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SHREE CEMENT LIMITED (SHREECEM)

₹22,460.00 +0.65% last close, 16 Oct

📊 NSE: SHREECEM 🏢 Cement - North India 📢 Latest filing: 14 Oct 2026 📝 Analysis written: 14 Dec 2025

Q2 FY27 results

📅 Next results: 23 Oct 2026 (board meeting)

SHREE CEMENT LIMITED's board meets on 23 Oct 2026 to consider its Q2 FY27 results (July-September 2026).

In its latest reported quarter, Q1 FY27, SHREE CEMENT's revenue was ₹6,233 Cr (+18.0% year on year, +2.2% on the previous quarter), and net profit ₹531 Cr (-17.5% year on year); the operating margin was 20.4%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹6,233	+18.0%	+2.2%
Operating profit	₹1,272	-4.5%	-8.1%
Net profit	₹531	-17.5%	+0.6%
EPS (₹)	146.67	-17.7%	+0.7%
Operating margin	20.4%	—	—

Full quarterly financials → Results calendar →

SHREECEM delivery percentage and open interest

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 62.86% of the SHREECEM shares traded on NSE were taken to delivery, against the stock's own 20-session average of 54.63%. That is close to its usual level. In SHREECEM futures, open interest rose 1.73% while the futures price rose 0.94%: long buildup (new long positions).

62.86%Delivery, 16 Oct

54.63%Own 20-session average

0.8×Volume vs its average

+1.73%Futures open interest

₹22,460.00NSE close · +0.65%

Delivery in the last 5 sessions: 66.9% · 58.9% · 59.7% · 56.7% · 62.9%

Delivery across the market →F&O open interest →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Shree Cement to Incorporate Step-Down Trading Subsidiary in China with RMB 5M Capital

🟡 NEUTRAL ⭐ 3/10

EXPANSION 📅 14 Oct 2026, 05:29 PM

Shree Cement announced that its UAE-based wholly owned subsidiary, Shree Global FZE, has approved the incorporation of a step-down subsidiary in China named Shree International Trading (Shanghai) Limited. The entity will be incorporated with an authorized capital of RMB 5,000,000 (~Rs 5.8-6.0 Cr), funded via 100% cash subscription. The new entity will engage in the import, export, and trading of machinery, industrial goods, and environmental protection equipment. Relative to Shree Cement's TTM revenue of Rs 21,896 Cr and net worth of Rs 22,512 Cr, the financial commitment is negligible (<0.03%).

Board of Shree Global FZE approved the incorporation on 14th October 2026
Entity name: Shree International Trading (Shanghai) Limited, incorporated in China
Authorized share capital of RMB 5,000,000 via 100% cash subscription
Indirectly 100% owned by Shree Cement Limited

💡 Track the formal completion of incorporation and whether the entity serves primarily as an internal procurement arm for Indian capex equipment or pursues external trading volumes.

Shree Cement Receives Promoter Reclassification Request for 2,050 Shares (0.0057%)

🟡 NEUTRAL ⭐ 2/10

REGULATORY 📅 08 Oct 2026, 05:48 PM

Shree Cement Limited has received a formal request letter dated October 8, 2026, from Ms. Riya Puja Jain seeking reclassification from the 'Promoter Group' category to the 'Public' category under Regulation 31A of SEBI LODR Regulations. The shareholder holds 2,050 equity shares, representing an immaterial 0.0057% of the company's total equity base. The reclassification request will be placed before the Board of Directors for approval at the ensuing Board Meeting, followed by requisite stock exchange and regulatory clearances. This change has no operational or financial impact on the company, whose overall promoter holding stands stable at approximately 62.56%.

Received reclassification request from Ms. Riya Puja Jain on October 8, 2026
Shareholder holds 2,050 equity shares in Shree Cement Limited
Subject shares account for 0.0057% of total share capital
Request submitted under Regulation 31A of SEBI LODR Regulations, 2015

💡 Track the outcome of the ensuing Board meeting and subsequent regulatory filings for formal approval of the reclassification.

