SHREE CEMENT · Material risks, their source context, and severity in the latest available quarter.
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Risk intelligence
The Income Tax survey conducted in June appears completed with no fresh questions for 1-2 months, but final resolution remains uncertain. Management has provided clarifications but the matter may still have potential implications.
North India profitability is 30-40% higher than East India, though recent price hikes in East have narrowed the gap. Management acknowledges East margins are significantly lower, creating uneven profitability across markets.
East India utilization dropped sharply from 92% to 74% QoQ due to new Purulia capacity addition. The 3.4 MTP Baloda Bazar grinding unit (18-month completion timeline) will further pressure utilization before demand catches up in 2027-28.
High port handling costs (INR 3,000/ton) make India imports economically unviable. Despite having Union Cement operations, meaningful revenue contribution from Indian market remains stuck due to unfavorable logistics economics.
