Sustained pricing pressure through Q2-Q3
Management explicitly stated prices will continue weakening as long as demand remains weak. Consolidation M&A activity is also deliberately keeping prices depressed as acquirers seek better bargains.
SHREECEM / Q1-FY25 / risks
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Material risks this quarter
high
Stabilization costs may persist longer than expected
Guntur (commissioned April 2024) and Navalgarh plants have consumed ₹52 crore in additional stores and spares. Normalization typically takes 3-6 months but can extend to 12 months per management.
South region structural underperformance
South volumes declined 5% YoY and 4% QoQ with realizations also under pressure. Management acknowledged South market weakness but expects improvement from Andhra Pradesh infrastructure spending (₹15,000 crore allocation).
Non-trade sales mix increase
Management admitted non-trade component has increased in Q1, which typically carries lower realizations than trade sales. Reversal of this mix shift could provide margin tailwind upon demand recovery but timing remains uncertain.