Shree Cement Submits Demat Compliance Certificate for Q2 FY27

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 08 Oct 2026, 11:16 AM

Shree Cement Limited has submitted its quarterly compliance certificate pursuant to Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate was issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited on October 3, 2026. It confirms that share dematerialisation requests received during the period were processed, listed, and physical certificates mutilated as per regulations. This is a standard quarterly administrative filing with no financial or operational impact.

Compliance certificate submitted under Regulation 74(5) of SEBI Regulations, 2018
Applies to the quarter ended September 30, 2026
Certificate issued by RTA MUFG Intime India Private Limited on October 3, 2026
Filed with BSE and NSE on October 8, 2026

💡 No action required. Investors should track upcoming Q2 FY27 earnings announcements for actual financial performance updates.

Shree Cement Faces Tax Demand & Penalty of ~₹11 Lakh as Appellate Authority Rejects Appeal

🟡 NEUTRAL ⭐ 2/10

LEGAL 📅 07 Oct 2026, 05:25 PM

The Joint Commissioner (Appeals), Hyderabad has dismissed Shree Cement's appeal, upholding a tax demand of ₹9,88,093 and a penalty of ₹1,16,685 regarding alleged wrong availment of input tax credit (ITC). The authority dropped a minor tax demand of ₹37,083 and penalty of ₹641. The total financial impact of approximately ₹11.05 lakh is negligible compared to Shree Cement's TTM revenue of ₹21,896 Cr. The company plans to file an appeal before the GST Appellate Tribunal.

Appellate authority upheld tax demand of ₹9,88,093 alongside a penalty of ₹1,16,685
Dropped tax demand of ₹37,083 along with penalty of ₹641
Alleged violation relates to wrong availment of Input Tax Credit (ITC)
Order dated 6th October, 2026 received and informed on 7th October, 2026
Company plans to appeal before the GST Appellate Tribunal under section 112 of the Telangana GST Act, 2017

💡 Track the filing of the appeal before the GST Appellate Tribunal; no operational impact is expected.

CRISIL Reaffirms Shree Cement's AAA/Stable and A1+ Ratings Across ₹6,200 Cr Facilities

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 28 Sep 2026, 05:59 PM

CRISIL Ratings Limited has reaffirmed Shree Cement's credit ratings across multiple bank facilities and debt instruments totaling ₹6,200 crore. Long-term bank facilities (₹2,000 crore) and Non-Convertible Debentures (₹700 crore) retained 'CRISIL AAA/Stable' ratings. Short-term bank facilities (₹2,500 crore) and Commercial Paper (₹1,000 crore) were reaffirmed at 'CRISIL A1+'. The ratings affirm the company's strong balance sheet, characterized by a low D/E ratio of 0.08 and robust liquidity.

CRISIL reaffirmed 'CRISIL AAA/Stable' rating for ₹2,000.00 crore long-term bank facilities
Reaffirmed 'CRISIL AAA/Stable' rating for ₹700.00 crore Non-Convertible Debentures
Reaffirmed 'CRISIL A1+' rating for ₹2,500.00 crore short-term bank facilities
Reaffirmed 'CRISIL A1+' rating for ₹1,000.00 crore Commercial Paper program

💡 Track the company's planned ₹10,000-12,000 crore organic capex execution and upcoming quarterly results to observe how capacity expansion impacts leverage.

Shree Cement to Consider Q2 FY27 Results on Oct 23, 2026; Trading Window Closes Oct 1

🟡 NEUTRAL ⭐ 2/10

BOARD_MEETING 📅 17 Sep 2026, 01:33 PM

Shree Cement Limited has scheduled its Board of Directors meeting for Friday, 23rd October, 2026, to consider and approve un-audited standalone and consolidated financial results for the quarter and half-year ending 30th September, 2026. In accordance with SEBI insider trading regulations, the trading window for designated persons will remain closed from 1st October, 2026, to 25th October, 2026. This is a routine regulatory intimation of financial calendar dates.

Board meeting scheduled on 23rd October, 2026 to approve Q2 / H1 results
Results pertain to the period ending 30th September, 2026
Trading window closed starting 1st October, 2026
Trading window reopens after 25th October, 2026 (48 hours post results)

💡 Track the upcoming board meeting on 23rd October, 2026, for operational metrics such as cement sales volume, realization per tonne, and power/fuel cost trends.

