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.

Shiva Cement Limited has announced that the grinding facility set up by Bhushan Power & Steel Limited (BPSL) in Sambalpur, Odisha, is now ready for commissioning. This development marks a significant milestone in the company's expansion plans and strategic partnership with BPSL.

Key Highlights

• The 1.0 MTPA cement grinding unit is set to commence commercial operations on September 4, 2025.
• The facility is located at BPSL's premises in Sambalpur, Odisha.
• This project is part of a strategic agreement between Shiva Cement and Bhushan Power & Steel Limited.

Project Background

The journey towards this achievement began with a series of corporate actions and agreements:

• July 25, 2024: Shiva Cement's board of directors passed a resolution regarding the grinding unit.
• September 19, 2024: Shareholders approved the setting up of the 1.0 MTPA cement grinding unit by BPSL.
• October 4, 2024: A binding Memorandum of Understanding (MOU) was signed with BPSL.
• December 11, 2024: An amendment to the MOU was executed.
• January 22, 2025: A formal Agreement was entered into with BPSL for the implementation of the project.

Strategic Implications

The commissioning of this grinding facility represents a significant step forward for Shiva Cement. It not only expands the company's production capabilities but also strengthens its partnership with Bhushan Power & Steel Limited. This move is expected to enhance Shiva Cement's market position in the region and potentially lead to improved operational efficiencies.

Management Statement

Ishika Sharma, Company Secretary of Shiva Cement Ltd, stated in the regulatory filing, "We are pleased to inform you that the Grinding Unit is ready for commissioning on 4 September 2025 and is fully prepared to commence commercial operations."

Looking Ahead

As the facility prepares to start operations, investors and industry observers will be keen to see how this new grinding unit impacts Shiva Cement's production output and market share in the coming months. The successful commissioning of this project could pave the way for further expansion and collaboration opportunities in the future.

Shiva Cement Limited continues to demonstrate its commitment to growth and strategic partnerships, positioning itself for a stronger presence in India's competitive cement industry.