SANGHIIND

Sanghi Industrie share price & financials

Price
₹49.88
Market cap
₹1.3k Cr
Sector
Construction Materials
Calls analysed
4
Latest concall · Q3 FY26 · call held 30 Jan 2026

Sanghi Industrie Q3 FY26

Revenue ₹10,277 cr +20%Operating EBITDA ₹1,353 cr +53%PAT ₹378 cr +258%

What went well

  • Delivered industry-leading performance, growing volumes at 2x the industry average, with market share improving to 16.6%.
  • Achieved highest ever quarterly sales volume of 18.9 million tons, up 17% YoY, and normalized revenue of ₹10,277 crores, up 20% YoY.
  • Reported a PAT of ₹378 crores, a significant jump of 258% YoY, and operating EBITDA of ₹1,353 crores, up 53% YoY, with EBITDA per ton at ₹718, up 31% YoY.

What to watch

  • Q3 cost per ton increased by approximately ₹250 compared to Q2, attributed to one-off expenses like branding, repairs, higher freight, and preponed maintenance.
  • Commissioning of Warisaliganj is delayed by 3 months, now scheduled for Q1 FY27, impacting the March '26 capacity target (115 MT vs earlier 118 MT).
Read the full call →

What Sanghi Industrie does

Sanghi Industries Limited (SIL) is a subsidiary of Ambuja Cements within the Adani Group, operating India's largest single-location integrated cement and clinker plant at Sanghipuram, Kutch, Gujarat. The plant draws on one of India's largest reserves of superior-grade marine limestone to manufacture Ordinary Portland Cement (OPC53, OPC43), Portland Pozzolana Cement (PPC) and Portland Slag Cement (PSC). Rather than selling directly to end customers at scale, SIL supplies clinker and cement to Ambuja Cements and ACC under a Master Supply/Service Agreement (MSA), which then reach individual home builders and construction companies across western, central and southern India. The integrated site is equipped with a captive thermal power plant, an all-weather port, sea terminals in Gujarat and Mumbai, and dedicated vessels for bulk transport.

Segments

  • Cement
Cement production capacity
6.1 MTPA
Clinker production capacity
6.6 MTPA
Limestone reserves
1 billion tonnes
Captive thermal power plant
143 MW
Market position
India's largest single-location integrated cement and clinker unit by capacity
Logistics infrastructure
All-weather port with sea terminals in Gujarat and Mumbai, plus dedicated vessels for bulk transport
Headquarters Ahmedabad, Gujarat, IndiaEmployees 256 (FY2024-25) Company website

Guidance record · Q3 FY26

what the last two calls moved 7 tracked 0 delivered 0 missed 7 open
  • Total Cement Capacity by FY26 revised down said Q4 FY25 Promised: 118 million metric tons by end of this financial year (FY26) Q3 FY26: Revised to 115 MTPA due to 3-month delay in Warisaliganj
  • Total Cement Capacity by FY28 revised up said Q4 FY25 Promised: 140 million tons by FY28 Q3 FY26: Reiterated 155 MTPA by March '28

All 7 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q3 FY26: revenue up 6.2%, net profit down 18.6% against the same quarter last year.

₹ Cr · quarterly
Line itemQ4 FY24Q1 FY25Q2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26
Revenue285 223 152 259 335 +18%245 +10%285 +88%275 +6%
EBITDA59 -3 3 30 36 −39%25 +933%25 +733%23 −23%
Net profit-19 -89 -196 -97 -117 −516%-75 +16%-117 +40%-115 −19%
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 −15.8% 1Y

₹50.0₹55.0₹60.0₹65.0₹70.0Apr 25May 25Jun 25Aug 25Sept 25Nov 25Dec 25Feb 26Mar 26Q4 FY25 — 29 Apr 2025Q1 FY26 — 31 Jul 2025Q2 FY26 — 3 Nov 2025Q3 FY26 — 30 Jan 2026

1Y: ₹59.27 on 1 Apr 2025 → ₹49.88. High ₹69.32 (22 Jul 2025), low ₹47.51 (23 Mar 2026).

How the price took the results

close before → close after

Q3 FY26
−4.1%
30 Jan
Q2 FY26
+2.1%
3 Nov
Q1 FY26
−3.7%
31 Jul
Q4 FY25
−1.7%
29 Apr

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 2.1% a year over 2 years, FY23 to FY25. Operating margin widened to 6.8%.

