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SHREECEM - Shree Cement

📊 NSE: SHREECEM 🏢 Cement - North India 📅 Last Updated: 12/14/2025 13:15

📢 Recent Corporate Announcements

Shree Cement Commissions 3.50 MTPA Mill in Karnataka; Total India Capacity Reaches 70 MTPA

🟢 POSITIVE ⭐ 8/10

EXPANSION 📅 14 Mar 2026, 07:07 PM

Shree Cement has successfully commissioned its 3.50 MTPA cement mill at Kodla, Karnataka, marking the full commissioning of the integrated plant. This follows the recent commissioning of a 3.65 MTPA clinkerisation unit at the same site in February 2026. The final cement capacity of 3.50 MTPA exceeded the initial target of 3.0 MTPA due to equipment optimization and process improvements. This expansion brings the total capacity at the Kodla site to 6.50 MTPA and pushes the company's total domestic capacity to nearly 70 MTPA.

Commissioned 3.50 MTPA cement mill at Kodla, Karnataka on March 14, 2026
Final capacity of 3.50 MTPA is 16.6% higher than the initially planned 3.0 MTPA
Total cement capacity at the Kodla site now stands at 6.50 MTPA
Overall India cement capacity for Shree Cement has increased to approximately 70 MTPA
Integrated plant is now fully operational following clinker unit commissioning in Feb 2026

💡 This expansion strengthens Shree Cement's footprint in the Southern market and provides a clear path for volume growth. Investors should monitor the ramp-up of this facility and its impact on the company's market share in the region.

Shree Cement Receives GST Demand and Penalty Order Totaling Rs 15.6 Crore

🔴 NEGATIVE ⭐ 4/10

REGULATORY 📅 25 Feb 2026, 12:29 PM

Shree Cement Limited has received a GST demand order from the Joint Commissioner, Central Tax & Central Excise, Belagavi. The order includes a tax demand of Rs 7.8 crore and an equivalent penalty of Rs 7.8 crore, totaling approximately Rs 15.6 crore. The demand arises from alleged wrong availment of input tax credit. The company has stated it disagrees with the order and plans to file an appeal by May 23, 2026, noting that the order has no major financial impact on its operations.

Tax demand of Rs 7,79,78,359 confirmed by the Joint Commissioner, Belagavi.
Penalty of Rs 7,79,78,359 imposed, bringing the total financial implication to ~Rs 15.6 crore.
The order is based on allegations of wrong availment of input tax credit.
Company will file an appeal under Section 107 of the Karnataka GST Act within the 3-month deadline.
Management maintains that the order will not have a significant impact on financial or operational activities.

💡 Investors should note this as a routine regulatory dispute; the total demand of Rs 15.6 crore is immaterial relative to the company's annual revenue and market capitalization. No immediate portfolio action is required.

Shree Cement Commissions 3.65 MTPA Clinker Capacity in Karnataka

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 24 Feb 2026, 01:10 PM

Shree Cement Limited has successfully commissioned a new clinkerisation section with a capacity of 3.65 MTPA at its integrated plant in Kodla, Karnataka. This expansion significantly boosts the total clinker capacity at the Kodla site to 7.15 MTPA. The move is part of the company's strategic growth plan to strengthen its manufacturing footprint in the Southern Indian market. This operational milestone is expected to support future cement production volumes and improve supply chain efficiency in the region.

Commissioned 3.65 MTPA clinkerisation capacity at Kodla, Kalaburagi District, Karnataka
Total clinker capacity at the Kodla facility has now reached 7.15 MTPA
The unit is part of a larger Integrated Cement Plant project
Strengthens the company's market position and production capabilities in South India

💡 Investors should view this as a positive development for long-term volume growth and regional market share. Monitor the company's upcoming quarterly results for updates on the utilization levels of this new capacity.

