{"id":180179,"date":"2026-02-09T14:29:15","date_gmt":"2026-02-09T19:29:15","guid":{"rendered":"https:\/\/alphastreet.com\/india\/shree-cement-limited-shreecem-q3-2026-earnings-call-transcript\/"},"modified":"2026-02-09T14:29:15","modified_gmt":"2026-02-09T19:29:15","slug":"shree-cement-limited-shreecem-q3-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/shree-cement-limited-shreecem-q3-2026-earnings-call-transcript\/","title":{"rendered":"Shree Cement Limited (SHREECEM) Q3 2026 Earnings Call Transcript"},"content":{"rendered":"

Shree Cement Limited (NSE: SHREECEM) Q3 2026 Earnings Call dated Feb. 06, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Unidentified Speaker<\/strong><\/p>\n

Ashok Bhandari<\/strong> \u2014 Senior Advisor<\/em><\/p>\n

Subhash Jajoo<\/strong> \u2014 Chief Finance Officer<\/em><\/p>\n

Analysts:<\/h2>\n

Unidentified Participant<\/strong><\/p>\n

Navin Sahadeo<\/strong> \u2014 Analyst<\/em><\/p>\n

Rahul Gupta<\/strong> \u2014 Analyst<\/em><\/p>\n

Pinakin<\/strong> \u2014 Analyst<\/em><\/p>\n

Rajesh Ravi<\/strong> \u2014 Analyst<\/em><\/p>\n

Jashandeep Singh Chadha<\/strong> \u2014 Analyst<\/em><\/p>\n

Shravan Shah<\/strong> \u2014 Analyst<\/em><\/p>\n

Harsh Mittal<\/strong> \u2014 Analyst<\/em><\/p>\n

Lakshminarayanan<\/strong> \u2014 Analyst<\/em><\/p>\n

Uttam Srimal<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

operator<\/strong><\/p>\n

Ladies and gentlemen, good day and welcome to Sri Cement Limited Q3FY26 earnings call hosted by ICICI Securities Limited. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Naveen Shaharu from ICICI Securities. Thank you. And over to you Mr. Naveen.<\/p>\n

Navin Sahadeo<\/strong> \u2014 Analyst<\/em><\/p>\n

On behalf of icicare technology. Hello.<\/p>\n

operator<\/strong><\/p>\n

Yes sir. You can go ahead.<\/p>\n

Navin Sahadeo<\/strong> \u2014 Analyst<\/em><\/p>\n

Thank you. Good evening everyone. On behalf of icici securities, I welcome you all to the q3fy26 earnings call of sri cement limited. Today we have with us Mr. Ashok bhandari, senior advisor of sri cement. Mr. Subhas jaju, cfo, Mr. S.s. khandelwal, company secretary and Mr. K.k. jain who is head finance and accounts. So without any further ado, I hand over the call to the management for their opening comments. Over to you, sir.<\/p>\n

Navin Sahadeo<\/strong> \u2014 Analyst<\/em><\/p>\n

I had been following the practice of not making an opening statement because it unnecessarily repeats all the numbers which are already in your hands. So to utilize<\/p>\n

operator<\/strong><\/p>\n

the time we missed the opening.<\/p>\n

Ashok Bhandari<\/strong> \u2014 Senior Advisor<\/em><\/p>\n

Good evening everybody. This is Ashok Bandari. As per my past practice, I shall not be making an opening statement as all the numbers are with you in the form of results. We may start the Q and A to use the time more efficiently. Thank you. Hello.<\/p>\n

operator<\/strong><\/p>\n

Yes sir. Should I open for the Q and A?<\/p>\n

Ashok Bhandari<\/strong> \u2014 Senior Advisor<\/em><\/p>\n

Yeah. Yeah, yeah, yeah. Yes please.<\/p>\n

Questions and Answers:<\/h2>\n

operator<\/strong><\/p>\n

Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press Star and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen will wait for a moment while the question queue assembles. The first question is from the line of Rahul Gupta from Morgan Stanley. Please go ahead, sir.<\/p>\n

Rahul Gupta<\/strong><\/p>\n

Hi. Thank you for taking my question. A couple of questions first. Given you are prioritizing absolute earnings, your volumes have lagged the overall industry to some extent. Now in fact, your operating rates would be more like mid-50s utilizations. Now how should we think about your capacity expansion plans and target of 80 million ton from the next two years perspective? How should we look at your volumes from the next two years perspective? That’s my first question.<\/p>\n

Ashok Bhandari<\/strong><\/p>\n

Thank you Mr. Gupta. Thank you for your question. Now please understand that since October 24th I’ve been maintaining that we will be concentrating on for value over volumes. That was with the purpose. The purpose was very simple. We had a large divergence between our sales price and sales price of competitors like Ultratech. If you will notice, by restraining our volumes we have narrowed the gap from about 30 rupees a bag to about 15 rupees a bag. Now naturally, if you want to maintain discipline on pricing and narrow down the gap, you had to take the pain of sacrificing volumes.<\/p>\n

That is what we did. And I am very happy to report that the December growth, though aided by additional demand over November, volume wise, November we sold about 27 million tonnes. December we sold 33 million, sorry, 2.7 million and 3.3 million tonnes. And January is more or less in line with December 25th. We expect the same momentum to continue with a much higher realization and it should automatically improve our capacity utilization. On the other hand, the capacity utilization will further be augmented by our concentrating more and more on RMC plants which shall give me a better geographical reach, a more logistical cost optimization and increase the volumes as well.<\/p>\n

