Panyam Cements is a single-plant cement maker in southern India that was dead and is now breathing again. Incorporated in 1955, its factory at Cement Nagar sat idle from late 2018 until a court-supervised rescue in 2021 handed control to new owners, who restarted the kiln in March 2023 and have been nursing it back to health ever since. The recurring approach is revival through tight focus: one integrated plant, one set of owned limestone quarries, one regional market, and a balance-sheet wiped clean by the insolvency process. # Business segments A single engine rebuilt from scratch - one integrated cement plant, one regional market, one product line - now producing and selling cement again after a four-year shutdown. ## 1. Cement manufacturing: the only engine, restarted **An integrated plant that mines its own limestone, makes its own clinker, and sells cement to dealers across southern India - no other business lines, no distractions.** - **Owns the rock it needs** - the plant sits on high-quality limestone quarries that the company owns and operates, so its main raw material comes at extraction cost rather than market price, a structural advantage in a region where limestone availability drives capacity expansion. - **Makes both the intermediate and the finished product** - with 0.66 million tonnes per annum of clinker capacity and 0.85 million tonnes of cement capacity, the plant can produce its own clinker (the energy-intensive precursor) and grind it into finished cement, though during the restart phase it bought clinker from a related party to keep grinding going before its own kiln fired up. - **Sells three grades into one regional market** - the portfolio is 43 grade Ordinary Portland Cement, 53 grade OPC, and Portland Pozzolana Cement, all sold through a network of dealers concentrated in the southern states, with the plant able to reach Karnataka, Telangana, Tamil Nadu, Goa, and Kerala. - **Runs on purchased power and coal** - with no captive power generation, the plant bought about 31.4 million kilowatt-hours of electricity and consumed roughly 28,800 tonnes of coal in FY25, making it exposed to energy-price swings that are an industry-wide concern. - **Moves cement by rail from its own siding** - a railway siding inside the factory boundary lets the company load finished cement directly onto trains, cutting out intermediate handling and helping it serve neighbouring states where cement realisations are better. # Group structure and partners **A clean corporate shell with no subsidiaries, revived by a consultancy-and-power duo that now controls 95% of the equity.** - **Rescued through insolvency court** - the Corporate Insolvency Resolution Process, triggered in May 2020, ended with the NCLT approving a joint resolution plan from RV Consulting Services Private Limited and Sagar Power Limited in June 2021, extinguishing old debt and old equity in one stroke. - **95% held by the rescuers** - the resolution applicants took 95% of the fresh equity (about 76.2 lakh shares), with the remaining 5% retained by public shareholders to meet minimum public shareholding rules for relisting on BSE, where trading resumed in October 2023 after a four-year suspension. - **The promoters bring cement know-how and power connections** - RV Consulting Services is a consultancy specialising in cement plants and mineral-based industries, while Sagar Power Limited operates a wind-power project and is linked to the promoters of Sagar Cements Limited, giving the revived company access to both technical expertise and industry relationships. - **Non-core assets were carved out for old creditors** - two legacy assets - inter-corporate deposits of Rs.105.10 crore and 1.25 crore shares of S.P.Y. Agro Industries Ltd - were assigned to a trust for the benefit of financial creditors, leaving the revived company focused solely on cement. - **Related-party transactions are part of the operating fabric** - the company bought clinker from Sagar Cements during the restart phase, engaged RV Consulting Services for plant improvement under a turnkey contract worth Rs.30.25 crore, and carries inter-corporate deposits from several promoter-linked entities on its books.