CARE Reaffirms 'CARE A1+' Rating for Shree Cement's ₹1,000 Cr Commercial Paper

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 07 Sep 2026, 01:16 PM

CARE Ratings Limited has reaffirmed its highest short-term credit rating of 'CARE A1+' on Shree Cement Limited's Commercial Paper program of ₹1,000.00 Crores. The reaffirmation indicates a very strong degree of safety regarding timely payment of short-term financial obligations. The rated ₹1,000.00 Crore amount accounts for approximately 4.6% of Shree Cement's TTM revenue of ₹21,896 Crores and ~55.7% of its total balance sheet debt of ₹1,795 Crores.

CARE Ratings reaffirmed credit rating of 'CARE A1+' for Commercial Paper.
Rated instrument amount stands at ₹1,000.00 Crores.
The ₹1,000 Cr program represents ~4.6% of TTM revenue (₹21,896 Cr) and ~4.4% of net worth (₹22,512 Cr).

💡 Track ongoing execution of the company's 80 MTPA capacity expansion roadmap by FY28 and quarterly operating margins amid cement price movements.

CRISIL Reaffirms Shree Cement's ₹1,000 Cr Commercial Paper Rating at 'CRISIL A1+'

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 04 Sep 2026, 01:30 PM

CRISIL Ratings Limited has reaffirmed its highest short-term credit rating of 'CRISIL A1+' for Shree Cement Limited's ₹1,000.00 crore Commercial Paper program. The rating reaffirmation reflects the company's sound liquidity profile and conservative leverage, supported by a low debt-to-equity ratio of 0.08 and net worth of ₹22,512 crore. This allows the company to continue raising short-term working capital at competitive interest rates.

Credit rating reaffirmed by CRISIL Ratings Limited on September 4, 2026
Instrument rated: Commercial Paper of ₹1,000.00 Crores
Rating assigned: 'CRISIL A1+', indicating the highest degree of safety for short-term debt

💡 Track quarterly volume growth, realizations, and progress on ongoing capex towards the 80 MTPA FY28 target in upcoming financial results.

CRISIL Upgrades Shree Cement's ESG Score to 61 ('Strong') from 57

🟢 POSITIVE ⭐ 3/10

ROUTINE 📅 20 Aug 2026, 01:33 PM

CRISIL ESG Ratings & Analytics Limited has upgraded Shree Cement's overall ESG score by 4 points to 61 (categorized as 'Strong'), up from its previous score of 57. In addition, the company received a CRISIL Core ESG rating of 66 based on BRSR Core parameters. CRISIL recognized Shree Cement as one of the top performers within the cement sector. The rating was conducted independently by CRISIL based on publicly available data.

Overall ESG score improved by 4 points to 61 from 57, placed in the 'Strong' category
Assigned a CRISIL Core ESG rating of 66 based on BRSR Core parameters
Recognized as one of the top ESG performers in the cement sector by CRISIL
Independent assessment based on public data without company engagement

💡 Track ongoing sustainability disclosures and energy efficiency metrics in upcoming annual BRSR filings, as ESG metrics increasingly influence institutional fund flows.

Shree Cement Q1 FY27: 15% Volume Growth Amidst Supply Chain Disruptions and Higher Fuel Costs

🟡 NEUTRAL ⭐ 6/10

EARNINGS 📅 06 Aug 2026, 03:27 PM

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.

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.

💡 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.

Demise of Mr. Ashok Bhandari, Senior Advisor (Finance)

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 03 Aug 2026, 07:10 PM

Shree Cement Limited has announced the passing of Mr. Ashok Bhandari, Senior Advisor (Finance), on August 3, 2026. Mr. Bhandari was a designated Senior Management Person and a recognized authority in banking and finance who provided strategic counsel to the company. Given the company's large scale with a market capitalization of Rs 97,105 Cr and TTM revenue of Rs 20,944 Cr, immediate operational disruption is not anticipated. The company maintains a strong balance sheet with a low Debt/Equity ratio of 0.08, suggesting financial stability despite the loss of a key advisor.

