Shree Cement Ltd

Q4 FY25Cement & Cement Products

Shree Cement Q4 FY25 earnings call: Revenue & Margins

Q4 FY25 earnings call: what management guided on revenue, margins and order book.

Price₹24,280

Market cap₹89.5K Cr

P/E54.9

Updated23 Aug 2026

Read4 min read

The short version

Shree Cement expects cement demand growth of 6.5% to 7.5% in FY '26, driven by infrastructure projects, rural recovery, real estate momentum, and softening interest rates. The company targets 6.5% to 7.5% cement demand growth in FY '26, driven by infrastructure, rural recovery, real estate momentum, and interest rate softening.

From Shree Cement Ltd's Q4 FY25 earnings-call transcript · updated 23 Aug 2026.

Revenue & Sales Performance

Shree Cement expects cement demand growth of 6.5% to 7.5% in FY '26, driven by infrastructure projects, rural recovery, real estate momentum, and softening interest rates.
The company aims for high single-digit volume growth, in line or slightly above industry growth, targeting about 39 million tons in the year.
Focus is on maximizing profitability rather than highest volume; a trade-off between price and volume is deliberately managed to optimize net profit.
Capacity expansions totaling around 50 million tons by FY '26 are underway, with further announcements expected for expansions beyond FY '26.
Capacity utilization currently around 68% for the year, expected to improve to 75-85% in 2-3 years as demand picks up.

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Profitability & Margins

The company targets 6.5% to 7.5% cement demand growth in FY '26, driven by infrastructure, rural recovery, real estate momentum, and interest rate softening. (Page 5)
Volume growth is expected to be high single digits, broadly in line with industry growth. (Page 5)
Strategy focuses on maximizing profitability over volume; prioritizing trade-offs between price and volume to maximize net profit rather than top-line volume growth. (Pages 11, 16)
EBITDA for Q4 grew 47% sequentially; EBITDA per ton up 29%. Management expects further growth leveraging premium products and improved pricing. (Page 3)
Capacity expansion by FY '26 aims to create options for growth at approximately 2% incremental cost, expecting capacity utilization to rise towards 75%-85% in 2-3 years. (Page 6)

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Capital Expenditure Plans

Total capex for FY '26 is earmarked at approximately INR 3,000 crores.
Expansion includes increasing clinker capacity from 36.7 million tons to 44 million tons by end of FY '26.
Cement capacity will increase from current 62.8 million tons to around 68.8 million tons by FY '26 with new units at Etah, Raipur, Kodla, and Ras-Jaitaran.
Capacity additions (clinker and grinding) to be commissioned by HY FY '26, with supply expected by FY '27.
Multiple locations across India are under advanced levels of preparedness for future expansions, with announcements pending.

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Top-ranked in Cement & Cement Products

Ranked on what management guided this quarter

Guidance-ranked

1Grasim Inds₹2.0L Cr

Rev 1Mar 3

2BIGBLOC Const.₹613 Cr

Rev 2Mar 1

3₹1.3K Cr

Rev 3Mar 1

4₹3.2L Cr

Rev 3Mar 3

5₹38.0K Cr

Rev 3Mar 3

Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.

Fundraising & Capital Structure

There is no explicit mention of any current or planned fundraising through equity or debt in the provided transcript from the May 14, 2025 earnings call.
Ashok Bhandari mentioned that the company does not borrow for capacity expansion but uses its own cash resources ("please understand we don't borrow. We utilize our own cash resources to set up capacities").
Capex plans for FY '26 are around INR 3,000 crores as stated by Neeraj Akhoury and Ashok Bhandari, but no financing details were disclosed.

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Order Book & Pipeline

The transcript from the PDF "2998.pdf" does not provide specific details on Shree Cement Limited's current or expected order book or pending orders. There is no direct mention or data related to order books or pending orders during the management discussion or Q&A session on page 17 or elsewhere in the provided pages. The focus is mainly on capacity, production volumes, regional cost structure, railway sidings, clinker and cement capacity expansion, pricing strategy, and fuel mix. Therefore: - No explicit details on current or expected order book or pending orders are disclosed. - The discussion revolves around capacity additions, pricing, volumes, and operational efficiencies. - Management emphasizes strategy, profitability, and capacity utilization rather than order backlog details.

Shree Cement Ltd — Quarterly revenue & net profit

Revenue Net profit

Dec 2024Q3 FY25

Mar 2025Q4 FY25

Jun 2025Q1 FY26

Sep 2025Q2 FY26

Dec 2025Q3 FY26

Mar 2026Q4 FY26

Reported quarterly figures (₹ Cr). Latest (Q4 FY26): revenue ₹6.1K Cr, net profit ₹528 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

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What Shree Cement Ltd's management said in earlier quarters

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Frequently Asked Questions

What were Shree Cement Ltd Q4 FY25 results?

What is Shree Cement Ltd share price analysis?

Shree Cement Ltd currently shows a neutral. The stock trades at a P/E of 54.9 with a market cap of ₹89,462 Cr. Investors should review the full earnings analysis for detailed insights.

Is Shree Cement Ltd planning capital expenditure?

Total capex for FY '26 is earmarked at approximately INR 3,000 crores.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.

Revenue & Sales Performance

Profitability & Margins

Capital Expenditure Plans

Top-ranked in Cement & Cement Products

Fundraising & Capital Structure

Order Book & Pipeline

Shree Cement Ltd — Quarterly revenue & net profit

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What Shree Cement Ltd's management said in earlier quarters

Others in Cement & Cement Products this season

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Frequently Asked Questions

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