Shree Cement Q3 FY26: Focus on Value Narrows Price Gap; RMC Expansion to 45 Plants by Sept 2026

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 12 Feb 2026, 07:56 PM

Shree Cement is successfully executing a 'value over volume' strategy, narrowing its price gap with competitors from INR 30 to INR 15 per bag. The company reported sales volumes of 8.7 million tons for Q3 FY26 and expects to reach 9-9.5 million tons in Q4 FY26 as demand picks up. Management highlighted industry-leading cost efficiency with fuel costs at 1.56 per kilocalorie and a high renewable energy mix of 61%. The company is also aggressively scaling its RMC business, targeting 45 plants by September 2026 with an allocated capex of INR 500 crores.

Narrowed price gap with market leader UltraTech from INR 30/bag to INR 15/bag through disciplined pricing.
Sales volume stood at 8.7 million tons in Q3 FY26, with a projected 9-9.5 million tons for the upcoming quarter.
Renewable energy share reached 61%, helping maintain the lowest fuel cost in the industry at 1.56 per kilocalorie.
RMC business generated INR 71 crore revenue in Q3; plant count to increase from 19 to 45 by September 2026.
Maintained long-term capacity target of 80 million tons by FY29, supported by a 7.5-8% expected industry growth rate.

💡 Investors should view the improvement in realizations and cost leadership as strong indicators of margin resilience. Monitor the successful ramp-up of the RMC business and the commissioning of the Kodla unit as near-term growth catalysts.

Shree Cement Releases Audio Recording of Q3 FY26 Earnings Conference Call

🟡 NEUTRAL ⭐ 3/10

EARNINGS 📅 06 Feb 2026, 08:42 PM

Shree Cement Limited has informed the exchanges that the audio recording of its earnings conference call, held on February 6, 2026, is now available for public access. The call pertained to the company's financial performance for the quarter ended December 31, 2025 (Q3 FY26). This disclosure is part of the company's routine compliance under Regulation 30 of SEBI (LODR) Regulations, 2015. The recording provides transparency regarding management's discussion on the latest quarterly results and future outlook.

Earnings conference call for Q3 FY26 was conducted on February 6, 2026.
Audio recording has been uploaded to the company's official website for investor access.
Compliance filing made under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The recording covers management commentary on the financial results for the period ending December 31, 2025.

💡 Investors should access the recording to understand management's perspective on volume growth, pricing power, and cost pressures in the cement industry. No immediate trading action is required based on this administrative update.

Shree Cement Re-appoints Hari Mohan Bangur as Chairman for 5-Year Term

🟢 POSITIVE ⭐ 7/10

MANAGEMENT 📅 06 Feb 2026, 05:30 PM

Shree Cement's Board has approved the re-appointment of Mr. Hari Mohan Bangur as Chairman (Whole Time Director) for a five-year term starting April 1, 2026. Mr. Bangur, an IIT Bombay alumnus, has been a central figure in the company's technical excellence and significant capacity expansion. The decision, made during the February 6, 2026 board meeting, is subject to shareholder approval. This move ensures leadership continuity for the cement major, maintaining the existing family-led management structure.

Re-appointment of Mr. Hari Mohan Bangur as Chairman for a 5-year term effective April 1, 2026
Mr. Bangur is an IIT Bombay Chemical Engineer and recipient of the EY Entrepreneur of the Year 2016 award
The appointment was recommended by the Nomination Cum Remuneration Committee and approved on February 6, 2026
Maintains leadership continuity as Mr. Bangur is the father of Vice Chairman Prashant Bangur

💡 Investors should view this as a positive sign of management stability and continuity in strategic direction. No immediate action is required as the re-appointment of a proven leader is generally priced in as a routine positive.

Shree Cement Q3 FY26: PAT Rises 21% to ₹279 Cr; Capacity Reaches 65.8 MTPA

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 06 Feb 2026, 04:44 PM

Shree Cement reported a 21% YoY increase in PAT to ₹279 crore for Q3 FY26, despite a slight 3% dip in EBITDA to ₹917 crore due to operating leverage and production disruptions. Net revenue grew 4% YoY to ₹4,416 crore, supported by a significant jump in premium product sales, which now account for 22% of trade volume. The company successfully commissioned a 3.0 MTPA plant in Rajasthan, bringing total capacity to 65.8 MTPA, with another 3.0 MTPA plant in Karnataka nearing completion. The RMC business showed explosive growth with a 143% YoY increase in sales volume.

