Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹79017 Cr.
Stock P/E
45.2
P/B
3.3
Current Price
₹21900
Book Value
₹ 6595.9
Face Value
10
52W High
₹30274
52W Low
₹ 21355
Dividend Yield
0.68%

Shree Cement Overview

Business

Shree Cement Ltd. is one of India's largest cement manufacturers. The company's core business involves the production and sale of various types of cement, including Ordinary Portland Cement (OPC), Portland Pozzolana Cement (PPC), and Portland Slag Cement (PSC). It operates integrated cement plants, grinding units, and power plants across India. The business model focuses on manufacturing cement efficiently and distributing it through a wide network of dealers, retailers, and direct sales to large infrastructure projects and institutional buyers. The company makes money primarily through the sale of its cement products under various brands like Shree Ultra Jungrodhak, Bangur Cement, and Rockstrong. It also generates and sells some power, though its primary power generation is for captive consumption, contributing to cost efficiency.

Revenue Mix

The vast majority of Shree Cement's revenue is derived from its Cement segment. While the company also has a presence in power generation, this is primarily for captive use to reduce manufacturing costs. Any surplus power is sold to the grid, but its contribution to overall revenue is minor compared to cement sales. Specific percentage breakdowns are not publicly available without detailed financial reports, but it's clear that cement manufacturing and sales constitute the overwhelming majority of its business operations and revenue.

Industry

The Indian cement industry is the second largest globally, characterized by its cyclical nature, high capital intensity, and regional demand-supply dynamics. It is a competitive industry with a mix of large national players and regional operators. Shree Cement is positioned as one of the leading cement producers in India, consistently ranking among the top 3-5 in terms of installed capacity. It has a strong presence across Northern, Eastern, Central, and parts of Southern India. The company is particularly known for its operational efficiency and low-cost production capabilities, allowing it to compete effectively on price and profitability within the sector.

MOAT

Operational Efficiency & Cost Leadership: Shree Cement is renowned for its low cost of production, achieved through high capacity utilization, efficient raw material sourcing, captive power generation, waste heat recovery systems, and optimized logistics. This allows for superior margins compared to peers.

Scale: As one of the largest players, it benefits from economies of scale in procurement, manufacturing, and distribution.

Brand Strength: Established and recognized brands like "Shree Ultra Jungrodhak," "Bangur Cement," and "Rockstrong" command significant recall and preference in their key markets.

Geographic Diversification: A well-spread manufacturing footprint across multiple regions of India helps mitigate risks associated with regional economic downturns or adverse weather conditions.

Growth Drivers

Infrastructure Development: Continued government focus on infrastructure spending (roads, railways, ports, airports) under initiatives like the National Infrastructure Pipeline and PM Gati Shakti will drive significant cement demand.

Housing & Urbanization: Growth in affordable housing, increasing urbanization, and a growing middle class will fuel both rural and urban housing construction.

Capacity Expansion: Shree Cement's ongoing and planned capacity additions across various regions will enable it to capture a larger market share and meet anticipated demand growth.

Economic Growth: Overall economic growth in India translates directly into increased construction activity across industrial, commercial, and residential sectors.

Operating Leverage: Further optimization of logistics, fuel mix, and energy efficiency can lead to improved profitability as volumes grow.

Risks

Cyclical Demand: The cement industry is highly cyclical and sensitive to economic slowdowns, interest rate changes, and government spending patterns.

Input Cost Volatility: Fluctuations in the prices of key raw materials (limestone, gypsum) and fuel (coal, pet coke) can significantly impact profitability.

Freight Costs: High transportation costs due to fuel price volatility and logistic challenges can erode margins, given the bulk nature of the product.

Intense Competition & Pricing Pressure: The presence of numerous large players can lead to pricing wars, especially during periods of oversupply or subdued demand.

Regulatory & Environmental: Stricter environmental norms, land acquisition challenges for new projects, and policy changes can pose operational and expansion risks.

Monsoon Impact: Extended or heavy monsoon seasons can disrupt construction activities, leading to seasonal dips in demand.

Management & Ownership

Shree Cement Ltd. is a promoter-led company with the Bangur family holding a significant stake. The management team is generally regarded for its focus on operational excellence, cost optimization, and strategic capacity expansion. The company has a history of prudent financial management and consistent growth. Ownership structure includes the promoter group, along with substantial holdings by institutional investors (both domestic and foreign) and the public, indicating a blend of promoter oversight and professional management with accountability to a diverse shareholder base.

Outlook

Shree Cement is well-positioned to capitalize on India's long-term growth trajectory, driven by robust infrastructure development and sustained housing demand. Its strong operational efficiency and cost leadership provide a competitive edge, allowing it to navigate the cyclical nature of the industry with relatively better margins. The company's strategic capacity expansions are aimed at strengthening its market presence and preparing for future demand. However, the outlook is balanced by inherent risks such as volatility in raw material and fuel prices, intense industry competition, and the overarching sensitivity to macroeconomic cycles. While demand drivers remain favorable in the long term, short-to-medium term profitability can be impacted by cost pressures and regional pricing dynamics.