Now coming to your second question of our declared capacity of 80 by 29. 29 is still far off. We are still sitting in 26. We shall get back to you in due course.<\/p>\n

Rahul Gupta<\/strong><\/p>\n

Got it? Got it. So, two follow ups. One, given you have narrowed the gap from 30 rupees to 15 rupees, is it fair to say that you would continue to focus on reducing this further? And my second question is, what would be the absolute revenues of the RMC business and how much cement your RMC would be would be using internally? Thank you.<\/p>\n

Ashok Bhandari<\/strong><\/p>\n

My dear friend, your first question is infectious. You are saying that will you keep on reducing the gap? It is obvious I’ll keep on increasing my profits. So that is one part. The increase in profit mainly in cement is because of top line. The cost is more or less the same for the industry except in few factors. Point number two, as on date we have 19 RMC plants. We intend to take it to 45 within next six to eight months. Means you can easily assume that by September 26th the number of plants will increase to 45 from 19.<\/p>\n

We started RMC about two years back and in three, three and a half years we will be achieving 45 plants. Whereas leading players in RMC like Ultratech has over last 25 years set up only 100 plants. So we are in track. It is very difficult for me because much depends on how the how the demand scenario emerges. But certainly all my RMC plants will be using my cement. And it will aid the cement quantity and capacity utilization.<\/p>\n

Rahul Gupta<\/strong><\/p>\n

Thank you. Just what would be the revenues from RMC as of now? And what share of.<\/p>\n

Ashok Bhandari<\/strong><\/p>\n

71 crore? One second. I’ll. I’ll ask Mr. K.K. jain to give the answer. It is 71 crore for the quarter.<\/p>\n

Rahul Gupta<\/strong><\/p>\n

71 crore. Right.<\/p>\n

Ashok Bhandari<\/strong><\/p>\n

For the quarter we did 71 crore my friend. On 19 plants.<\/p>\n

Rahul Gupta<\/strong><\/p>\n

Got it. And how much captive consumption of cement is going into RMC?<\/p>\n

Ashok Bhandari<\/strong><\/p>\n

45% is the captive consumption for RMC plant for the quarter.<\/p>\n

Rahul Gupta<\/strong><\/p>\n

Thank you. Wish you all the best.<\/p>\n

Ashok Bhandari<\/strong><\/p>\n

Thank you.<\/p>\n

operator<\/strong><\/p>\n

Thank you. The next question is from the line of Pinakin from hsbc. Please go ahead.<\/p>\n

Pinakin<\/strong><\/p>\n

Yeah. Thank you very much. Sir, in the September quarter the sales volume was 7.9 million tons. What would be the comparable sales volume in the December quarter? 8.7. That would imply a roughly 7% decline in blended realization. Which seems to be higher than what the peers have reported. What would be driving this decline realization? Sir?<\/p>\n

Ashok Bhandari<\/strong><\/p>\n

No, no, no, no, no, no, no, no, no, no. You have to do your math correctly. Please understand that my pertinent realization has gone up. The blended realization. I don’t know how you are calculating. If you want we will give you a detailed calculation sheet. Mr. Jaju, CFO of the company will send you a mail. Or you can send him a mail asking precise question. I think you are mistaken somewhere.<\/p>\n

Pinakin<\/strong><\/p>\n

Got it. So we were just basically dividing net revenues by.<\/p>\n

Ashok Bhandari<\/strong><\/p>\n

So that is the point. You have to be slightly careful, my friend. You write. You write a mail to Mr. Jaju and Mr. Yaju will give you the reply.<\/p>\n

Pinakin<\/strong><\/p>\n

So sir, what would be the comparable Q on Q change in pricing for the company?<\/p>\n

Ashok Bhandari<\/strong><\/p>\n

One second. December 24th realization is not the answer. Yeah. December 24th it was 4652. December 25th, September 25th and December 24th is 4554. I don’t have the September 25th numbers.<\/p>\n

Pinakin<\/strong><\/p>\n

Got it. Any color on the Capex for next year? At this point of time, how much will the company be spending?<\/p>\n

Ashok Bhandari<\/strong><\/p>\n

As I said, we will be adding about 26 to 30R plants. And the CapEx expected is about 500 crore in FY26.<\/p>\n

Pinakin<\/strong><\/p>\n

Sure. And so my last question is that it looks on a per term basis there is a decline in power and fuel costs.<\/p>\n

Ashok Bhandari<\/strong><\/p>\n

Obviously there are two reasons. One is that my per kilo calorie cost is lowest in the industry sitting at 1.56. And my renewable energy has kept on increasing. And it has crossed almost 60. It has reached almost 61%.<\/p>\n

Pinakin<\/strong><\/p>\n

Okay, okay. So this trend should continue, right?<\/p>\n

Ashok Bhandari<\/strong><\/p>\n

This trend. Why it should not improve, my friend. You see, as far as the. As far as the per kilo calorie cost is concerned you have to understand that it is the function of international coal prices or Petco prices. I cannot take a call there. What I can say is over the 40 year existence of this company we have always been the lowest price procurer of fuel. And that is why my fuel cost is lower. My renewable energy portfolio has kept on increasing. We are having the highest renewable portfolio today. And we have reached almost 61%.<\/p>\n

