Shree Cement (SHREECEM) Q3 25/26 earnings summary

Executive summary

• Focus shifted to value over volume, narrowing the price gap with competitors and improving profitability per ton, even at the cost of lower volume growth in the short term.

• December and January saw improved demand and higher realizations, with expectations for continued momentum in Q4.

• 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) business expanding rapidly, with plans to grow from 19 to 45 plants by September 2026.

Financial highlights

• Q3 sales volume was 8.7 million tons, up from 7.9 million tons in the previous 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.

• Consolidated profit for Q3 FY26 was ₹267.65 crore, compared to ₹309.82 crore in Q2 FY26 and ₹193.72 crore in Q3 FY25.

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

• RMC business generated INR 71 crore in revenue for the quarter, with 44%-45% captive cement consumption.

• Realization per ton for December 2025 was INR 4,652, up from INR 4,554 in December 2024.

• Employee costs increased by INR 56 crore due to new labor code provisions, disclosed in note 3.

Outlook and guidance

• Q4 volumes expected to be 9-9.5 million tons, with flat to 2% YoY growth.

• Industry demand expected to grow 7.5%-8% in the next year, with company growth in line or slightly ahead.

• Premium cement share stable at 21%-22%, with no major change expected in the near term.

• Dividend payout for FY26 expected to be higher than FY25, subject to board approval.

• 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.