Shree Cement (SHREECEM) Q3 25/26 earnings summary

Executive summary

• Focus remained on value over volume, narrowing the price gap with competitors and improving realizations, even at the cost of lower volume growth in the quarter.

• December and January saw improved demand and higher realizations, with expectations for continued momentum in the near term.

• Unaudited standalone and consolidated financial results for the quarter and nine months ended 31st December 2025 were approved on 6th February 2026.

• Statutory auditors conducted a limited review and found no material misstatements in the results.

• RMC (Ready-Mix Concrete) plant expansion is a key growth lever, with plans to increase from 19 to 45 plants by September 2026.

Financial highlights

• Sales volume for the December quarter was 8.7 million tons, up from 7.9 million tons in the September quarter.

• Standalone revenue from operations for Q3 FY26 was ₹4,416.39 crore, up from ₹4,303.20 crore in the previous quarter and ₹4,543.00 crore in Q3 FY25.

• Consolidated revenue from operations for Q3 FY26 was ₹4,800.52 crore, up from ₹4,761.07 crore in Q2 FY26 and ₹4,572.68 crore in Q3 FY25.

• Standalone profit for Q3 FY26 was ₹278.61 crore, compared to ₹277.14 crore in Q2 FY26 and ₹229.41 crore in Q3 FY25.

• EBITDA (consolidated) for Q3 FY26 was ₹1,092.83 crore, up from ₹1,075.58 crore in Q3 FY25.

Outlook and guidance

• Expectation of 9-9.5 million tons sales volume in the next quarter, with flat to modest YoY growth.

• Industry demand growth projected at 7.5%-8% for the next year, with company growth expected to be in line or slightly better.

• A new integrated cement plant in Rajasthan with 3.65 MTPA clinker and 3.0 MTPA cement capacity was fully commissioned during the quarter, supporting future growth.

• Dividend payout for FY25-26 anticipated to be higher than previous years, subject to board approval.