Runs India's largest single-location integrated cement plant in Kutch, supplying Ambuja and ACC via MSA.
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 275 | +6.2% YoY | Quarterly, as filed | Quarter to Dec 2025 | Revenue from operations as filed. |
| Operating margin | 8.0 | −4.0 pts YoY | Operating profit / revenue | Quarter to Dec 2025 | For the quarter; a change is in percentage points. |
| Net profit | -115 | Quarterly, as filed | Quarter to Dec 2025 | Profit after tax as filed. The year-earlier figure was zero or a loss, so no percentage is shown. | |
| Return on equity | −11.9 pts | Trailing twelve months | TTM to Dec 2025 | Not in the analysed materials. No older figure is substituted. | |
| Free cash flow margin | −33.9 pts | Fiscal year | FY · period unavailable | Not in the analysed materials. No older figure is substituted. | |
| Revenue growth (YoY) | 24.05 | +27.8 pts | Trailing twelve months | TTM to Dec 2025 | Revenue change against the same period one year earlier. |
Guidance
7 targets tracked, none judged yet · 7 open · verdicts reflect calls analysed to Q3 FY26.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Total Cement Capacity by FY26 | 118 million metric tons by end of this financial year (FY26) | Q4 FY25 | Revised to 115 MTPA due to 3-month delay in Warisaliganj | Revised Down |
| Total Cement Capacity by FY28 | 140 million tons by FY28 | Q4 FY25 | Reiterated 155 MTPA by March '28 | Revised Up |
7 of Sanghi Industrie's 7 targets are still open. See which are on track and which have gone quiet. The 2 above are the free sample; 5 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: ₹59.27 on 1 Apr 2025 → ₹49.88. High ₹69.32 (22 Jul 2025), low ₹47.51 (23 Mar 2026).
Overview
Based on the company's own presentations, annual report and earnings calls.
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
close before → close after
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.
Guidance
7 targets tracked, none judged yet · 7 open · verdicts reflect calls analysed to Q3 FY26.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Total Cement Capacity by FY26 | 118 million metric tons by end of this financial year (FY26) | Q4 FY25 | Revised to 115 MTPA due to 3-month delay in Warisaliganj | Revised Down |
| Total Cement Capacity by FY28 | 140 million tons by FY28 | Q4 FY25 | Reiterated 155 MTPA by March '28 | Revised Up |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 7 tracked commitments, with each call’s wording and source.
Call summaries
Sanghi Industrie Q3 FY26
Sanghi Industrie reported a strong Q3 FY26, achieving record volumes and significant growth in revenue, PAT, and EBITDA, driven by market execution and cost optimization. The company is progressing with its capacity expansion and integration of acquired assets, despite some one-off cost increases and minor project delays. Management remains bullish on future growth and efficiency improvements.
Read the full callSanghi Industrie Q2 FY26
Ambuja Cements Limited, reporting for its group including Sanghi Industries, delivered a robust Q2 FY26 with strong volume growth and improved profitability. The company achieved a 20% YoY volume increase and a 32% YoY jump in EBITDA per metric ton, driven by aggressive cost optimization and strategic market initiatives. Capacity expansion to 155 MTPA by FY28 is progressing, though working capital saw an increase and some project delays occurred due to weather. Management remains confident in achieving future growth and cost reduction targets.
Read the full callSanghi Industrie Q1 FY26
Ambuja Cements delivered a strong Q1 FY26, achieving its highest-ever sales volume of 18.4 million tonnes, a 20% YoY increase, and revenue of ₹10,289 crores, up 23% YoY. The company also recorded its highest quarterly EBITDA of ₹1,961 crores, with EBITDA per tonne rising 28% YoY to ₹1,069 and EBITDA margin expanding by 3.8% to 19.1%. While sequential costs saw an increase due to the Orient Cement acquisition and one-time maintenance, management expects stabilization. The company remains debt-free and is on track to achieve its ambitious capacity expansion and cost reduction targets.
Read the full callEvery analysed call
Fundamentals
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2020 to Mar 2025).
