Shree Cement Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Shree Cement Ltd filed with BSE on 06 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Shree Cement reported that Q1 FY27 India realization rose to Rs 4,919 per tonne while the clinker conversion factor fell to 1.50 from 1.58 a year earlier, which management attributed to a forced shift from Pet Coke to coal and unavailability of Omani gypsum due to the Middle East war. Consolidated volumes stood at 114.5 lakh tons with operational EBITDA of Rs 1,272 crore, versus 99.6 lakh tons and Rs 1,333 crore in the year-ago quarter, translating to consolidated EBITDA per ton of 1,111 against 1,339 a year earlier. Management said fuel cost rose to Rs 1.95 per kcal in the quarter and described the quarter as abnormal, while asking analysts to shift to tracking consolidated rather than standalone numbers going forward.
1 statement from this call is not shown because its supporting quote could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Realization (India operations): INR4,919 per MT (Q1 FY27)
p. 5
“Realization is INR4,919 per MT against INR4,854 last June '25.”
K.K. Jain, page 5 of the filed PDF · View the filing
Clinker conversion factor: 1.50 (Q1 FY27)
p. 5
“The clinker conversion is 1.50 for current quarter against the 1.58 of the corresponding quarter.”
K.K. Jain, page 5 of the filed PDF · View the filing
Trade sales mix: 62% (Q1 FY27)
p. 5
“62% is the trade against 71% in June '25. And 60% blended ratio against the 70% of June '25.”
K.K. Jain, page 5 of the filed PDF · View the filing
Consolidated volume: 114.5 lakh tons (Q1 FY27)
p. 6
“If you look at the consolidated, the volume stands at 114.5 for the quarter.”
Ashok Bhandari, page 6 of the filed PDF · View the filing
Consolidated operational EBITDA: 1,272 (Q1 FY27)
p. 6
“The operational EBITDA without other income, repeat, without other income, stands at 1,272.”
Ashok Bhandari, page 6 of the filed PDF · View the filing
Consolidated operational EBITDA per ton: 1,111 (Q1 FY27)
p. 6
“Whereas this quarter, we have done 1,111, four times 1.”
Ashok Bhandari, page 6 of the filed PDF · View the filing
Fuel cost: 1.95 per kcal (Q1 FY27)
p. 4
“I have said that my fuel cost for the quarter was 1.95 per kcal.”
Ashok Bhandari, page 4 of the filed PDF · View the filing
Pet Coke share of fuel mix: 9% (Q1 FY27)
p. 3
“The percentage of Pet Coke reduced from 54 to 9, whereas coal increased to 81 from 32.”
Ashok Bhandari, page 3 of the filed PDF · View the filing
RMC revenue: INR109 crores (Q1 FY27)
p. 16
“Yeah, RMC revenue is INR109 crores for this quarter, INR90 crores for March '26, and INR40 crores for June '25.”
K.K. Jain, page 16 of the filed PDF · View the filing
Consolidated net cash: INR8,348 crore (June 2026)
p. 17
“You take net cash consolidated INR7,733 for June 25. It has gone up to INR8,348 in June 26.”
Ashok Bhandari, page 17 of the filed PDF · View the filing
Capex spent: INR450 crores plus (Q1 FY27)
p. 16
“Total is INR1,500 crores, we have spent INR450 crores plus in Q1.”
Ashok Bhandari, page 16 of the filed PDF · View the filing
Lead distance: 445 (Q1 FY27)
p. 17
“First on the lead distance, it has come down from 459 to 445.”
Ashok Bhandari, page 17 of the filed PDF · View the filing
Renewable energy share of total energy: 66% (Q1 FY27)
p. 14
“You'll be surprised to know that our renewable energy component to total energy has increased from 61% to 66% in this quarter.”
Ashok Bhandari, page 14 of the filed PDF · View the filing
Rail volumes share: 9% (Q1 FY27)
p. 14
“Rail was about 9%. in this quarter.”
Ashok Bhandari, page 14 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
India cement volume (FY27) — 40 million tons · FY27
stated firmly by Ashok Bhandari
p. 6
“I'm still sticking to my guidance of 40 million tons.”
