JSW Cement Limited has filed a regulatory disclosure regarding its increased shareholding in Shiva Cement Limited, as required under SEBI's Substantial Acquisition of Shares and Takeovers (SAST) Regulations, 2011.

Share Acquisition Details

The acquisition involved the purchase of 48,628 equity shares of Shiva Cement Limited through open market transactions on February 4, 2026. This represents 0.0165% of the total share capital of the target company.

Shareholding Position

Following this transaction, JSW Cement Limited's total shareholding in Shiva Cement Limited has increased to 66.23%. The company's position as a promoter entity in Shiva Cement remains strengthened through this acquisition.

Company Information

Shiva Cement Limited, incorporated in 1985, operates from Village Telighana, PO: Birangatoli, Tehsil-Kutra, District-Sundargarh, Odisha. The company's equity shares are listed on BSE Limited under scrip code 532323.

The target company maintains a total equity share capital of 29,50,00,000 shares with a face value of Rs. 2.00 each, amounting to Rs. 59,00,00,000. This capital structure remained unchanged following the acquisition.

Regulatory Compliance

The disclosure was filed by Sneha Bindra, Company Secretary of JSW Cement Limited (ACS-29721), on February 5, 2026. The filing ensures compliance with Regulation 29(2) read with Regulation 29(3) of the SEBI SAST Regulations, which mandate disclosure of substantial acquisitions by promoter entities.

JSW Cement Limited confirmed its status as belonging to the Promoter/Promoter group of Shiva Cement Limited in the regulatory filing. The acquisition further consolidates the promoter's control over the cement manufacturing company.

Shiva cement Limited announced its unaudited financial results for the quarter ended December 31, 2025, showing mixed performance with significant revenue growth but continued operational losses. The Board of Directors approved the results at their meeting held on January 29, 2026, along with a major corporate restructuring decision.

Financial Performance Overview

The company's financial performance for Q3 FY26 demonstrated substantial revenue growth despite persistent losses. The following table summarizes the key financial metrics:

The company achieved remarkable revenue growth of 118.5% in Q3 FY26, with revenue from operations reaching ₹12,603.68 lakhs compared to ₹5,768.94 lakhs in the corresponding quarter of the previous year. However, this growth was accompanied by a proportional increase in expenses, resulting in continued losses.

Nine-Month Performance Analysis

For the nine-month period ended December 31, 2025, Shiva Cement's performance showed similar trends with expanded operations but sustained losses:

The nine-month results reflect the company's ongoing challenges, with accumulated losses reaching ₹53,062.31 lakhs as of December 31, 2025.

Expense Structure and Operational Costs

The company's expense breakdown reveals significant increases across major cost categories. Power and fuel expenses rose to ₹4,832.69 lakhs in Q3 FY26 from ₹3,199.75 lakhs in Q3 FY25. Finance costs increased to ₹3,459.26 lakhs compared to ₹3,093.55 lakhs in the previous year. Cost of materials consumed grew to ₹3,304.58 lakhs from ₹2,218.44 lakhs, reflecting the expanded operational scale.

Corporate Restructuring and Exceptional Items

The Board approved a significant corporate restructuring by relocating the registered office from "Village Telighana, PO: Birangatoli, Tehsil - Kutra, District - Sundargarh, Odisha – 770018" to "Jindal Mansion, 5A, DR. G, Deshmukh Marg, Pedder Road, Mumbai - 400026, Maharashtra". The company also recorded exceptional items of ₹167.32 lakhs related to increased provision for defined benefit obligations due to the implementation of Labour Codes notified by the Government of India.

Going Concern and Future Outlook

Despite the substantial losses, the company continues to prepare its financial statements on a going concern basis. Management expressed optimism about improving performance, citing:

• Improvement in plant operational performance
• Updated management strategies
• Revised business plans

The auditors noted the company's loss position but did not qualify their opinion regarding the going concern assumption. The paid-up equity share capital remained stable at ₹5,900.00 lakhs, with earnings per share of ₹(1.15) for Q3 FY26.