Shri Keshav Cements & Infra shri keshav cement & infra reported a net loss of ₹51.73 lakh for the quarter ended June 30, 2026, reversing from a net profit of ₹30.94 lakh in the same period last year. The company’s revenue from operations grew 16% year-on-year to ₹4,718.68 lakh, driven primarily by its core cement business.

The Board of Directors approved the unaudited financial results on August 14, 2026. While operational revenue expanded, the company recorded a pre-tax loss of ₹422.07 lakh, widened by a deferred tax charge of ₹95.23 lakh. This contrasts with the prior year’s pre-tax profit of ₹288.03 lakh.

Financial Performance

Revenue growth was anchored by the cement segment, which contributed ₹4,091.24 lakh to total income, up from ₹3,418.06 lakh in Q1FY25. However, the segment’s profitability declined sharply, posting a segment result of (₹113.87 lakh) against a profit of ₹497.34 lakh in the prior year.

Other segments showed mixed performance:

• Solar Energy: Revenue fell slightly to ₹346.12 lakh from ₹359.95 lakh, but segment results improved significantly to ₹77.53 lakh from ₹6.17 lakh.
• Petrol and Diesel: Revenue dipped to ₹281.32 lakh from ₹292.52 lakh, with segment results remaining stable at ₹7.30 lakh.

Total expenses stood at ₹5,221.25 lakh, exceeding total income of ₹4,799.18 lakh. Finance costs rose to ₹735.96 lakh from ₹474.40 lakh in the corresponding quarter, reflecting increased borrowing costs or debt levels.

*Note: Net loss includes tax expenses; basic EPS was (₹2.95) per share.

Auditor Qualification

Independent auditors Singhi & Co. issued a qualified conclusion on the financial statements. The qualification stems from an ongoing investigation by the Directorate General of Goods and Services Tax Intelligence (DGGI).

The company made advance GST payments totaling ₹641.52 lakh along with interest and penalties of ₹218.11 lakh during FY21 and FY22, related to liabilities from FY19 and FY20. As no final order has been passed as of June 30, 2026, the auditors stated they could not comment on the ultimate financial impact, though the amounts are currently classified under other current assets.

What the Numbers Show

A significant divergence exists between top-line growth and bottom-line performance. While revenue grew 16%, total expenses surged 36%, driven largely by a rise in finance costs and other unallocable expenses. The cement segment, contributing 87% of total revenue, swung from a profit of ₹497.34 lakh to a loss of ₹113.87 lakh, indicating severe margin compression in the core business despite volume growth. Meanwhile, the solar energy segment emerged as a key profitability driver, with its contribution to segment results increasing more than tenfold.

Corporate Actions

During the same meeting, the Board:

• Approved the Directors’ Report for FY26.
• Fixed the date and venue for the 33rd Annual General Meeting.
• Re-appointed Mr. Vilas Katwa as Managing Director for a five-year term.

Shri Keshav Cements and Infra Limited reported a net loss of ₹652.88 lakh for the financial year ended March 31, 2026, compared to a net loss of ₹616.85 lakh in the previous year. Revenue from operations increased 32.85% year-on-year to ₹16,131.12 lakh from ₹12,145.34 lakh. The company's Board of Directors approved the audited financial results during a meeting held on May 29, 2026, under Regulation 33 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015.

The statutory auditor, M/s. Singhi & Co., issued a qualified opinion on the financial results. The qualification relates to an advance payment of GST amounting to ₹641.52 lakh plus interest and penalties of ₹218.11 lakh, totaling ₹859.63 lakh, made during financial years 2020-21 and 2021-22. The liability pertains to financial years 2018-19 and 2019-20 following a search by GST Intelligence. As the investigation by the Directorate General of GST Intelligence (DGGI) was not complete and no order had been passed by March 31, 2026, the auditors stated they were unable to comment on the impact on the financial statements. The management noted that a refund petition is pending in the High Court.

Operational metrics showed mixed performance. While annual sales and dispatches increased by over 32% and 36% year-on-year respectively, the company faced higher expenses. Total expenses for the year rose to ₹16,567.93 lakh from ₹12,630.09 lakh. Finance costs increased to ₹2,156.49 lakh from ₹1,810.13 lakh. However, the company reported that cash profits and EBITDA increased by 73% and 38% year-on-year, respectively.

The balance sheet indicates a reduction in bank borrowings by over 15% from ₹181 crore to ₹153 crore. Three term loans with a sanctioned value of ₹61.40 crore were prepaid and closed in FY26. Consequently, the repayment obligation for FY27 reduced by 20.79% to ₹22.93 crore from ₹28.95 crore in FY26. Total assets stood at ₹42,322.12 lakh as of March 31, 2026, up from ₹40,998.82 lakh a year earlier.

Financial Performance for FY26

Segment Performance

Revenue from the Cement segment grew to ₹13,637.80 lakh from ₹9,395.74 lakh in the previous year. The Solar Energy segment revenue declined to ₹1,388.02 lakh from ₹1,775.58 lakh. The Petrol and Diesel segment revenue increased to ₹1,105.31 lakh from ₹974.02 lakh.