Net Revenue grew 4% YoY to ₹4,416 crore, while PAT surged 21% YoY to ₹279 crore.
Premium product sales increased to 22% of total trade volume compared to 15% in the previous year.
Total cement capacity reached 65.8 MTPA following the commissioning of a 3.0 MTPA plant in Rajasthan.
Ready-Mix Concrete (RMC) sales volume witnessed a massive 143% YoY growth with 25 operational plants.
Green energy usage remains high at 60% of total consumption, supported by 634.5 MW of green power capacity.

💡 Investors should monitor the successful premiumization strategy and aggressive capacity expansion which are driving profitability despite volume disruptions. The company's robust 'AAA' credit rating and high ESG standards make it a resilient long-term play in the infrastructure sector.

Shree Cement Q3 Standalone PAT Rises 21% YoY to ₹278.6 Cr; New 3 MTPA Plant Commissioned

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 06 Feb 2026, 04:32 PM

Shree Cement reported a steady performance for Q3 FY26 with standalone revenue growing 4.3% YoY to ₹4,416.39 crore. Net profit for the quarter increased by 21.4% YoY to ₹278.61 crore, despite a slight dip in EBITDA which stood at ₹987.14 crore compared to ₹1,061.45 crore in the previous year. The company successfully commissioned a new integrated plant in Rajasthan, adding 3.0 MTPA of cement capacity. A one-time provision of ₹55.99 crore was made for employee benefits following the notification of new Labour Codes.

Standalone Revenue from Operations grew 4.3% YoY to ₹4,416.39 crore in Q3 FY26.
Standalone Net Profit (PAT) increased 21.4% YoY to ₹278.61 crore.
Fully commissioned a 3.0 MTPA cement and 3.65 MTPA clinker capacity plant in Beawar, Rajasthan.
9M FY26 Standalone PAT surged to ₹1,174.26 crore compared to ₹640.25 crore in the previous year.
Recognized a ₹55.99 crore additional employee benefit obligation due to new Labour Code notifications.

💡 The capacity expansion in Rajasthan strengthens the company's market position, though EBITDA margins face some pressure. Investors should monitor the ramp-up of the new facility and the impact of the new Labour Codes on future operating costs.

Shree Cement Q3 PAT Rises 21% YoY to ₹279 Cr; New 3 MTPA Rajasthan Plant Commissioned

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 06 Feb 2026, 04:25 PM

Shree Cement reported a 21.4% YoY increase in standalone Net Profit to ₹278.61 crore for the quarter ended December 31, 2025. Revenue from operations grew 4.3% YoY to ₹4,416.39 crore, driven by steady operational performance. A major highlight is the full commissioning of a new integrated plant in Rajasthan, adding 3.0 MTPA to its cement capacity. The company maintained a very strong balance sheet with a low debt-to-equity ratio of 0.06.

Standalone Revenue from Operations grew 4.3% YoY to ₹4,416.39 crore.
Net Profit (PAT) increased by 21.4% YoY to ₹278.61 crore from ₹229.41 crore.
EBITDA for the quarter stood at ₹987.14 crore with an operating margin of 22%.
Commissioned a new integrated plant in Beawar, Rajasthan, with 3.65 MTPA Clinker and 3.0 MTPA Cement capacity.
Recognized a one-time employee benefit obligation of ₹55.99 crore due to new Labour Code notifications.

💡 Investors should focus on the successful capacity expansion which will drive future volume growth. The company's extremely low leverage and consistent profitability make it a resilient pick in the cement sector despite slight margin compression.

Shree Cement Announces Management Change: Manmohan Rathi Appointed as CHRO

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 01 Feb 2026, 08:39 PM

Shree Cement Limited has announced an internal transition in its senior leadership team effective January 31, 2026. Mr. Vinod Kumar Chaturvedi, the former Chief Human Resources Officer (CHRO), has moved to a new role within the company and ceased to be a Senior Management Person. Mr. Manmohan Rathi, who currently serves as Joint President – Power Management, has been assigned the additional responsibility of CHRO. This reshuffle indicates an internal reallocation of responsibilities rather than an external departure.