And we are trying to add 2 or 3% more. As far as Kodla, the new unit which is due to be commissioned by March. I’ll be having a waste heat recovery system there which will add up to my renewable or alternative energy. So the energy cost should logically come down if the coal and Petco prices do not go up.<\/p>\n

Pinakin<\/strong><\/p>\n

Got it? Got it. Got it. That’s very clear. Thank you very much, sir.<\/p>\n

operator<\/strong><\/p>\n

Thank you. The next question is from the line of Rajesh Ravi from HDSA security. Please go ahead. Sir. You may unmute your lines.<\/p>\n

Rajesh Ravi<\/strong><\/p>\n

Hello.<\/p>\n

operator<\/strong><\/p>\n

Hello.<\/p>\n

Ashok Bhandari<\/strong><\/p>\n

Yes, Rajesh.<\/p>\n

Rajesh Ravi<\/strong><\/p>\n

Am I audible?<\/p>\n

Ashok Bhandari<\/strong><\/p>\n

Yes, you are.<\/p>\n

Rajesh Ravi<\/strong><\/p>\n

Yeah. Hi sir. Good evening. So just few housekeeping questions. What were the trade? Non trade trade and blended cement share in this quarter and lead distance.<\/p>\n

Ashok Bhandari<\/strong><\/p>\n

I will give the line to Mr. Shubhaju. He will give you the answer.<\/p>\n

Subhash Jajoo<\/strong><\/p>\n

Lead distance for the quarter is 446 kilometer. And the trade sale is 65%. What else you want?<\/p>\n

Rajesh Ravi<\/strong><\/p>\n

Blended cement.<\/p>\n

Subhash Jajoo<\/strong><\/p>\n

Blended is also 65%.<\/p>\n

Rajesh Ravi<\/strong><\/p>\n

Okay. And if I look your fuel cost sequentially this has come down by around 10 paisa. So there is a 50 rupees per ton saving. And your green power mix remains similar. So you know, how is the power cost pattern at a company level?<\/p>\n

Subhash Jajoo<\/strong><\/p>\n

Power ton power cost per unit. Average power blended.<\/p>\n

Subhash Jajoo<\/strong><\/p>\n

Yeah, one second. One second means bought out and renewable land, waste heat recovery and everything.<\/p>\n

Rajesh Ravi<\/strong><\/p>\n

Yes, yes.<\/p>\n

Subhash Jajoo<\/strong><\/p>\n

I may not be having that data immediately. I will send you. We’ll get back to you Rajesh on this.<\/p>\n

Rajesh Ravi<\/strong><\/p>\n

Sure, sure. Yeah, certainly. And the realization for the quarter you mentioned was 4625, right? Gray cement.<\/p>\n

Subhash Jajoo<\/strong><\/p>\n

Yes. 4652. So which is almost 3%. 4% decline quarter on quarter.<\/p>\n

Subhash Jajoo<\/strong><\/p>\n

That is what I’m trying to figure out. The earlier somebody had asked a similar question.<\/p>\n

Rajesh Ravi<\/strong><\/p>\n

No, on a blended basis. Because you don’t disclose the power revenues. That is why the blended number.<\/p>\n

Subhash Jajoo<\/strong><\/p>\n

What I’m saying is that we can. We. We will you write a mail to us. We will reconcile the numbers and get back to you.<\/p>\n

Rajesh Ravi<\/strong><\/p>\n

Understood. And you know, just wanted to understand. You mentioned that the. You know, you’ll be focused more on bridging the gap and getting a better price and realization. So at least on the volume, what sort of growth one should build in for, you know, this year? Because earlier you were looking at 37 to 38 million ton for this year which seems there could be a slip of 1 to 1 to 2 million ton on the volumes.<\/p>\n

Subhash Jajoo<\/strong><\/p>\n

So I explained. I already explained what was the rationale.<\/p>\n

Rajesh Ravi<\/strong><\/p>\n

Right, understood.<\/p>\n

Subhash Jajoo<\/strong><\/p>\n

Mr. Ravi, please hear me out fully. Number one, the demand in October and November was low. That you know.<\/p>\n

Rajesh Ravi<\/strong><\/p>\n

Right.<\/p>\n

Subhash Jajoo<\/strong><\/p>\n

Which I had no control. December the demand picked up. We have picked up more. January, the trend is likely is similar to December. We don’t find any let up in February and March. Because you. The central government budget has to be spent by the 31st of March. So I don’t think there will be any let up in. In volumes. I can easily and with great deal of confidence say that within this quarter we will do 9 to 9.5 million tons in total. Yes. I will not be growing at 7 to 8%. But then that was a function of low demand.<\/p>\n

What to do?<\/p>\n

Rajesh Ravi<\/strong><\/p>\n

Right, right.<\/p>\n

Subhash Jajoo<\/strong><\/p>\n

But going forward I am confident that we should do you see today the RBI governor has pointed out to a 7.4% GDP growth growth rate for 2627 in his MPC. And I had been maintaining that Siemens generally grows at 1 to 1.1 time national GDP. So next year I expect the demand to be around 7 and a half to 8%.<\/p>\n

Rajesh Ravi<\/strong><\/p>\n

Great. Great. And lastly, if you could share the UAE performance which you did in last quarter.<\/p>\n

