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Latest filing: 2026-08-06 15:27
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Shree Cement Q1 FY27: 15% Volume Growth Amidst Supply Chain Disruptions and Higher Fuel Costs
Shree Cement reported a volume growth of over 15% in Q1 FY27, despite significant supply chain disruptions caused by the Middle East conflict. These disruptions forced a shift in fuel mix, with Pet Coke usage dropping to 9% from 54%, leading to higher fuel costs of ₹1.95/kcal. Consequently, the clinker conversion factor fell to 1.50 and the trade sales mix declined to 62% from 71% YoY. Management maintains a strong consolidated cash position of ₹8,348 Cr and plans ₹1,500 Cr in Indian capex, while expecting costs to stabilize as Pet Coke shipments resume.
Confidence: HIGH
What changedThe company faced a temporary but sharp increase in production costs and a shift in sales mix toward non-trade segments due to geopolitical disruptions in fuel and raw material (gypsum) supply.
Why it mattersIt highlights the company's vulnerability to global supply chain shocks despite its strong domestic market position, while also demonstrating its ability to maintain high volume growth during periods of stress.
Volume Growth: 15%+Fuel Cost: ₹1.95/kcalConsolidated Cash: ₹8,348 CrIndia Capex Guidance: ₹1,500 CrTrade Sales Mix: 62%Capex vs TTM Revenue: ~7.1%
📅 Short termThe stock may face pressure due to the margin hit and lower trade sales mix, though management's commentary on costs peaking in Q1 provides some relief.
📈 Long termThe company's roadmap to 80 MTPA by FY28 and its shift toward consolidated reporting reflect a structural growth path, supported by a very strong net-cash balance sheet.
⚠ Risk flags
- Geopolitical risks affecting fuel and gypsum supply chains
- Volatility in fuel prices (Pet Coke vs Coal)
- Lower clinker conversion factors impacting blended cement ratios
Key Highlights
Volume growth exceeded 15% YoY despite significant operational headwinds in the Middle East supply chain.
Pet Coke usage plummeted to 9% from 54%, replaced by coal (81%) due to non-arrival of contracted shipments.
Fuel cost peaked at ₹1.95 per kcal, compared to the previous level of ₹1.82 per kcal.
Consolidated cash balance stood at ₹8,348 Cr as of June 2026, up from ₹7,733 Cr YoY.
Clinker conversion factor dropped to 1.50 from 1.58 YoY, impacting the production of blended cement.
👀 What to Watch
Watch for the normalization of the fuel mix and clinker conversion factor in Q2 FY27 results to confirm if the margin pressure was indeed a one-off 'abnormal' event as stated by management.
₹150 Total Dividend Confirmed at Shree Cement 47th AGM; FY26 Results Adopted
Shree Cement concluded its 47th Annual General Meeting on July 31, 2026, where shareholders approved a final dividend of ₹70 per share. This brings the total dividend for FY26 to ₹150 per share, including the ₹80 interim dividend already paid. The company formally adopted its FY26 audited financial statements, reporting a TTM revenue of ₹20,944 Cr and a PAT of ₹1,750 Cr. Additionally, the re-appointment of Director Prashant Bangur and the remuneration for Cost Auditors for FY27 were ratified.
Confidence: HIGH
What changedThe company has completed its annual shareholder governance requirements, formalizing the FY26 dividend payout and financial reporting.
Why it mattersThis is a routine but necessary governance event that confirms the distribution of profits to shareholders and ensures continuity in board and audit functions.
Final Dividend: ₹70 per shareInterim Dividend: ₹80 per shareTotal FY26 Dividend: ₹150 per shareDividend Payout Ratio (approx): 31%TTM Revenue: ₹20,944 Cr
📅 Short termThe stock is likely to remain stable as the AGM proceedings were routine and the dividend amounts were previously known.
📈 Long termLimited structural impact; the company's long-term value remains tied to its capacity expansion from 62.8 MTPA to 80 MTPA by FY28.
Key Highlights
Total dividend of ₹150 per share confirmed for FY26, comprising ₹80 interim and ₹70 final dividend
Adoption of Audited Standalone and Consolidated Financial Statements for the year ended March 31, 2026
Re-appointment of Mr. Prashant Bangur as Director, who retired by rotation
Ratification of remuneration for M/s. K. G. Goyal and Associates as Cost Auditors for FY27
AGM proceedings concluded within 35 minutes, indicating a standard administrative session
👀 What to Watch
Investors should note the final dividend approval and monitor the company's progress toward its stated goal of reaching 80 MTPA capacity by FY28.
