Sagar Cements Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Sagar Cements Ltd trades at ₹174, in a downtrend and 35 weeks into that stage. That is −9.6% against its own 200-day average. It sits at 11% of a 52-week range of ₹160 to ₹294. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (17 weeks and counting).

Today the stock is in a downtrend — week 35 of stage 4, confirmed. At ₹174 it trades −9.6% versus its 200-day average and sits at 11% of its 52-week range (₹160–₹294).

Against the market, two honest reads. Cumulative: over the last 10.4 years the stock moved +129% while the NIFTY 500 moved +276% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (17 weeks and counting; last ahead the week of 2026-05-08) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Sagar Cements Ltd trades at 127.8× P/E, at the pricey end of its own range (79th percentile). Its long-run median P/E is 31.6×, measured across 7.7 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 127.8× is at the pricey end of its own range (79th percentile), against a long-run median of 31.6× measured over 7.7 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

The price move, decomposed: over 5y, of the −7.9%/yr price move, ~+5.2%/yr came from earnings growth and ~−13.1 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.

A quarterly PEG curve, which only the second data source carries, is not drawn on this page: its two data sources disagree by up to 75% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Sagar Cements Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 8 quarters across 2 curves, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

4-Factor Sector Score

41.0/100 — rank 20 of 26 in Cement · 66% evidence confidence

Sagar Cements Ltd scores 41.0 out of 100 against the 26 companies it is compared with in Cement, ranking 20. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 19.5 + 5.1 + 10 + 6.4 = 41. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Sagar Cements Ltd reported ₹706 Cr of revenue in the Jun 26 quarter, +5.2% year on year. That is the 5th straight quarter of year-on-year growth. Over 10 years it has compounded at 13.4% a year. The last full year, FY26, came in at ₹2,650 Cr. The last four reported quarters add to ₹2,686 Cr.

FY26 revenue came in at ₹2,650 Cr (+17.4% on the year), capping 10 years at 13.4% compound. The latest quarter (Jun 26) printed ₹706 Cr, +5.2% year on year — the 5th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +14.1% growth against the decade's 13.4% — the current year is running in line with its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +13.4% over the last 4 quarters against +3.1%/yr over the last 8 — accelerating.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Sagar Cements Ltd's operating margin is 10.0% in the Jun 26 quarter, −8.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 6.0% to 29.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 10.0%, −8.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 6.0%–29.0%.

🚨 Why the margin moved: operating margin went −7.8 pp year on year while gross margin went −5.9 pp — the loss came mostly from the gross line: input costs and pricing.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Sagar Cements Ltd posted a net loss of ₹28.0 Cr in the Jun 26 quarter. The full FY26 year was a loss of ₹1.0 Cr. That loss is 4.0% of the quarter's revenue. The same quarter a year earlier earned ₹7.0 Cr. 9 of the last 12 reported quarters were loss-making.

Jun 26 profit was ₹−28.0 Cr, −500.0% year on year. On the full year, FY26 printed ₹−1.0 Cr (null).

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 253% of Sagar Cements Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹216 Cr of operating cash against ₹−1.0 Cr of profit. After ₹353 Cr of capital spending, ₹−137 Cr was left as free cash.

FY26: operating cash of ₹216 Cr against reported profit of ₹−1.0 Cr, leaving free cash of ₹−137 Cr after ₹353 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 253% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 253%: the cash cycle stretched 140 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving.

Router verdict: the bigger cash user is investment — capital spending ran 1.7× depreciation over three years, so the next section's job is to check what that build-out is buying.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Sagar Cements Ltd's cash conversion cycle runs 7 days in FY26, up from −133 days in FY21. Capital spending ran ₹1,138 Cr over the last 3 years. At FY26 sales of ₹2,650 Cr each day of that cycle holds about ₹7.3 Cr, so roughly ₹51.0 Cr sits inside the business at any moment.

FY26: debtors at 31 days, inventory at 227 days — roughly 7.5 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 7 days, looser than FY21's −133.

The full loop: cash goes out to suppliers and production on day 0; stock waits 227 days to sell; customers pay about 31 days after that; and suppliers themselves are paid at 251 days — netting out to the 7-day cycle.

In money terms: at FY26 sales of ₹2,650 Cr, each day of the cycle holds about ₹7.3 Cr — so the 7-day loop keeps roughly ₹51.0 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹1,138 Cr over the last 3 fiscal years against ₹685 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹116 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Sagar Cements Ltd earns a ROCE of 2% in FY26. That is up from a trough of −2% in FY25. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 0.0% net margin on 0.59× asset turns.

FY26 ROCE is 2%, recovered from a FY25 trough of −2% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 0.0% net margin × 0.59× asset turns × 2.64× balance-sheet leverage ≈ 0.0% on equity. Margin does its share; leverage is a meaningful part of the equation.

The quarterly return curves and the return-on-invested-capital overlay, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 75% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

Sagar Cements Ltd carries ₹1,708 Cr of borrowings against ₹1,693 Cr of equity in FY26, a debt-to-equity of 1.01. Operating profit covers the interest bill 2×. Over 5 years borrowings went from ₹809 Cr to ₹1,708 Cr. Capital spending ran ₹1,138 Cr across the last 3 of those years.

FY26: borrowings of ₹1,708 Cr against equity of ₹1,693 Cr — a debt-to-equity of 1.01. Operating profit covers the interest bill 2×. Over 5 years borrowings went from ₹809 Cr to ₹1,708 Cr while capital spending ran ₹1,138 Cr in just the last 3 — part of the build-out is riding on borrowed money.

The total-debt and debt-to-equity series, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 75% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Domestic institutions added 1.3 points of Sagar Cements Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 18.4% of the company. Foreign institutions moved −1.0 points over the same window, to 1.6%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Domestic institutions: +1.3 points over 8 quarters to 18.4%; Foreign institutions: −1.0 points over 8 quarters to 1.6%; Promoters: +0.0 points over 8 quarters to 48.3%.

Why the register moved: domestic institutions drove it (+1.3 points), absorbed on the other side by foreign institutions (−1.0 points) — steady accumulation by institutions reading the same numbers this page reads.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Sagar Cements Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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