Shree Cement Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Cement: 87.3% • Traded Goods & Others: 5.9% • Power: 4.9%
AI Sector View
AI GENERATEDConstruction Materials
Construction materials remain supported by healthy building activity. Core industries cement growth accelerated to 13.1% YoY (2026-07), while finished steel consumption was 8.0% YoY (2026-06); steel output itself was softer at 2.9% YoY (2026-07). FPI positioning is still mildly negative at INR -497 crore over 3 months to 2026-08-31, but the fundamental demand backdrop remains constructive.
PROS
- Company is almost debt free
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 2.21x)
- Company has been maintaining a healthy dividend payout of 31.7%
- Company has a consistent dividend-paying track record
- Company comfortably covers its interest (11.8x coverage)
- Company generates healthy free cash flow
CONS
- Recent results are weak - TTM profit is down 35.6% versus prior year
- Receivables are growing faster than sales - a possible quality concern
- A large part of profit comes from other income (26.8% of PBT)
- Company has a low return on equity of 8.8% over last 3 years
- Company has a low return on capital employed of 11.2%
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ULTRACEMCO | 10896.00 | 37.60 | 321082.42 | 2.20 | 2603.72 | 17.24 | 24648.20 | 15.85 | 13.25 | 20.35 |
| AMBUJACEM | 396.05 | 22.49 | 98411.18 | 0.51 | 660.00 | -31.93 | 9500.00 | -7.67 | 6.24 | 16.78 |
| SHREECEM | 22911.30 | 50.71 | 82665.68 | 0.65 | 531.12 | -17.48 | 6233.13 | 18.03 | 10.61 | 20.41 |
| JKCEMENT | 4989.80 | 40.78 | 38555.31 | 0.40 | 274.62 | -15.31 | 4031.72 | 20.26 | 14.89 | 16.07 |
| DALBHARAT | 1734.10 | 34.86 | 32525.81 | 0.52 | 192.00 | -51.39 | 3890.00 | 6.99 | 8.15 | 20.69 |
| ACC | 1257.80 | 12.37 | 23619.88 | 0.60 | 147.00 | -60.84 | 5808.00 | -4.59 | 11.60 | 7.90 |
| RAMCOCEM | 865.45 | 31.71 | 20449.92 | 0.29 | 31.24 | -63.06 | 2273.05 | 9.60 | 10.75 | 13.49 |
| JSWCEMENT | 120.85 | 21.67 | 16476.27 | 0.41 | 153.43 | 111.23 | 1896.41 | 21.58 | -4.21 | 16.41 |
| NUVOCO | 335.15 | 31.01 | 11970.09 | 0.00 | 159.63 | 19.88 | 3128.71 | 8.91 | 7.11 | 18.16 |
| INDIACEM | 351.65 | 117.82 | 10897.54 | 0.00 | 26.85 | 120.20 | 1019.42 | -0.52 | 0.30 | 15.28 |
| STARCEMENT | 191.50 | 20.94 | 7740.05 | 0.52 | 73.91 | -24.71 | 942.89 | 3.39 | 8.42 | 20.63 |
| BIRLACORPN | 836.25 | 11.63 | 6439.57 | 1.49 | 115.73 | -3.21 | 2646.45 | 7.83 | 10.88 | 12.93 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 4,971 | 4,560 | 4,873 | 5,073 | 4,835 | 3,727 | 4,235 | 5,240 | 4,948 | 4,303 | 4,416 | 5,643 | 5,623 | |
| 4,038 | 3,690 | 3,639 | 3,745 | 3,918 | 3,134 | 3,289 | 3,859 | 3,719 | 3,452 | 3,556 | 4,393 | 5,190 | |
| Operating Profit | 933 | 870 | 1,234 | 1,327 | 916 | 593 | 947 | 1,381 | 1,229 | 851 | 861 | 1,250 | 433 |
| OPM % | 18.76% | 19.08% | 25.32% | 26.16% | 18.95% | 15.90% | 22.35% | 26.36% | 24.84% | 19.78% | 19.48% | 22.16% | 7.70% |
| 162 | 126 | 135 | 138 | 135 | 178 | 115 | 150 | 201 | 157 | 127 | 112 | 201 | |
| Interest | 75 | 68 | 56 | 65 | 57 | 57 | 53 | 42 | 45 | 51 | 58 | 55 | 55 |
| Depreciation | 308 | 331 | 347 | 628 | 643 | 669 | 750 | 747 | 552 | 555 | 587 | 638 | 586 |
| Profit before Tax | 710 | 597 | 966 | 772 | 351 | 45 | 259 | 743 | 833 | 403 | 342 | 670 | 634 |
| Tax % | 18.21% | 17.63% | 24.02% | 14.31% | 9.44% | -108.07% | 11.42% | 25.15% | 25.76% | 31.18% | 18.65% | 20.61% | 30.94% |
| Net Profit | 581 | 491 | 734 | 662 | 318 | 93 | 229 | 556 | 619 | 277 | 279 | 532 | 438 |
| 161.06 | 136.18 | 203.49 | 183.41 | 88.06 | 25.81 | 63.58 | 154.09 | 171.42 | 76.81 | 77.22 | 147.45 | 121.39 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 8,487 | 9,833 | 11,722 | 11,904 | 12,669 | 14,306 | 16,837 | 19,477 | 18,037 | 19,311 | 19,985 | |
| 6,120 | 7,360 | 9,069 | 8,229 | 8,689 | 10,661 | 13,906 | 15,137 | 14,207 | 15,124 | 16,590 | |
| Operating Profit | 2,367 | 2,473 | 2,653 | 3,675 | 3,980 | 3,645 | 2,932 | 4,340 | 3,831 | 4,186 | 3,395 |
