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SHREE CEMENT Q2 FY27 results: net profit down 15.0% to ₹263.46 crore, revenue up 23.8%
Shree Cement Limited reported consolidated Q2 FY27 revenue of ₹5,897 crore, up 23.8% from Q2 FY26, while EBITDA rose 4.3% to ₹1,016 crore. EBITDA margin fell 3.3 percentage points to 17.2%, and the company reported a net profit of ₹263.46 crore, down 15.0% year on year. Basic EPS was ₹72.56.
Key points
- Consolidated revenue was ₹5,897 crore in Q2 FY27, up 23.8% from ₹4,761 crore in Q2 FY26.
- Consolidated EBITDA rose 4.3% to ₹1,016 crore, while EBITDA margin fell to 17.2% from 20.5%.
- Net profit was ₹263.46 crore, down 15.0% from ₹309.82 crore, and basic EPS fell to ₹72.56 from ₹85.5.
- In the first half, revenue rose 20.8% to ₹12,129.64 crore, while PAT fell 16.7% to ₹794.58 crore.
- The stock was up 4.8% from its pre-results close by the next day’s close, versus a 0.8% decline for the industry median.
How did SHREE CEMENT perform in Q2 FY27?
Shree Cement reported consolidated revenue of ₹5,897 crore in Q2 FY27, up 23.8% from ₹4,761 crore in Q2 FY26. EBITDA rose 4.3% to ₹1,016 crore, but the margin fell 3.3 percentage points to 17.2%. The company reported a net profit of ₹263.46 crore, down 15.0%, and basic EPS of ₹72.56, down from ₹85.5.
Against Q1 FY27, revenue fell 5.4% to ₹5,897 crore from ₹6,233 crore. EBITDA fell 20.1% to ₹1,016 crore, margin declined 3.2 percentage points to 17.2%, and PAT fell 50.4% to ₹263.46 crore from ₹531.12 crore. On the standalone basis, revenue was ₹5,107.44 crore and PAT was ₹205.33 crore, compared with standalone PAT of ₹277.14 crore in the year-ago quarter.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 5,897 | 6,233 | 4,761 | +23.8% | −5.4% |
| Other income | 112.47 | 211.71 | 178.92 | −37.1% | −46.9% |
| Total expenses | 5,642 | 5,704 | 4,506 | +25.2% | −1.1% |
| EBITDA | 1,016 | 1,272 | 973.96 | +4.3% | −20.1% |
| EBITDA margin | 17.2% | 20.4% | 20.5% | −3.3 pp | −3.2 pp |
| Profit before tax | 367.24 | 741.09 | 433.62 | −15.3% | −50.4% |
| Tax | 103.78 | 209.97 | 123.80 | −16.2% | −50.6% |
| Net profit | 263.46 | 531.12 | 309.82 | −15.0% | −50.4% |
| EPS (₹) | 72.56 | 146.67 | 85.50 | −15.1% | −50.5% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in SHREE CEMENT's costs and profit?
Total expenses rose 25.2% to ₹5,642 crore from ₹4,506 crore in Q2 FY26. Cost of materials increased by ₹248.58 crore to ₹725.43 crore, employee cost by ₹41.57 crore to ₹345.12 crore, finance costs by ₹7.27 crore to ₹58.67 crore, depreciation by ₹34.97 crore to ₹702.83 crore, and other expenses by ₹933.80 crore to ₹3,906 crore. There was no exceptional item.
