More Stories

Informist, Monday, May 4, 2026

By Astha Oriel

NEW DELHI – Shree Cement Ltd. is likely to report a double-digit year-on-year decline in its March quarter revenue as lower realisations owing to competitive pricing in the cement sector offset the rise in sales volume, according to analysts. The company's bottom line, too, is likely to witness a single-digit year-on-year decline as operating margin narrowed due to a rise in fuel and power costs. 

The company's March quarter net profit is seen falling more than 5% on year, but nearly 58% higher on quarter, at INR 5.27 billion, according to the average of estimates from 14 brokerages. The highest estimate of INR 6.05 billion net profit is from Equirus Securities Pvt. Ltd. while the lowest projection of INR 4.03 billion is by ICICI Securities Ltd. This would be the first quarter of financial year 2025-26 (Apr-Mar) for which the company would report an on-year decline in net profit when it reports its earnings on May. 6. 

Revenue of the Kolkata-headquartered cement manufacturer is expected to fall nearly 11% on year, but increase more than 24% on quarter, to INR 54.99 billion, according to the average of estimates. Nirmal Bang Equities Pvt. Ltd. has the highest estimate of INR 60.28 billion, whereas the lowest estimate is INR 51.4 billion by Systematix Shares and Stocks (India) Ltd. This would mark the company's first year-on-year decline in revenue in five quarters. 

Shree Cement's net sales volume is expected to increase in the range of 10 million tonnes per annum to 10.7 million tonnes, according to estimates by 11 brokerages. In the year-ago quarter, the company's cement and clinker sales volume was 9.84 million tonnes. The aggregate volume for the sector is estimated to increase 6-11% in the March quarter, buoyed by a pick up in construction activities, according to analysts. Cement output in the country rose nearly 11% on year in January and more than 9% on year in February, as per data released by the commerce ministry. 

Analysts expect the company's net sales realisation to be in the range of INR 4,630 per tonne and INR 5,496 per tonne. In the year-ago quarter, the company's realisations were INR 4,768 per tonne. 

The company's earnings before interest, taxes, depreciation, and amortisation are estimated at INR 12.18 billion, down nearly 12% on year, according to the average of estimates by 13 brokerages. Equirus Securities has given the highest estimate at INR 13.81 billion, whereas the lowest estimate is INR 10.56 billion by ICICI Securities Ltd. 

The company's March quarter EBITDA per tonne is expected to decline to INR 988 per tonne – INR 1,176 per tonne, according to estimates by seven brokerages. This compares with INR 1,406 per tonne in the year-ago quarter. 

Shares of Shree Cement have declined nearly 11% since the company reported December quarter results on Feb. 6. At 1218 IST, shares of the company were trading 2.13% higher at INR 24,710 apiece on the National Stock Exchange of India.

Of the 15 brokerage reports on the company available with Informist, seven brokerages have given a "buy" recommendation with an average target price of INR 32,442 per share. Six brokerages have given a "buy" recommendation with an average target price of INR 28,683 per share, and two have given a "sell" call with an average target price of INR 25,930 per share. 

Following are the March quarter earnings estimates for Shree Cement from 14 brokerages in descending order of the estimate of net profit in INR billion:

End

Edited by Deepshikha Bhardwaj

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd. by NSE Data & Analytics Ltd., a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt. Ltd.

Informist Media Tel +91 (22) 6985-4000 /+91 (11) 4220-1000

Send comments to feedback@informistmedia.com

© Informist Media Pvt. Ltd. 2026. All rights reserved.