Q1 FY27: 17% Volume Growth but PAT Drops 17.5% YoY to ₹531 Cr Amid Cost Pressures
Shree Cement reported a strong 17% YoY growth in cement volumes to 10.23 million tonnes, driving consolidated revenue up 18% to ₹6,233 Cr. However, profitability was squeezed by higher fuel and raw material costs linked to the West Asia crisis, leading to a 17.5% decline in consolidated PAT to ₹531 Cr. The company's premiumization strategy is gaining traction, with premium products now accounting for 23.3% of trade volumes compared to 17.7% last year. The Ready-Mix Concrete (RMC) segment showed explosive growth of 156% YoY, supported by the commissioning of 8 new plants during the quarter.
Confidence: HIGH
What changedShree Cement has successfully accelerated its volume growth and RMC footprint but faced a significant margin contraction due to external geopolitical factors affecting input costs.
Why it mattersThe results demonstrate strong market share gains and successful premiumization, but also highlight the company's sensitivity to global energy price volatility which offset the benefits of higher sales.
Consolidated Revenue (Q1 FY27): ₹6,233 CrConsolidated PAT (Q1 FY27): ₹531 CrVolume Growth (YoY): 17%Premium Product Share: 23.3%Q1 Revenue vs TTM Revenue: 29.76%Green Power Capacity: 666.5 MW
📅 Short termThe stock may face pressure in the short term as the market digests the 17.5% PAT decline despite robust volume and revenue growth.
📈 Long termThe structural shift toward premium products, aggressive RMC expansion, and the roadmap to 80 MTPA capacity by FY28 position the company well for long-term scale.
⚠ Risk flags
- Geopolitical tensions in West Asia impacting fuel and raw material costs
- Potential demand slowdown due to a moderate monsoon
- Intense competition in North India affecting realizations
Key Highlights
Cement sales volume increased 17% YoY to 10.23 million tonnes from 8.74 million tonnes.
Consolidated revenue grew 18% YoY to ₹6,233 Cr, representing ~30% of TTM revenue.
Consolidated PAT declined 17.5% YoY to ₹531 Cr from ₹644 Cr in the previous year's quarter.
RMC volumes surged 156% YoY to 2.36 lakh cubic meters with 8 new plants commissioned.
Green electricity share in total consumption reached 65.2%, among the highest in the industry.
👀 What to Watch
Investors should monitor the trajectory of fuel costs and EBITDA per tonne in upcoming quarters to see if volume growth can translate into better bottom-line performance. Watch for execution updates on the Meghalaya greenfield plant targeted for March 2028.
Shree Cement Q1 FY27: Revenue grows 18% YoY to ₹6,233 Cr; Net Profit declines 17.5% YoY
Shree Cement reported a consolidated revenue of ₹6,233.13 Cr for Q1 FY27, marking an 18% increase from ₹5,280.88 Cr in the same quarter last year. However, consolidated net profit fell 17.5% YoY to ₹531.12 Cr, as operating margins contracted significantly from 30% to 24% over the same period. Sequentially, revenue and EBITDA remained largely flat compared to Q4 FY26. The company maintains a robust balance sheet with a low debt-equity ratio of 0.07.
Confidence: HIGH
What changedThe company released its Q1 FY27 financial results, showing strong top-line growth but a notable decline in profitability and margins compared to the previous year.
Why it mattersThe results highlight the current sector-wide challenge where volume growth is being offset by lower realizations and cost pressures, impacting the OPM which fell to 24% from 30% YoY.
Consolidated Revenue (Q1 FY27): ₹6,233.13 CrYoY Revenue Growth: 18.0%Consolidated Net Profit (Q1 FY27): ₹531.12 CrOperating Margin: 24%Debt-Equity Ratio: 0.07Revenue vs TTM Revenue: ~29.7%
📅 Short termThe stock may see neutral to slightly negative sentiment in the short term as the market digests the YoY margin contraction and profit decline despite the revenue growth.
📈 Long termThe long-term outlook remains tied to the company's ability to scale capacity to 80 MTPA by FY28 and improve the share of premium products to protect margins.
