NSE: SHREECEM · BSE: 500387
SHREE CEMENT LIMITED
Manufactures and sells cement in India through integrated plants and grinding units, with installed capacity of 69.3 mn tons at end-FY26. The business reports two segments: cement (87.5% of segment revenue in the 2019-12-31 YTD period) and power (12.5% over the same period), with power largely captive generation for the cement plants. In FY26, total cement volume was 36.4 mn tons, with Q4 FY26 spot volume of 10.56 mn tons at an EBITDA per ton of Rs 1,125, and Q1 FY27 cement volumes rose 17% YoY to 10.23 mn tons. The Kodla integrated plant was commissioned in Q4 FY26 and overseas UAE capacity is set to double to 7 MnT by Q3 FY27, with a group target of 80 mn tons by FY29. The ready-mix concrete (RMC) network stood at 26 plants expanding to 36 in FY27, with RMC volumes up 156% YoY in Q1 FY27. The biggest input cost is fuel — pet coke and coal dominate — with blended fuel cost spiking to Rs 1.95/kcal in Q1 FY27 after the Middle East war forced a switch from pet coke (54% to 9%) to coal (26% to 74%). It carries a CARE AAA credit rating and reported net cash of Rs 6,400 crore at end-FY26 and Rs 8,348 crore in Q1 FY27. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Cement (88%), Power (13%). Asset-heavy, cyclical Indian cement manufacturer with captive power generation.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 15,010 | 17,852 | 20,521 | 19,283 | 20,943 |
| EBITDA (ex other income) | 3,708 | 2,960 | 4,517 | 3,934 | 4,638 |
| margin % | 24.7 | 16.6 | 22.0 | 20.4 | 22.1 |
| Owners' profit | 2,332 | 1,271 | 2,396 | 1,123 | 1,744 |
| EPS, as reported (₹) | 646.31 | 352.18 | 663.98 | 311.18 | 483.24 |
| ROE % · ROCE % | 13.3 · 16.3 | 6.8 · 9.0 | 11.6 · 14.7 | 5.2 · 6.7 | 7.5 · 10.2 |
| Debt / equity (x) | 0.12 | 0.14 | 0.07 | 0.04 | 0.07 |
| Cash from operations | 2,668 | 2,569 | 3,347 | 4,920 | 3,794 |
| Capex | (2,216) | (3,291) | (3,140) | (4,093) | (1,866) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4,054 | 4,573 | 5,532 | 5,281 | 4,761 | 4,801 | 6,101 | 6,233 |
| Profit before tax | 23 | 225 | 758 | 868 | 434 | 324 | 667 | 741 |
| Net profit | 77 | 194 | 575 | 644 | 310 | 268 | 528 | 531 |
| EPS (₹) | 202.41 | 268.34 | 159.17 | 178.12 | 85.50 | 73.92 | 145.70 | 146.67 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ULTRATECH CEMENT LIMITED | 3,29,452 | 38.5 | 4.08 | 20.1 | 10.1 | 10.2 | 14.6 | 20.8 |
| GRASIM INDUSTRIES LTD | 1,97,360 | 34.5 | 1.16 | 16.4 | 6.1 | 3.2 | 18.1 | 16.6 |
| AMBUJA CEMENTS LTD | 87,273 | 19.8 | 1.21 | 12.2 | 7.8 | 4.3 | — | 18.3 |
| SHREE CEMENT LIMITED ◆ | 83,056 | 51.0 | 3.56 | 15.9 | 7.5 | 9.4 | 9.2 | 23.8 |
| JK CEMENT LIMITED | 38,558 | 40.8 | 5.44 | 17.7 | 13.9 | 10.3 | 15.7 | 17.0 |
| DALMIA BHARAT LIMITED | 28,101 | 29.7 | 1.55 | 10.6 | 6.4 | 5.2 | 7.1 | 19.6 |
| ACC LIMITED | 21,387 | 11.2 | 1.04 | 6.2 | 10.4 | 9.9 | — | 8.4 |
| THE RAMCO CEMENTS LIMITED | 17,308 | 26.9 | 2.14 | 10.3 | 8.6 | 7.1 | 11.3 | 14.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 51.0 | 27.7 | 24 of 29 | 18% |
| P/B | 3.6 | 1.3 | 30 of 34 | 12% |
| ROCE | 9.4 | 3.7 | 11 of 37 | 72% |
| ROE | 7.5 | 7.2 | 17 of 34 | 52% |
| Debt / Equity | 0.1 | 0.4 | 5 of 33 | 88% |
| EBITDA margin | 23.8 | 13.1 | 3 of 37 | 94% |
| Revenue growth | 18.0 | 7.8 | 8 of 37 | 81% |
| Profit growth | (17.5) | (24.7) | 16 of 37 | 58% |
| Market cap | 83056 | 1735 | 4 of 38 | 92% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Application filed to reclassify Riya Puja Jain as public | ownership changes | medium | — | — |
| 24 Oct 2026 · Shree Cement September 2026 quarter: revenue up, net profit down | compliance | minimal | — | — |
| 23 Oct 2026 · Earnings call audio uploaded for quarter ended 30 September 2026 | investor communications | low | — | — |
| 23 Oct 2026 · Small promoter holding approved for reclassification | ownership changes | medium | — | — |
| 23 Oct 2026 · Q2 FY27 revenue rises 24%, but operating profit per tonne falls 8% | compliance | low | — | — |
| 23 Oct 2026 · Q2 revenue rises over 20%, but profit and margins decline | results | high | — | — |
| 23 Oct 2026 · Q2 revenue rises 24%, but profit falls and H1 cash flow turns negative | results | high | — | — |
| 23 Oct 2026 · Shree Cement reschedules Q2 FY27 results call to 5:00 PM | board shareholder meetings | low | — | — |
| 14 Oct 2026 · Shree Cement to set up new step-down subsidiary in China for trading | strategic transactions | medium | — | — |
| 8 Oct 2026 · Shree Cement - Promoter Group member seeks reclassification to Public category | ownership changes | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.