Shiva Cement , part of the JSW Group, has expanded the operational scope of its Khatkurbahal (North) Block Limestone and Dolomite Mines in Odisha to commercially mine and sell dolomite at a capacity of 2.4 million tonnes per annum. The company received a modified Environmental Clearance and Consent to Operate from the State Pollution Control Board, Odisha, on July 28, 2026. This development unlocks a new merchant sales revenue stream by leveraging the mine's total dolomite resource of 89.09 million tonnes, of which 48.27 million tonnes is mineable. The move strengthens raw material security for the JSW Group ecosystem while diversifying Shiva Cement's income beyond cement.

The filing was made pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. Ishika Sharma, Company Secretary & Compliance Officer, disclosed the approval in an intimation sent to BSE Limited. The consent confirms compliance with environmental norms under section 25/26 of the Water (Prevention & Control of Pollution) Act, 1974, and section 21 of the Air (Prevention & Control of Pollution) Act, 1981.

Operational Details

The expanded scope allows Shiva Cement to undertake mining and sales of dolomite, a critical input for steel, cement, glass, and refractories industries. Key parameters of the approval are outlined below:

Strategic Impact

Manoj Kumar Rustagi, Whole-time Director & CEO of Shiva Cement, stated that the expanded scope allows the company to unlock value from an existing mineral resource while maintaining full environmental compliance. He noted that commercialising 2.4 million tonnes of dolomite annually adds a new revenue stream and deepens the company's presence in Odisha's mineral economy.

Shiva Cement operates its clinker manufacturing facility at the border of Odisha, Chhattisgarh, and Jharkhand, providing proximity to raw materials. In FY26, the company commissioned a 1.0 MTPA cement grinding unit at Sambalpur, Odisha, through a commercial arrangement with Bhushan Power and Steel Limited, aiming to meet regional demand growth.

What the Numbers Show

The ability to mine 2.4 million tonnes annually against a mineable reserve of 48.27 million tonnes indicates a resource life exceeding 20 years at current capacity, ensuring long-term operational stability for this new segment. This expansion complements the company's recent capital expenditure on the Sambalpur grinding unit, suggesting a dual strategy of securing raw material inputs while expanding finished product capacity in eastern India.

Shiva Cement reported a narrowed net loss of ₹213.48 million for the quarter ended June 30, 2026 (Q1FY27), compared to ₹302.76 million in the same period last year. Revenue from operations surged 43.4% year-on-year to ₹151.49 million, reflecting improved business activity despite the company continuing to operate at a deficit. The Board of Directors approved the unaudited standalone financial results on July 27, 2026.

Q1FY27 Financial Performance

The financial results highlight a significant contraction in losses alongside robust top-line growth. While the company remains unprofitable, the reduction in the loss gap indicates improving operational dynamics. The following table summarizes the key financial metrics for Q1FY27 compared to the previous quarter and year-ago period:

Note: Figures converted from lakhs to millions for readability. EBITDA calculated as Revenue minus Total Expenses excluding Depreciation and Finance Costs.

Revenue Growth and Cost Dynamics

Revenue from operations climbed to ₹151.49 million in Q1FY27, up from ₹105.61 million in Q1FY26. This expansion was supported by increased sales volumes and potentially better pricing realization. However, total expenses rose to ₹179.01 million from ₹147.77 million in the corresponding period last year. Key expense drivers included power and fuel costs at ₹47.48 million and finance costs at ₹34.96 million. Other income remained relatively flat at ₹1.06 million.

Loss Reduction and Going Concern Status

The net loss for Q1FY27 stood at ₹213.48 million, a significant improvement from ₹302.76 million in Q1FY26. This reduction is partly attributed to deferred tax benefits of ₹51.10 million. Despite the improvement, accumulated losses amounted to ₹5,997.99 million as of June 30, 2026. The statutory auditors, Shah Gupta & Co., noted indicators that may cast significant doubt on the company’s ability to continue as a going concern. However, management believes future cash flows from improved operational performance and new initiatives will allow the company to realize assets and discharge liabilities.

What the Numbers Show

The divergence between revenue growth (43.4%) and loss reduction (29.5%) suggests that while top-line momentum is strong, cost structures remain heavy. Finance costs at ₹34.96 million constitute a significant burden, limiting the translation of revenue gains into profitability. The reversal of ₹12.88 million in opening deferred tax assets reflects a cautious approach to future utilization of unabsorbed losses. Investors should monitor the impact of the newly commissioned grinding unit and dolomite mining operations on margin expansion in subsequent quarters.