Shree Cement Ltd(SHREECEM)

NSE: SHREECEMBSE: 500387

₹ 22,760+2.01%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 82,120 crWebsite: www.shreecement.comUpdated: 24 Oct 2026

About

Shree Cement Ltd is an Indian cement manufacturer with operations in India and the UAE, producing grey cement, clinker, and ready-mix concrete. India installed cement capacity stood at approximately 72 MT by March 2026, making Shree one of India's largest cement producers. Its standalone capacity is 63.3 MTPA of cement and 1,117.50 MW of power as of FY26, with FY26 revenue of Rs 20,943.47 Cr.^[1][2]

Manufacturing capacity and operations

Standalone capacity is 63.3 MTPA of cement and 1,117.50 MW of power as of FY26.^[2]
India installed cement capacity reached approximately 72 MT by March 2026 with commissioning of the Kodla (Karnataka) integrated plant.^[3]
A 3.65 MT clinkerisation unit at Jaitaran, Rajasthan was commissioned in Q2 FY26; the associated 3 MT cement mill followed shortly after.^[4]
Subsidiary Shree Cement East Pvt. Ltd. commissioned a clinker grinding unit at Etah, Uttar Pradesh, taking its capacity to 6.0 MTPA (FY26).^[2]
Total installed power capacity: 1,137 MW in Q3 FY26, comprising 634 MW green (265 MW WHR, 314 MW solar, 56 MW wind) and 503 MW thermal.^[3]
Fuel mix shifted in Q1 FY27: pet coke share fell from 54% to 9% while coal rose from 32% to 81%, caused by Gulf supply disruption from the Middle East conflict.^[5]
Used 11.53 MMT of alternative raw materials in FY26, 23.84% of total raw material consumption.^[2]

Key operating numbers

Total sales volumes rose 5% to 37.81 million tonnes in FY26.^[2]
Consolidated cement volumes: 114.5 lakh tons in Q1 FY27 vs 99.6 lakh tons in Q1 FY26.^[5]
Consolidated EBITDA per tonne: ₹1,111/t in Q1 FY27 vs ₹1,339/t in Q1 FY26, driven by fuel cost spike and product mix deterioration.^[5]
India standalone cement realisation: ₹4,919/MT in Q1 FY27 vs ₹4,854/MT in Q1 FY26.^[5]
Clinker-to-cement conversion factor fell to 1.50 in Q1 FY27 from 1.58 in Q1 FY26 due to high-ash coal displacing pet coke.^[5]
India capacity utilisation: 62% in Q1 FY27, steady year-on-year on an expanded base.^[5]
Fuel cost in Q1 FY27: ₹1.95/kcal vs a prior run-rate of ~₹1.82/kcal; Q3 FY26 fuel cost was ₹1.56/kcal.^[5]

Products and premiumisation

Standalone production in FY26 was 202.55 lakh tonnes of PPC and 118.87 lakh tonnes of OPC.^[2]
Premium products include Bangur Magna, Roofon and Bangur Marble; Bangur Marble Cement is the flagship.^[2]
Premium products made up 20.8% of trade sales in 2025-26, up from 14.9%.^[2]
Trade mix fell to 62% in Q1 FY27 from 71% in Q1 FY26; blended cement ratio fell to 60% from 70%.^[5]
Management is targeting a return to 70% trade / 30% non-trade mix as pet coke supply normalises.^[5]

Customers and distribution

The company has a dealer base of 19,362 (FY26).^[2]
Rail logistics share: 9% in Q1 FY27; sidings at Kodla and Etah under construction with an estimated saving of ~₹100/t vs road.^[5]

UAE operations

UAE subsidiary UCC's share of the domestic Oil Well Cement market reached about 76% (FY26), and it began Oil Well Cement exports to India and Bangladesh.^[2]
UAE sales reached 1.31 MT in Q2 FY26, up 34% YoY.^[4]
UAE operations were severely disrupted in April - May 2026 due to the regional conflict.^[5]
UAE capacity is being doubled with a new cement mill targeting approximately 7 MT by Q3 FY27, funded from UAE cash flows.^[5]

Ready-mix concrete (RMC)

RMC plants grew to 26 operational by Q1 FY27 (from 19 at start of FY27); revenue was ₹109 cr in Q1 FY27 vs ₹40 cr in Q1 FY26.^[5]
10 more RMC plants are planned for Q2 FY27; management targets ~5% EBITDA margin as volumes scale.^[5]

Expansion and capex

India standalone capex guidance for FY27: ~₹1,500 cr, with ~₹450 cr spent in Q1 FY27.^[5]
A Northeast India plant is targeted for Q4 FY28; infrastructure sized for 4 - 5 MT ultimate capacity, Phase 1 at 1 MT.^[5]
UAE expansion capex of AED 110 mn for a new 3 MT cement mill is funded by UAE cash.^[4]
Management has rejected inorganic growth and is focused on organic capacity expansion (Q1 FY27).^[5]

Energy and sustainability

Renewable energy share of total energy reached 66% in Q1 FY27, up from 61% in Q1 FY26.^[5]
Committed to commissioning approximately 100 electric commercial vehicles in FY27 and piloting battery storage at select plants.^[5]

Recent developments

14 Oct 2026: proposed a wholly owned step-down subsidiary in China for import, export and trading, with authorised capital of RMB 5,000,000 subscribed in cash.^[6]
Net consolidated cash rose to ₹8,348 cr in Q1 FY27 (June 2026) from ₹7,733 cr in June 2025.^[5]

Market Cap

₹82,120 Cr

High / Low

₹29,434 / 21,365

Stock P/E

50.4

Price / Book

3.5

Book Value

₹6,449

EPS

₹483.2

No. of Shares

3.61 Cr

ROCE

10.4%

ROE

7.8%

OPM

11.6%

Debt / Equity

0.07

Sales

₹20,943 Cr

Net Profit

₹1,749 Cr

Promoter holding

62.5%

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Shree Cement Ltd(SHREECEM)

About

Manufacturing capacity and operations

Key operating numbers

Products and premiumisation

Customers and distribution

UAE operations

Ready-mix concrete (RMC)

Expansion and capex

Energy and sustainability

Recent developments

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