Shree Cement Share Price

Live · BSE / NSE · Inception: 1979
₹ | |
Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

Shree Cement Quarterly Results

#(Fig in Cr.) Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Net Sales 5401 5124 4054 4573 5532 5281 4761 4801 6101 6233
Other Income 150 139 181 111 158 235 179 146 101 212
Total Income 5551 5263 4236 4683 5690 5516 4940 4946 6202 6445
Total Expenditure 3979 4197 3441 3608 4103 3948 3787 3853 4717 4961
Operating Profit 1571 1066 795 1076 1587 1568 1153 1093 1485 1484
Interest 62 56 56 52 41 46 51 59 56 57
Depreciation 702 704 716 799 788 654 668 710 762 686
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 807 306 23 225 758 868 434 324 667 741
Provision for Tax 131 27 -53 31 183 225 124 56 139 210
Profit After Tax 676 278 77 194 575 644 310 268 528 531
Adjustments -1 0 -0 -0 -1 -1 -1 -1 -2 -2
Profit After Adjustments 675 279 76 193 574 643 309 267 526 529
Adjusted Earnings Per Share 187.1 77.2 21.2 53.6 159.2 178.1 85.5 73.9 145.7 146.7

Shree Cement Profit & Loss

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
Net Sales 5690 8487 9833 12555 12868 13560 15010 17852 20404 19283 20943 21896
Other Income 673 508 389 250 278 438 549 470 623 595 665 638
Total Income 6363 8995 10222 12804 13146 13998 15558 18322 21027 19878 21609 22533
Total Expenditure 4283 6120 7360 9761 9113 9480 11304 14904 15912 15355 16310 17318
Operating Profit 2080 2875 2862 3043 4034 4518 4254 3419 5115 4523 5299 5215
Interest 76 129 135 248 291 251 216 263 258 205 212 223
Depreciation 828 1215 899 1472 1808 1262 1146 1661 1897 3007 2794 2826
Exceptional Income / Expenses 0 0 0 -178 0 0 0 0 0 0 0 0
Profit Before Tax 1176 1531 1827 1146 1934 3004 2892 1495 2959 1312 2293 2166
Provision for Tax 33 192 443 131 390 714 555 226 563 188 544 529
Profit After Tax 1143 1339 1384 1015 1544 2290 2337 1269 2396 1124 1749 1637
Adjustments 0 0 0 -9 -8 -4 -5 2 -0 -1 -5 -6
Profit After Adjustments 1143 1339 1384 1006 1536 2286 2332 1271 2396 1123 1744 1631
Adjusted Earnings Per Share 328.1 384.4 397.3 288.9 425.7 633.6 646.3 352.2 664 311.2 483.2 451.8

Shree Cement Balance Sheet

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Shareholder's Funds 6845 7698 8897 9671 13169 15397 17460 18636 20703 21538 23268
Minority's Interest 0 0 0 62 69 51 50 41 41 41 47
Borrowings 531 519 2208 2309 1639 1332 1298 581 713 727 729
Other Non-Current Liabilities 554 453 557 712 308 -496 -421 -338 -290 -373 -363
Total Current Liabilities 1162 1989 2967 2127 4016 4443 4686 6732 6128 5756 6989
Total Liabilities 9091 10658 14629 14880 19200 20727 23074 25652 27295 27688 30670
Fixed Assets 3050 2599 3589 6182 6163 6216 7282 7481 9591 9315 11207
Other Non-Current Assets 4233 4777 5339 3980 5144 6324 7322 9203 5492 6271 4360
Total Current Assets 1809 3282 5700 4719 7894 8187 8470 8968 12212 12102 15102
Total Assets 9091 10658 14629 14880 19200 20727 23074 25652 27295 27688 30670

Shree Cement Cash Flow

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Opening Cash & Cash Equivalents 6 36 23 34 118 82 452 128 14 234 132
Cash Flow from Operating Activities 1566 2202 1879 2080 3973 4254 2668 2569 3347 4920 3794
Cash Flow from Investing Activities -1265 -2048 -3595 -722 -5599 -2645 -2151 -2414 -1418 -3728 -3740
Cash Flow from Financing Activities -271 -167 1726 -1276 1581 -1233 -849 -277 -1710 -1296 -110
Net Cash Inflow / Outflow 31 -13 10 83 -44 376 -333 -122 219 -104 -55
Closing Cash & Cash Equivalent 36 23 34 118 82 452 128 14 234 132 102

