We would like to inform you that Saurashtra Cement Limited ( the Company ), has received a Show Cause Notice from the Office of the Deputy Commissioner Of State Tax , MUM- NOD-E-1204 (Sakinaka_506) Nodal-12, Zone-IV, Mumbai under Section 73 of Central Goods Services Tax Act ("CGST ) Act 2017 and the Maharashtra Goods and Services Tax ("GGST") Act, 2017. The details as required under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ( Listing Regulations ), read with Schedule III of the Listing Regulations and in accordance with Industry Standards Note on Regulation 30 of the LODR Regulations read with SEBI Master Circular vide Ref. HO/49/14/14(7)2025-CFD- POD2/1/3762/2026 Issued on July 11, 2023, and Last updated on January 30, 2026 (the SEBI Master Circular ) are given in Annexure A.
Ask the chart: “Has this stock recovered from similar drawdowns before?”
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Latest filings
NSE announcements · newest firstResignation of Director/KMP/SMP
Resignation of Director/KMP/SMP
In continuation of our earlier intimation No. B/SCL/SE/SS/250/2026-27, the Board ofDirectors, at its meeting held on 6th August 2026, approved the resignation of Ms. SonaliSanas as Company Secretary & Compliance Officer in view of her transition to the role ofCEO - Paints Division.Further, Ms. Sonali Sanas continued as Company Secretary & Compliance Officer until24th September 2026. Accordingly, she ceases to hold the office of Company Secretary &Compliance Officer (Key Managerial Personnel) of the Company with effect from25th September 2026.You are requested to kindly take the above information on record.
In compliance with the provisions of Regulation 7(2) of SEBI (Prohibition of Insider Trading) Regulations, 2015, please find enclosed the disclosure/ s in specified formats as received from Mehta Family Trust (" Acquirer') and Mr. Jay Mehta (Promoter / Transferor / Seller ) through Galaxy Technologies Private Limited in Saurashtra Cement Limited ( Target Company/ Company ).The aforesaid indirect acquisition had been undertaken pursuant to the SEBI exemption order dated 14t July 2026 bearing reference number WTM/KCV/CFD/06/2026-27. Copy of Order is attached.
Key MetricsFull financials →
P/E (TTM)
92.7×
EPS ₹0.60
P / Book
0.64×
BVPS ₹86
ROE
1.5%
FY26, avg equity
Net margin
0.9%
FY26
Revenue YoY
+7.8%
Q1 FY27
Net profit YoY
−45.8%
Q1 FY27
Debt / equity
0.11×
₹106 Cr debt
Div. yield
–
no dividend in 12 months
From NSE filings (consolidated) and the last close.
Shareholding Pattern Jun 2026
Promoter pledge: none reported
Peer Comparison
| Company | P/E | P/B | ROE | Margin |
|---|---|---|---|---|
| NCLIND₹811 Cr | 8.8× | 0.86× | 10.6% | 6.7% |
| VISAKAIND₹786 Cr | 9.2× | 0.95× | 10.9% | 5.1% |
| DECCANCE₹775 Cr | 132.5× | 1.03× | 3.9% | 4.5% |
| SAURASHCEM₹620 Cr | 92.7× | 0.64× | 1.5% | 0.9% |
| BIGBLOC₹566 Cr | – | 4.12× | -6.2% | -3.0% |
| ACL₹393 Cr | – | 4.87× | -59.6% | -15.2% |
Cement & Cement Products: the companies closest in market value, of the 31 in that basic industry whose filings we hold. Computed from each company's NSE filings (up to Q1 FY27) and the last close; hover a column for its definition.
Forensic Flags3 Watch
Profit before interest and tax covers finance costs 1.6×
FY26.
Other income is 283% of profit before tax
FY26.
Exceptional items above 5% of pre-tax profit in 3 of the last 3 years
FY24–FY26.
Free cash flow was negative in 1 of the last 3 years
Operating cash flow less capital expenditure, as filed.
9 checks within their thresholds
Operating cash flow was 2.84× net profit
Cumulative over FY24–FY26 (3 years).
Receivables grew 0% against revenue growth of 8%
FY26: debtor days moved from 24 to 22.
Inventory grew -1% against revenue growth of 8%
FY26: inventory days moved from 60 to 54.
Debt to equity is 0.11×
As at 2026-03-31.
Effective tax rate averaged 29%
Tax over pre-tax profit, last 3 years. The base corporate rate is about 25%.
Promoter holding is 66.62%, -0.08 points over a year
2026-06-30 against 2025-06-30.
No promoter shares are pledged
Shareholding pattern as at 2026-06-30.
No auditor change or resignation filings in three years
From NSE announcements on record.