⚠ Risk flags
- Margin compression due to subdued cement realizations
- Rising power and fuel costs
- Competitive intensity in the North Indian market
Key Highlights
Consolidated revenue reached ₹6,233.13 Cr, up 18% from ₹5,280.88 Cr in Q1 FY26.
Consolidated net profit stood at ₹531.12 Cr, a decline from ₹643.66 Cr in the year-ago period.
Operating margins contracted to 24% from 30% YoY, reflecting industry-wide pricing pressures.
Standalone power and fuel costs rose to ₹1,481.25 Cr from ₹1,146.12 Cr in the previous year's quarter.
Consolidated Debt Service Coverage Ratio remains healthy at 26.10.
👀 What to Watch
Investors should monitor cement realization trends and fuel cost volatility, which are currently squeezing margins despite volume growth. The execution of the 80 MTPA capacity expansion roadmap by FY28 remains the key long-term monitorable.
Shree Cement Q1 FY27: Consolidated Revenue Up 18% YoY to ₹6,233 Cr; PAT Declines 17.5%
Shree Cement reported a consolidated revenue of ₹6,233.13 Cr for Q1 FY27, marking an 18% YoY growth from ₹5,280.88 Cr. However, consolidated PAT fell 17.5% YoY to ₹531.12 Cr, impacted by a 25.6% surge in power and fuel costs which reached ₹1,645.32 Cr. Operating margins contracted significantly to 24% from 30% in the same quarter last year. Despite the margin pressure, the company maintains a very strong balance sheet with a debt-to-equity ratio of 0.07.
Confidence: HIGH
What changedThe company reported its Q1 FY27 results, showing strong top-line growth but significant bottom-line pressure due to rising input costs and margin contraction.
Why it mattersAs a major player in North India, Shree Cement's ability to pass on cost increases is critical for maintaining its premium valuation (P/E 55.4). The margin drop indicates a challenging pricing environment despite volume growth.
Consolidated Revenue (Q1): ₹6,233.13 CrConsolidated PAT (Q1): ₹531.12 CrQ1 Revenue vs TTM Revenue: 29.76%Operating Margin: 24%Debt-to-Equity Ratio: 0.07
📅 Short termThe stock may face pressure in the short term due to the 17.5% YoY decline in PAT and significant margin contraction, despite the revenue beat.
📈 Long termThe long-term outlook remains tied to the company's aggressive capacity expansion to 80 MTPA by FY28 and its ability to scale the RMC business.
⚠ Risk flags
- Significant margin contraction (600 bps YoY)
- Rising power and fuel costs (+25.6% YoY)
- Subdued cement realizations impacting profitability
Key Highlights
Consolidated Revenue from operations increased 18% YoY to ₹6,233.13 Cr
Consolidated PAT declined 17.5% YoY to ₹531.12 Cr from ₹643.66 Cr
Power and Fuel expenses rose to ₹1,645.32 Cr, up 25.6% from ₹1,309.76 Cr YoY
Operating Margin contracted by 600 basis points YoY to 24%
Consolidated Net Worth increased to ₹23,787.36 Cr as of June 30, 2026
👀 What to Watch
Investors should monitor the management's commentary on cement realizations and the progress of the 80 MTPA capacity expansion roadmap. Watch for stabilization in fuel costs and logistics efficiency improvements in upcoming quarters.
Shree Cement proposes ₹70/share final dividend; AGM scheduled for July 31, 2026
Shree Cement has announced its 47th Annual General Meeting (AGM) for July 31, 2026, where it will seek approval for a final dividend of ₹70 per share. Combined with the ₹80 interim dividend already paid, the total payout for FY 2025-26 stands at ₹150 per share, representing a ~31% payout ratio on TTM EPS of ₹483.25. The record date for the final dividend is July 17, 2026, with payment expected on or after August 3, 2026. The annual report also notes an ongoing MCA investigation under Section 210(1)(c), for which the company has provided details.
Confidence: HIGH
What changedThe company has formalized the AGM date, final dividend amount, and the specific record date for shareholder payouts.
Why it mattersThis is a routine but essential corporate action that confirms the final shareholder returns for the fiscal year and provides a platform for management to discuss the 80 MTPA expansion roadmap.
