Shiva Cement Q1 FY26: Cementing Losses or Laying the Foundation for a Comeback?
1. At a Glance
Shiva Cement reported yet another loss in Q1 FY26 (₹30 Cr), negative operating margin, and remains deeply in the red with book value just ₹1.98—but the stock trades at 20x BV. What are we even doing here?
2. Introduction with Hook
Imagine building a luxury villa… on a swamp. That’s Shiva Cement: ambitious infra, fat capex, but still stuck in a marsh of losses and red ink.
Net Loss Q1 FY26: ₹30 Cr
Stock Price/BV: 20x
ROCE: -2.97%
And yet, it’s valued at ₹1,171 Cr. Mr. Market clearly loves pain.
3. Business Model (WTF Do They Even Do?)
Shiva Cement manufactures Portland Slag Cement (PSC) and Portland Pozzolana Cement (PPC) under the Mahabal brand. Their market focus:
Odisha
West Bengal
Jharkhand
Bihar
Key verticals:
Cement production
Clinker
Trading of allied products
Parent Alert: It’s a subsidiary of JSW Cement, with a goal to eventually become an integrated player. But for now? It’s still crawling.
