Any current/future new fundraising through debt or equity?

As of the latest call (January 31, 2024), Shree Cement Limited has not indicated plans for raising new funds through debt or equity. The company mentions having INR 6,000 crores cash in hand as of December 31, 2023. For the capex guidance till 2027 (~INR 12,500 crores), they expect to fund approximately half (INR 6,000-6,500 crores) from internal accruals. There is no explicit mention of plans for fresh debt or equity issuance; the company appears confident in funding growth primarily via internal cash flows. The focus remains on organic capacity expansion with a balanced capex plan and cash u

Any current/future capex/capital investment/strategic investment?

Capex expected for next 3 months: INR 600-700 crores (Page 12) Total capex planned up to FY27: INR 12,500 crores post Guntur commissioning (Page 7, 12) Capacity addition: 18 million tons by FY27 (from 56 million tons in Mar '24 to 75 million tons in Mar '27) (Page 12) Capacity addition timeline: 6 million tons in 2024-25, 6 million tons in 2025-26, 6 million tons in 2026-27 (Page 12) Majority of expansion is brownfield; Guntur is the only greenfield (Page 12) Green power capacity additions: 73 MW commissioned in Jan 2024, additional 133 MW planned over 2024-25 including solar, wind,

Future growth expectations in sales/revenue/volumes?

March 2024: Expected sales volume of about 35 million+ tons. March 2025: Target to reach 40 million tons; expected industry growth of 8-10%, with Shree Cement marginally above at around 11% growth. FY 24-27: Planned capacity increase from 56 million tons (Mar ‘24) to 75 million tons (Mar ‘27) with incremental additions of 6 million tons per year over the next 3 years. Brownfield expansions planned, especially grinding units in the east between 2025-26, supported by adequate limestone reserves (50-year minimum considered). Focus on growing premium products like Magna, enhancing brand po

Future growth expectations in earnings/operating earnings/profits/EPS?

Shree Cement aims to grow capacity from 56 million tons (March ’24) to 75 million tons by March ’27 and over 80 million tons by March 2028. Industry volume growth is expected at 8%-10% next year; Shree Cement targets to grow at or slightly above this rate with ~40 million tons by March ’25. EBITDA growth driven by better product mix, lower logistic and fuel costs, and increased capacity utilization. Fuel costs expected to stabilize around INR 1.78 per kCal in near term, with potential future reductions as pet coke prices decline. Renewable power capacity expansion (73 MW added in Jan ’24; 133

Shree CementQ3 FY24Cement & Cement Products

Shree Cement Q3 FY24 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹21,900P/E: 49.9Market Cap: ₹81.3K CrSector: Cement & Cement Products

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

Yes

Order

N/A

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 3

March 2024: Expected sales volume of about 35 million+ tons.
March 2025: Target to reach 40 million tons; expected industry growth of 8-10%, with Shree Cement marginally above at around 11% growth.
FY 24-27: Planned capacity increase from 56 million tons (Mar ‘24) to 75 million tons (Mar ‘27) with incremental additions of 6 million tons per year over the next 3 years.
Brownfield expansions planned, especially grinding units in the east between 2025-26, supported by adequate limestone reserves (50-year minimum considered).
Focus on growing premium products like Magna, enhancing brand positioning, which should help improve blended realizations and EBITDA per ton.
Sales growth is volume-driven due to capacity increase rather than price hikes.
Long term capacity aim: Over 80 million tons by March 2028.

Margin guidance

Category 3

Shree Cement aims to grow capacity from 56 million tons (March ’24) to 75 million tons by March ’27 and over 80 million tons by March 2028.
Industry volume growth is expected at 8%-10% next year; Shree Cement targets to grow at or slightly above this rate with ~40 million tons by March ’25.
EBITDA growth driven by better product mix, lower logistic and fuel costs, and increased capacity utilization.
Fuel costs expected to stabilize around INR 1.78 per kCal in near term, with potential future reductions as pet coke prices decline.
Renewable power capacity expansion (73 MW added in Jan ’24; 133 MW planned for FY24-25) will reduce power costs, improving operating margins.
Company expects strong operating efficiency gains from new plants and grinding units.
Capex of INR 12,500 crores planned till FY27 for capacity expansions, mainly funded by internal accruals.
No specific EPS guidance given; management emphasizes focus on cost control rather than price or EBITDA guidance.

See what Shree Cement management said on margin guidance — free account, 30 seconds.

Fundraise plans

Yes

As of the latest call (January 31, 2024), Shree Cement Limited has not indicated plans for raising new funds through debt or equity.
The company mentions having INR 6,000 crores cash in hand as of December 31, 2023.
For the capex guidance till 2027 (~INR 12,500 crores), they expect to fund approximately half (INR 6,000-6,500 crores) from internal accruals.
There is no explicit mention of plans for fresh debt or equity issuance; the company appears confident in funding growth primarily via internal cash flows.
The focus remains on organic capacity expansion with a balanced capex plan and cash utilization, without reliance on external fundraising.

Order book

The provided transcript from Shree Cement Limited's conference call does not specifically mention details about the current or expected order book or pending orders. The discussion primarily revolves around topics such as: - Production volumes and capacities - Cost dynamics (freight, fuel, power) - Brand strategy and product mix - Market demand trends by region - Capex plans and expansion targets - Power generation and logistics initiatives No explicit data or commentary on order book size, pending orders, or current order backlog has been disclosed in the available pages (up to page 16). For precise information on order books or pending orders, it may be necessary to refer to other company communications or segments not included in the provided transcript.

See what Shree Cement management said on order book — free account, 30 seconds.

Capex plans

Yes

Capex expected for next 3 months: INR 600-700 crores (Page 12)
Total capex planned up to FY27: INR 12,500 crores post Guntur commissioning (Page 7, 12)
Capacity addition: 18 million tons by FY27 (from 56 million tons in Mar '24 to 75 million tons in Mar '27) (Page 12)
Capacity addition timeline: 6 million tons in 2024-25, 6 million tons in 2025-26, 6 million tons in 2026-27 (Page 12)
Majority of expansion is brownfield; Guntur is the only greenfield (Page 12)
Green power capacity additions: 73 MW commissioned in Jan 2024, additional 133 MW planned over 2024-25 including solar, wind, and waste heat recovery (Page 17, 5)
Railway sidings being developed to reduce logistics cost, target 80-90% own railway siding dependence by March 2027 (Page 10)

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Shree Cement Q3 FY24 Earnings Call Analysis

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