Sagar Cements Limited — Investor Meet, 16-05-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Sagar Cements reported Q4 revenue of ₹658 crore, down 7% YoY, with EBITDA at ₹37 crore and margins narrowing to 6% from 10% YoY. Volumes rose 5% YoY, with EBITDA per tonne at ₹3,218. Management targets FY26 volumes of 6 million tonnes (+9%) focusing on price growth amid strong demand and government spending. Cement prices in core AP/Telangana markets have firmed by ₹55-60 per bag. Cost efficiencies from plant upgrades and freight optimization could lift EBITDA per tonne to ₹3,500-3,750 in Q1 FY26. CapEx is guided around ₹350 crore, mainly for plant expansion. Gross debt is ₹1,428 crore (debt-equity 0.63). Vizag land sale pending approval, proceeds aimed at reducing debt. Green energy share expected to reach 20-25% by FY26 through solar and waste heat projects. Management remains cautious, focusing on pricing and margin improvements over volume-led growth.