Ultratech Cement Ltd.
NSE: ULTRACEMCO
Basic Materials · Building Materials
₹10,958.00 last close on 22 Oct 2026 +1.00%
Research updated
Shree Cement Ltd.
NSE: SHREECEMBasic MaterialsBuilding Materials
- Last close
- ₹22,330.00
- Day change
- +₹20.00 (+0.09%)vs
- Market cap
- ₹80,568 crIndian rupees
- Research updated
- 3 reports
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About Shree Cement
Shree Cement Ltd. is a leading cement manufacturing company in India, primarily engaged in the production of cement and associated products. Its core function is to produce high-quality cement that serves as a critical component in the construction industry, impacting infrastructure development, residential projects, and industrial buildings. The company operates several production facilities across India, ensuring a strong supply chain and distribution network for its products. Shree Cement Ltd. is known for its efficient operations, leveraging modern technology and sustainable practices to minimize its carbon footprint and conserve energy. This company plays a vital role in India's construction sector, contributing significantly to the country's economic growth and urban development through its innovative products and solutions. With a focus on sustainability and quality, Shree Cement Ltd. continues to be a significant player in the cement industry within the Indian market and on a global scale.
- Sector
- Basic Materials
- Industry
- Building Materials
- Listing
- NSE: SHREECEM
- Next results
- Employees
- 7,022
- Headquarters
- Kolkata, India
- ISIN
- INE070A01015
- Website
- shreecement.com
Public research · Report of
Business model & financial foundation
Shree Cement (NSE: SHREECEM), Cement and cement-related products: revenue of ₹20,943 crore in FY26 (+8.6% on FY25), an EBITDA margin of 25.3%, net profit of ₹1,744 crore and net cash of ₹8,518 crore.
- Revenue, FY26 (₹ crore)
- 20,943
- consolidated
- Revenue growth, FY26
- +8.6%
- on FY25
- EBITDA margin, FY26
- 25.3%
- EBITDA (Company EBITDA / PBIDT including other income) / revenue
- Net profit, FY26 (₹ crore)
- 1,744
- to owners
- Return on equity, FY26
- 7.8%
- on average equity
- Net debt, FY26 (₹ crore)
- -8,518
- Derived net debt after cash and treasury investments
- Market capitalisation (₹ crore)
- 80,568
- at the close of 23 Oct 2026
Company profile
Shree Cement manufactures and sells cement and cement-related products in India and through Union Cement in the UAE. It also sells power and is expanding ready-mix concrete. Registered office: Bangur Nagar, Beawar, Rajasthan 305901. Consolidated statements eliminate intra-group revenue and balances.
| Item | Value |
|---|---|
| Legal name | Shree Cement Limited |
| Exchange and ticker | NSE: SHREECEM; BSE: 500387 |
| ISIN | INE070A01015 |
| CIN | L26943RJ1979PLC001935 |
| Sector | Materials |
| Industry | Cement and cement-related products |
| Headquarters | Kolkata, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | B R Maheswari & Co LLP (since 2022-07-28) |
| Market capitalisation | ₹80,568 crore (23 Oct 2026) |
| Shares outstanding | 3.61 crore shares (FY26) |
| Price | ₹22,330 (close, 23 Oct 2026) |
| 52-week range | ₹21,355 - ₹29,425 (to 23 Oct 2026) |
| Website | https://www.shreecement.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Shree Global FZE | 100% | UAE investment holding; AOC1 turnover nil |
| Shree International Holding Ltd. | 100% | UAE investment holding, indirect subsidiary; AOC1 turnover nil |
| Shree Enterprises Management Ltd. | 100% | UAE entity, beneficially owned; AOC1 turnover nil; detailed business not extracted |
| Union Cement Company (PrJSC) | 98.444% | Cement manufacture and sale in UAE; indirect subsidiary |
| Raipur Handling and Infrastructure Private Limited | 100% | India handling/infrastructure company; detailed business description not extracted |
| Shree Cement East Private Limited | 100% | India cement manufacture; Etah grinding commissioned FY26; North merged FY25 |
| Shree Cement South Private Limited | 100% | India subsidiary; detailed business description not extracted |
| Shree Cement (Mauritius) Limited | 100% | Incorporated 18 March 2026; no operations/capital/transactions, excluded FY26 consolidation |
Consolidated group has seven operating/holding subsidiaries listed in Note3. New Mauritius WOS not consolidated in FY26. Suratgarh Ash Handling LLP is a 50% associate incorporated 18 Feb 2026, with no operations/capital contribution/transactions. North dissolved 4 Nov 2024; UCN liquidated 18 Mar 2025. East Bengal Foundation excluded from consolidation under Ind AS110 (no variable returns); liquidation approved 17 Apr 2025.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 62.55% | 62.55% | 62.55% | 62.55% |
| Promoter holding pledged | 0.00% | |||
| Foreign institutions | 10.08% | 8.93% | 8.22% | |
| Domestic institutions | 14.84% | 16.03% | 16.67% | |
| of which mutual funds | 10.41% | 11.25% | 11.69% | |
| Retail | 1.78% | 1.65% | 1.62% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Shree Cement sells cement and cement-related products in India and through Union Cement in the UAE; it is also building a ready-mix concrete platform. Consolidated results are the primary basis because they include the UAE and Indian subsidiaries while eliminating intragroup revenue.
