Side-by-side earnings comparison across verified financials, AI summaries, management guidance, risks, quotes, and accountability signals.
Shree Cement delivered a strong Q4 FY26 with domestic cement sales volume up 11% YoY to 10.56 million tons, driven by a strategic shift to volume growth after narrowing the price gap with the top player by 15-20 rupees per bag.
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Kansai Nerolac reported a 7.6% standalone revenue growth in Q4 FY26, with PBDIT up 21% YoY, driven by improved product mix in decorative and double-digit auto demand.
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Shree Cement delivered a strong Q4 FY26 with domestic cement sales volume up 11% YoY to 10.56 million tons, driven by a strategic shift to volume growth after narrowing the price gap with the top player by 15-20 rupees per bag. EBITDA rose 34% YoY to ₹1,212 crore, with EBITDA per ton improving to ₹1,125. Capacity utilization jumped to 66% from 56% in Q3. The company commissioned a 3.65 MTPA clinker and 3.5 MTPA cement plant in Karnataka, raising total capacity to 69.3 MTPA. Management guided for ~40 million tons cement volume in FY27 and capex of ₹1,500 crore. Key risks include Middle East conflict driving fuel cost inflation (expected ₹150-200/ton cost increase in Q1) and potential demand disruption from geopolitical tensions.
Kansai Nerolac reported a 7.6% standalone revenue growth in Q4 FY26, with PBDIT up 21% YoY, driven by improved product mix in decorative and double-digit auto demand. Decorative growth was mid-single digit, with a focus on premium products and new launches like Excel Sheen and XL Everlast. Industrial grew in higher single digits, with auto strong but other segments moderate. Management guided for 13-14% EBITDA margin, assuming raw material stability, and has taken cumulative price hikes of high single digits in decorative. Risks include prolonged West Asia crisis, crude volatility, and rupee depreciation. The company remains cautious on demand visibility due to inflation but sees green shoots from the past five months.
Domestic cement sales volume for Q4 FY26, up from 9.51M tons in Q4 FY25.
Overall capacity utilization improved from 56% in Q3 FY26 to 66% in Q4.
Share of green electricity in total consumption increased from 59% in Q3.
Trade sales constituted 64% of total cement sales in Q4.
New businesses (waterproofing, construction chemicals) now contribute over 10% of decorative sales.
Painters associated with the program increased to 1.2 lakh, improving secondary salience.
Powder and liquid coating segments operate at 70-75% capacity, with room for growth.
Project business now accounts for over 10% of decorative sales, with high double-digit growth.
Management expects to achieve around 40 million tons of cement sales in FY27, implying ~10% growth over FY26.
Management guidance growthCapital expenditure for FY27 is estimated at approximately ₹1,500 crore, primarily for RMC plants, railway sidings, and Meghalaya expansion.
Management guidance capexThe company plans to increase its RMC plant count from 26 to 50-55 by the end of FY27.
Management guidance expansionThe 2.5 million ton cement mill at Union Cement UAE is scheduled to be commissioned by September 2026.
Management guidance expansion
Management reiterated its endeavor to maintain EBITDA margin in the 13-14% range, assuming raw material costs stabilize.
Management guidance marginsPrice increases of ~2% in March and 5-6% in April/May, totaling high single digits, to offset input cost inflation.
Management guidance revenueManagement aims to grow the performance coatings segment in double digits, driven by infrastructure spending.
Management guidance growth
Geopolitical tensions have increased fuel costs; management expects a 10-12% rise in per kilo calorie cost in Q1 FY27, with potential further increases.
high · management_commentaryPackaging costs have risen by ₹20/ton in Q4 and are expected to increase by another ₹80-100/ton in Q1 FY27 due to higher paper prices.
medium · management_commentaryThe Middle East conflict has slowed sales in UAE, and management noted potential headwinds for the sector from geopolitical issues and monsoon conditions.
medium · management_commentaryManagement has not yet received confirmed incentives from the Meghalaya government for the new plant, though the project is viable without them.
low · analyst_question
Geopolitical tensions have caused crude price surges and supply chain issues, impacting raw material costs and availability.
high · management_commentarySharp rupee depreciation has raised the cost of imported raw materials, pressuring margins.
high · management_commentaryManagement described demand visibility as 'wait and watch' given the inflationary scenario, with potential impact on consumption.
medium · management_commentaryAnalyst raised concern about aggressive pricing by new entrants; management noted freebies may have been withdrawn but advertising intensity remains high.
medium · analyst_question
We have delivered on both these accounts which explains our ethos of delivery and not proclamation.
Profitability is the prime focus. Volume and price always the market gives. Volume is what we are capable to produce.
Our focus is very clear we'll be focusing on select market where you want to gain market share and concentrate second thing is profitable mix is very very important so we have cautiously curtailed our sale into items which are not profitable.
I think it's important to deploy resources carefully and it's a time where actually resilience will matter and I think if we pass through this I think future is very bright for decorative paint as far as companies concerned.
