Side-by-side earnings comparison across financial stats, 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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UltraTech Cement delivered a strong Q4 FY26, with consolidated sales volumes crossing 44 million tons and PAT of ₹3,000 crore for the quarter.
Read UltraTech Cement analysis →Shree Cement and UltraTech Cement were broadly matched on the combined revenue-growth and EBITDA-margin read. Revenue growth is compared first, with EBITDA margin used as the quality check.
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.
UltraTech Cement delivered a strong Q4 FY26, with consolidated sales volumes crossing 44 million tons and PAT of ₹3,000 crore for the quarter. The company achieved 200 million tons of cement production capacity, a full year ahead of target, driven by disciplined organic growth and timely acquisitions. Brand migration for India Cements and Kesam was completed a quarter early, with India Cements' EBITDA per ton improving sequentially to ₹497. Management guided for sustainable volume growth of 7-8% and double-digit growth in FY27, with annual capex of ₹8,000-10,000 crore. Key risks include West Asia conflict-driven cost inflation (bags, fuel, forex) and potential demand slowdown from rising input costs across building materials.
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.
First company outside China to achieve 200M tons in a single country.
Record quarterly volume driven by strong demand and brand migration.
Improved from ₹1,225 in Q4 FY25, driven by cost efficiencies and premiumization.
On track to reach 85% by FY30, reducing exposure to fuel price volatility.
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 expansion
Management expects sustainable volume growth of 7-8% per annum, with FY27 targeting double-digit growth driven by structural demand.
Management guidance growthCapex will continue at ₹8,000-10,000 crore per year for cement capacity expansion beyond 240 million tons.
Management guidance capexCost improvement capex and price increases will drive India Cements' EBITDA per ton above ₹1,000 by end of FY28.
Management guidance margins
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_commentary
Rising fuel, bag, and freight costs due to the conflict could pressure margins; management noted a ₹90 crore impact on bags in March alone.
high · management_commentaryRupee devaluation led to a mark-to-market hit of ~₹130-140 per ton on foreign currency borrowings, impacting EBITDA.
medium · analyst_questionSteel, PVC, and other materials have become expensive, potentially affecting overall construction demand, though management sees no slowdown yet.
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.
We crossed 200 million tons of cement production capacity in India, a first for any company in a single country outside of China.
The investment phase is now underway... This definitely is going to take us over 1,000 rupees per ton as committed by the end of fiscal 28.
