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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Tata Chemicals reported a weak Q4 FY26 with consolidated revenue down 2% YoY to ₹3,438 crore and EBITDA falling 16% to ₹274 crore, reflecting subdued soda ash prices globally and higher costs.
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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.
Tata Chemicals reported a weak Q4 FY26 with consolidated revenue down 2% YoY to ₹3,438 crore and EBITDA falling 16% to ₹274 crore, reflecting subdued soda ash prices globally and higher costs. The US business took a ₹1,837 crore goodwill impairment due to prolonged pricing pressure. Standalone revenue grew 3% to ₹1,254 crore on higher volumes, but EBITDA margin contracted. Management highlighted that Middle East conflict has driven up energy and shipping costs, though most cost increases have been passed on. Imports into India have halved, supporting domestic volumes. Capex for FY27 is guided at ₹1,300 crore, mainly maintenance, with debt expected to stay near ₹6,000 crore. The company is pivoting to non-soda ash businesses (up 14% YoY to ₹6,946 crore). Key risk: prolonged conflict could erode demand and further pressure margins.
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.
Revenue from non-soda ash businesses grew 14% to ₹6,946 crore in FY26, in line with strategic pivot.
Gujarat facility achieved 1 million tons of soda ash production, offsetting price declines with volume.
Monthly imports fell from 70,000-100,000 tons to about half due to Middle East conflict disruptions.
Net debt stood at ₹5,961 crore as of March 31, 2026, expected to remain at similar levels in FY27.
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
Capital expenditure for FY27 is guided at approximately ₹1,300 crore, primarily for maintenance and some growth projects in salt, silica, and Singapore.
Management guidance capexNet debt (ex leases) is expected to remain around ₹5,961 crore in FY27, similar to FY26 levels, due to ongoing business pressures.
Management guidance otherManagement reiterated focus on growing non-soda ash revenue, which grew 14% in FY26, as a strategic priority to improve margins.
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
Kenyan unit depends on HFO from Middle East; only 40 days of supply available. Alternate sourcing is being worked on but availability risk is high.
high · management_commentaryGovernment advised fertilizer units not to supply ammonia to non-fertilizer users. Tata Chemicals uses small quantities; supply is adequate for now but could become constrained.
medium · analyst_questionWhile no demand erosion seen yet, a prolonged conflict could begin to weigh on demand, especially if customers face pressure.
medium · management_commentaryChinese soda ash inventories remain high at 1.5-1.8 million tons, keeping global prices rangebound and limiting upside.
medium · data_observation
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 priorities remain firmly aligned to protecting margin, preserving cash flows, and maintaining balance sheet strength.
The big issue for us which we are trying to monitor is while we have passed on the cost increases to customers. Would any of our customers be under pressure in terms of the impact from this crisis?
