Cement sales volume
10.56M tons
+11% YoY
Domestic cement sales volume for Q4 FY26, up from 9.51M tons in Q4 FY25.
SHREECEMENT
Manufacturing
2026-04-??
Shree Cement Limited — Q4 FY26
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.
✓ Verified against BSE filing
2-Min Summary
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.
Key Numbers
Capacity utilization
66%
+10pp QoQ
Overall capacity utilization improved from 56% in Q3 FY26 to 66% in Q4.
Green electricity share
61%
+2pp QoQ
Share of green electricity in total consumption increased from 59% in Q3.
Trade sale percentage
64%
flat
Trade sales constituted 64% of total cement sales in Q4.
Management Guidance
FY27 cement volume target of ~40 million tons
Management expects to achieve around 40 million tons of cement sales in FY27, implying ~10% growth over FY26.
growthCapex guidance of ₹1,500 crore for FY27
Capital expenditure for FY27 is estimated at approximately ₹1,500 crore, primarily for RMC plants, railway sidings, and Meghalaya expansion.
capexRMC plant count to reach 50-55 by FY27 end
The company plans to increase its RMC plant count from 26 to 50-55 by the end of FY27.
expansionUAE cement mill commissioning by September 2026
The 2.5 million ton cement mill at Union Cement UAE is scheduled to be commissioned by September 2026.
expansionKey Risks
Fuel cost inflation from Middle East conflict
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 cost increase
Packaging 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_commentaryDemand slowdown from geopolitical tensions
The Middle East conflict has slowed sales in UAE, and management noted potential headwinds for the sector from geopolitical issues and monsoon conditions.
medium · management_commentaryMeghalaya expansion incentives uncertain
Management has not yet received confirmed incentives from the Meghalaya government for the new plant, though the project is viable without them.
low · analyst_questionNotable Quotes
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 EBITDA per ton of cement for the year 2526 is by far the highest in the peer group.