Results were filed late in 0 of the last 8 quarters
Slowest filing came 53 days after the period end.
Computed from NSE filings (consolidated). Colours follow fixed thresholds, shown on hover. These are facts about the filings, not advice. 1 check not run for lack of data.
Formula Scores
Piotroski F-score: 8 of 9 · FY to 2026-03-31one point for each of nine tests on profitability, leverage and liquidity, and operating efficiency, comparing the year with the one before
- ✓ Return on assets positive: 0.9 — profit after tax over the year's opening total assets, %
- ✓ Operating cash flow positive: 36.5 — ₹ crore
- ✓ Cash flow above profit (accruals): 22 — operating cash flow less profit after tax, ₹ crore
- ✓ Return on assets improved: 0.46 — change in ROA, percentage points
- ✓ Long-term borrowings to assets fell: -0.13 — change in long-term borrowings over total assets, percentage points
- ✓ Current ratio improved: 0.02 — change in current assets over current liabilities
- ✓ No new shares issued: 0.05 — change in share capital, %
- ✗ Gross margin improved: -1.79 — revenue less material cost over revenue, change in percentage points
- ✓ Asset turnover improved: 0.061 — revenue over the year's opening total assets, change
Inputs: profit after tax ₹14 Cr (2026-03-31) · profit after tax ₹7 Cr (2025-03-31) · total assets ₹1,588 Cr (2026-03-31) · total assets ₹1,603 Cr (2025-03-31)
The paper's bands: 8–9: the paper's high group; 0–2: the paper's low group
Source: Joseph Piotroski, "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers", Journal of Accounting Research, 2000
Altman Z-score: 2.47 · FY to 2026-03-31Z = 1.2 × working capital / total assets + 1.4 × retained earnings / total assets + 3.3 × EBIT / total assets + 0.6 × market value of equity / total liabilities + 1.0 × sales / total assets
- working capital / total assets: 0.057 × 1.2
- retained earnings / total assets: 0.536 × 1.4 — reserves and surplus as retained earnings
- EBIT / total assets: 0.011 × 3.3 — profit before tax plus finance cost
- market value of equity / total liabilities: 0.947 × 0.6 — market capitalisation over total assets less equity
- sales / total assets: 1.049 × 1
Inputs: total assets ₹1,588 Cr (2026-03-31) · current assets ₹597 Cr (2026-03-31) · current liabilities ₹506 Cr (2026-03-31) · reserves ₹850 Cr (2026-03-31) · total equity ₹962 Cr (2026-03-31) · profit before tax ₹7 Cr (2026-03-31) · finance cost ₹10 Cr (2026-03-31) · revenue ₹1,666 Cr (2026-03-31) · market capitalisation (today) ₹593 Cr
The paper's bands: above 2.99: the paper's safe zone; 1.81–2.99: the grey zone; below 1.81: the distress zone
the 1968 form, fitted on manufacturers; reserves stand in for retained earnings, and profit before tax plus finance cost for EBIT
Source: Edward Altman, "Financial Ratios, Discriminant Analysis and the Prediction of Corporate Bankruptcy", Journal of Finance, 1968
Graham number: 50.27 ₹ per share · FY to 2026-03-31√(22.5 × earnings per share × book value per share): the price at which P/E × P/B = 22.5 (a P/E of 15 at a P/B of 1.5)
- earnings per share: 1.3
- book value per share: 86.41 — owners' equity over shares (paid-up capital / face value)
Inputs: earnings per share 1.3 (2026-03-31) · owners' equity ₹962 Cr (2026-03-31) · paid-up capital ₹111 Cr (2026-03-31) · face value 10 (2026-03-31)
a number the book uses as a ceiling for a defensive investor's purchase price; it is arithmetic on two reported figures, not a valuation
Source: Benjamin Graham, The Intelligent Investor (1949; the 22.5 in the 1973 edition's criteria for the defensive investor)
Sloan accrual ratio: -1.38 % of assets · FY to 2026-03-31(profit after tax − operating cash flow) / average total assets
Inputs: profit after tax ₹14 Cr (2026-03-31) · operating cash flow ₹36 Cr (2026-03-31) · total assets ₹1,588 Cr (2026-03-31) · total assets ₹1,603 Cr (2025-03-31)
how much of the year's profit was not cash; the paper sorts companies by this and reports the top decile's later returns
Source: Richard Sloan, "Do Stock Prices Fully Reflect Information in Accruals and Cash Flows about Future Earnings?", The Accounting Review, 1996
Each score is its published formula applied to the company's own filings (consolidated); open one for the tests, the inputs and the paper. Arithmetic on the filings, not a view on the stock.