CONSTRUCTION MATERIALS · NSE/BSE: SHREECEM

SHREE CEMENT LIMITED Earnings Summary — Q4 FY2026

Sentiment: Positive

AI-generated summary

Generated 2026-06-23

Shree Cement Reports Robust Q4 Performance with 27% Revenue Growth and Net Profit Surge

Net Profit

₹528 Cr

YoY -8.17%

QoQ 97.01%

Prior: ₹575 Cr

Revenue

₹6101 Cr

YoY 10.29%

QoQ 27.08%

Prior: ₹5532 Cr

Operating Margin

23%

YoY -300bps

QoQ +300bps

Prior: 26%

Dividend Yield

—

Annual dividend payout ratio reported at 31% for FY2026

Net Debt / Equity

0.08

YoY 78.4%

Prior: 0.05

Key Takeaways

Revenue for Q4 FY2026 hit a record 6,101 Cr, representing a 27% sequential growth over Dec 2025.
Net Profit rebounded sharply to 528 Cr from 268 Cr in the previous quarter, though stayed below the 575 Cr achieved in the prior year's same quarter.
Operating Profit Margin (OPM) improved to 23% in the latest quarter from 20% in Q3, signals better cost absorption.
Depreciation costs remain high at 762 Cr for the quarter, reflecting the company's aggressive capacity expansion phase.
The balance sheet remains robust with a very low debt-to-equity ratio despite total borrowings increasing to 1,868 Cr.
The company continues its pivot toward premiumization through the 'Bangur' brand to combat volatile fuel costs.
Full-year FY2026 sales reached 20,943 Cr, maintaining the scale as India's third-largest cement producer.

Management Guidance

Management is focused on a long-term goal of reaching 80 MTPA capacity, shifting strategy from purely low-cost production to high-realization premium branding.

Sentiment Shift

Improving

A strong sequential recovery in both margins and net profit suggests the company is effectively managing industry-wide cost pressures better than in mid-FY25.

Growth-Oriented

Operational Excellence

Cost Leadership

Outlook

The outlook remains constructive driven by the 80 MTPA capacity target and high promoter alignment. While industry competition remains stiff, Shree Cement's strong liquidity and premiumization efforts provide a cushion against cyclical downturns.

From the Annual Report (Key Quotes)

“Company is pivoting toward premiumization through its Bangur brand.”

“Recognized as a cost leader due to its efficient power plants and logistic strategies.”

“Focus is now shifting from being just a low-cost player to a high-realization brand.”

Earnings Call Transcript — Q4 FY2026

Open original

SCL/SE/2025-26/
th
12 February, 2026

National Stock Exchange of India Limited,
Exchange Plaza,
Bandra – Kurla Complex, Bandra (East)
MUMBAI – 400 051

SCRIP CODE: SHREECEM EQ

Debt Segment NCD ISIN: INE070A07061

BSE Limited

Phiroze Jeejeebhoy Towers,
Dalal Street,
MUMBAI – 400 001

SCRIP CODE 500387

Debt Segment NCD ISIN: INE070A07061

Sub: - Transcript of the Conference call

Dear Sir/Madam,

Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements)
th
Regulations, 2015, the transcript of the Conference Call held on 6 February, 2026 relating to the
st
Financial Results of the Company for Quarter ended on 31 December, 2025 is attached.

Kindly take the same on record.

Thank you,

Yours faithfully,
For SHREE CEMENT LIMITED

Shree Cement Limited

Shyam

Sunder

Shyam Sunder

(S.S. KHANDELWAL)

th
Corporate office: DLF Epitome, Building No. 5, Tower B, 9 Floor, DLF Cyber City, Gurugram, Haryana - 122002
Tel.: +91-124-4699200 I [www.shreecement.com](http://www.shreecement.com/) I CIN: L26943RJ1979PLC001935

(S.S. KHANDELWAL)

COMPANY SECRETARY

* * *

# “Shree Cement Limited Q3 FY26 Earnings Conference Call”

# February 06, 2026

## MANAGEMENT: MR. ASHOK BHANDARI – SENIOR ADVISOR – SHREE CEMENT LIMITED

## MR. SUBHASH JAJOO – CHIEF FINANCE OFFICER – SHREE CEMENT LIMITED

## MR. S S KHANDELWAL – COMPANY SECRETARY – SHREE CEMENT LIMITED

## MR. K.K. JAIN – HEAD OF FINANCE& ACCOUNTS – SHREE CEMENT LIMITED

## MODERATOR: M R. NAVIN SAHADEO – ICICI SECURITIES

### Page 1 of 17

* * *

Moderator:

Ladies and gentlemen, good day and welcome to Shree Cement Limited Q3 FY '26 Earnings
Call hosted by ICICI Securities Limited. As a reminder, all participant lines will be in the listenonly mode and there will be an opportunity for you to ask questions after the presentation
concludes. Should you need assistance during this conference call, please signal an operator by
pressing star then zero on your touchtone phone. Please note that this conference is being
recorded.

I now hand the conference over to Mr. Navin Sahadeo from ICICI Securities. Thank you, and
over to you, Mr. Navin.

Navin Sahadeo: Good evening, everyone. On behalf of ICICI Securities, I welcome you all to the Q3 FY '26
Earnings call of Shree Cement Limited. Today, we have with us Mr. Ashok Bhandari, Senior
Advisor of Shree Cement; Mr. Subhash Jajoo, CFO; Mr. S S Khandelwal, Company Secretary;
and Mr. K. K. Jain, who is Head of Finance and Accounts. So without any further ado, I hand
over the call to the management for their opening comments. Over to you, sir.

Ashok Bhandari: Good evening everybody. This is Ashok Bhandari. As per my past practice, I shall not be making
an opening statement as all the numbers are with you in the form of results. We may start the
Q&A to use the time more efficiently. Thank you.

Moderator: Thank you very much. We will now begin the question and answer session. The first question is
from the line of Rahul Gupta from Morgan Stanley. Please go ahead, sir.

Rahul Gupta: Thank you for taking my question. A couple of questions. First, given you are prioritizing
absolute earnings, your volumes have lagged the overall industry to some extent. Now in fact,
your operating rates would be more like mid-50 utilizations. Now how should we think about
your capacity expansion plans and target of 80 million tons from the next 2 years' perspective?
How should we look at your volumes from the next 2 years' perspective? That's my first question.

Ashok Bhandari:

Mr. Gupta, thank you for your question. Now please understand that since October '24, I had
been maintaining that we will be concentrating on value over volumes. That was with a purpose.
The purpose was very simple. We had a large divergence between our sales price and sales price
of competitors like UltraTech. If you will notice by restraining our volumes, we have narrowed
the gap from about INR30 a bag to about INR15 a bag.

Now naturally, if you want

…

Source: NSE — Latest Concall Transcript

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This summary is AI-generated from SHREE CEMENT LIMITED's latest quarterly filing and earnings call. For informational purposes only — not investment advice.

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