Final Dividend: ₹70 per shareTotal FY26 Dividend: ₹150 per shareDividend Payout Ratio: ~31%Record Date: July 17, 2026Cost Auditor Remuneration: ₹6,75,000
📅 Short termThe stock may trade with a slight positive bias leading up to the July 17 record date as investors position for the dividend.
📈 Long termLimited impact from this routine filing; long-term value depends on the execution of the ₹10,000-12,000 Cr organic capex plan to reach 80 MTPA capacity.
⚠ Risk flags
- Ongoing MCA investigation under Section 210(1)(c)
- Volatility in fuel prices impacting EBITDA margins
Key Highlights
Proposed final dividend of ₹70 per share, bringing total FY26 dividend to ₹150 per share.
Record date for final dividend entitlement is July 17, 2026.
Total dividend yield of approximately 0.56% based on the current market price of ₹26,785.
Disclosure of an ongoing MCA investigation under Section 210(1)(c) of the Companies Act, 2013.
Proposed re-appointment of Mr. Prashant Bangur as Director, retiring by rotation.
👀 What to Watch
Investors should track the record date of July 17, 2026, for dividend eligibility and monitor any further disclosures regarding the MCA investigation mentioned in the statutory reports.
CARE Ratings assigns 'CARE AAA; Stable' issuer rating to Shree Cement
CARE Ratings Limited has assigned a 'CARE AAA; Stable' issuer rating to Shree Cement Limited, the highest credit quality tier. This rating reflects the company's robust financial position, including a very low Debt-to-Equity ratio of 0.08 and a net worth of Rs 22,512 Cr. The AAA status is crucial as the company executes its Rs 10,000-12,000 Cr organic capex plan to reach 80 MTPA capacity by FY28. With TTM revenue of Rs 20,944 Cr and an OPM of 22.1%, the rating confirms its status as a low-risk borrower in the competitive North Indian cement market.
Confidence: HIGH
What changedCARE Ratings has assigned a new 'CARE AAA; Stable' issuer rating to the company, formalizing its credit standing at the highest level.
Why it mattersA AAA rating ensures the company can access debt markets at the lowest possible interest rates, which is vital for funding its multi-year capacity expansion from 62.8 MTPA to 80 MTPA.
Issuer Rating: CARE AAA; StableDebt-to-Equity Ratio: 0.08Total Debt: Rs 1,795 CrNet Worth: Rs 22,512 CrPlanned Capex: Rs 10,000-12,000 Cr
📅 Short termThe announcement reinforces market confidence in the company's balance sheet strength, likely supporting the stock's premium valuation in the short term.
📈 Long termThe AAA rating provides a structural advantage in capital costs, enabling the company to compete effectively with larger peers like UltraTech and Adani Cement during industry consolidation.
⚠ Risk flags
- Large debt-funded acquisitions
- Volatility in fuel prices impacting EBITDA margins
Key Highlights
Assigned 'CARE AAA; Stable' issuer rating by CARE Ratings Limited on July 1, 2026
Company maintains a conservative Debt-to-Equity ratio of 0.08 with total debt of Rs 1,795 Cr
Rating supports the planned organic capex of Rs 10,000-12,000 Cr for domestic expansion
Net worth stands at Rs 22,512 Cr, providing a significant cushion for future growth
Current domestic capacity of 62.8 MTPA is targeted to reach 80 MTPA by FY28
👀 What to Watch
Investors should monitor the company's ability to maintain this AAA rating during its aggressive expansion phase. Watch for any large-scale debt-funded acquisitions, which the company has noted as a potential rating sensitivity factor.
Shree Cement Promoters Declare Zero Share Encumbrance for FY 2025-26
The promoters and promoter group of Shree Cement Limited have filed a formal declaration under Regulation 31(4) of the SEBI (SAST) Regulations, 2011. The filing confirms that no shares held by the promoter group were encumbered, directly or indirectly, during the financial year 2025-26. This annual disclosure provides transparency regarding the status of promoter holdings and confirms the absence of any share pledges or liens. Such a status is generally viewed as a sign of financial strength and stability within the controlling group.
Key Highlights
Declaration submitted under Regulation 31(4) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
Promoters and Promoter Group confirmed zero encumbrances on company shares for the entire Financial Year 2025-26.
The disclosure covers all direct and indirect encumbrances by the promoter group and persons acting in concert.
