a loss of ₹709.43 lakhs in the year-ago quarter. For the full year, the cement segment profit stood at ₹4,183.88 lakhs, while the paints segment recorded a loss of ₹2,514.33 lakhs. On the segment liabilities front, the cement segment carried liabilities of ₹59,912.92 lakhs and the paints segment ₹2,716.94 lakhs as at March 31, 2026, compared to ₹62,447.85 lakhs and ₹3,095.46 lakhs respectively as at March 31, 2025.

Balance Sheet and Cash Flow Highlights

The standalone balance sheet as at March 31, 2026 reflected total assets of ₹1,58,793.49 lakhs, compared to ₹1,60,282.30 lakhs as at March 31, 2025, while consolidated total assets stood at ₹1,58,793.83 lakhs. Equity share capital stood at ₹11,128.73 lakhs and other equity at ₹85,034.90 lakhs, with total equity at ₹96,163.63 lakhs. Cash and cash equivalents improved to ₹7,862.24 lakhs on a standalone basis and ₹7,870.74 lakhs on a consolidated basis, from ₹6,015.32 lakhs and ₹6,039.26 lakhs respectively a year earlier. The following table presents key balance sheet and cash flow metrics:

Net cash generated from operating activities on a standalone basis improved to ₹3,630.78 lakhs from ₹3,009.70 lakhs in the prior year. Capital expenditure on property, plant and equipment was ₹2,934.64 lakhs for the year, significantly lower than ₹8,633.66 lakhs in the previous year. The subsidiary, Agrima Consultants International Limited, contributed total assets (before consolidation adjustments) of ₹96.18 lakhs as at March 31, 2026, total revenue (before consolidation adjustments) of ₹49.25 lakhs for the year, and a net cash outflow of ₹15.44 lakhs.

Board Decisions and Auditor Appointments

At the Board meeting held on May 12, 2026, the company also approved, based on the recommendations of the Audit Committee, the appointment of M/s. Goyal & Co., Cost Accountants, Jaipur (Firm Registration No. 000051), as Cost Auditors for Financial Year 2026-27, and M/s. Pipalia Singhal & Associates, Chartered Accountants, Mumbai (Firm Registration No. 114665W), as Internal Auditors for Financial Year 2026-27. The company also allotted 34,123 equity shares of ₹10 each during Q4 FY26 under the Saurashtra Employee Stock Option Scheme 2017, following which no stock options remain outstanding as at March 31, 2026. Additionally, pursuant to the Finance Act, 2026, the company has opted for the New Tax Regime under Section 200 of the Income-tax Act, 2025, effective tax year 2026-27, with the applicable corporate tax rate changing to 25.17%.