Year endingFY23FY24FY25
Revenue₹929 Cr₹822 Cr₹969 Cr
Operating profit₹-14 Cr₹-88 Cr₹66 Cr
Operating margin-1.5%-10.7%6.8%
Interest₹238 Cr₹283 Cr₹227 Cr
Depreciation₹93 Cr₹107 Cr₹219 Cr
Net profit₹-326 Cr₹-449 Cr₹-499 Cr
Net margin-35.1%-54.6%-51.5%
Cash from operations₹-25 Cr₹-245 Cr₹-249 Cr
Free cash flow₹12 Cr₹-51 Cr₹-386 Cr
ROCE-3.0%-5.0%-4.0%
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 endingFY20FY21FY22FY23FY24FY25
Equity capital₹251 Cr₹251 Cr₹251 Cr₹258 Cr₹258 Cr₹258 Cr
Reserves₹1.5k Cr₹1.5k Cr₹1.6k Cr₹1.3k Cr₹852 Cr₹162 Cr
Borrowings₹1.3k Cr₹1.4k Cr₹1.4k Cr₹1.5k Cr₹2.1k Cr₹2.5k Cr
Other liabilities₹433 Cr₹395 Cr₹589 Cr₹602 Cr₹434 Cr₹848 Cr
Total liabilities₹3.4k Cr₹3.6k Cr₹3.8k Cr₹3.7k Cr₹3.6k Cr₹3.8k Cr
Fixed assets₹1.7k Cr₹1.7k Cr₹3.2k Cr₹3.1k Cr₹3.2k Cr₹3.0k Cr
Capital work in progress₹1.0k Cr₹1.3k Cr₹42 Cr₹42 Cr₹4 Cr₹152 Cr
Investments₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr
Other assets₹694 Cr₹614 Cr₹614 Cr₹550 Cr₹439 Cr₹597 Cr
Total assets₹3.4k Cr₹3.6k Cr₹3.8k Cr₹3.7k Cr₹3.6k Cr₹3.8k 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 Dec 2025

Since Dec 2024, the public trimmed −0.89 pp while FIIs added +0.65 pp. The shareholder count shrank 13% to 72,077.

Promoters
75.0%
FIIs
1.4%
DIIs
0.7%
Public
23.0%

Since Dec 2024

  • Public −0.89 pp
  • FIIs +0.65 pp
  • DIIs +0.26 pp

How it drifted, 12 quarters

Over this window the public fell from 26.3% to 23.0% — −3.3 pp.

Mar '23Jun '24Dec '25

Ownership split by quarter, oldest first. Mar '23: Promoters 72.7%, FIIs 1.0%, Public 26.3%.Jun '23: Promoters 72.7%, FIIs 2.1%, Public 25.2%.Sep '23: Promoters 72.7%, FIIs 1.3%, DIIs 1.4%, Public 24.6%.Dec '23: Promoters 72.6%, FIIs 1.0%, DIIs 0.6%, Public 25.8%.Mar '24: Promoters 78.5%, FIIs 0.1%, DIIs 0.1%, Government 0.1%, Public 21.2%.Jun '24: Promoters 75.0%, FIIs 0.2%, DIIs 0.3%, Public 24.5%.Sep '24: Promoters 75.0%, FIIs 0.2%, DIIs 0.3%, Public 24.5%.Dec '24: Promoters 75.0%, FIIs 0.7%, DIIs 0.4%, Public 23.9%.Mar '25: Promoters 75.0%, FIIs 0.4%, DIIs 0.8%, Public 23.9%.Jun '25: Promoters 75.0%, FIIs 0.3%, DIIs 0.7%, Public 24.0%.Sep '25: Promoters 75.0%, FIIs 0.5%, DIIs 0.5%, Public 24.0%.Dec '25: Promoters 75.0%, FIIs 1.4%, DIIs 0.7%, Public 23.0%.

Who was buying across the market this quarter →

Who bought this quarter

since Sep 2025

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.

Who is on the register

Named in the Dec 2025 filing

Every holder of Sanghi Industrie above SEBI's 1% disclosure line, and what changed since Sep 2025.

HolderStakeChange
Ambuja Cements Limited 58.08%unchanged
Gireesh Kumar Sanghi (Huf) 3.04%unchanged
Szf Private Limited 2.66%unchanged
NKSquared 1.41%newly disclosed
S K K Zippers Private Limited 1.38%unchanged
Alpha Alternatives Financial Services Private Limited 1.08%newly disclosed
Balaji Zippers Private Limited 1.07%unchanged
Gaurav Sanghi 1.02%unchanged
Aashish Sanghi 1.02%unchanged
Ravi Sanghi 0.93%unchanged
Sanghi Filaments Private Limited 0.89%unchanged
Sanghi Threads Private Limited 0.68%unchanged

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 (4)

Read the Q3 FY26 call →

Learn to analyse Sanghi Industrie

Guides on how to read this kind of business and the numbers that matter.