Subhash Jajoo<\/strong><\/p>\n

It is getting better by the day.<\/p>\n

Rajesh Ravi<\/strong><\/p>\n

Okay. Possible to share the volume review in the beta number.<\/p>\n

Subhash Jajoo<\/strong><\/p>\n

I will not. I will. I don’t have the UAE numbers with me at the moment. We’ll share with it.<\/p>\n

Rajesh Ravi<\/strong><\/p>\n

That’s all for now. I’ll come back into you. Thank you.<\/p>\n

operator<\/strong><\/p>\n

Thank you. The next question is from the line of Indajit Agarwal from clsa. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hi sir. Thanks for the opportunity. Couple of questions. First. I’m sorry I missed your name. I missed your name.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Indrajit Agarwal from clsa. So first on pricing, can you indicate how the trends have been so far in January and heading into February both on December?<\/p>\n

Ashok Bhandari<\/strong><\/p>\n

As I said, the December pricing was much better and the same trend is continuing. We don’t see any let up in demand because of the because of the central government compulsion of completing the exhausting the budget within this quarter. So if demand is good then pricing will remain good. As a matter of fact, as we have been focusing and we have been achieving convergence in or reducing the delta between our price and ultratech price I expect the same trend to maintain maybe at a slower pace. Because I will be doing volumes now also.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

And sir, secondly, do you think that from now on we will continue to grow ahead of industry or largely in.<\/p>\n

Ashok Bhandari<\/strong><\/p>\n

Line with industry at least let us say if I want to push volume then I have to sacrifice price, isn’t it? Both don’t go hand in hand. So it is a calculated equilibrium game which we have to play as the scenario emerges. We’ll keep on updating you as well as on date. I expect no net up in demand and no let up in pricing.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sure. Thank you. That’s all from my side.<\/p>\n

operator<\/strong><\/p>\n

Thank you. The next question from the line of Chashant Deep Singh Chadha from Nomura. Please go ahead.<\/p>\n

Jashandeep Singh Chadha<\/strong><\/p>\n

Why are you troubling me? Thank you so much for the opportunity. I won’t trouble you myself. Just a couple of quick questions. Firstly say you know SHE Summit has been operating in multiple regions. I want you to understand the basic understanding of how all the regions are performing. Not necessarily from she perspective but from industry perspective.<\/p>\n

Ashok Bhandari<\/strong><\/p>\n

One second. One second. Can we be at divergence with the industry region wise. So we will be in line with the industry only. Exactly how much SRI has sold in reach reason of its capacity. The number I am asking Mr. K.K. jain to share with you that in this region means SRI is capacity is hundred. Then region wise how much we have sold in this quarter. And that should be roughly the line of operation of all Pan India cement companies. Regional companies. It’s not comparable. So I’m asking Mr. Jain to give you the reply.<\/p>\n

Unidentified Speaker<\/strong><\/p>\n

Yes.<\/p>\n

In north region the sale is 50. 53. Lectern 5.3 million. Sorry. Lectern and east 23 and south 11. And in percentage of time it is 51%. In north is 26% and south 13%.<\/p>\n

Jashandeep Singh Chadha<\/strong><\/p>\n

Thank you so much, sir. This is a very valuable information. But I was also looking from. You know from January and going ahead which region you are seeing. You know uptick.<\/p>\n

Ashok Bhandari<\/strong><\/p>\n

What is the date today, my friend? 86. What is that?<\/p>\n

Jashandeep Singh Chadha<\/strong><\/p>\n

January onwards.<\/p>\n

Ashok Bhandari<\/strong><\/p>\n

Let the January numbers come to me.<\/p>\n

Jashandeep Singh Chadha<\/strong><\/p>\n

Okay, sir. Maybe you know once they’re out, I’ll reach out.<\/p>\n

Jashandeep Singh Chadha<\/strong><\/p>\n

Yes. The second question was on the. I understand. On per kilo calorific value. SHE Cement has been the lowest and will continue to be the lowest. But with Petco, you know international price is going on. What kind of impact will be on the cost for fourth quarter?<\/p>\n

Ashok Bhandari<\/strong><\/p>\n

Please that nothing stops me from changing from coal to petcoke or petcoke to coal. I have multi fuel burners. This is a constant exercise which my purchase people do that which mix gives them the best landed fuel cost. I am not at all concerned with international prices. I am concerned with landed cost of fuel because that is the actual cost to me. So this is a constant exercise. As on date we are at 1.56 per kilocalorie. It may remain same for January but it may go up in February and March. In any case I don’t think it should increase 1.80 which is my P fuel cost.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Understood sir, understood. Thank you for that. Just one last more of a clarification if I can understand from your previous, you know answer to the previous question. We are expecting 7 to 8% viable growth from the industry. And CCMN will largely be in line with the industry. Is my understanding right sir,<\/p>\n

Ashok Bhandari<\/strong><\/p>\n

your understanding is correct. With a caveat that we have generally grown better than the industry last one year you leave because that was with the strategy of narrowing the gap between the selling prices. But once we have achieved that then probably we may grow better than the industry also. But let the time tell its own story.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sure sir, sure sir. Thank you so much. And all the best for the future sir.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you. Thank you.<\/p>\n

operator<\/strong><\/p>\n

Thank you. The next question is from the line of Shravan Shah from Dollar Capital. Please go ahead.<\/p>\n

