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Saurashtra Cement Limited Corporate Office N K Mehta International House, 2nd Floor, 178 Backbay Reclamation, Mumbai 400 020 T +91 22 6636 5444 F +91 22 6636 5445 E scl-mum@mehtagroup.com GIN : L26941GJ1956PLCOOOB40 Ref: B/SCL/SE/SS/256/2025-26 28th August 2026 BSE Limited, National Stock Exchange of India Limited Corporate Relationship Manager, Exchange Plaza, Phiroze Jeejeebhoy Towers, Bandra-Kurla Complex, Dalal Street, Bandra (East), Mumbai -400 001. Mumbai - 400 051. Stock Code: 502175 Stock Symbol: SAURASHCEM Sub.: Intimation under Regulation 34 of the SEBI {Listing Obligations and Disclosure Reguirements) Regulations, 2015 ('Listing Regulations') Ref.: Annual Report of the Company for the F.Y. 2025-26 and Notice convening the 68th Annual General Meeting The 68th Annual General Meeting ('AGM') of Saurashtra Cement Limited will be held on Wednesday the 23rd September 2026 at 4:00 p.m. (1ST) via two-way Video Conference (VC) / Other Audio-Visual Means (OAV M). Pursuant to Regulation 34 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed Annual Report of the Company along with the Notice of the 68th AGM for the Financial Year 2025-26. The soft copy of the Annual Report together with the Notice of 68th AGM are being sent to the shareholders through electronic mode on their registered email ids registered with the Company/Company's Registrar and Share Transfer Agent ('RTA'), MUFG Intime India Private Limited/ Depository Participant(s). The Annual Report for F.Y. 2025-26 is available on the website of the Company at path https://scl.mehtagroup.com/investors/financials/annual-reports. A letter with the web link and path to access the 68th AGM Notice and Annual Report are being sent to shareholders whose email IDs are not registered, pursuant to Regulation 36(l)(b) of the Listing Regulations. The Notice of the 68th AGM of the Company is available on the website of the Company at path https://scl.mehtagroup.com/investors/agm-notice This is for your information and records. Thanking you, Yours faithfully For Saurashtra Cement Limited Sonali Sanas Chief Legal Officer, C.S. & Strategy Membership No.: A16690 8MEHTA Encl.: As Above GROUP Regd. Office & Works Near Railway Station, Ranavav 360 550 Gujarat, India Annual Report 2025-26 Saurashtra Cement Limited Saurashtra Cement Limited Building Trust Across Gujarat for Years At the heart of Gujarat's strong foundations lies an unwavering commitment. For 70 years, we have proudly partnered with Gujarat on its journey of progress and prosperity. HATHI® Sidhee® CEMENT CEMENT Cement I Wall Putty I Paint I Tile Adhesive I AAC Block <91800 8898 234 @www.hathi-sidheecements.com Statutory Reports Financial Statements CONTENTS Page Nos. General Information A. Statutory Reports I Board’s Report 5 Annexure 1. Management Discussion and Analysis Report (Annexure A) 19 2. Corporate Governance Report (Annexure B) 26 3. Other Annexures (Annexure C to L) 53 B. Financial Statements II Standalone 1. Independent Auditors’ Report on Standalone Financial Statements 78 2. Balance Sheet 92 3. Statement of Profit & Loss 93 4. Statement of Changes in Equity 94 5. Statement of Cash Flows 96 6. Notes forming part of Financial Statements 98 III Consolidated 1. Independent Auditors’ Report on Consolidated Financial Statements 169 2. Balance Sheet 178 3. Statement of Profit & Loss 179 4. Statement of Changes in Equity 180 5. Statement of Cash Flows 182 6. Notes forming part of Financial Statements 184 Form AOC-1 254 68th Annual Report 2025-2026 3 Saurashtra Cement Limited Statutory Reports Financial Statements BOARD’S REPORT TO THE MEMBERS, Your Directors are pleased to present the 68th Annual Report along with the Audited Financial Statements of Saurashtra Cement Limited (“Company”) for the Financial Year ended 31st March 2026. FINANCIAL HIGHLIGHTS The Financial highlights of your Company for the year ended 31st March, 2026 are given below: (` in Lakhs) Standalone Consolidated Particulars 2025-26 