Demise of Mr. Ashok Bhandari occurred on August 3, 2026
Mr. Bhandari served as Senior Advisor (Finance) and was part of the Senior Management team
Company is a market leader in North India with TTM revenue of Rs 20,944 Cr
Shree Cement maintains a robust net worth of Rs 22,512 Cr as of the latest reporting

💡 No immediate action required; investors should focus on the company's ongoing capacity expansion plans to reach 80 MTPA by FY28.

Shree Cement Shareholders Approve ‡150 Total Dividend for FY26 at 47th AGM

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 01 Aug 2026, 05:52 PM

Shareholders of Shree Cement have approved all resolutions at the 47th Annual General Meeting held on July 31, 2026. Key approvals include a final dividend of ‡70 per share, which, combined with the ‡80 interim dividend, brings the total FY26 payout to ‡150 per share. This represents a dividend payout ratio of approximately 31% against the TTM EPS of ‡483.25. Additionally, the re-appointment of Mr. Prashant Bangur as Director was confirmed with a 99.45% majority vote.

Total dividend of ‡150 per share approved for FY26, comprising ‡80 interim and ‡70 final dividend
Resolution for re-appointment of Director Mr. Prashant Bangur passed with 99.45% votes in favor
Overall voting participation reached 86.02% of the total outstanding shares
Public institutional support remained high with 93.91% of their shares polled on dividend resolutions
Cost Auditor remuneration for FY27 ratified with 99.99% shareholder approval

💡 Investors should track the company's execution of its 80 MTPA capacity expansion roadmap by FY28 and the impact of industry-wide pricing pressures on upcoming quarterly margins.

Shree Cement Shareholders Approve Rs 150 Total Dividend for FY26 at 47th AGM

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 01 Aug 2026, 05:50 PM

Shareholders of Shree Cement approved all five resolutions at the 47th Annual General Meeting held on July 31, 2026. A final dividend of Rs 70 per share was ratified, bringing the total dividend for FY26 to Rs 150 per share (including the Rs 80 interim dividend). The re-appointment of Mr. Prashant Bangur as Director was confirmed with 99.45% votes in favor. Total voter turnout represented 86.02% of the eligible share capital, indicating strong institutional and promoter participation.

Total dividend of Rs 150 per share approved for FY26 (Rs 80 interim + Rs 70 final)
Final dividend resolution passed with 99.99% votes in favor (3,10,37,196 shares)
Re-appointment of Director Prashant Bangur approved with 99.45% majority
Total voter turnout recorded at 86.02% of the 3,60,80,748 shares considered
Adoption of FY26 Audited Financial Statements approved with 99.82% favor

💡 Investors should note the final dividend payment timeline, which typically follows shortly after AGM approval. The high approval rates for all resolutions reflect stable corporate governance and shareholder alignment.

Shree Cement releases audio recording of Q1 FY27 earnings conference call

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 31 Jul 2026, 07:36 PM

Shree Cement has uploaded the audio recording of its earnings conference call held on July 31, 2026. The call discussed the company's financial performance for the quarter ended June 30, 2026. This is a standard regulatory disclosure following the release of quarterly results, providing transparency into management's commentary. Investors can access the recording via the company's website to understand the drivers behind the latest financial figures.

Earnings conference call held on July 31, 2026, for the quarter ended June 30, 2026
Recording made available via a public link on the company's investor relations page
Compliance filing under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

💡 Review the recording for management's outlook on the 80 MTPA capacity expansion roadmap and updates on the Rs 10,000-12,000 Cr organic capex plan.

₹150 Total Dividend Confirmed at Shree Cement 47th AGM; FY26 Results Adopted

🟡 NEUTRAL ⭐ 5/10

ROUTINE 📅 31 Jul 2026, 06:50 PM

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.

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

💡 Investors should note the final dividend approval and monitor the company's progress toward its stated goal of reaching 80 MTPA capacity by FY28.

View All SHREECEM Announcements on Live Market Tracking →

💰 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.