Shravan Shah<\/strong><\/p>\n

Yeah, yeah. Thank you sir. Sir, two questions. First in the last con call Q2 you highlighted that investors who look at the 3 cement from the console perspective. But. And in last two quarters you have said the UAE volume this time this is not part of the press release. And also post the call when we try to connect with the. With the CFO service. He is not ready to share the numbers. So how one can. Can. Can look at these things. This is first part. Second.<\/p>\n

Ashok Bhandari<\/strong><\/p>\n

Let me stop you here. One second. Do you mean to say that we have not published consolidated numbers,<\/p>\n

Unidentified Participant<\/strong><\/p>\n

no volume. I’m. I’m saying one second. So<\/p>\n

Ashok Bhandari<\/strong><\/p>\n

please go through the results. I don’t think you have gone through the results. Please go through the results. Standalone is there, consolidated is there. And you very well know how to calculate UAE from the two numbers. So what are we trying to say? You try to make the simple things difficult at all the times whenever we receive your call.<\/p>\n

Shravan Shah<\/strong><\/p>\n

Sorry sir, where. When did I I may make it difficult.<\/p>\n

Ashok Bhandari<\/strong><\/p>\n

Let us not argue on this. You ask your second question.<\/p>\n

Shravan Shah<\/strong><\/p>\n

Yeah. Sir, what’s our clarification on the MCA investigation that is on under section 200.<\/p>\n

Ashok Bhandari<\/strong><\/p>\n

There is no investigation. It is a routine inquiry. They have asked for information. The information has been shared. They have not come up with any report. So what do I do?<\/p>\n

Shravan Shah<\/strong><\/p>\n

Okay. No issues sir.<\/p>\n

Ashok Bhandari<\/strong><\/p>\n

Yeah.<\/p>\n

Shravan Shah<\/strong><\/p>\n

Yeah. Sir, road rail mix for this quarter and.<\/p>\n

Unidentified Speaker<\/strong><\/p>\n

Road rail is 88 and 12 and.<\/p>\n

Shravan Shah<\/strong><\/p>\n

Fuel mix pet coke and coal and.<\/p>\n

Ashok Bhandari<\/strong><\/p>\n

It’S 76% pet coke, 6% coal and balance is alternative fuel and capex. Till now how much we have done.<\/p>\n

Shravan Shah<\/strong><\/p>\n

And for f till now we have done around 1500 crore and another 400500 crore is to be done in this quarter.<\/p>\n

operator<\/strong><\/p>\n

May we request that you return to the question queue for a follow up question. The next question is from the line of Satyadeep Jain from Ambed Capital. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hi. Thank you. Just first question on the strategy on pricing versus utilization. You varied capacity in north and south in the past few quarters. How do you look at an ideal utilization given these capacities have been added but overall volume increase is not there. So is there an ideal utilization you look at when starting an asset to optimize the operating leverage fixed cost there. Please<\/p>\n

Ashok Bhandari<\/strong><\/p>\n

appreciate that I had always been maintaining then. Demand is not in the hand of any cement manufacturer. Demand emanates from overall growth within the economy. We are not happy with our current capacity utilization. We are taking steps to correct it. We have corrected it largely to some extent in January. I have also pointed out that we are concentrating on setting up more and more RMC plant which should give me a fillip in capacity utilization. But at this point of time especially in this quarter because this quarter may be the demand may be abnormally high due to pull from the central agencies.<\/p>\n

We may better answer this question in the first quarter of 2627.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sure sir. In that context we focus on utilization. How do we look at the 18,000,010? Would you rather wait to improve utilization? And what’s the progress on Jaisalmer?<\/p>\n

Ashok Bhandari<\/strong><\/p>\n

Generally your thinking is correct that we are not announcing specific sites and specific plants only because we want the capacity utilization to increase. I had hinted that 80 by 29 may get deferred or may culminate is completely dependent on how the demand comes out in 2627. So this is a question for which I don’t have a ready answer. I would like to expand. Please understand that 3Cement has increased its capacity 110 times from 1985 means in last 40 years we have grown 110 times in capacity. So our growth has not been lagging. Our CAGR for growth is 12 and a half percent plus and we expect to do it better.<\/p>\n

But then you must set up capacity not for idle capital but for productive capital which is a function of demand. If the demand doesn’t have the necessary leverage what is the point in setting up capacity and operate? Keep on operating at 56, 60%, 62%. Ideally we should reach 70% kind of a capacity utilization. Now whether it takes place in one year or in one and a half years time can only tell.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, perfect. Thank you so much.<\/p>\n

operator<\/strong><\/p>\n

Thank you. The next question is from the line of Siddharth Mehartra from Kotak Security. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you sir for the opportunity. Sorry if I missed this number. So what is the capex we are expecting for say 2027?<\/p>\n

Ashok Bhandari<\/strong><\/p>\n

Look, my major focus is going to be 26 RMC plants. 26 or 30 per RMC plant. It costs 4 to 5 crore. It costs about 5 crore so 150 crore. Visibility I have balance is completely dependent on how I attain. How I try to attain. Like June 26th. Sorry March 20th. March 26th we will be completing Kotla plant. We have spent about 2,000 crore of capex in this financial year. Next financial year I am giving you 150 crore capex. I am. I am also working on railway sidings which should be about how many crore per kilometer.<\/p>\n

