Research & Analysis

Our Research

Fundamental analysis of Nepal's industries and companies. Each sector starts with an industry overview, followed by individual company deep-dives.

35 reports10 sectors24 companies

3 of 35 reports

Sector & Industry Reports

1 report

Sector Report

Nepal Cement Industry — Sector Analysis

Nepal's cement industry has approximately 22 MT/year of installed capacity against ~8 MT/year of domestic demand. National capacity utilisation is ~35–40%. This report covers industry structure, the FY 2024/25 plant closures in Koshi Province, the India export corridor, NEA dedicated-line tariff disputes, and the macro setup.

May 10, 2026

Company Research

2 reports

SARBTM16 min

Sarbottam Cement (NEPSE: SARBTM) — Investment Report

Sarbottam Cement is Nepal's first book-building IPO and runs the country's first VRM-technology cement plant in Nawalparasi. Its celebrated FY2081/82 standalone revenue growth of +49.7% is largely an accounting artefact: NPR 4,067 million (42.7%) represents intercompany sales to subsidiaries, not external demand growth.

Jul 26, 2026

SHIVM16 min

Shivam Cements (NEPSE: SHIVM) — Investment Report

Shivam Cements is Nepal's first listed cement company and the most fortress-like operator in the sector: near-zero debt, profitable in every year of an eight-year downturn, and owner of a 30% look-through stake in Hongshi-Shivam — Nepal's largest modern cement plant. Standalone EPS 15.22 and Group EPS 27.26 are not the same number.

Jul 26, 2026