1. At a Glance
Once a cement powerhouse under the B.K. Birla empire, Kesoram is now a post-demerger shell trying to squeeze life out of chemicals, transparent paper, and legacy assets. Q1 FY26 net loss? A not-so-modest ₹99 Cr. But book value sits at ₹14.5 vs CMP ₹6.2. Value trap or turnaround track?
2. Introduction with Hook
Remember when Kesoram was a cement king? Now it’s like watching a retired heavyweight boxer doing odd jobs to pay the bills. After hiving off its cement business in FY25 (cement was 94% of revenue!), what’s left is Rayon, TP & Chemicals — and a factory land sale that looks more like a distress sale than a smart pivot.
- Q1 FY26 Loss (Consolidated): ₹99.34 Cr
- Revenues: ₹61 Cr
- Book Value: ₹14.5 | CMP: ₹6.21
- Market Cap: ₹191 Cr
- ROE (TTM): An insane 2,034% (thanks, demerger gains)
3. Business Model (WTF Do They Even Do?)
What’s left post-demerger?
- Rayon Yarns (used in textiles)
- Transparent Paper (used in packaging & cigarettes)
- Chemicals (byproduct of Rayon ops)
Legacy Asset Monetization:
- Land at Kesoram Spun Pipes and Foundries (KSPF)
- Loan recoveries from
