Shri Keshav Cements & Infra Ltd Q1 FY26 Concall Decoded: Cement + Solar = Masala Dosa Combo

1. Opening Hook

South India is adding cement capacity like Bollywood adds remakes nobody asked for — overstuffed, noisy, and still running on hope. Yet, little SKCIL sneaks in with a fresh kiln, renewable swagger, and an EBITDA jump that makes larger peers squirm. Solar energy is their side hustle — but here, it’s actually paying the bills, unlike your neighbour’s rooftop vanity project. Stick around, because cement isn’t the only thing solid here — the Q&A reveals management’s dreams of RMC domination and solar-powered hydrogen fantasies. The fun starts after the concrete sets.

2. At a Glance

• Revenue up 33% – Kiln fired up, investors fired up, accountants shocked it worked.
• EBITDA margin at 25.5% – Suddenly behaving like a premium brand, not a discount store.
• PAT up 74% – Cement profits went from curing slowly to instant-set.
• Solar contributes 75% of EBITDA – Cement is the face, solar is the sugar daddy.
• Capacity 1 MTPA – From 0.36 MTPA earlier. Basically hit the gym and bulked up.
• Net debt repayments ahead of schedule – Loans closing early like an Indian wedding buffet.

3. Management’s Key Commentary

“EBITDA per ton grew from under ₹100 last year to ₹365 this quarter.”
(Translation: Our kiln isn’t just hot, it’s minting money. Finally, the machine works better than our PowerPoint slides.)

“South prices dropped 3%, ours only 1.2%.”
(Translation: We know how to cry less when the whole family is broke. Call it efficient suffering.)

“Solar contributed ₹7.8 cr of EBITDA out of ₹11 cr.”
(Translation: Cement may be the hero, but solar is the one paying the rent.)

“Three term loans worth ~₹62 cr will be closed this year.”
(Translation: For once, debt isn’t haunting us like a clingy ex. We’re ghosting banks instead.)

“EBITDA could touch ₹55–60 cr in FY26 vs earlier guidance of ₹70–75 cr.”
(Translation: Lower expectations = fewer heartbreaks. Classic management jugaad.)

“RMC business will come after cement stabilizes.”
(Translation: First learn to make good batter before opening a dosa cart.)

“Vision 2030: more solar + more RMC.”
(Translation: Cement might be the present, but our midlife crisis dream is to become a green power-cum-concrete empire.)

4. Numbers Decoded