Other income fell by ₹66.45 crore to ₹112.47 crore from ₹178.92 crore, while tax expense declined by ₹20.02 crore to ₹103.78 crore. Despite higher revenue, PBT fell by ₹66.38 crore to ₹367.24 crore and PAT by ₹46.36 crore to ₹263.46 crore. The filing does not give a reason for the higher costs.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 725.43 | 476.85 | +248.58 | +52.1% |
| Employee cost | 345.12 | 303.55 | +41.57 | +13.7% |
| Finance costs | 58.67 | 51.40 | +7.27 | +14.1% |
| Depreciation | 702.83 | 667.86 | +34.97 | +5.2% |
| Other expenses | 3,906 | 2,973 | +933.80 | +31.4% |
| Total expenses | 5,642 | 4,506 | +1,135 | +25.2% |
| Other income | 112.47 | 178.92 | −66.45 | −37.1% |
| Tax | 103.78 | 123.80 | −20.02 | −16.2% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In H1 FY27, Shree Cement reported revenue of ₹12,129.64 crore, up 20.8% from ₹10,041.95 crore in H1 FY26, while total income rose 19.1% to ₹12,453.82 crore. PBT fell 14.9% to ₹1,108.33 crore from ₹1,302.11 crore, while PAT declined 16.7% to ₹794.58 crore from ₹953.48 crore. Basic EPS was ₹219.23, down 16.8% from ₹263.62.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 12,130 | 10,042 | +20.8% |
| Profit before tax | 1,108 | 1,302 | −14.9% |
| Net profit | 794.58 | 953.48 | −16.7% |
| EPS (₹) | 219.23 | 263.62 | −16.8% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹32,651.33 crore against ₹31,475.69 crore at 31 March 2026, and total equity was ₹23,913.26 crore against ₹23,314.11 crore. Borrowings increased to ₹1,833.81 crore from ₹1,593.72 crore, while cash declined to ₹57.61 crore from ₹114.92 crore. Inventories rose to ₹3,620.96 crore from ₹2,774.3 crore, trade receivables to ₹2,216.22 crore from ₹1,826.88 crore, and trade payables were ₹1,624.53 crore against ₹1,621.63 crore.
H1 FY27 operating cash flow was ₹799.16 crore, compared with ₹957.65 crore in H1 FY26. Investing cash flow was negative ₹629.3 crore against negative ₹1,453.04 crore, financing cash flow was negative ₹223.51 crore against positive ₹611.62 crore, and capital expenditure was ₹888.61 crore against ₹960.33 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 32,651 | 31,476 |
| Total equity | 23,913 | 23,314 |
| Borrowings | 1,834 | 1,594 |
| Cash and equivalents | 57.61 | 114.92 |
| Inventories | 3,621 | 2,774 |
| Trade receivables | 2,216 | 1,827 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 799.16 | 957.65 |
| Cash from investing | −629.30 | −1,453 |
| Cash from financing | −223.51 | 611.62 |
| Capital expenditure | 888.61 | 960.33 |
Source: Company's results filing (XBRL).
How has SHREE CEMENT done over the last 8 quarters?
Revenue peaked at ₹6,233.13 crore in Q1 FY27 and was ₹5,896.51 crore in Q2 FY27, the latest period shown. The lowest revenue in the series was ₹4,572.68 crore in Q3 FY25, and revenue has risen year on year in each of the last seven quarters.
PAT peaked at ₹643.66 crore in Q1 FY26 and fell to ₹263.46 crore in Q2 FY27, the lowest figure shown. EBITDA margin peaked at 25.8% in Q4 FY25, bottomed at 17.2% in Q2 FY27, and was 20.4% in the preceding quarter. The latest quarter therefore showed lower revenue, profit and margin than Q1 FY27.
What else did the company announce?
The board approved the un-audited standalone and consolidated financial results for the quarter and half year ended 30 September 2026, along with the statutory auditors’ limited review reports. Separately, the board approved a request from Riya Puja Jain, holder of 2050 equity shares or 0.0057% of total shares, for reclassification from the Promoter Group to the Public category, subject to stock-exchange, shareholder and other regulatory approvals.
What did SHREE CEMENT's management say?
Management maintained FY27 India sales-volume guidance of 40–41 million tonnes and said it was leaning towards 41 million tonnes. It estimated industry demand growth at 7–10% over the next two quarters and said Shree Cement was expected to grow slightly faster. Management also said Q3 FY27 landed fuel cost would be INR2.15–2.20 per kcal versus INR2.09 in Q2 FY27, while consolidated unit cost should not be very different from Q2, subject to uncertainty in bag costs and other external inputs.
