Shree Cement Ltd.volume +18%, EBITDA +4%, per-ton profit hit by fuel

Shree Cement's Q2 FY27 call, held on 23 October 2026, reported India sales volume of 9.31 million tons, up 18% on the year, a 1% rise in realisation to ₹4,870 a ton, and consolidated EBITDA of ₹1,016 crore, up 4%.

EBITDA per ton fell to ₹966 from ₹1,055 because landed fuel cost rose to ₹2.09 from ₹1.66 on a kcal basis, and the CFO guided about ₹2.15 to ₹2.20 for Q3. Capacity utilisation in India rose to 56%. The UAE subsidiary commissioned a 3 million ton mill in September, taking capacity to 7 million tons, while the Meghalaya plant is due by March 2028. Premium products reached about 30% of sales, ready-mix concrete revenue rose 182%, and consolidated net cash was ₹8,168 crore.

Management expects FY27 volume of 40 to 41 million tons and Q3 and Q4 performance reasonably better, if not similar, to Q2. Of 14 earlier promises, 3 were met, 1 came early, 4 are on track, 2 were partly met, 2 were missed and 2 cannot be checked yet.