India · Delayed Price · Currency is INR Shree Cement Earnings Call Transcripts
Fiscal Year 2026
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Q4 FY26 saw 11% YoY cement volume growth, improved realizations, and a 34% EBITDA jump. Capacity rose to 69.3 MT, with robust expansion plans and a 36% higher dividend. Cost inflation and Middle East risks remain, but demand outlook is strong.
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Prioritizing value over volume, the company improved realizations and narrowed the price gap with peers, while expanding RMC capacity and maintaining strong cash reserves. Capex for FY26 is guided at INR 500 crore, with demand and margins expected to improve as utilization rises.
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Cement sales volume grew 6.8% YoY with a 9% rise in realization, driving a 46% EBITDA increase. UAE operations delivered record results, and the company expanded green power and RMC capacity. Capex guidance remains strong, with a focus on value over volume and premiumization.
Fiscal Year 2025
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Q4 FY25 saw strong volume and EBITDA growth, driven by premium product focus, cost efficiencies, and higher green energy usage. Capacity expansions and new product launches support a positive outlook, with demand expected to grow 6.5–7.5% in FY26.
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Q2 FY25 saw a 7% volume decline due to weak demand, but disciplined pricing and a premium product focus kept realizations stable and costs down. Capacity expansions and sustainability initiatives remain on track, with improved demand and pricing expected in the next six months.
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Q1 FY25 saw 8% volume growth and improved cost efficiencies, but EBITDA fell 2% year-over-year due to lower realizations and higher expenses from new plant stabilization. Management expects weak demand and pricing through Q3, with recovery likely in Q4.