Stock Performance and Market Context
On 23 Feb 2026, Shiva Cement Ltd’s share price hit Rs.18.29, its lowest level in the past year. This represents a sharp contrast to its 52-week high of Rs.42.74, indicating a decline of approximately 57.2% from the peak. The stock has been on a consistent slide, losing value for nine consecutive trading sessions and delivering a negative return of -8.7% during this period alone.
In comparison, the broader Sensex index has shown resilience, closing at 83,209.87 points, up 0.48% on the day and just 3.54% shy of its own 52-week high of 86,159.02. While the Sensex trades below its 50-day moving average, the 50DMA remains above the 200DMA, signalling a generally positive medium-term trend for the market. Mega-cap stocks have been leading gains, contrasting with the underperformance of Shiva Cement Ltd.
Within the Cement & Cement Products sector, Shiva Cement Ltd underperformed by 2.4% today, further emphasising the stock’s relative weakness against its peers and sector benchmarks.
Technical Indicators and Moving Averages
Technically, Shiva Cement Ltd is trading below all key moving averages, including the 5-day, 20-day, 50-day, 100-day, and 200-day averages. This broad-based weakness across short, medium, and long-term technical indicators highlights the sustained bearish momentum in the stock.
The persistent trading below these averages often signals a lack of buying interest and can deter momentum-driven investors, compounding downward pressure on the share price.
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Financial Health and Fundamental Metrics
Shiva Cement Ltd’s financial profile continues to raise concerns. The company carries a notably high debt burden, with a debt-to-equity ratio of 39.12 times, indicating a significant reliance on borrowed funds relative to shareholder equity. This level of leverage is considered weak for long-term fundamental strength and increases financial risk.
Over the past five years, the company’s net sales have grown at an annualised rate of 70.65%, which is a positive indicator of top-line expansion. However, operating profit growth has stagnated at 0% over the same period, suggesting challenges in translating sales growth into profitability.
Profitability metrics have also deteriorated, with profits falling by 46.9% over the last year. The company’s EBITDA has turned negative, further underscoring the risk profile of the stock. This negative earnings before interest, taxes, depreciation, and amortisation position signals operational strain on cash flows.
Relative Performance and Market Sentiment
In the last 12 months, Shiva Cement Ltd’s stock has delivered a return of -45.07%, markedly underperforming the Sensex, which has gained 10.49% over the same period. The stock has also consistently lagged behind the BSE500 index in each of the past three annual periods, reflecting a persistent trend of underperformance relative to broader market benchmarks.
Domestic mutual funds currently hold no stake in Shiva Cement Ltd, a notable absence given their capacity for detailed company research. This lack of institutional ownership may reflect cautious sentiment or concerns about the company’s valuation and business prospects at prevailing price levels.
Recent Quarterly Results
Despite the broader challenges, Shiva Cement Ltd reported its highest quarterly net sales of Rs.126.09 crores in the December 2025 quarter. This indicates some level of revenue momentum, although it has not yet translated into improved profitability or stock performance.
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Mojo Score and Ratings
Shiva Cement Ltd currently holds a Mojo Score of 17.0, categorised as a Strong Sell. This rating was upgraded from a Sell on 25 Aug 2025, reflecting a further deterioration in the company’s outlook. The market capitalisation grade stands at 4, indicating a relatively small market cap within its sector.
The downgrade in rating aligns with the company’s financial metrics and stock performance, reinforcing the cautious stance reflected in the market.
Summary of Key Concerns
The stock’s fall to Rs.18.29, its 52-week low, is underpinned by several factors: a high debt load that strains financial flexibility, stagnant operating profit growth despite strong sales expansion, negative EBITDA, and consistent underperformance against market benchmarks. The absence of domestic mutual fund holdings further highlights subdued institutional confidence.
While the broader market and sector have shown resilience, Shiva Cement Ltd’s share price continues to reflect the challenges embedded in its financial and operational profile.
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