Key Metrics of Saurashtra Cement Limited
About Saurashtra Cement Limited
Sectors
Company details
- Website
- mehtagroup.com
- Registered office
- Nanji Kalidas Mehta International House, 2nd Floor, 178 Backbay Reclamation, Babubhai M Chinai Road, Near Yogakshema Lic, Churchgate, Mumbai, 400020
- Listed
- NSE: SAURASHCEM · ₹48.60
Operational Areas of Saurashtra Cement Limited
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
Sign in to continue See plans & pricingFiling compliance
Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 29 Sep 2026 | ICRA | Reaffirmed | — | — | Stable | ₹404 Cr | View |
Credit strengths (ICRA, Sep 2026)
+ Integrated cement operations
SCL has two fully-integrated cement plants in the Saurashtra region, Gujarat, with a combined clinker and grinding capacity of 2.4 MTPA and 2.5 MTPA, respectively.
+ Steady revenues backed by high capacity utilisation levels and decent brand strength
The company’s OI stood at Rs. 1,400- 1,800 crore during FY2022-FY2026, supported by high capacity utilisation at its cement plants.
+ Comfortable capital structure and strong liquidity
The total debt (TD) stood moderate at Rs. 106. 9 crore as of March 2026 (March 2025: Rs. 135.7 crore), with majority (~60%) of TD comprising fund -based working capital borrowings and the remaining being term debt.
Credit challenges
− High cost structure leading to weak operating margins
During FY2022-FY2026, the company’s OPBITDA margins remained modest and volatile, ranging between 0.5% and 7.4%.
− Exposed to geographical concentration risk and intense competition in cement industry
The company remains exposed to geographical concentration risk, with a significant proportion of its revenues derived from the Saurashtra region in Gujarat.
− Vulnerability of revenues to cyclicality in economy
SCL remains exposed to fluctuations in cement demand and realisations, which are influenced by economic cycles and capacity addition in the industry .
Could lead to an upgrade
The rating can be upgraded if the company is able to significantly improve its revenues and profitability, leading to an enhancement in its debt protection metrics while maintaining a strong
Could lead to a downgrade
Pressure on the rating could arise if there is a material decline in revenues and earnings or large debt- funded capex, resulting in moderation in the debt leverage and coverage metrics on a sustained basis.
Agency-reported financials (ICRA, 29 Sep 2026)
| Metric | FY2025 | FY2026 |
|---|---|---|
| Operating income | ₹1,538 Cr | ₹1,668 Cr |
| PAT | ₹7.00 Cr | ₹14.40 Cr |
| OPBDITA/OI | 2.9% | 3.7% |
| PAT/OI | 0.5% | 0.9% |
| Total outside liabilities/Tangible net worth (times) | 0.70× | 0.70× |
| Total debt/OPBDITA (times) | 3.00× | 1.70× |
| Interest coverage (times) | 3.30× | 6.10× |
| Revenue growth (YoY) | — | 8.5% |
| EBITDA (margin × income) | ₹44.60 Cr | ₹61.72 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹134 Cr | ₹105 Cr |
| Implied interest cost (EBITDA ÷ coverage) | ₹13.52 Cr | ₹10.12 Cr |
Borrowings & rated debt
Facility mix
Maturity ladder
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term – Fund-based – Term loan [ICRA] BBB- () | Term loans | ₹44.0 Cr | ₹32.0 Cr | −27.4% | — | Reaffirmed | ICRA |
| Long-term – Non-fund based [ICRA] BBB- () Long-term – Fund-based – Cash | Non-fund based limits | ₹340 Cr | ₹340 Cr | 0.0% | — | Reaffirmed | ICRA |
| [ICRA] BBB- () credit Long-term – Unallocated [ICRA] BBB- () | Working capital & bank lines | ₹20.0 Cr | ₹20.0 Cr | 0.0% | — | Reaffirmed | ICRA |
| Rated facility | Other | — | ₹12.1 Cr | — | — | Other | ICRA |
Debt instruments
| ISIN | Instrument | Type | Coupon | Issued | Maturity | Amount | Rating | Status |
|---|---|---|---|---|---|---|---|---|
| — | Fund based FY FY [ICRA] BBB | Term loans | — | 31 Mar 2025 | 31 Mar 2031 | ₹32.0 Cr | — | Outstanding |
Credit assessment · Cement
CARE Ratings’ Criteria for Rating Cement Companies (Sep 2024) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 56% |
| Information on file | 78% · missing: Capex / investment plans, Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 47% chance the next rating action is stable or better
- Interest coverage 6.1×
- ₹20 cr of rated limits not yet tied to a lender
Rated limits by facility
Timeline
From the report
Its liquidity remains strong, with unencumbered cash and cash equivalents of Rs. 106.2 crore as of March 2026 and an average cushion of ~Rs. 67.2 crore in undrawn fund -based working capital limits for the 12 months ending March 2026.
From the report
The company has debt repayment obligation of Rs. 11.8 crore in FY2027, which is expected to be comfortably serviced through estimated cash flow from operations and existing liquidity.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Saurashtra Cement Limited
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
| Cement · Cement, Building Materials & Polymers | ultratechcement.com | 1983 | Mumbai, India | |
| Cement · Cement, Building Materials & Polymers | ambujacement.com | — | Ahmedabad, India | |
| Cement · Cement, Building Materials & Polymers | acclimited.com | — | Gandhinagar, India | |
 Shree Cement |
Cement · Cement, Building Materials & Polymers | shreecement.com | — | Beawar, India |
| Cement · Cement, Building Materials & Polymers | dalmiacement.com | — | Tiruchirapalli, India | |
| Cement · Cement, Building Materials & Polymers | jkcement.com | — | Rajasthan, India | |
 Nuvoco Vistas |
Cement · Cement, Building Materials & Polymers | nuvoco.com | — | Mumbai, India |
| Discovered Companies · Other Industries | birlacorporation.com | — | Kolkata, West Bengal, India | |
 The Ramco Cements |
Cement · Cement, Building Materials & Polymers | ramcocements.in | — | Rajapalayam, India |
| Tiles & Ceramics · Cement, Building Materials & Polymers | prismjohnson.in | — | Hyderabad, India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Cement (Mehta Group)
Filings
No filings on record yet.