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BSE LIVE NSE LIVE 26 Aug, 2025 12:21 Volume Todays L/H More ×

Emkay Global Financial' research report on Shree Cement

Shree Cement (SRCM) reported standalone EBITDA (adjusted) at Rs8.75bn (up 48% YoY, albeit down 29% QoQ), which came in ~10% below our estimate. In contrast to its weak YoY volume growth (-8%) in Q1FY26, SRCM reported ~4% growth in Q2FY26 which is in line with the industry growth estimate. Cement realization was broadly flat sequentially, while blended realization was down ~1.5% QoQ (down by ~Rs80/t). A decent showing on the volume and realization fronts was offset by inflation in unit (RM+P&F) costs, which were up 8%/5% YoY/QoQ. Consequently, overall EBITDA/t stood at Rs1,105 vs ~Rs780 YoY and ~Rs1,375

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