SHREE CEMENT LIMITED (SHREECEM) share price
₹21780.00 on NSE as of 2026-10-07. -1.94% on the day. market cap ₹78,584 Cr. P/E 48.2. 52-week range ₹21780.00 to ₹30010.00. Construction Materials.
Shree Cement Q1 FY27: Revenue Up 18%, Profit Down 18%, and a Fuel Mix That Flipped Upside Down
At a glance
Shree Cement sold more cement in the June 2026 quarter and kept less money from it. Consolidated revenue was ₹6,233 crore, against ₹5,281 crore a year earlier. That is a rise of 18%, and the highest quarterly revenue the company has reported. Profit attributable to owners fell 17.7%, to ₹529 crore from ₹643 crore.
Management's explanation is unusually specific for a cement company. Petcoke, a low-cost refinery fuel burnt in cement kilns, was contracted and did not arrive. Management points to disruption in the Middle East. Petcoke dropped from 54% of the fuel mix to 9%. Coal filled the hole, rising from 26% to 74%. Blended fuel cost reached about ₹1.95 per kilocalorie of heat, against an expectation nearer ₹1.82. Gypsum contracted from Oman also failed to arrive, and management says buying moved to costlier domestic supply. Management called the June quarter abnormal and extremely difficult.
Operating profit was ₹1,272 crore, against ₹1,333 crore a year earlier. That came on 18% more revenue. The operating margin, the share of sales left after running costs, was 20% against 25%. Volumes went the other way. Management put consolidated volume at 114.5 against 99.6.
Elsewhere, the 47th annual general meeting was held on 31 July. It approved an interim dividend of ₹80 and a final dividend of ₹70. CARE, a credit-rating agency, reaffirmed its CARE AAA; Stable rating in July and assigned an issuer rating. On Screener's stated figures, the market pays ₹59.90 for every ₹1 of yearly profit. For the cement industry that figure is ₹31.70.
Introduction
Shree Cement Limited was incorporated in 1979 and belongs to the Bangur family of Kolkata, in the B G Bangur–H M Bangur branch. B G Bangur is Chairman Emeritus. H M Bangur, a qualified chemical engineer and a former member of FICCI's Executive Committee, is Chairman. His son Prashant Bangur, a postgraduate of ISB Hyderabad, is Vice-Chairman. Neeraj Akhoury signs the results as Managing Director. The registered office is at Bangur Nagar in Beawar, Rajasthan. The corporate office is in Gurugram, and a group office sits on Strand Road, Kolkata.
CARE, a credit-rating agency, put installed cement capacity in India at 69.30 million tonnes a year as on 31 March 2026. Consolidated capacity was 73.30 million tonnes, per the same July 2026 report. Plants sit in Rajasthan, Chhattisgarh, Uttarakhand and Bihar. More are in Jharkhand, Haryana, Uttar Pradesh and Karnataka. The rest are in Odisha, Maharashtra, West Bengal and the UAE. Power capacity is 1,168 MW, across coal, waste heat recovery, solar and wind.
The last eighteen months have been spent building. The integrated project at Kodla in Karnataka was commissioned in the three months to March 2026. It carries 3.65 million tonnes of clinker, the kiln-fired lumps that are ground into cement, and 3.5 million tonnes of cement. Clinkerisation was announced on 24 February 2026 and the cement mill on 14 March 2026. Kodla now stands at 6.50 million tonnes a year, taking India capacity to roughly 70 million tonnes. In April 2026 the board approved a plant in Meghalaya for ₹1,800 crore, targeted by March 2028. It is to make 0.95 million tonnes of clinker and 0.99 million tonnes of cement. In March 2026 the company was declared preferred bidder for the Dommarnandyala-1 limestone block, 373 hectares in YSR Kadapa, Andhra Pradesh. CARE notes a stated ambition of 80 million tonnes a year by 2029.
A postal ballot passed on 20 March 2026 re-appointed Hari Mohan Bangur as Chairman and Whole Time Director. That term runs five years from 1 April 2026. On 3 August 2026 the company reported the demise of its Senior Advisor (Finance), Ashok Bhandari.
Business model
The company turns limestone into powder, puts the powder in bags and sells the bags. Cement of a given grade is much the same whoever fires it, and the brands still compete.
The range covers Portland Pozzolana Cement, Ordinary Portland Cement and Portland Slag Cement. The brands are Bangur Rockstrong, Bangur Powermax and Bangur Jungrodhak. Bangur Magna is the premium brand. Shree Heat Shield AAC blocks carry a Green Pro Ecolabel, and CARE, a credit-rating agency, lists Roofon in the portfolio too. Shree sold to a dealer base of 20,256 as on 31 March 2025, per CARE.
Cost is where the company has spent thirty years. Captive limestone reserves are sufficient for the long term, meaning it mines its own raw material. Its own thermal power plant runs to 503 MW. Waste heat recovery, which makes power from kiln exhaust, adds 296 MW. Solar and wind add 370 MW, as on 31 March 2026. That is 666 MW of captive green power. CARE calls it the highest green power consumption mix in the Indian cement industry, at 61% in the three months to March 2026. Management said on the July call that the renewable share then rose from 61% to 65%. Blended cement needs less clinker and therefore less fuel, and runs at about 66% of sales volumes.
Per CARE, northern India holds 33.80 million tonnes a year of capacity and the east 21 million tonnes. The south has 9.50 million tonnes and the west 3 million. Central India has 2 million. Sales volume follows, at roughly 38-39% north and 27-28% east. Central India takes 17%, with west and south modest. Capacity utilisation disclosed on the call ran 66% north and 60% east. The south ran 57%, and the company 62% overall.
Ready Mix Concrete has gone from 19 plants at the start of the year to 26. Eight were added in the June quarter, and ten more are intended next quarter. That business made ₹109 crore this quarter, against ₹90 crore in the three months to March 2026. A year earlier it made ₹40 crore. Management's own assessment is that it earns no operating profit at the moment, with a medium-term target near 5%.
The UAE subsidiary at Ras Al Khaimah is doubling capacity, targeted upstream by the three months to December 2026. Management said it is funded locally, with nothing remitted from India, because there is enough cash sitting there.
Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for SHREE CEMENT LIMITED.
Companies in the same industry as SHREE CEMENT LIMITED
Cement & Cement Products