Mr. Vinod Kumar Chaturvedi ceased to be a Senior Management Person effective close of business on January 31, 2026.
Mr. Manmohan Rathi, Joint President – Power Management, takes on additional charge as CHRO.
The transition is an internal move as Mr. Chaturvedi assumes a different role within the organization.
The disclosure was made under Regulation 30 of SEBI (LODR) Regulations, 2015.

💡 This is a routine internal management reorganization and does not warrant any immediate change in investment strategy. Investors should focus on the company's upcoming quarterly earnings and capacity expansion updates.

Shree Cement Schedules Q3FY26 Earnings Conference Call for February 6, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 28 Jan 2026, 05:30 PM

Shree Cement Limited has announced its conference call for the quarter ended December 31, 2025, scheduled for February 6, 2026, at 5:00 PM IST. The call will be hosted by ICICI Securities and will feature key management personnel including the Managing Director and CFO. This interaction is a standard procedure following the release of quarterly financial results to provide clarity on operational performance. Investors can use this platform to understand the company's growth trajectory and margin outlook in the cement sector.

Conference call scheduled for Friday, February 6, 2026, at 17:00 hrs IST.
Focus will be on financial results for the quarter ended December 31, 2025 (Q3FY26).
Top management including MD Neeraj Akhoury and CFO Subhash Jajoo will represent the company.
The call is organized by ICICI Securities with universal access numbers +91 22 6280 1144 and +91 22 7115 8045.

💡 Investors should track the actual earnings release on or before February 6 to analyze volume growth and EBITDA per tonne. No immediate action is required as this is a routine scheduling announcement.

Shree Cement Retains Top-Tier CARE AAA Credit Rating for ₹5,595 Crore Facilities

🟢 POSITIVE ⭐ 4/10

ROUTINE 📅 23 Jan 2026, 07:32 PM

CARE Ratings Limited has reaffirmed the credit ratings for Shree Cement's bank facilities totaling ₹5,595.42 crores. The long-term bank facilities of ₹3,095.42 crores maintained a 'CARE AAA; Stable' rating, which is the highest safety grade for debt obligations. Additionally, short-term facilities worth ₹2,500.00 crores were reaffirmed at 'CARE A1+'. This reaffirmation reflects the company's robust financial profile, strong market position, and healthy liquidity.

CARE Ratings reaffirmed 'CARE AAA; Stable' for ₹3,095.42 crores of long-term bank facilities.
Short-term bank facilities worth ₹2,500.00 crores retained the highest 'CARE A1+' rating.
Total bank loan facilities covered under this rating action amount to ₹5,595.42 crores.
The 'Stable' outlook indicates expectations of continued strong operational performance and low leverage.

💡 Investors should take this as a sign of continued financial strength and low credit risk. No immediate portfolio changes are necessary as the rating reaffirmation is a routine validation of the company's blue-chip status.

Shree Cement Credit Ratings Reaffirmed at AAA (Stable) for ₹5,595 Crore Facilities

🟢 POSITIVE ⭐ 4/10

ROUTINE 📅 23 Jan 2026, 07:30 PM

CARE Ratings has reaffirmed the credit ratings for Shree Cement Limited's bank facilities totaling ₹5,595.42 crores. The long-term facilities of ₹3,095.42 crores maintained a 'CARE AAA; Stable' rating, while short-term facilities of ₹2,500 crores were reaffirmed at 'CARE A1+'. These ratings reflect the company's strong market position, robust financial profile, and high creditworthiness. Reaffirmation at the highest possible levels indicates continued operational stability and low default risk.

CARE Ratings reaffirmed 'CARE AAA; Stable' for long-term bank facilities worth ₹3,095.42 crores.
Short-term bank facilities of ₹2,500.00 crores received a reaffirmation of 'CARE A1+' rating.
Total bank loan facilities rated by CARE Ratings stand at ₹5,595.42 crores.
The 'AAA' rating signifies the highest degree of safety regarding timely servicing of financial obligations.