Around 150 crore or 200 crores. About 200 to 250 crore on. On. On railway siding. So 5, 4 to 500 crore of capex. Visibility is clearly there. Balance visibility I’ll be able to give you once I start planning my further capacity addition. So you will have to give me one more quarter to give you more clarity on this. However you are fully. You fully. You may be fully aware that we are completely debt free. And we have about 6,000 thousand crore of free cash sitting in our balance sheet. So we are not worried about the quant quantum of capex.<\/p>\n

We can. We need to spend. We would like to be watchful of the demand and the potential capacity utilization.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Understood sir. So essentially that means we are planning to put at least two railway sidings approximately 150 to 200 crore for siding as well as the RMC plant. 500 crore. We have clarity and maybe some additional capex. This is whatever your capacities. You sort of decide which I’ll be.<\/p>\n

Ashok Bhandari<\/strong><\/p>\n

Able to tell you either in next count call or in the June call. I don’t Know you will have to give us time.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. Second sir, can you sort of quantify what sort of industry growth was prevalent in 3Q for the investigation? Some ballpark number.<\/p>\n

Ashok Bhandari<\/strong><\/p>\n

The Q3. You see, it is not comparable. I had a different strategy of operating my plants. The industry had a different strategy. So they are not apple to apple comparison. I was concentrating more on value less on volume. So obviously my growth was lower than the industry. If you want we can share those numbers of those numbers will be available elsewhere also. But you can write a mail idle to Mr. Subhas Yaju or to me. And we will give you the reply. We have not grown to our fullest capacity. To our fullest. What should I say? Potential by design.<\/p>\n

Now we will see how it works.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Got it sir. Got it. Sir, can I just please get the power mix? Blister is possible. Like 34 megawatt was the total green power mill. There should also be additional captive power. So could you just lay out what are the individual components.<\/p>\n

Ashok Bhandari<\/strong><\/p>\n

Wait a minute. Mr. Jaju will give you exact power plant capacities of various kinds.<\/p>\n

Unidentified Speaker<\/strong><\/p>\n

See, our total power capacity is currently 1137 megawatt. Out of which 503 is the thermal power capacity. And balance is all green. WHR is 265 megaw. Solar is 314 and wind is 56. So 64 megawatt of green capacity. 503 of thermal total 1137.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Understood. So just one last question. So if I could squeeze in a couple of your peers have sort of founded out that this is a very interesting and exciting opportunity in UAE to either sort of increase their stake in subsidiaries there or expand their capacities there in additional grinding units. So sir, given the fact that you already have a long standing exposure to that geography.<\/p>\n

Ashok Bhandari<\/strong><\/p>\n

Let me stop you here. My dear friend. Do you think that if there is a profit opportunity 3Cement will let it go bagging if there is potential, if there is real demand per cup. If it is, if the operations are are profitable or good enough profitable will certainly do whatever is required to be done. We have the largest cement plant in UAE today in our control.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Nothing has changed. At least from our perspective. In terms of the market opportunity.<\/p>\n

Ashok Bhandari<\/strong><\/p>\n

No, I would not like to comment on that as of yet. I’ll comment in March.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Understood. Thanks. Thanks a lot for your time, sir.<\/p>\n

operator<\/strong><\/p>\n

Thank you. The next question is from the line of Tushar Chaudhary P limited Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Good evening sir. Good evening. First of all please do me a favor. If you meet Amisha bank tomorrow please give my regards to Her.<\/p>\n

Ashok Bhandari<\/strong><\/p>\n

Sure. I just wanted to know this. Employee cost is little bit higher this quarter. Is it because of.<\/p>\n

Ashok Bhandari<\/strong><\/p>\n

Read note number three of the result?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, I missed that. Then Impact? No. So volume. Actually I wanted to know how much is the.<\/p>\n

Ashok Bhandari<\/strong><\/p>\n

Listen. The new labor quad has made me provide for all back liabilities which is amounting to 56 crore. We do not show any expense as an exceptional expense. Because it is all in routine course of business. So we have additionally provided 56 crore as required by the law. And we have disclosed it by way of a note in note number three. This is an employee. Now what is the second question?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Volume 2% growth is written. Last year it was 8.77.<\/p>\n

Ashok Bhandari<\/strong><\/p>\n

So last year what had happened? My dear friend. Last year what was my realization? This is this year what is my realization? December 24th, my realization was 4554. Is it correct? Yes. And December 25th, my realization is 4652. So you sell to lose money or you sell to make money. We have deliberately constrained our volumes to decrease the delta between other selling price and my selling price.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Understood that we have reduced it by. 50% now we’ll see what. What to do then.<\/p>\n

Ashok Bhandari<\/strong><\/p>\n

No, no. I understood that. Sir. You had extended pretty well earlier who percent volume growth is. Then is it including clinker. That I. I don’t remember it often.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

This prestige is saying 2%.<\/p>\n

Ashok Bhandari<\/strong><\/p>\n

I will. I will get back to you. You send a mail to Jaju and you will get back to you the exact numbers.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sure, sir. Thanks. Thanks.<\/p>\n

operator<\/strong><\/p>\n

Thank you. The next question is from the line of Naveen Sahadio. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah. Good evening, sir. Am I audible?<\/p>\n

