Research & Analysis
Fundamental analysis of Nepal's industries and companies. Each sector starts with an industry overview, followed by individual company deep-dives.
Company Research
Sarbottam Cement runs Nepal's first VRM-technology plant from four self-owned limestone mines in Palpa, with 990,000 MT/year cement and clinker capacity standalone. The FY 2081/82 standalone net profit rebounded 6.9× to Rs. 1,028M; group profit was Rs. 1,314M after consolidating three acquired subsidiaries. Five-year financial trend, governance complexity, and the NEA tariff overhang.
Shivam Cements is a vertically integrated Nepali cement producer (3,000 TPD cement, 1,900 TPD clinker) with five Makwanpur limestone permits. It also holds a 30% economic stake in Hongshi Shivam — Nepal's largest cement plant — that contributed Rs. 60.6 crore to FY 2081/82 group earnings. Five-year financial trend, balance-sheet strength, related-party complexity, and the FY 2024/25 depreciation policy change.