Financials
Net profit, year on year: −19% (quarter to dec 2025 against dec 2024).
| Line item | Mar 2024 | Jun 2024 | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Sales | 285 | 223 | 152 | 259 | 335 | 245 | 285 | 275 |
| Expenses | 226 | 226 | 148 | 229 | 299 | 220 | 260 | 252 |
| Operating profit | 59 | -3 | 3 | 30 | 36 | 25 | 25 | 23 |
| Operating margin | 21.0% | −1.3% | 2.0% | 12.0% | 11.0% | 10.0% | 9.0% | 8.0% |
| Other income | -10 | 11 | -109 | 4 | 11 | 42 | 4 | 9 |
| Interest | 42 | 49 | 54 | 58 | 66 | 54 | 53 | 52 |
| Depreciation | 25 | 48 | 36 | 37 | 98 | 90 | 93 | 95 |
| Profit before tax | -19 | -89 | -196 | -60 | -117 | -75 | -117 | -115 |
| Tax rate | 0.0% | 0.0% | 0.0% | 61.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net profit | -19 | -89 | -196 | -97 | -117 | -75 | -117 | -115 |
| EPS (₹ per share) | -0.74 | -3.44 | -7.58 | -3.75 | -4.53 | -2.92 | -4.51 | -4.47 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|
| Sales | 929 | 822 | 969 |
| Expenses | 942 | 910 | 902 |
| Operating profit | -14 | -88 | 66 |
| Other income | 20 | 31 | -83 |
| Interest | 238 | 283 | 227 |
| Depreciation | 93 | 107 | 219 |
| Profit before tax | -326 | -448 | -462 |
| Net profit | -326 | -449 | -499 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 |
|---|---|---|---|---|---|---|
| Equity capital | 251 | 251 | 258 | 258 | 258 | 258 |
| Reserves | 1,543 | 1,583 | 1,301 | 852 | 354 | 162 |
| Borrowings | 1,415 | 1,397 | 1,548 | 2,084 | 2,506 | 2,494 |
| Other liabilities | 395 | 589 | 602 | 434 | 615 | 848 |
| Total liabilities | 3,604 | 3,820 | 3,710 | 3,628 | 3,733 | 3,762 |
| Fixed assets | 1,652 | 3,163 | 3,117 | 3,185 | 3,090 | 3,013 |
| Capital work in progress | 1,338 | 42 | 42 | 4 | 149 | 152 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Other assets | 614 | 614 | 550 | 439 | 494 | 597 |
| Total assets | 3,604 | 3,820 | 3,710 | 3,628 | 3,733 | 3,762 |
| Line item | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|
| Cash from operations | 71 | 302 | 402 | -25 | -245 | -249 |
| Cash from investing | -471 | -342 | -298 | 29 | 236 | -128 |
| Cash from financing | 401 | 39 | -105 | -3 | 182 | 225 |
| Net cash flow | 2 | -1 | -1 | 1 | 172 | -152 |
| Free cash flow | -522 | -62 | 116 | 12 | -51 | -386 |
| Line item | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|
| Debtor days | 16 | 19 | 30 | 20 | 0 | 22 |
| Inventory days | 1814 | 1500 | 1612 | — | 308 | 1550 |
| Days payable | 668 | 589 | 1348 | — | 129 | 508 |
| Cash conversion cycle | 1163 | 930 | 294 | 20 | 179 | 1063 |
| Working capital days | -74 | -45 | -88 | -112 | -86 | -12 |
| Return on capital employed | 5.0% | 6.0% | 4.0% | −3.0% | −5.0% | −4.0% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Ownership
Promoters hold 75.00% as of Dec 2025; institutions added 0.96 pts since Sept 2025.
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.
Named in the Dec 2025 filing
Every holder of Sanghi Industrie above SEBI's 1% disclosure line, and what changed since Sep 2025.
| Holder | Stake | Change |
|---|---|---|
| 58.08% | unchanged | |
| 3.04% | unchanged | |
| 2.66% | unchanged | |
| 1.41% | newly disclosed | |
| 1.38% | unchanged | |
| 1.08% | newly disclosed | |
| 1.07% | unchanged | |
| 1.02% | unchanged | |
| 1.02% | unchanged | |
| 0.93% | unchanged | |
| 0.89% | unchanged | |
| 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.
Your own record
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