Ashok Bhandari<\/strong><\/p>\n

How can you not be audible?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you, sir. So my question. My. My question was on this value versus volume strategy in the context of market share as well as industry superior profitability like past four quarters. As you mentioned in your opening comments. Since October 24th, the strategy of value over volume was clearly I think rewarding us in terms of significantly higher EBITDA per ton or margins versus the peers in this quarter. It is a bit of a dampener. And also of course the volumes are also like. You know, some. Maybe if I may say some loss of market share.<\/p>\n

Ashok Bhandari<\/strong><\/p>\n

Slow down. Slow down. Slow down. Hear me out. There were two major changes in our sales strategy in last one year. One was that we had made our debate and discount policy so transparent and non negotiable and non discretionary that the. That the favor dealers were getting pissed off. So it took them. It took some time for them to realize that this is A non negotiable policy. And now they have fallen in line. And number two is that in November we have inducted a new president marketing. And he has shown good results in last one month, one and a half month.<\/p>\n

So I expect that the thing should be better in incoming times. Now of course I can say anything. I cannot be but be bullish on cement. So I will keep on talking bullish sentiment on cement. But please understand that demand is not in my hand. If demand is there, you will not find us wanting.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Helpful. Helpful. Thank you so much. My second question then was on realization again. So in I think in Q4, in Q3 we have sequentially I think realization drop is about 4 odd.<\/p>\n

Ashok Bhandari<\/strong><\/p>\n

All of you are saying this. Unfortunately I don’t have this number. Maybe this is correct. Maybe there was a drop in realization or whatever. But you ask me a pointed question. Or you come. You keep on coming to Calcutta. Come one day I give you good tea. You have nice teachers. I will give you good lunch also if you want. And we’ll discuss this.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Right sir. So then I’ll. I’ll have the discussion over there.<\/p>\n

Ashok Bhandari<\/strong><\/p>\n

It is better we talk more freely and with all the data.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sure. Thank you.<\/p>\n

operator<\/strong><\/p>\n

Thank you. The next question is from the line of Indrajit Agarwal from clsa. Please go ahead.<\/p>\n

Ashok Bhandari<\/strong><\/p>\n

Yeah, sorry.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah, sorry, I missed one. I just want to clarify one number. Did you say fourth quarter rendered to be similar as December and nine to nine and a half million tons volume in fourth quarter?<\/p>\n

Ashok Bhandari<\/strong><\/p>\n

Yes, I did.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So that would imply more or less flattish yoy number. Is that understanding correct?<\/p>\n

Ashok Bhandari<\/strong><\/p>\n

Maybe 1 or 2% growth. I don’t know. I do. I have not done the math.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sure. Thank you so much.<\/p>\n

operator<\/strong><\/p>\n

Thank you. The next question is from the line of Harsh Mittal from MK Global. Please go ahead.<\/p>\n

Harsh Mittal<\/strong><\/p>\n

Just one question. Given that our cash level as on December ending with 6,000 crores and we are expecting a healthy cash flows in the coming year with a limited capex. So sir, can we expect a material upside in the dividend outlay going ahead?<\/p>\n

Ashok Bhandari<\/strong><\/p>\n

Let us understand material is a relative definition. So let us. Let me assure you that yes, the dividend payout will be better. It is not my prerogative to say how much better. How much not better. That is up to the wisdom of the board. But I expect the dividend payout for 2627. Sorry. For 2526 to be better than 2425. And it is not a differential of 5 rupees kind of a thing. We may give you a better one.<\/p>\n

Harsh Mittal<\/strong><\/p>\n

Thank you sir.<\/p>\n

operator<\/strong><\/p>\n

Thank you. The next question is from the line of Lakshminarayan from Tunga Investments. Please go ahead.<\/p>\n

Lakshminarayanan<\/strong><\/p>\n

Yeah, thank you sir. On the return metrics for the company we see that it’s currently trending downward predominantly because of lower profitability.<\/p>\n

Ashok Bhandari<\/strong><\/p>\n

Please let me correct you. The profitability absolute number has gone down because we had by choice taken a value over volume path. Please understand we have achieved the convergence in vis a vis say ultratech on per bag prices. So it is not that the capacity utilization has substantially affected my profitability. It was my design that it had of lower volumes to better my prices which had affected the profitability.<\/p>\n

Lakshminarayanan<\/strong><\/p>\n

Got it? So my question is slightly different. I mean I understand your point now Our ROCE or ROEs are trending downwards over a period of time. So given this trend what is the primary metric the company prefers to evaluate its long term performance?<\/p>\n

Ashok Bhandari<\/strong><\/p>\n

One second my dear friend. Let us understand. If I keep on making profit, my capital employed keeps on going up. If the additional profit I am not distributing or I am not utilizing for capex then it is giving me a 4 to 5% freeway return. So if you combine everything you find that is the ROCE or the ROE is going down on the other hand and committed to add on capacity to 80 million tons. So what do I do? I have to bear the pain of rather inefficient cash utilization in the form of treasury till I finalize my plan to have major CapEx for the first time in my career.<\/p>\n

I think I have spoken of a 400 to 500 crore capex visibility in next financial year. We have never done that. But then the demand scenario is such that I cannot give you a firm commitment on when my capacities will come up. As soon as the capacities come up the 4% return cash once cash or the return on cash of 4% will translate into 20% which will automatically jack up the ROCE and ROE. So you will have to bear with me.<\/p>\n