| OPM % | 27.89% | 25.15% | 22.63% | 30.87% | 31.41% | 25.48% | 17.41% | 22.28% | 21.24% | 21.68% | 16.99% |
| 508 | 389 | 67 | 272 | 433 | 540 | 442 | 585 | 583 | 602 | 597 | |
| Interest | 129 | 135 | 247 | 287 | 247 | 218 | 269 | 264 | 209 | 208 | 219 |
| Depreciation | 1,215 | 899 | 1,392 | 1,699 | 1,140 | 1,036 | 1,546 | 1,615 | 2,808 | 2,332 | 2,366 |
| Profit before Tax | 1,531 | 1,827 | 1,081 | 1,960 | 3,026 | 2,931 | 1,559 | 3,046 | 1,397 | 2,248 | 2,049 |
| Tax % | 12.52% | 24.24% | 12.06% | 19.90% | 23.59% | 18.91% | 14.79% | 18.95% | 14.39% | 24.11% | 25.56% |
| Net Profit | 1,339 | 1,384 | 951 | 1,570 | 2,312 | 2,377 | 1,328 | 2,468 | 1,196 | 1,706 | 1,526 |
| EPS | 384.39 | 397.33 | 273.00 | 445.08 | 640.77 | 658.69 | 368.10 | 684.16 | 331.55 | 472.91 | — |
| Dividend Payout % | 36.42% | 12.59% | 21.98% | 25.28% | 9.36% | 13.66% | 27.17% | 15.35% | 33.18% | 31.72% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 13%
- 5 Years:
- 9%
- 3 Years:
- 5%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 4%
- 5 Years:
- -6%
- 3 Years:
- 9%
STOCK PRICE CAGR
- 10 Years:
- 3%
- 5 Years:
- -6%
- 3 Years:
- -4%
- 1 Year:
- -24%
RETURN ON EQUITY
- 10 Years:
- 12%
- 5 Years:
- 10%
- 3 Years:
- 9%
- Last Year:
- 8%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 35 | 35 | 35 | 36 | 36 | 36 | 36 | 36 | 36 | 36 |
| 7,663 | 8,862 | 9,563 | 12,900 | 15,214 | 17,235 | 18,252 | 20,348 | 21,175 | 22,476 | |
| 2,245 | 4,465 | 4,090 | 4,089 | 2,322 | 2,290 | 2,879 | 1,485 | 1,117 | 1,816 | |
| Trade Payables | 352 | 727 | 451 | 528 | 786 | 804 | 1,129 | 1,064 | 1,211 | 1,381 |
| 363 | 540 | 443 | 1,041 | 1,895 | 2,381 | 2,854 | 3,887 | 3,499 | 3,723 | |
| Total Liabilities | 10,658 | 14,629 | 14,581 | 18,594 | 20,253 | 22,746 | 25,150 | 26,820 | 27,038 | 29,432 |
| 2,599 | 3,589 | 4,476 | 4,319 | 4,192 | 5,321 | 5,333 | 7,099 | 6,898 | 8,376 | |
| Capital Work in Progress | 710 | 1,427 | 1,121 | 962 | 971 | 973 | 2,320 | 1,833 | 3,112 | 1,054 |
| 4,043 | 5,434 | 4,444 | 8,915 | 11,051 | 11,546 | 11,651 | 10,675 | 11,596 | 14,088 | |
| 1,314 | 1,569 | 1,589 | 1,428 | 1,477 | 2,161 | 2,423 | 3,146 | 2,075 | 2,333 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 930 | 781 | 1,013 | |
| Cash & Bank | 111 | 121 | 308 | 108 | 210 | 118 | 119 | 297 | 231 | 184 |
| 1,881 | 2,488 | 2,643 | 2,862 | 2,353 | 2,626 | 3,305 | 2,840 | 2,346 | 2,385 | |
| Total Assets | 10,658 | 14,629 | 14,581 | 18,594 | 20,253 | 22,746 | 25,150 | 26,820 | 27,038 | 29,432 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 2,491 | 2,386 | 2,290 | 4,237 | 4,837 | 2,919 | 3,033 | 3,304 | 5,063 | 3,493 | |
| Cash from Investing | -2,048 | -3,595 | -813 | -5,373 | -2,868 | -1,865 | -2,409 | -1,350 | -3,638 | -3,466 |
| Cash from Financing | -167 | 1,726 | -1,265 | 1,591 | -1,215 | -858 | -315 | -1,794 | -1,463 | -123 |
| -13 | 10 | -18 | -31 | 11 | -1 | -20 | 160 | -38 | -96 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-07 - SHREE CEMENT LIMITED has informed the Exchange about Credit Rating
2026-09-04 - SHREE CEMENT LIMITED has informed the Exchange about Credit Rating
2026-08-20 - SHREE CEMENT LIMITED has informed the Exchange regarding ESG Ratings by CRISIL ESG Ratings & Analytics Limited.
2026-08-06 - SHREE CEMENT LIMITED has informed the Exchange about Transcript
2026-08-03 - SHREE CEMENT LIMITED has informed the Exchange regarding Demise of Mr Ashok Bhandari, Other of the company on August 03, 2026.
2026-08-01 - SHREE CEMENT LIMITED has informed the Exchange regarding voting results of Annual General Meeting held on July 31, 2026
2026-08-01 - SHREE CEMENT LIMITED has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on July 31, 2026
2026-08-01 - SHREE CEMENT LIMITED has informed the Exchange about Copy of Newspaper Publication
2026-07-31 - SHREE CEMENT LIMITED has informed the Exchange about Link of Recording
News
Recent coverage and analyst commentary for SHREECEM
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