| Peer | Why the dossier compares them |
|---|---|
| UltraTech Cement (ULTRACEMCO) | Largest Indian grey cement producer with national footprint; RMC and overseas differences. |
| Ambuja Cements (AMBUJACEM) | Large multi-region group; includes ACC, avoid double counting. |
| JK Cement (JKCEMENT) | Northern exposure and expansion; white cement changes mix. |
| Dalmia Bharat (DALBHARAT) | Eastern and southern grey cement expansion. |
| The Ramco Cements (RAMCOCEM) | Southern grey cement with cyclical utilisation. |
| Nuvoco Vistas (NUVOCO) | Eastern and northern cement capacity and price competition. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 14,585 | 17,441 | 20,404 | 19,283 | 20,943 |
| Cost of revenue (vendor classification) * | 5,375 | 8,315 | 8,808 | 7,606 | 7,853 |
| Other operating costs (vendor classification) * | 4,924 | 5,517 | 6,125 | 6,596 | 6,986 |
| EBITDA (vendor classification) * | 4,017 | 3,272 | 4,763 | 4,098 | 4,921 |
| Operating EBIT excluding other income | n.r. | n.r. | 2,619 | 927.3 | 1,844 |
| Finance costs net of capitalisation | 212.6 | 259.6 | 258.3 | 205.0 | 211.7 |
| Profit before tax | 2,892 | 1,495 | 2,959 | 1,312 | 2,293 |
| Total tax expense | 555.2 | 225.9 | 563.0 | 187.7 | 544.4 |
| Profit after tax including NCI | 2,337 | 1,269 | 2,396 | 1,124 | 1,749 |
| Basic and diluted earnings per share (₹) | 646.3 | 352.2 | 664.0 | 311.2 | 483.2 |
| Materials, purchases and inventory change | 1,937 | 2,008 | 2,160 | ||
| Employee benefits expenses | 1,064 | 1,148 | 1,302 | ||
| Other operating costs including power and freight | 12,885 | 12,193 | 12,843 | ||
| Company EBITDA / PBIDT including other income | 5,115 | 4,523 | 5,299 | ||
| Other income | 598.1 | 589.2 | 660.8 | ||
| Depreciation and amortisation | 1,897 | 3,007 | 2,794 | ||
| Separately presented exceptional items | 0.00 | 0.00 | 0.00 | ||
| Profit attributable to non-controlling interests | 0.46 | 1.03 | 5.10 | ||
| Share of associate profit or loss | 0.00 | 0.00 | 0.00 | ||
| Profit attributable to owners | 2,396 | 1,123 | 1,744 | ||
| Basic EPS (₹) | 311.2 | 483.2 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity including NCI | 17,511 | 18,677 | 20,744 | 21,579 | 23,314 |
| Borrowings including lease liabilities | 2,129 | 2,725 | 1,656 | 1,046 | 1,868 |
| Cash and cash equivalents | 148.6 | 46.2 | 262.4 | 141.2 | 114.9 |
| Trade receivables | 788.3 | 1,212 | 1,287 | 1,401 | 1,827 |
| Inventories | 2,497 | 2,760 | 3,555 | 2,444 | 2,774 |
| Trade payables | 890.4 | 1,196 | 1,214 | 1,361 | 1,622 |
| Property, plant and equipment | n.r. | 6,794 | 8,835 | 8,548 | 10,370 |
| Capital work in progress | 2,797 | 1,930 | 3,796 | 1,466 | |
| Total assets | 23,749 | 26,334 | 27,953 | 28,492 | 31,476 |
| Derived net debt after cash and treasury investments | -6,163 | -6,944 | -8,518 | ||
| Equity shares outstanding | 3.61 | 3.61 | 3.61 | 3.61 | 3.61 |
| Current and non-current treasury investments | 7,556 | 7,849 | 10,272 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 1,920 | 596.4 | 1,700 | 4,920 | 3,794 |
| Free cash flow (vendor definition) * | 449.8 | -745.7 | 147.1 | 815.6 | 1,885 |
| Dividends paid (an outflow is negative) | -384.3 | -324.5 | -379.0 | -379.9 | -505.4 |
| Capital expenditure (an outflow is negative) | -2,207 | -3,256 | -3,109 | -4,105 | -1,909 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Operating EBITDA excluding other income | 4,517 | 3,934 | 4,638 | ||
| Company-reported EBITDA including other income | 5,115 | 4,523 | 5,299 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 4,054 | 4,573 | 5,532 | 5,281 | 4,761 | 4,801 | 6,101 | 6,233 |
| Materials, purchases and inventory changes | 414.1 | 570.9 | 499.0 | 437.9 | 511.0 | 522.9 | 688.4 | 628.5 |