The filing was formally submitted to both the National Stock Exchange (NSE) and BSE Limited on April 3, 2026.
👀 What to Watch
Investors should take this as a positive indicator of promoter financial health and commitment, as zero pledging eliminates the risk of margin-call-related sell-offs. No immediate trading action is required, but it reinforces the company's profile as a stable large-cap investment.
Shree Cement Receives Rs 153.47 Crore Income Tax Demand for FY 2022-23
Shree Cement Limited has received a final assessment order for FY 2022-23 from the Income Tax Authority, resulting in a tax demand of Rs 153.47 crore. This demand, which includes interest, arises from various disallowances made during the assessment process. The company intends to adjust this amount against its pending tax refunds, thereby avoiding a direct cash outflow. Management expects the demand to be overturned in appellate forums, citing favorable precedents from previous years.
Key Highlights
Final Assessment Order received under Section 143(3) for the financial year 2022-23.
Total tax demand determined at Rs 153.47 crore, inclusive of interest.
The demand will be adjusted against pending income tax refunds due to the company.
Management believes the demand will subside based on previous years' appellate orders.
Company is currently taking legal advice to initiate remedial actions and protect its interests.
👀 What to Watch
Investors should note that this is a non-cash adjustment against refunds and is unlikely to impact operations. Monitor for future updates on whether the demand is successfully contested in higher tax tribunals.
Shree Cement Q4 FY26: EBITDA Jumps 34% QoQ to ₹1,212 Cr; Total Dividend at ₹150/Share
Shree Cement reported a robust Q4 FY26 performance with domestic sales volumes growing 25% sequentially to 10.56 million tons. Operating EBITDA rose 34% quarter-on-quarter to ₹1,212 crores, driven by improved realizations of ₹4,725 per ton and higher capacity utilization of 66%. The company strengthened its balance sheet with a net cash position of ₹6,400 crores and rewarded shareholders with a total annual dividend of ₹150 per share, a 36% increase over the previous year.
Key Highlights
Domestic cement volumes grew 11% YoY to 10.56 million tons in Q4 FY26.
EBITDA per ton improved to ₹1,125 in March 2026 quarter from ₹1,032 in December 2025.
Total installed capacity reached 69.3 million tons following the commissioning of the Kodla, Karnataka plant.
Company maintains a strong net cash surplus of ₹6,400 crores with a planned FY27 capex of ₹1,500 crores.
Targeting 80 million tons capacity by 2029 with ongoing expansions in Meghalaya and UAE.
👀 What to Watch
Investors should note the company's successful strategy of narrowing the pricing gap with top-tier competitors while simultaneously regaining volume momentum. The strong cash position and consistent dividend growth make it a resilient pick in the cement sector.
Shree Cement Appoints Gaurav Jain as Head of Corporate Affairs; Sanjay Mehta to Retire
Shree Cement has announced a transition in its senior management team. Mr. Sanjay Mehta, the current President of Procurement & Corporate Affairs, is set to retire on August 31, 2026. In his place, the company has appointed Mr. Gaurav Jain as Head of Corporate Affairs effective June 20, 2026. Mr. Jain, who has over 20 years of experience and an MBA from ISB, is a relative of the company's Promoters, which requires specific shareholder approval for his appointment.
Key Highlights
Mr. Sanjay Mehta to superannuate from his role as President on August 31, 2026
Mr. Gaurav Jain appointed as Head of Corporate Affairs starting June 20, 2026
New appointee Mr. Jain brings over 20 years of experience from Jaypee Group, ICICI, and Accenture
Appointment is subject to shareholder approval as Mr. Jain is a relative of the Chairman and Vice Chairman
Transition period of approximately two months planned between the new appointment and the retirement
👀 What to Watch
Investors should monitor the upcoming shareholder resolution regarding the appointment of a promoter relative to a senior management position. This is a routine succession plan and is not expected to impact the company's immediate operational performance.
Shree Cement Q4 FY26: Revenue Up 10% to ₹6,101 Cr; Total Dividend Hiked 36% to ₹150/Share
Shree Cement reported a 10.3% YoY increase in consolidated revenue to ₹6,101 crore for Q4 FY26, supported by an 11% growth in domestic cement volumes. However, consolidated PAT declined by 8.2% YoY to ₹528 crore as cost pressures from the West Asia conflict impacted margins. The company demonstrated strong shareholder returns by increasing the total dividend for FY26 to ₹150 per share, a 36% jump from the previous year. Operational efficiency remains a focus, with green energy accounting for 61% of total electricity consumption and premium products rising to 22% of trade volume.
