Shiva Cement Limited , a subsidiary of JSW Cement, has announced a revision in its credit ratings as assessed by Crisil Ratings Limited. This update marks a significant development in the company's financial standing and creditworthiness.

Credit Rating Details

Crisil has reviewed and revised the ratings for Shiva Cement's long-term bank loan facilities. The details of the revision are as follows:

Implications of the Rating Action

The revision of ratings to 'Crisil AA-/Stable' for a significant portion of the company's bank loan facilities indicates a very strong degree of safety regarding timely servicing of financial obligations. This rating suggests that Shiva Cement has a low credit risk profile.

The reaffirmation of 'Crisil A+/Stable' for other facilities further underscores the company's strong capacity to meet its financial commitments.

Transparency and Compliance

In line with regulatory requirements, Shiva Cement has promptly disclosed this information to the stock exchanges. The company has also made the detailed rating rationale available on its official website, demonstrating its commitment to transparency with investors and stakeholders.

Conclusion

This credit rating revision reflects positively on Shiva Cement's financial health and its ability to manage its debt obligations effectively. It may potentially enhance the company's standing in the financial markets and could have implications for its future borrowing capabilities and terms.

Investors and stakeholders are encouraged to review the full rating rationale available on Crisil's website for a comprehensive understanding of the factors contributing to this rating action.

Shiva Cement Limited , a subsidiary of JSW Cement, has reported mixed financial results for the second quarter and half year ended September 30, 2025, according to the company's latest financial report.

Financial Performance

The cement manufacturer disclosed the following key financial figures:

For the second quarter, Shiva Cement reported a net loss of Rs 3,272.97 lakhs, showing an improvement from the previous year's loss of Rs 3,360 lakhs. The company's revenue increased significantly to Rs 8,211 lakhs compared to Rs 5,053 lakhs in the same quarter last year.

Notably, EBITDA turned positive at Rs 400 lakhs versus a loss of Rs 857 lakhs in the prior year period. The EBITDA margin improved to 4.89% from negative 16.97% year-over-year.

As of September 30, 2025, Shiva Cement's accumulated losses stood at Rs 49,677.03 lakhs, indicating ongoing financial challenges for the company.

Management Outlook

Despite the substantial losses, the company's management maintains an optimistic stance. They express confidence in their ability to improve performance through:

1. Enhanced plant operations
2. Updated business strategies

Auditor's Note

The company's auditors, M/s Shah Gupta & Co., Chartered Accountants, have reviewed the unaudited financial results. While they noted the substantial losses, they confirmed that the financial statements were prepared on a going concern basis. This decision was based on management's expectations of operational improvements in the future.

Corporate Governance

The unaudited financial results were approved at a Board of Directors meeting held on October 27, 2025. The meeting commenced at 3:00 p.m. and concluded at 4:30 p.m., demonstrating the company's commitment to transparency and timely disclosure of financial information.

Company Overview

Shiva Cement Limited primarily operates in the cement manufacturing sector and related products. The company's registered office is located in Sundargarh, Odisha.

As the cement industry faces challenges, stakeholders will be closely watching Shiva Cement's future performance and the effectiveness of management's strategies to address the company's financial situation. The improvement in EBITDA and revenue growth in Q2 may indicate positive momentum, but the company still faces significant hurdles in achieving profitability.