💡 Investors should view this as a confirmation of the company's strong balance sheet and financial discipline. No immediate action is required as the ratings remain at the highest investment grade.

Shree Cement Assigned 'CareEdge BBB+' Foreign Currency Rating; Reaffirms 'AAA' Domestic Rating

🟢 POSITIVE ⭐ 6/10

ROUTINE 📅 10 Jan 2026, 12:53 PM

Shree Cement has been assigned a long-term Foreign Currency Issuer rating of 'CareEdge BBB+' with a stable outlook by CareEdge Global IFSC Limited. The company continues to maintain its top-tier domestic credit profile with 'AAA/Stable' for long-term and 'A1+' for short-term facilities. These ratings reflect the company's strong operational performance and financial resilience. Furthermore, the company holds a high ESG score of 70.8, underscoring its commitment to sustainable business practices.

New 'CareEdge BBB+' long-term Foreign Currency Issuer rating assigned with a stable outlook.
Domestic long-term credit facilities reaffirmed at the highest 'AAA/Stable' rating.
Short-term credit facilities maintained at the 'A1+' rating level.
ESG Score of 70.8 (CareEdge-ESG 1) highlights strong adherence to governance practices.

💡 The high credit ratings indicate a very low risk of default and strong financial health, reinforcing confidence in the company's balance sheet. Investors should view this as a positive indicator of stability for long-term holding.

Shree Cement Submits SEBI Compliance Certificate for Quarter Ended December 2025

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 07 Jan 2026, 11:19 AM

Shree Cement Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018, for the period ending December 31, 2025. The certificate, issued by the Registrar and Share Transfer Agent (RTA) MUFG Intime India Private Limited, confirms that dematerialization requests were processed within prescribed timelines. It further verifies that security certificates were mutilated and cancelled after verification, and the depositories' names were updated in the register of members. This is a standard administrative filing required by all listed companies in India.

Compliance certificate submitted for the quarter ended December 31, 2025.
Confirmation provided by RTA MUFG Intime India Private Limited (formerly Link Intime).
Securities received for dematerialization were processed and listed on relevant stock exchanges.
Verification and cancellation of physical certificates completed within mandated SEBI timelines.

💡 No action is required from investors as this is a routine regulatory filing confirming the integrity of the company's shareholding records.

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💰 Financial Performance

Revenue Growth by Segment

Consolidated operating income moderated by around 6% YoY to INR 19,283 Cr in fiscal 2025, primarily due to industry-wide subdued cement realisations. Total volume growth (cement plus clinker) was reported at 4.6%-4.7% for the recent quarter, with cement-only volume growing at 6.8%. Ready Mix Concrete (RMC) business is being scaled with new plants planned for FY26.

Geographic Revenue Split

The company maintains a strong market position in Northern India (core market) with an increasing presence in Eastern and Southern regions. It also operates in the UAE through its subsidiary Union Cement Company PJSC, which is currently undergoing a AED 110 million expansion to serve the Middle East market.

Profitability Margins

EBITDA per tonne moderated to INR 986 in fiscal 2025 from INR 1,155 in fiscal 2024 (a 14.6% decline). However, the company achieved a 9% Net Sales Realisation (NSR) growth in Q2 FY26, outperforming the industry average of 5%-7%. Operating margins are expected to improve to over INR 1,050 per tonne from fiscal 2026 onwards.

EBITDA Margin

Consolidated EBITDA per tonne stood at INR 986 in FY25. The company targets an improvement to INR 1,300-1,400 per tonne in the long term, driven by a focus on premium products and internal efficiency measures such as increased green power usage and logistics optimization.

Capital Expenditure

Planned capital expenditure of INR 10,000-12,000 Cr is scheduled for fiscals 2026-2028 to reach a capacity of 80 MTPA. Additionally, a capex of approximately AED 110 million (fully funded by local cash) is allocated for UAE operations expansion.

Credit Rating & Borrowing

Maintains 'CRISIL AAA/Stable/CRISIL A1+' and 'CARE AAA; Stable / CARE A1+' ratings. The company operates with a highly deleveraged balance sheet, with a gearing ratio of 0.04 times as of March 31, 2025, and total debt of only INR 817 Cr.