Management planned capital expenditure of INR700–800 crore in H2 FY27 after INR895 crore in the first half and expected year-end inventory of INR60–70 crore. It said premium products reached 29% of mix and targeted more than 40% within a few years. Management also discussed capacity expansion, including a new 3 million-tonne UAE mill that raised capacity to 7 million tonnes, and expected Meghalaya commissioning in the quarter ending 31 March 2028.
Management identified a weak monsoon, fuel-cost inflation and pet-coke substitution pressure, West Asia conflict, the time needed for new capacity to reach full utilisation, and EV operating complexity as risks. On the earnings call, Managing Director Neeraj Akhoury said the company was trying to increase its penetration across markets and expressed confidence in achieving reasonably better, if not similar, performance than Q2 FY27.
How did SHREE CEMENT shares react?
After the filing appeared, the stock was up 1.1% after five minutes, 1.1% after 15 minutes and 2.2% after 30 minutes. It closed the reaction day up 1.8% from its pre-results close. By the next day’s close, it was up 4.8% from the pre-results close, and by the five-session close it was up 3.0%.
The industry median fell 1.8% on the reaction day, 0.8% by the next day and 3.4% over five sessions. Shree Cement therefore outperformed the industry by 3.6 percentage points on the reaction day, 5.6 percentage points by the next day and 6.4 percentage points over five sessions. Earlier reaction-day moves included 2.0% on 6 May 2026, 1.5% on 28 October 2025 and 4.0% on 30 January 2025.
| After the filing | Stock | Cement & Cement Products median |
|---|---|---|
| 5 minutes | +1.1% | |
| 15 minutes | +1.1% | |
| 30 minutes | +2.2% | |
| Reaction day | +1.8% | −1.8% |
| Next day | +4.8% | −0.8% |
| 5 days | +3.0% | −3.4% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 31 July 2026 | −1.5% |
| 6 May 2026 | +2.0% |
| 6 February 2026 | −0.9% |
| 28 October 2025 | +1.5% |
| 4 August 2025 | −0.2% |
| 14 May 2025 | +2.7% |
| 30 January 2025 | +4.0% |
| 11 November 2024 | −0.7% |
Source: MarketPing price-reaction measurement.
How did other Cement & Cement Products companies do?
Nineteen other Cement & Cement Products companies that had filed for the quarter had a median revenue growth of 11.0%. Of the 19 peers compared, 15 grew more slowly than Shree Cement and 4 grew faster. Nine peers reported higher profit, based on a profit comparison covering 19 peers.
| SHREE CEMENT revenue growth (YoY) | +23.8% |
|---|---|
| Median of 19 other Cement & Cement Products companies | +11.0% |
| Companies with slower revenue growth than SHREE CEMENT | 15 of 19 |
| Companies with faster revenue growth than SHREE CEMENT | 4 of 19 |
| Companies whose net profit rose | 9 of 19 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was SHREE CEMENT's revenue in Q2 FY27?
Revenue from operations was ₹5,897 crore, up 23.8% from ₹4,761 crore in Q2 FY26 (consolidated).
Did SHREE CEMENT make a profit in Q2 FY27?
Yes. Net profit was ₹263.46 crore, against a net profit of ₹309.82 crore in Q2 FY26.
What was SHREE CEMENT's EPS in Q2 FY27?
Basic earnings per share were ₹72.56, against ₹85.50 in Q2 FY26.
How did SHREE CEMENT shares react to the Q2 FY27 results?
On the reaction day the stock moved +1.8% from the previous close; the median Cement & Cement Products stock moved −1.8%.
When did SHREE CEMENT announce its Q2 FY27 results?
On 23 October 2026, in a filing to the BSE.
Sources
- Financial Results For The Quarter And Half Year Ended 30Th September, 2026 (BSE, 23 October 2026) · PDF
- Board Meeting Outcome for For Approval Of Un-Audited Financial Results For The Quarter And Half Year Ended 30Th September, 2026 (BSE, 23 October 2026) · PDF
- The earnings call (29 October 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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