Ashok Bhandari, page 6 of the filed PDF · View the filing
Capex (India operations) — INR1,500 crores · FY27
stated firmly by Ashok Bhandari
p. 16
“Total for the FY is about INR1,500 crores, we have spent INR500 crores in Q1.”
Ashok Bhandari, page 16 of the filed PDF · View the filing
Fuel cost — Q2 FY27
stated conditionally by Ashok Bhandari
p. 9
“We expect as on date the fuel cost should not shoot up, provided calm prevails in Middle East and in the minds of our great US President, Mr. Donald Trump.”
Ashok Bhandari, page 9 of the filed PDF · View the filing
Profitability — Q2 FY27
stated conditionally by Ashok Bhandari
p. 18
“I expect to do better Q2 onwards, if nothing untoward happens on Middle East front.”
Ashok Bhandari, page 18 of the filed PDF · View the filing
Trade sales mix — 70% trade and 30% non-trade
stated as an aspiration by Ashok Bhandari
p. 8
“I would like to go back to 70% and 30% non-trade, yeah.”
Ashok Bhandari, page 8 of the filed PDF · View the filing
RMC EBITDA margin — about 5% levels
stated as an aspiration by Ashok Bhandari
p. 8
“As we learn the business, as we start pushing more volumes, the operating efficiency itself should bring the EBITDA of this business to at about 5% levels.”
Ashok Bhandari, page 8 of the filed PDF · View the filing
Electric commercial vehicles commissioning — 100 e-commercial vehicles · this year
stated firmly by Ashok Bhandari
p. 13
“We are committed to commission about 100 commercial ECVs, e-commercial vehicles, in this year.”
Ashok Bhandari, page 13 of the filed PDF · View the filing
Northeast plant capacity — 4 to 5 million tons
stated as an aspiration by Ashok Bhandari
p. 13
“And maybe we should be able to come to 4 to 5 million ton of final capacity.”
Ashok Bhandari, page 13 of the filed PDF · View the filing
Standalone share of consolidated revenue — 75% to 80% · not-too-distant future
stated as an aspiration by Ashok Bhandari
p. 3
“probably the standalone Shree Cement should constitute about 75% to 80% of total revenue, and the other constituents will have 20%, 25% of revenue”
Ashok Bhandari, page 3 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management confirmed fuel cost of 1.95 per kcal, gave realization and clinker factor figures via Mr. Jain.
Answered by K.K. Jain
Asked by Rajesh Ravi: What was Q1 fuel cost, trade mix, clinker factor, and realization?
p. 5
“Realization is INR4,919 per MT against INR4,854 last June '25.”
K.K. Jain, page 5 of the filed PDF · View the filing
Management explained that lower quality coal reduced the clinker conversion factor, pushing more sales into non-trade/OPC segments.
Answered by Ashok Bhandari
Asked by Amit Murarka: Why did the company shift to non-trade sales because of the Middle East crisis?
p. 7
“My non-trade sale had to increase because my conversion factor was low and I had to go into the non-trade segment.”
Ashok Bhandari, page 7 of the filed PDF · View the filing
Jajoo gave utilization by region and said South and North saw the highest growth while East was flat.
Answered by Subhash Jajoo
Asked by Kunal Shah: How did regional volume growth and utilization look across North, East, South in Q1?
p. 8
“So - for North it is 66%, for East it is 60%, and for South it is 57%.”
Subhash Jajoo, page 8 of the filed PDF · View the filing
Management declined to disclose the UAE-specific EBITDA breakdown.
Answered by Ashok Bhandari
Asked by Siddharth: What proportion of the non-standalone consolidated EBITDA came from UAE?
p. 11
“I will not go into specific number game.”
Ashok Bhandari, page 11 of the filed PDF · View the filing
Management refused to disclose the UAE per-ton EBITDA or revenue figures for the quarter.
Answered by Ashok Bhandari
Asked by Rahul Gupta: What was UAE EBITDA per ton and revenue this quarter, given last quarter's AED47 figure was disclosed?
p. 11
“I have understood your request, and I am just with folded hands saying that I will not disclose this number.”
