Deccan Cements Ltd

Issue details

• Mode of fund raising: Preferential issue of Compulsory Convertible Debentures.
• Issue size: Rs 102.99 crore; period: June 25, 2026.

Deviation status

• Deviation from objects: Nil; range of deviation: Not Applicable.

Utilisation status

• Utilisation is as per disclosures in the Offer Document.
• Total utilised: Rs 102.99 crore; unutilised: 0.00.
• Repayment of secured term loans completed; objective fully achieved.
• Completion date: 31 July 2026; status: Completed.

Monitoring & approvals

• Monitoring agency: CARE Ratings Limited.
• Audit/Management comments: No adverse comments; no deviation.
• Shareholder approvals: Not applicable for deviation.

Object progress

• Object: Repayment of secured term loans as originally disclosed.

Current ratings

• Long-term rating downgraded to BBB / Stable by CARE Ratings on 07-08-2026.
• Short-term rating reaffirmed at A3+ on 07-08-2026.

Earlier ratings

• Long-term rating BBB+ / Stable; New on 01-09-2025.
• Short-term rating: New on 01-09-2025.

Material change since last rating

• One-notch downgrade in long-term rating; outlook remains Stable.

Rating Actions & Details

• Long-term rating: CARE BBB / Stable; action: Downgrade; date: 07-Aug-2026.
• Short-term rating: CARE A3+; action: Reaffirmed; date: 07-Aug-2026.
• Instruments/Facilities Rated: Long-term and short-term ratings on facilities.
• Rating agency: CARE Ratings Limited.
• Outlook: Stable for the long-term rating.
• Material change since last rating: Long-term downgrade; short-term rating reaffirmed.
• Rationale: Not disclosed in this excerpt.
• Verification: CARE verified on 07-Aug-2026.

Governance on results

• Audit Committee reviewed results and Board approved them.

Capital actions

• Company issued unlisted NCDs and CCDs during the quarter.
• EPS includes the impact of these debt instruments.

Exceptional items

• Exceptional item is provision for land infrastructure cess.
• Cess provision stems from a government demand notice.

Consolidation and segment

• Consolidated results include the wholly owned subsidiary.
• One reportable segment: Cement manufacturing.

Profitability status

• Profit before tax and net profit remained negative.
• Total income grew while expenses rose.

Financial results approved

• Standalone and consolidated unaudited results for quarter ended 30 June 2026 approved with Limited Review Report.

Dividend and AGM actions

• Directors' Report FY 2025-26 approved.
• Record date fixed 22 September 2026 for final dividend, subject to AGM approval.
• Cut-off date fixed 22 September 2026 for AGM eligibility.
• 46th AGM scheduled for 29 September 2026 via VC/OAVM.
• Final dividend payment date fixed 15 October 2026, subject to AGM approval.

RTA certificate status

• Details of dematerialised/rematerialised securities furnished to all stock exchanges.
• Certificate confirms compliance with Regulation 74(5) for the period.

Rating action

• Long-term rating: BB/Stable, issuer not cooperating, downgraded on 06-07-2026.
• Short-term rating: A4+, issuer not cooperating, downgraded on 06-07-2026.
• Instruments: Bank loan facilities; no outstanding term loans as of 06-07-2026.
• Rating Agency: CRISIL Ratings Limited.
• Outlook: Long-term outlook Stable; no explicit short-term outlook provided.
• Material change since last rating: Downgrade on 06-07-2026; prior upgrade in 31-07-2025.
• Financial note: Company repaid all term loans; CRISIL informed on 6 July 2026.
• Verification status: Not-Verified.