Key Highlights
Consolidated revenue rose 10.3% YoY to ₹6,101 crore, while domestic cement volumes grew 11% to 10.56 MT.
Total dividend for FY26 increased to ₹150 per share (including ₹70 final dividend) vs ₹110 in FY25.
Premium product sales increased to 22% of total trade volume compared to 16% in the previous year.
Installed cement capacity in India reached 69.3 MTPA after commissioning 3.50 MTPA capacity in Kodla, Karnataka.
Consolidated EBITDA stood at ₹1,384 crore, a slight decline from ₹1,429 crore in the year-ago period due to cost headwinds.
👀 What to Watch
Investors should focus on the company's successful premiumization strategy and capacity expansion towards its 80 MTPA target. While the dividend hike is positive, the impact of geopolitical conflicts on energy costs and margin recovery needs to be monitored closely.
Shree Cement FY26 Net Profit Jumps 43% to ₹1,706 Cr; Proposes ₹70 Final Dividend
Shree Cement reported a robust full-year performance for FY26, with standalone net profit rising 42.6% year-on-year to ₹1,706.25 crore. While annual revenue grew by 7% to reach ₹19,310.52 crore, the Q4 FY26 standalone net profit saw a slight decline of 4.3% YoY to ₹531.99 crore. The company maintained strong cash flows, allowing the board to recommend a final dividend of ₹70 per share. Despite quarterly margin pressure from higher freight and material costs, the overall annual earnings per share (EPS) improved significantly to ₹472.90.
Key Highlights
Standalone Net Profit for FY26 surged 42.6% YoY to ₹1,706.25 crore compared to ₹1,196.24 crore in FY25.
Annual Revenue from Operations increased by 7% to ₹19,310.52 crore from ₹18,037.33 crore.
Board recommended a final dividend of ₹70 per equity share for the financial year 2025-26.
Q4 FY26 EBITDA stood at ₹1,362.51 crore, reflecting a decline from ₹1,531.41 crore in the year-ago period.
Total Assets grew to ₹30,095.13 crore as of March 31, 2026, up from ₹27,755.90 crore in the previous year.
👀 What to Watch
Investors should view the strong annual profit growth and healthy dividend payout as a sign of operational resilience. However, the slight dip in Q4 margins warrants monitoring of input and logistics costs in the near term.
Shree Cement Recommends ₹70 Final Dividend; FY26 Net Profit Surges 42.6% to ₹1,706 Crore
Shree Cement has recommended a final dividend of ₹70 per share for FY 2025-26, showcasing strong shareholder returns. While Q4 FY26 net profit saw a marginal year-on-year decline of 4.3% to ₹531.99 crore, the full-year performance was robust with net profit jumping 42.6% to ₹1,706.25 crore. Annual revenue grew by 7% to ₹19,310.52 crore, supported by steady operations. The company's balance sheet remains strong with total assets crossing the ₹30,000 crore mark.
Key Highlights
Recommended a final dividend of ₹70 per equity share for the financial year 2025-26.
Full-year FY26 Net Profit increased by 42.6% to ₹1,706.25 crore compared to ₹1,196.22 crore in FY25.
Annual Revenue from Operations grew 7% YoY to reach ₹19,310.52 crore.
Full-year Earnings Per Share (EPS) improved significantly to ₹472.90 from ₹331.54 in the previous year.
Q4 FY26 EBITDA stood at ₹1,362.51 crore with a revenue of ₹5,642.95 crore for the quarter.
👀 What to Watch
Investors should view the substantial dividend and strong annual profit growth as positive indicators of the company's market position. However, the slight dip in Q4 margins warrants monitoring of input costs in upcoming quarters.
Shree Cement Receives Draft Income Tax Assessment Order with Rs 149 Crore Proposed Demand
Shree Cement Limited has received a draft assessment order for FY 2022-23 from the Income Tax Authority, proposing additions to its returned income. This draft order suggests a potential tax demand of approximately Rs 149 crore, excluding interest. The company intends to contest these findings through the Dispute Resolution Panel or Commissioner Appeals, asserting that the disallowances are not legally sustainable. Management expects any final demand to be adjusted against pending tax refunds, minimizing the immediate impact on cash reserves.