Shree Cement Ratios

# Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Earnings Per Share (Rs) 328.1 384.35 397.29 288.86 425.68 633.56 646.32 352.19 664 311.19 483.25
CEPS(Rs) 565.63 733.01 655.44 713.79 929.01 984.46 965.21 812.03 1189.99 1144.84 1259.04
DPS(Rs) 24 140 50 60 110 60 90 100 105 110 150
Book NAV/Share(Rs) 1964.82 2209.53 2553.58 2775.76 3650.06 4267.57 4839.32 5165.3 5738.06 5969.44 6448.87
Core EBITDA Margin(%) 22.11 24.79 24.34 22.25 29.19 23.95 32.92 22.16 22.01 20.37 22.12
EBIT Margin(%) 19.67 17.38 19.32 11.1 17.3 19.11 27.61 13.21 15.77 7.86 11.96
Pre Tax Margin(%) 18.48 16.03 17.98 9.13 15.03 17.64 25.69 11.23 14.5 6.8 10.95
PAT Margin (%) 17.96 14.02 13.62 8.09 12 13.44 20.76 9.54 11.74 5.83 8.35
Cash Profit Margin (%) 30.96 26.74 22.48 19.81 26.05 20.85 30.94 22.02 21.04 21.42 21.69
ROA(%) 13.53 13.56 10.95 6.88 9.06 11.47 10.67 5.21 9.05 4.09 5.99
ROE(%) 18.86 18.41 16.68 10.93 13.52 16.03 14.22 7.03 12.18 5.32 7.81
ROCE(%) 17.99 19.86 18.43 11.25 15.46 19.24 16.8 8.65 14.84 6.81 10.61
Receivable days 23.08 12.68 14.27 21.56 29.84 18.85 23.8 27.42 22.34 25.44 28.13
Inventory Days 49.72 40.69 51.8 50 50.83 36.74 68.31 72.09 56.48 56.77 45.47
Payable days 158.74 160.95 280.6 236.26 226.29 266.67 320.46 278.06 231.14 239.8 254.21
PER(x) 37.86 44.28 40.73 64.51 41.29 46.52 37.12 74.33 38.71 98.02 47.64
Price/Book(x) 6.32 7.7 6.34 6.71 4.81 6.91 4.96 5.07 4.48 5.11 3.57
Dividend Yield(%) 0.19 0.82 0.31 0.32 0.63 0.2 0.38 0.38 0.41 0.36 0.65
EV/Net Sales(x) 7.75 7.13 6.07 5.36 5.12 7.95 5.88 5.42 4.6 5.73 4.03
EV/Core EBITDA(x) 21.19 21.04 20.85 22.11 16.35 23.86 20.76 28.32 18.34 24.45 15.91
Net Sales Growth(%) -14.1 49.16 15.86 27.68 2.5 5.37 10.69 18.94 14.29 -5.49 8.61
EBIT Growth(%) 140.11 32.6 18.2 -28.99 59.72 46.26 -4.53 -43.44 83.03 -52.87 65.17
PAT Growth(%) 168.14 17.14 3.37 -26.67 52.12 48.28 2.05 -45.68 88.8 -53.1 55.6
EPS Growth(%) 168.14 17.14 3.37 -27.29 47.36 48.83 2.02 -45.51 88.53 -53.13 55.29
Debt/Equity(x) 0.13 0.17 0.38 0.29 0.24 0.14 0.12 0.14 0.07 0.04 0.07
Current Ratio(x) 1.56 1.65 1.92 2.22 1.97 1.84 1.81 1.33 1.99 2.1 2.16
Quick Ratio(x) 0.86 0.99 1.39 1.34 1.54 1.46 1.27 0.92 1.41 1.68 1.76
Interest Cover(x) 16.52 12.83 14.51 5.62 7.64 12.95 14.38 6.69 12.45 7.4 11.83
Total Debt/Mcap(x) 0.02 0.02 0.06 0.04 0.05 0.02 0.02 0.03 0.02 0.01 0.02

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR +9% +5% +9% +14%
Operating Profit CAGR +17% +16% +3% +10%
PAT CAGR +56% +11% -5% +4%
Share Price CAGR -25% -5% -6% +2%
ROE Average +8% +8% +9% +13%
ROCE Average +11% +11% +12% +15%

Shree Cement Shareholding Pattern

Latest · Jun 2026
100% held
Promoters 62.55 %
FII 8.22 %
DII (MF + Insurance) 16.66 %
Public (retail) 12.57 %
# Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Promoter 62.5562.5562.5562.5562.5562.5562.5562.5562.5562.55
FII 12.4811.8510.399.889.7110.0710.3310.088.938.22
DII 12.3413.0214.4615.0215.3214.8914.6414.8316.0316.66
Public 12.6412.5912.612.5512.4212.4912.4712.5412.4912.57
Others 0000000000
Total 100100100100100100100100100100

Shree Cement Peer Comparison

Cement & Construction Materials Edit Columns

Shree Cement Quarterly Price

10-year quarterly close · BSE
Show Value Show %

News & Updates

See more…

Shree Cement Pros & Cons

Pros

  • Company is almost debt free.

Cons

  • Company has a low return on equity of 8% over the last 3 years.
  • Debtor days have increased from 239.8 to 254.21days.
  • Stock is trading at 3.3 times its book value.
  • The company has delivered a poor profit growth of -5% over past five years.
Want to Start Investing in Top Unlisted Stocks?

Our experts help you choose the right stocks based on performance, risk, and growth potential.

whatsapp