NSE: SHREDIGCEM · BSE: 502180
SHREE DIGVIJAY CEM CO LTD
Manufactures and sells cement in India, with blended cements (PPC, composite, slag) forming the bulk of the portfolio and a specialty oil well cement that makes up 15% of revenue. Nearly all revenue (99.8%) is from domestic sales, primarily in Gujarat where Saurashtra is the main market, and 0.2% comes from overseas. Standalone cement capacity was doubled to 3.0 million tons per annum from October 2025 with a new grinding unit at Sikka. From March 19, 2026, the company also began distributing cement from Hi-Bond Cement under a Brand Distribution Agreement, under which it purchases at cost plus INR500/MT and sells at market price, making it the third-largest cement player in Gujarat. The largest cost line is other operating expenses at 59.9% of revenue (covering freight, outsourced clinker and selling costs), followed by materials at 24.1%, employees at 5.7% and depreciation at 4.2%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Domestic Sales (100%), Overseas Sales (0%). Cyclical, asset-heavy cement manufacturing and distribution
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 629 | 727 | 792 | 725 | 749 |
| EBITDA (ex other income) | 117 | 101 | 146 | 57 | 71 |
| margin % | 18.6 | 13.9 | 18.4 | 7.9 | 9.4 |
| Owners' profit | 55 | 0 | 0 | 0 | 25 |
| EPS, as reported (₹) | 3.86 | 0.00 | 6.01 | 1.71 | 1.69 |
| ROE % · ROCE % | 17.7 · 26.3 | 17.9 · 21.2 | 23.0 · 30.3 | 6.9 · 7.9 | 6.8 · 5.1 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.30 | 1.40 |
| Cash from operations | 57 | 86 | 96 | 135 | (411) |
| Capex | (35) | (21) | (59) | (183) | (79) |
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 | 145 | 187 | 216 | 196 | 161 | 183 | 208 | 337 |
| Profit before tax | 1 | (6) | 25 | 19 | 14 | (9) | 11 | 9 |
| Net profit | 0 | (5) | 18 | 14 | 10 | (7) | 8 | 7 |
| EPS (₹) | 0.03 | (0.33) | 1.24 | 0.93 | 0.69 | (0.47) | 0.54 | 0.46 |
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 | 3,28,568 | 38.4 | 4.07 | 20.1 | 10.1 | 10.2 | 14.6 | 20.8 |
| GRASIM INDUSTRIES LTD | 1,97,414 | 34.5 | 1.16 | 16.4 | 6.1 | 3.2 | 18.1 | 16.6 |
| AMBUJA CEMENTS LTD | 86,677 | 19.7 | 1.21 | 12.1 | 7.8 | 4.3 | — | 18.3 |
| SHREE CEMENT LIMITED | 84,066 | 51.6 | 3.61 | 16.1 | 7.5 | 9.4 | 9.2 | 23.8 |
| JK CEMENT LIMITED | 37,773 | 40.0 | 5.33 | 17.4 | 13.9 | 10.3 | 15.7 | 17.0 |
| DALMIA BHARAT LIMITED | 28,842 | 30.5 | 1.59 | 10.8 | 6.4 | 5.2 | 7.1 | 19.6 |
| ACC LIMITED | 22,049 | 11.5 | 1.07 | 6.4 | 10.4 | 9.9 | — | 8.4 |
| THE RAMCO CEMENTS LIMITED | 17,343 | 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) | 42.5 | 27.5 | 22 of 29 | 25% |
| P/B | 2.1 | 1.4 | 24 of 34 | 30% |
| ROCE | 4.0 | 3.7 | 18 of 37 | 53% |
| ROE | 6.8 | 7.2 | 18 of 34 | 49% |
| Debt / Equity | 1.4 | 0.4 | 31 of 33 | 6% |
| EBITDA margin | 9.0 | 13.1 | 28 of 37 | 25% |
| Revenue growth | 72.1 | 7.8 | 1 of 37 | 100% |
| Profit growth | (50.5) | (24.7) | 26 of 37 | 31% |
| Market cap | 768 | 1769 | 21 of 38 | 46% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 24 Oct 2026 · September 2026 results published in Financial Express | compliance | minimal | — | — |
| 23 Oct 2026 · Quarterly profit swings to loss despite higher sales and revenue | compliance | low | — | — |
| 23 Oct 2026 · Revenue rises 73% in September quarter, but profit turns to loss | results | high | — | — |
| 8 Oct 2026 · Board meeting on 23 Oct 2026 to consider Q2 FY27 results | results | low | — | — |
| 6 Oct 2026 · Compliance certificate under SEBI Regulation 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 26 Sept 2026 · Trading window closed from October 1, 2026 for Q2 results | compliance | minimal | — | — |
| 16 Sept 2026 · 81st AGM: All 5 resolutions passed; dividend, new MD Amit Arora approved | board shareholder meetings | low | — | — |
| 16 Sept 2026 · 81st AGM held on 16 Sept 2026; all resolutions approved including Rs 1 dividend | board shareholder meetings | low | — | — |
| 16 Sept 2026 · Amit Arora appointed as CEO and MD for 5 years | management changes | high | — | — |
| 25 Aug 2026 · 81st AGM on 16 Sep 2026; FY26 Annual Report notice | board shareholder meetings | low | — | — |
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 |
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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.