Key Highlights
Draft Assessment Order received under Section 144C(1) of the Income Tax Act for FY 2022-23.
Potential financial implication involves a tax demand of approximately Rs 149 crore.
Company plans to file objections and believes the proposed additions will not hold up in appellate proceedings.
The anticipated demand is expected to be adjusted against existing tax refunds due to the company.
Management states there is no major impact on the financial or operational activities of the company at this stage.
👀 What to Watch
Investors should monitor the progression from this draft order to a final assessment and the company's subsequent appeals. While the demand is significant, the company's ability to offset it against refunds reduces immediate liquidity concerns.
Shree Cement Shareholders Approve Re-appointment of Hari Mohan Bangur as Chairman for 5 Years
Shree Cement shareholders have approved the re-appointment of Mr. Hari Mohan Bangur as Whole Time Director and Chairman for a five-year term starting April 1, 2026. The special resolution was passed with 86.42% of the total votes in favor. Notably, there was significant dissent from public institutional investors, with 50.53% of their votes cast against the resolution. Despite this, the strong support from the promoter group, which voted 100% in favor, ensured the resolution met the required threshold for a special resolution.
Key Highlights
Special resolution for re-appointment passed with 86.42% votes in favor and 13.58% against.
Mr. Hari Mohan Bangur re-appointed as Chairman for a 5-year term effective from April 1, 2026.
Public institutional investors showed high dissent, with 50.53% (4.19 million votes) voting against the resolution.
Promoter group provided unanimous support with 22.57 million votes cast entirely in favor.
A total of 30.87 million valid votes were polled out of 36.08 million eligible shares held by voting participants.
👀 What to Watch
Investors should note the continuity in leadership which provides stability, but may want to monitor the reasons behind the significant institutional dissent regarding the Chairman's re-appointment.
Shree Cement Declared Preferred Bidder for 373-Hectare Limestone Block in Andhra Pradesh
Shree Cement Limited has been declared the preferred bidder for the Dommarnandyala-1 Limestone Block in the YSR Kadapa District of Andhra Pradesh. The mining lease area spans approximately 373 hectares, secured through an e-auction conducted by the State Government. This move is a strategic step to secure long-term raw material reserves for the company's cement manufacturing operations. Securing such large limestone deposits is critical for supporting future capacity expansions and maintaining cost efficiency in the Southern Indian market.
Key Highlights
Declared preferred bidder for the Dommarnandyala-1 Limestone Block in Andhra Pradesh.
The mining lease covers a significant land area of 373 hectares.
Secured via an e-auction conducted by the Government of Andhra Pradesh.
Strengthens raw material security for future expansion in the South Indian region.
👀 What to Watch
Investors should view this as a positive development for long-term operational stability and growth. Monitor for updates regarding the final lease grant and the estimated limestone reserve capacity of the block.
Shree Cement to Incorporate Wholly Owned Subsidiary in Mauritius with MUR 5M Capital
Shree Cement Limited has approved the incorporation of a wholly-owned subsidiary in Mauritius, named Shree Cement (Mauritius) Limited. The new entity will focus on cement blending, storage, packaging, and trading of materials like clinker and coal. The initial authorized capital is set at MUR 5,000,000, which the company will subscribe to entirely in cash. This strategic move aims to strengthen the company's international presence and trading operations.
Key Highlights
Incorporation of 100% Wholly Owned Subsidiary in Mauritius approved by the Business Operations Committee.
Initial authorized capital of the new entity is MUR 5,000,000.
Business focus includes installation of cement facilities, blending, and trading of clinker and coal.
The transaction involves 100% cash consideration for the initial share capital.
👀 What to Watch
Monitor the scale-up of international operations through this subsidiary. The current investment is small, so focus on future capital allocation plans for this entity.
Shree Cement Commissions 3.50 MTPA Mill in Karnataka; Total India Capacity Reaches 70 MTPA
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.
Key Highlights
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
👀 What to Watch
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 Commissions 3.65 MTPA Clinker Capacity in Karnataka
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.
Key Highlights
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
👀 What to Watch
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.