Ashok Bhandari, page 11 of the filed PDF · View the filing
Management maintained India capex guidance and explained the Northeast facility is being built for eventual 4-5 million ton capacity, not just the initial 1 million ton.
Answered by Ashok Bhandari
Asked by Jashandeep Chadha: What is the capex guidance and Northeast plant economics?
p. 12
“You see, total capex I had guided Q4 about INR1,500 crores. For in Q1, we have done INR456 crores. I maintain my guidance at about INR1,500 crores for the year.”
Ashok Bhandari, page 12 of the filed PDF · View the filing
Management described plans for electric commercial vehicles, renewable energy increases, and a small BESS pilot.
Answered by Ashok Bhandari
Asked by Ritesh Shah: What cost levers is the company working on, including freight, rail, and BESS?
p. 13
“We are committed to commission about 100 commercial ECVs, e-commercial vehicles, in this year.”
Ashok Bhandari, page 13 of the filed PDF · View the filing
Management said all approvals were in place as of that morning's meeting.
Answered by Ashok Bhandari
Asked by Satyadeep Jain: Given media reports of public hearing protests, is the Northeast plant timeline on track?
p. 15
“Today morning 8:30, there was a meeting and all approvals are in place.”
Ashok Bhandari, page 15 of the filed PDF · View the filing
Management said it is not pursuing inorganic acquisitions.
Answered by Ashok Bhandari
Asked by Harsh Mittal: Given the cash on the balance sheet, is the company considering inorganic growth?
p. 17
“No, no, no. We are not in the inorganic game at all, my friend.”
Ashok Bhandari, page 17 of the filed PDF · View the filing
Management said it does not forecast selling prices as that is market-driven.
Answered by Ashok Bhandari
Asked by Girija Ray: How does management see pricing trending going forward?
p. 17
“I have never in my 40 years' career taken a call on how the selling price will be, sir.”
Ashok Bhandari, page 17 of the filed PDF · View the filing
Management clarified the INR1,500 crore figure is for India operations only and that UAE expansion is self-funded from UAE cash.
Answered by Ashok Bhandari
Asked by Prateek Kumar: Does the INR1,500 crore capex guidance include UAE expansion, and what is the consolidated capex guidance?
p. 18
“INR1,500 crores is India operation. Thank you very much for pointing it out. UAE expansion is already under way, and it is being funded out of UAE operations only.”
Ashok Bhandari, page 18 of the filed PDF · View the filing
Risks flagged
Middle East war disrupted contracted Pet Coke supply, forcing a shift to more expensive coal
p. 3
“The Pet Coke which were contracted for could not reach us, which had to make us shift the fuel from Pet Coke to coal.”
Ashok Bhandari, page 3 of the filed PDF · View the filing
Middle East war disrupted contracted Omani gypsum supply, raising raw material costs
p. 3
“the contracted gypsum quantity out of Oman could not reach us”
Ashok Bhandari, page 3 of the filed PDF · View the filing
Lower quality coal reduced the clinker conversion factor, increasing clinker content and cost
p. 3
“because of lower quality of coal, our conversion factor, means clinker to cement ratio, changed, which increased the component of clinker in my cement”
Ashok Bhandari, page 3 of the filed PDF · View the filing
Forced increase in non-trade sales depressed realization and premium sales
p. 6
“increase in non-trade sale has had some depressing effect on my premium sales”
Ashok Bhandari, page 6 of the filed PDF · View the filing
Potential escalation in the Middle East could disrupt fuel and raw material costs again
p. 5
“if anything drastic happens in Middle East, the equation may change completely”
Ashok Bhandari, page 5 of the filed PDF · View the filing
RMC business is not currently profitable
p. 8
“RMC, as on date, is almost a profit-neutral game.”
Ashok Bhandari, page 8 of the filed PDF · View the filing
UAE volumes fell sharply due to near-halt in sales during the war
p. 6
“this dip is majorly because of practically no sales in April and May in UAE because of war”
Ashok Bhandari, page 6 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.