530977
Shri Keshav financials
- Market cap
- ₹175 Cr
- Sector
- Construction Materials
- Calls analysed
- 5
Shri Keshav Q3 FY26
EBITDA (9M FY26) ₹29 cr (+67% YoY); EBITDA Margin (9M FY26) 25.68%; PAT (9M FY26) ₹3 cr. Total income for 9 months FY26 increased by 35.81% YoY to INR 116.31 crores.
Read the full call →What Shri Keshav does
Shri Keshav Cements and Infra Limited (formerly Katwa Udyog Limited), incorporated in 1993, manufactures cement at two plants in Bagalkot district, Karnataka, and generates and distributes solar power from plants at Koppal, Karnataka. Cement is sold under three regional brands - Jyoti Power, Jyoti Gold and the premium Keshav Cement - through a distributor and retail network in North and Coastal Karnataka, Goa and parts of Maharashtra. The company meets 100% of its cement-plant power needs from its own solar plants since April 2018, using surplus solar generation for third-party sale, and has recently added GGBS as a new product line.
Segments
- Cement
- Solar Power Generation & Distribution
- Installed cement capacity
- 10,00,000 TPA (expanded from 3,50,000 TPA; new kiln commissioned Mar 2025)
- Cement manufacturing plants
- 2 (Kaladgi and Nagnapur/Mudhol, Bagalkot district, Karnataka)
- Installed solar power capacity
- 40 MW across 2 plants at Koppal, Karnataka (25 MW captive use, 15 MW sold)
- Cement distribution network
- 350 distributors and 600+ retail touch points across North & Coastal Karnataka, Goa and parts of Maharashtra
- Solar power customers
- 14
- Employees
- 200+
Guidance record · Q3 FY26
what the last two calls moved 6 tracked 2 delivered 1 missed 3 open- FY26 Debt Repayment delivered said Q1 FY26 Promised: INR 25.8 crores repayment liability in FY26 Q3 FY26: 26-27cr already repaid against 29cr obligation
- FY26 Total EBITDA revised down said Q4 FY25 Promised: INR 70 crores plus Q3 FY26: Revised to 40-45 crores due to low utilization and pricing
- 30MW Solar Capacity Addition went quiet said Q4 FY25 Promised: Additional 30 Megawatt adding up this financial year (FY26) Q2 FY26: No CAPEX has been planned immediately
All 6 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 15.9%, net profit down 267.3% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 24 | 28 | 38 | 41 | 35 +45% | 38 +35% | 47 +23% | 47 +16% |
| EBITDA | 3 | 6 | 8 | 10 | 8 +175% | 11 +63% | 7 −12% | 8 −24% |
| Net profit | -4 | 1 | -4 | 3 | 1 +117% | -1 −184% | -10 −121% | -5 −267% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −40.6% 1Y
1Y: ₹160.15 on 10 Sept 2025 → ₹95.16. High ₹276.85 (7 Oct 2025), low ₹90.95 (24 Aug 2026).
