SHREE CEMENT LIMITED (SHREECEM)

Construction Materials · Cement & Cement Products · NSE · Updated 13 August 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹25,570 ↓ 15.92% (1Y)

🎯 Key Takeaways

Shree Cement is transitioning from a traditional cement producer to a consolidated, growth-oriented player in construction materials, with a strategic emphasis on volume expansion, premiumization, and margin improvement. Management is leveraging integrated reporting and targeted capex to drive 10% industry-beating growth, while navigating input cost pressures through operational efficiency and regional diversification.
Revenue grew 12.8% QoQ to ₹4,573 in Q3FY25.
⚠️ Fuel cost volatility remains a concern, with management citing Middle East supply constraints as a key uncertainty despite expectations of stabilizati

Market Cap

₹90,094

P/E Ratio

73.6

Div Yield

0.00%

Promoter

0.0%

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📖 The Story

Shree Cement is transitioning from a traditional cement producer to a consolidated, growth-oriented player in construction materials, with a strategic emphasis on volume expansion, premiumization, and margin improvement. Management is leveraging integrated reporting and targeted capex to drive 10% industry-beating growth, while navigating input cost pressures through operational efficiency and regional diversification.

📰 What's Happening

In Q1 FY27, Shree Cement reported consolidated volume of 114.5 MT, up 15% YoY, with EBITDA at INR 1,272 million and realization rising to INR 4,919 per MT from INR 4,854 in the prior quarter. Management highlighted improved trade mix and a reduced clinker factor of 1.50 as contributors to margin resilience despite fuel costs averaging 1.95 INR/kcal. Regional growth was led by South (16.9 lakh tons) and North (20% growth), while East utilization remained flat due to coal quality issues. The company also reported RMC revenue of INR 109 crores and reaffirmed its FY27-28 volume target of 40 million tons, capex of INR 1,500 crores, and RMC EBITDA margin target of 5%. The Northeast plant is scheduled for commissioning in Q4 FY28.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q4FY23	Q1FY24	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25
Revenue	5,100	5,065	4,800	5,223	5,433	5,124	4,054	4,573
Operating Profit	1,035	1,114	1,018	1,411	1,571	1,066	795	1,076
OPM %	17.4%	18.7%	18.5%	24.2%	26.2%	18.1%	15.1%	21.1%
Net Profit	525	572	447	702	676	278	77	194
EPS	₹145.72	₹158.62	₹123.78	₹194.54	₹187.04	₹263.74	₹202.41	₹268.34

Despite a sequential dip in revenue and operating profit from Q4FY24 to Q1FY25, the shift to consolidated reporting reveals underlying volume growth and improved realization trends. Operating margins remain structurally strong, supported by premiumization and operational efficiencies, though input cost pressures have intermittently weighed on profitability. The company's financial trajectory reflects a deliberate pivot toward integrated performance metrics and scalable growth levers, with capex deployment accelerating in Q1 FY27 to support future capacity and margin targets.

🔮 Management Outlook & What's Next

Management has guided FY27-28 volume of 40 million tons and capex of INR 1,500 crores, with a specific target of achieving 5% EBITDA margin in Ready-Mix Concrete. Fuel costs are expected to stabilize at 1.95 +/- 0.03 INR/kcal if Middle East conditions remain calm. The company emphasized the importance of consolidated results, regional expansion, and ESG progress, including a 65.2% share of green electricity. The Northeast plant commissioning in Q4 FY28 is positioned as a key inflection point for geographic diversification and margin accretion.

Extracted from official company announcements. Not StockFin.ai's opinion.

⚖️ Peer Comparison — Cement & Cement Products

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
UltraTech Cement Limited	3.38 L Cr	44.1	12.3%	10.8%	0.33
Grasim Industries Limited	2.00 L Cr	21.1	4.9%	4.6%	1.88
Ambuja Cements Limited	1.07 L Cr	23.3	4.6%	7.7%	0.00
SHREE CEMENT LIMITED	90,094	73.6	—	—	—
JK Cement Limited	42,219	58.6	—	—	—
Dalmia Bharat Limited	32,402	57.5	—	—	—
ACC Limited	25,592	12.0	11.0%	10.4%	0.00
The Ramco Cements Limited	21,650	57.2	—	—	—
JSW Cement Limited	16,793	0.0	—	—	—
The India Cements Limited	12,401	-56.7	—	—	—

🔗 Peer Stock Analyses

ULTRACEMCO GRASIM AMBUJACEM JKCEMENT DALBHARAT

⚠️ Risk Factors

1. Fuel cost volatility remains a concern, with management citing Middle East supply constraints as a key uncertainty despite expectations of stabilization. 2. Coal quality issues in the East region are constraining utilization, highlighting operational vulnerability to raw material constraints. 3. Regional concentration risks persist, as growth is heavily reliant on South and North zones, with East performance lagging. 4. Margin pressure from input costs, though partially offset by premiumization and volume growth, could persist if cost control does not keep pace with inflation.

📋 Recent Filings

🧠 Analyst's Read

Shree Cement is executing a clear strategic shift toward integrated reporting, volume growth, and margin expansion, supported by targeted capex and regional diversification. The company's ability to stabilize input costs and deliver on RMC margin targets will be critical to sustaining its growth trajectory. Investors should monitor execution of the FY27-28 volume and margin guidance, particularly the Northeast plant commissioning and fuel cost trends, as key near-term catalysts.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-08-13.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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