⚙️ Operational Drivers

Raw Materials

Key raw materials include clinker, slag (for special products), and multiple fuel types for power generation. Specific cost percentages for each material were not disclosed, but input cost volatility is cited as a primary risk factor.

Import Sources

Sourced domestically across India and locally within the UAE for Middle East operations. Specific state-level or country-level import splits are not disclosed.

Capacity Expansion

Current installed domestic cement capacity is 62.8 MTPA as of April 2025, following the commissioning of units in Etah (UP) and Baloda Bazar (Chhattisgarh). The company has a roadmap to reach 80 MTPA by FY28.

Raw Material Costs

Susceptible to volatility in input costs. The company mitigates this through internal efficiency measures and the ability to operate plants with multiple fuel types to optimize costs based on market tariffs.

Manufacturing Efficiency

Efficiency is driven by high capacity utilization (projected volume of 37-38 million tons for the current year) and the use of waste heat recovery systems and green energy.

Logistics & Distribution

Distribution costs are being optimized through the expansion of railway sidings and the assumption of a new role by the Chief Logistics Officer to streamline the supply chain.

📈 Strategic Growth

Expected Growth Rate

4.70%

Growth Strategy

Growth will be achieved by expanding capacity from 62.8 MTPA to 80 MTPA by FY28, increasing the share of premium products (which grew 9% in price recently), and scaling the RMC business with a new 'playbook' of plants by FY26. The company is also expanding in the UAE to capture slag and oil well cement markets.

Products & Services

Cement bags (base and premium), Clinker, Ready Mix Concrete (RMC), Slag cement, and Oil Well cement.

Brand Portfolio

Shree Cement, and various unnamed 'Premium Products' positioned at higher price points than base brands.

New Products/Services

Expansion into special products like slag and oil well cement in the Middle East and the rollout of a standardized RMC plant playbook by FY26.

Market Expansion

Targeting increased presence in Southern and Eastern India, alongside a AED 110 million capacity expansion in the UAE market.

Market Share & Ranking

Established market leader in Northern India; currently diversifying to maintain and grow capacity share against large competitor announcements.

🌍 External Factors

Industry Trends

The industry is seeing a trend toward consolidation and massive capacity announcements. Shree Cement is positioning itself by accelerating its 80 MTPA roadmap and focusing on premiumization and green energy to maintain a superior EBITDA per tonne.

Competitive Landscape

Facing significant capacity expansion announcements from competitors, particularly in the core Northern India market.

Competitive Moat

Moat is built on cost leadership (cost-efficient operations), a strong brand in North India, and a robust financial profile (Net Cash). Sustainability is supported by a high share of green power and internal cash-funded expansions.

Macro Economic Sensitivity

Highly sensitive to cyclicality in the cement industry and infrastructure spending. Realizations are sensitive to industry-wide demand-supply dynamics.

Consumer Behavior

Increasing demand for premium, higher-priced cement products and specialized solutions like RMC and oil well cement.

Geopolitical Risks

Exposure to Middle East markets through UAE operations; however, management remains positive on UAE and Middle East demand for special products.

⚖️ Regulatory & Governance

Industry Regulations

Subject to environmental and pollution norms for cement manufacturing. Compliance is managed through investments in green energy and internal efficiency measures.

Environmental Compliance

Strong focus on ESG; commitment to green energy and internal efficiency. NSE Sustainability Ratings & Analytics Ltd recently provided an ESG rating for the company.

Taxation Policy Impact

The company received a demand notice of INR 588.65 Cr in May 2025 following IT department surveys in fiscal 2024. The company is expected to take legal remedial action.

Legal Contingencies

Pending demand of INR 588.65 Cr from the Income Tax department. Management is pursuing legal remedies against this notice.

⚠️ Risk Analysis

Key Uncertainties

Volatility in cement realizations and input costs (fuel/power) are the primary uncertainties. A sustained decline in operating profitability or debt-funded acquisitions exceeding 1.0x Net Debt/EBITDA are key downward rating factors.