How the price took the results
close before → close after
- Q3 FY26
- −2.4%
- 16 Feb
- Q2 FY26
- −3.9%
- 18 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 9.4% a year over 3 years, FY23 to FY26. Operating margin narrowed to 22.3%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹123 Cr | ₹126 Cr | ₹121 Cr | ₹161 Cr |
| Operating profit | ₹35 Cr | ₹39 Cr | ₹25 Cr | ₹36 Cr |
| Operating margin | 28.5% | 30.8% | 20.7% | 22.3% |
| Interest | ₹19 Cr | ₹17 Cr | ₹18 Cr | ₹22 Cr |
| Depreciation | ₹12 Cr | ₹12 Cr | ₹12 Cr | ₹19 Cr |
| Net profit | ₹3 Cr | ₹9 Cr | ₹-6 Cr | ₹-7 Cr |
| Net margin | 2.4% | 7.2% | -5.1% | -4.0% |
| Cash from operations | ₹33 Cr | ₹32 Cr | ₹29 Cr | ₹37 Cr |
| Free cash flow | ₹23 Cr | ₹-34 Cr | ₹-56 Cr | ₹18 Cr |
| ROCE | 11.0% | 11.0% | 5.0% | 6.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹12 Cr | ₹12 Cr | ₹12 Cr | ₹18 Cr | ₹18 Cr | ₹18 Cr |
| Reserves | ₹1 Cr | ₹10 Cr | ₹37 Cr | ₹85 Cr | ₹83 Cr | ₹72 Cr |
| Borrowings | ₹178 Cr | ₹216 Cr | ₹180 Cr | ₹193 Cr | ₹242 Cr | ₹237 Cr |
| Other liabilities | ₹41 Cr | ₹36 Cr | ₹46 Cr | ₹61 Cr | ₹80 Cr | ₹96 Cr |
| Total liabilities | ₹232 Cr | ₹274 Cr | ₹275 Cr | ₹356 Cr | ₹422 Cr | ₹423 Cr |
| Fixed assets | ₹179 Cr | ₹169 Cr | ₹204 Cr | ₹194 Cr | ₹221 Cr | ₹347 Cr |
| Capital work in progress | ₹6 Cr | ₹47 Cr | ₹9 Cr | ₹76 Cr | ₹123 Cr | ₹2 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹47 Cr | ₹58 Cr | ₹61 Cr | ₹86 Cr | ₹78 Cr | ₹74 Cr |
| Total assets | ₹232 Cr | ₹274 Cr | ₹275 Cr | ₹356 Cr | ₹422 Cr | ₹423 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, the public trimmed −3.99 pp while FIIs added +2.65 pp. The shareholder count shrank 20% to 4,246.
- Promoters
- 62.3%
- FIIs
- 9.7%
- Public
- 27.9%
Since Jun 2025
- Public −3.99 pp
- FIIs +2.65 pp
- Promoters +1.34 pp
How it drifted, 12 quarters
Over this window FIIs went from 0.0% to 9.7% — +9.7 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 69.0%, Public 31.0%.Dec '23: Promoters 69.0%, Public 31.0%.Mar '24: Promoters 61.0%, FIIs 4.4%, Public 34.6%.Jun '24: Promoters 61.0%, FIIs 4.4%, Public 34.6%.Sep '24: Promoters 61.0%, FIIs 2.5%, Public 36.5%.Dec '24: Promoters 61.0%, FIIs 7.1%, Public 31.9%.Mar '25: Promoters 61.0%, FIIs 7.1%, Public 31.9%.Jun '25: Promoters 61.0%, FIIs 7.1%, Public 31.9%.Sep '25: Promoters 61.0%, FIIs 7.5%, Public 31.6%.Dec '25: Promoters 61.0%, FIIs 10.3%, Public 28.7%.Mar '26: Promoters 62.3%, FIIs 10.3%, Public 27.3%.Jun '26: Promoters 62.3%, FIIs 9.7%, Public 27.9%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Team India Managers Ltd newly disclosed 1.04% held
- Ultra Sigma Private Limited newly disclosed 1.02% held
- H D Katwa newly disclosed 0.91% held
- Lords Multigrowth Fund FPI fund +0.10 pp 2.19% held
The same filing shows 1 holder trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Shri Keshav above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Deepak Katwa | 12.70% | unchanged |
| Vilas Katwa | 12.36% | unchanged |
| Venkatesh Hanamantsa Katwa | 11.68% | unchanged |
| Katwa Infotech Ltd | 10.52% | unchanged |
| Forbes EMF FPI fund | 4.57% | unchanged |
| Tina Vilas Katwa | 3.97% | unchanged |
| Roopa Katwa | 3.74% | unchanged |
| Prajakta Katwa | 3.63% | unchanged |
| Priyank Gupta HUF | 3.16% | unchanged |
| Gkk Capital Markets Private Limited | 3.14% | unchanged |
| Saint Capital Fund FPI fund | 2.82% | unchanged |
| Lords Multigrowth Fund FPI fund | 2.19% | +0.10 pp |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
All earnings calls (5)
Read the Q3 FY26 call →Learn to analyse Shri Keshav
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