Shri Keshav Cements and Infra Limited announced its unaudited financial results for the third quarter and nine months ended December 31, 2025, demonstrating robust revenue growth and significant EBITDA margin expansion. The company's Board of Directors approved the results at their meeting held on February 13, 2026, with results submitted to BSE under Regulation 30. Following the strong quarterly performance, the company conducted an analyst/investor conference call on February 16, 2026, and has now made both the audio recording and complete earnings call transcript available.

Strong Revenue Performance Across Segments

The company reported impressive revenue growth across its business segments during Q3FY26. Total revenue from operations reached Rs. 3,792.99 lakhs, marking a significant 35% increase compared to Rs. 2,810.19 lakhs in the corresponding quarter of the previous year.

The cement segment emerged as the primary growth driver, contributing Rs. 3,117.52 lakhs in revenue compared to Rs. 2,145.25 lakhs in Q3FY25. Management reported cement volume growth of 32% year-on-year, with 78,000 tons sold in Q3FY26 compared to 58,960 tons in Q3FY25.

Significant EBITDA Margin Expansion Despite Quarterly Loss

Despite strong revenue performance, the company faced quarterly profitability challenges while achieving substantial EBITDA improvements. The company reported a net loss of Rs. 0.54 crores in Q3FY26, contrasting with a profit of Rs. 0.64 crores in Q3FY25. However, EBITDA surged 63.10% to Rs. 10.50 crores with margin expansion of 477 basis points to 27.68%.

Nine-Month Performance Shows Strong Turnaround

The nine-month period ended December 31, 2025, presented an impressive turnaround for the company. Revenue from operations reached Rs. 11,404.89 lakhs, representing a 37% increase from Rs. 8,302.43 lakhs in the corresponding period of the previous year.

Earnings Call Transcript and Management Commentary

Following the Board meeting on February 13, 2026, Shri Keshav Cements and Infra Limited conducted an analyst/investor conference call on February 16, 2026 at 11:30 AM. The company has now released the complete earnings call transcript along with the audio recording under SEBI Regulation 30.

During the earnings call, Chairman Mr. Venkatesh Katwa highlighted the company's strengthening performance across revenue, margins, and profitability. He emphasized that operational efficiencies improved meaningfully during the period, supported by higher capacity utilization and disciplined cost control. The company currently operates at 31% capacity utilization and expects to reach 40% by year-end.

Strategic Advantages and Market Expansion

Management outlined several competitive advantages during the earnings call. The company's 100% green energy usage provides structural cost advantages, with annual power cost savings of approximately Rs. 25-26 crores. The proximity to consumption markets reduces logistics costs, while the Karnataka-Maharashtra border location provides access to both southern and western markets.

The company has successfully expanded into Coastal and Southern Maharashtra markets during Q3FY26, diversifying beyond the traditional southern market focus. Additionally, the introduction of GGBS (Granulated Ground Blast Furnace Slag) as a new product has opened opportunities in national highway projects.

Debt Reduction and Financial Stability

The company demonstrated strong financial discipline with term debt reduction from Rs. 188 crores to Rs. 159 crores, marking a 15% decrease. Management expects repayment obligations to reduce by 16.4% in the next financial year due to closure of three term loans in FY26.

The company operates with a current capacity of 1,100 TPD across two cement manufacturing plants in Karnataka, supported by 40 MW solar power facility. With 25 MW utilized for captive consumption and 15 MW sold in the market, the integrated solar operations provide sustainable competitive advantages in the challenging cement market environment.

Shri Keshav Cement & Infra has announced the successful completion of its major expansion project, marking a significant milestone in the company's growth trajectory. The expansion has boosted the company's total cement production capacity to 1 million Tonnes Per Annum (TPA), with commercial operations commencing on November 29, 2025.

Key Highlights of the Expansion

• Capacity Increase: Total cement production capacity now stands at 1 million TPA
• Commercial Operations: Commenced on November 29, 2025
• Market Reach: Enhanced ability to serve North Karnataka, Coastal Karnataka, Goa, Maharashtra, and neighboring regions
• Customer Base: Strengthened position to cater to larger institutional and retail customers

Strategic Implications

The expansion is poised to have several strategic benefits for Shri Keshav Cement & Infra:

1. Market Presence: The increased capacity allows the company to scale its market presence significantly.
2. Demand Fulfillment: Better equipped to meet the rising demand for cement across multiple regions.
3. Customer Segmentation: Enhanced ability to serve both large institutional clients and retail customers.
4. Infrastructure Support: Well-positioned to support the growing demand from infrastructure development, housing, and commercial construction sectors.

Industry Context

This expansion comes at a time when the Indian cement industry is experiencing robust growth, driven by government initiatives in infrastructure development and housing. Shri Keshav Cement & Infra's increased capacity aligns well with the industry trends and positions the company to capitalize on these opportunities.

Company Background

Shri Keshav Cement & Infra, formerly known as Katwa Udyog Limited, was incorporated in 1993. The company is engaged in the manufacturing of cement and solar power generation and distribution in Karnataka, India. With this expansion, the company continues to strengthen its position in the regional cement market.

While specific financial figures are not available at this time, the expansion to 1 million TPA capacity is expected to have a positive impact on the company's future revenue and market share. Investors and industry observers will be keen to watch how this increased capacity translates into financial performance in the coming quarters.

As the cement sector continues to play a crucial role in India's infrastructure development, Shri Keshav Cement & Infra's expansion represents a strategic move to capture a larger share of this growing market.