2024-25 2025-26 2024-25 Revenue from Operation (A) 1,66,603.87 1,53,762.39 1,66,603.87 1,53,762.39 Mr. Jay Mehta Auditors Other Income (B) 1,872.56 1,733.07 1,860.33 1,719.22 Chairman M/s. Manubhai & Shah LLP Total Income (C = A+B) 1,68,476.43 1,55,495.46 1,68,464.20 1,55,481.61 Mr. M. N. Mehta Chartered Accountants Operating Expenses 1,61,372.65 1,49,401.85 1,61,355.26 1,49,382.49 Non Executive Director, Non-Independent G-4, Capstone, Opp. Chirag (Chairman Emeritus) (Ceased to be Motors, Sheth Mangaldas Road, Operating Profit (EBITDA) 7,103.78 6,093.61 7,108.92 6,099.12 Director w.e.f. 24th April 2026) Ellisbridge, Gujarat-380006 Finance Cost 1,016.82 1,361.43 1,016.82 1,361.43 Mr. Hemang D. Mehta Phone:+91-79-26470000 Depreciation and Amortization 4,422.86 4,227.85 4,422.86 4,227.85 Non Executive Director, Non-Independent Bankers Exceptional Items (1,011.37) 897.54 (1,011.37) 897.54 Mr. Hemnabh Khatau Profit before Tax 652.73 1,401.87 657.87 1,407.38 Non Executive Director, Non-Independent HDFC Bank Ltd. Current Tax Expense 275.68 381.11 280.82 386.62 ICICI Bank Ltd Mr. Ashwani Kumar Deferred Tax Adjustment (1,064.78) 322.51 (1,064.78) 322.51 Non Executive, Independent Director Registered Office Profit for the year 1,441.83 698.25 1,441.83 698.25 Mr. M. N. Sarma Near Railway Station, Ranavav-360550 (Gujarat) Non Executive, Independent Director Tel.: 02801 - 234200 Total Other Comprehensive (22.22) (33.47) (22.22) (33.47) Income (net of tax) Fax: 02801 - 234376 Mr. Aman Khanna Non Executive, Independent Director CIN: L26941GJ1956PLC000840 Total Comprehensive Income 1,419.61 664.78 1,419.61 664.78 Mrs. Radhikaraje Gaekwad Registrars & Transfer Agent (RTA) Retained Earnings – Opening Balance 60,030.54 58,091.55 60,030.54 58,091.55 Non Executive, Independent Director Add/(Less) M/s. MUFG Intime India Private Limited Mr. Viren Ajitkumar Merchant C 101, Embassy 247, L B S Marg, Profit for the Year 1,441.83 698.25 1,441.83 698.25 Non Executive, Independent Director Re-measurement of Defined Benefit Plans (22.21) (33.47) (22.21) (33.47) Vikhroli (West), Mumbai-400083 Plan (Net of Tax) Mr. M. S. Gilotra Tel: .022-49186000 Managing Director Reversal of Deferred Tax Liability on Freehold - 2,384.04 - 2,384.04 Fax:022-49186060 Land Mr. Pradeep Mehta Chief Financial Officer (w.e.f. 9.9.2024 to Corporate Office Less : Equity Dividend - (1,109.83) - (1,109.83) 25.7.2025) N. K. Mehta International House, 2nd Floor, 178, Backbay Reclamation, Mumbai 400020. Retained Earnings – Closing Balance 61,450.16 60,030.54 61,450.16 60,030.54 Mr. Rakesh Mehta Tel.: 022-66365444, Fax : 022-66365445 Chief Financial Officer (w.e.f. 26.7.2025 to The revenue of both cement and paints division was higher than the previous year. 4.9.2025) Website Mr. Prakash Chand Jain https://www.hathi-sidheecements.com/ The revenue of cement division increased by about 8 percent despite lower price realizations prevailing during Chief Financial Officer (w.e.f. 5.9.2025) www.snowcempaints.com major part of the year, on account of higher sales volume. During the year, your Company completed its cement grinding modernisation project at Sidheegram, which has resulted in higher grinding and blending Ms. Sonali Sanas Chief Legal Officer, CS & Strategy capacity and consequently higher cement production capability. The Government of India reduced GST rate 4 68th Annual Report 2025-2026 68th Annual Report 2025-2026 5 Saurashtra Cement Limited Statutory Reports Financial Statements BOARD’S REPORT on cement from 28 percent to 18 percent with effect from 22 September, 2025, your Company passed on the SUBSIDIARY, ASSOCIATE AND JOINT VENTURE COMPANIES benefit of the reduced rate to its customers. Your Company has one subsidiary company, viz. Agrima Consultants International Limited. Pursuant to Section The revenue of paints division was about 12 percent higher than the previous year. Your Company widened its 136 of the Companies Act, 2013, listed compani [Showing first 8,000 characters — download PDF for full document]