| Employee benefits expense | 287.7 | 276.3 | 298.4 | 301.6 | 303.6 | 383.0 | 314.2 | 354.8 |
| Other operating costs including power, fuel and freight | 2,739 | 2,761 | 3,306 | 3,209 | 2,973 | 2,947 | 3,714 | 3,978 |
| Operating EBITDA excluding other income | 613.5 | 964.8 | 1,429 | 1,333 | 974.0 | 947.3 | 1,384 | 1,272 |
| Other income | 181.4 | 110.8 | 157.9 | 235.2 | 178.9 | 145.5 | 101.2 | 211.7 |
| Depreciation and amortisation | 715.9 | 799.1 | 787.5 | 653.8 | 667.9 | 709.8 | 762.5 | 686.0 |
| Finance costs | 55.7 | 51.8 | 41.3 | 45.5 | 51.4 | 59.0 | 55.8 | 56.9 |
| Separately presented exceptional residual | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit before tax | 23.3 | 224.7 | 757.7 | 868.5 | 433.6 | 324.0 | 666.9 | 741.1 |
| Total tax expense including prior periods | -53.4 | 31.0 | 182.7 | 224.8 | 123.8 | 56.3 | 139.4 | 210.0 |
| Total profit after tax before NCI allocation | 76.6 | 193.7 | 575.0 | 643.7 | 309.8 | 267.7 | 527.5 | 531.1 |
| PAT attributable to non-controlling interests | 0.20 | 0.32 | 0.67 | 1.00 | 1.31 | 0.95 | 1.84 | 1.93 |
| Separately presented associates profit residual | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit attributable to owners | 76.4 | 193.4 | 574.3 | 642.7 | 308.5 | 266.7 | 525.7 | 529.2 |
| Diluted EPS, not annualised (₹) | 21.18 | 53.61 | 159.2 | 178.1 | 85.50 | 73.92 | 145.7 | 146.7 |
| Diluted equity shares, quarterly count inferred | 3.61 | 3.61 | 3.61 | 3.61 | 3.61 | 3.61 | 3.61 | 3.61 |
| Operating EBIT excluding other income | -102.4 | 165.7 | 641.0 | 678.8 | 306.1 | 237.5 | 621.5 | 586.2 |
| Cost of revenue (vendor classification) * | 1,577 | 1,609 | 1,764 | 1,748 | 1,645 | 2,092 | 2,274 | |
| Other operating costs (vendor classification) * | 1,576 | 1,723 | 2,041 | 1,899 | 1,825 | 2,311 | 2,332 | |
| EBITDA (vendor classification) * | 794.9 | 1,076 | 1,587 | 1,568 | 1,093 | 1,485 | 1,484 | |
| Basic EPS (₹) | 159.2 | 178.1 | 85.50 | 73.92 | 145.7 | 146.7 |
Consolidated, restated. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 10.7% | 19.6% | 17.0% | -5.5% | 8.6% |
| EBITDA margin | 25.1% | 23.5% | 25.3% | ||
| Net margin | 11.7% | 5.8% | 8.3% | ||
| Return on equity | 12.2% | 5.3% | 7.8% | ||
| Return on capital employed | 12.0% | 4.1% | 7.7% | ||
| Return on assets | 8.8% | 4.0% | 5.8% | ||
| Net debt (₹ crore) | -6,163 | -6,944 | -8,518 | ||
| Net debt / EBITDA | -1.20x | -1.54x | -1.61x | ||
| Interest cover | 10.1x | 4.52x | 8.71x | ||
| Asset turnover | 0.64x | 0.70x | 0.75x | 0.68x | 0.70x |
| Receivable days | 20 | 25 | 23 | 27 | 32 |
| Inventory days (on revenue) | 62 | 58 | 64 | 46 | 48 |
| Payable days (on revenue) | 22 | 25 | 22 | 26 | 28 |
| Cash conversion | 0.71x | 4.38x | 2.18x | ||
| Capex intensity | 15.1% | 18.7% | 15.2% | 21.3% | 9.1% |
| Free cash flow (₹ crore) | -286.7 | -2,660 | -1,410 | 815.6 | 1,885 |
| Dividend payout | 15.8% | 33.8% | 29.0% | ||
| EPS, diluted (₹) | 646.3 | 352.2 | 664.0 | 311.2 | 483.2 |
| Book value per share (₹) | 4,853 | 5,176 | 5,749 | 5,981 | 6,462 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Company EBITDA / PBIDT including other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Derived net debt after cash and treasury investments; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Company EBITDA / PBIDT including other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Basic and diluted earnings per share).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 3, information to 23 Oct 2026); market data at the close of 23 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Shree Cement
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