Lakshminarayanan<\/strong><\/p>\n

Sure. Thank you so much.<\/p>\n

operator<\/strong><\/p>\n

Thank you. Ladies and gentlemen, if you wish to ask a question you may press star and 1. The next question is from the line of Uttam Srimal from Access Securities Ltd. Please go ahead.<\/p>\n

Uttam Srimal<\/strong><\/p>\n

Thanks for the opportunity sir, my question pertains to premium cement. So we have made a very good progress from 15% last year to 22, 10% last year. 22%. So where do we see this number going forward in next year? Can you have you read any cement research report which has talked of anything else but premium cement? So if everybody is going to make premium cement then where Is the premium here?<\/p>\n

Ashok Bhandari<\/strong><\/p>\n

Yes. The premium cement becomes the normal cement number one. Number two, the brand belongs to the company. The classification of brand also belongs to the company. There is no standard which defines premium cement. So it is your 10 brands, it is your pen and it is your pencil. And whatever you want to put, you put as a premium brand and sell it. Because there is no yardstick to define what a premium cement is. So please understand we are at about 21, 22%. We are. We have defined our premium brands and we are sticking to it. We are not changing the mix of micro cement as.<\/p>\n

As for my convenience. And at the moment with the current demand scenario we are at 21 22%. And we expect to maintain the same run rate for this financial year. Next year what will happen? Let us see.<\/p>\n

Uttam Srimal<\/strong><\/p>\n

In next year what would be our depreciation cost?<\/p>\n

Ashok Bhandari<\/strong><\/p>\n

What will be our<\/p>\n

Uttam Srimal<\/strong><\/p>\n

depreciation?<\/p>\n

Ashok Bhandari<\/strong><\/p>\n

Should be about 1600 crore.<\/p>\n

Uttam Srimal<\/strong><\/p>\n

1600. You said 1600.<\/p>\n

Ashok Bhandari<\/strong><\/p>\n

Yes, I said 1600.<\/p>\n

Uttam Srimal<\/strong><\/p>\n

Okay sir, thanks a lot.<\/p>\n

Ashok Bhandari<\/strong><\/p>\n

That’s all from 1600 and 1700. Please don’t. Don’t hold me to the number. But it will as I. As it had me.<\/p>\n

Uttam Srimal<\/strong><\/p>\n

Okay, that’s all from my chat. Thanks a lot.<\/p>\n

operator<\/strong><\/p>\n

Thank you. A reminder to all participants to press star and one to ask a question. The next question is from the line of Rajesh Ravi from HDFC Securities. Please go ahead.<\/p>\n

Rajesh Ravi<\/strong><\/p>\n

Just a follow up question on the realization which you explained that you have bridged the gap with Ultra Deck. And I believe that is visually numbers. When I compare yours with the like to like numbers of Ultra deck. In last one year while your competitor has shown a 50 rupees decline your realization has gone up by 100 rupees. And similarly is the trend in for last two years there is a sharp swing upward on your numbers. However, if I look at the margin front, your margins have been, you know, more or less flattish year on year.<\/p>\n

While the competitor has seen a margin upswing both on a year on year basis, on a two year basis. Is it like you have maintained your.<\/p>\n

Ashok Bhandari<\/strong><\/p>\n

One second Fixed cost recovery is completely dependent on capacity utilization, right? That you appreciate? Yes. To catch up on the value terms I had sacrificed volumes. So my fixed cost recovery was less dropped. Now if I play intelligently, my fixed cost recovery will improve and my margins will also improve. Since the first time in the history of this company that I have reported a more or less equal ebitda per ton net of labor code expenses vis a vis Ultra Tech. Otherwise we had always maintained 100 and 100 to 150 rupee Delta plus side and I expect to catch that up.<\/p>\n

Rajesh Ravi<\/strong><\/p>\n

That’s happening. And so just on the. Adjusted for the labor cost still your employee cost is higher by 20 crore quarter on quarter versus 250.<\/p>\n

Ashok Bhandari<\/strong><\/p>\n

My dear friend, what happens if I increase my capacity?<\/p>\n

Rajesh Ravi<\/strong><\/p>\n

Okay.<\/p>\n

Rajesh Ravi<\/strong><\/p>\n

This is with regard to the new plant ramp up. Okay. So we should factor in this number as. No. Okay. As a recurring number and according. And the lastly just on the UAE business you would want to. Could you make it a practice to end the press release only to share the volumetric and the you know numbers in ad. Would that be more useful for us?<\/p>\n

Ashok Bhandari<\/strong><\/p>\n

I will certainly give a thought to this. Give me one quarter. Let us see what I can do in next quarter.<\/p>\n

Rajesh Ravi<\/strong><\/p>\n

Sure, sure.<\/p>\n

Ashok Bhandari<\/strong><\/p>\n

And then I will certainly do that.<\/p>\n

Rajesh Ravi<\/strong><\/p>\n

And the lastly could you repeat the capex number for full year and next year? What are you targeting<\/p>\n

Ashok Bhandari<\/strong><\/p>\n

this year I’ll be doing 2000cr.<\/p>\n

Rajesh Ravi<\/strong><\/p>\n

Okay. Okay.<\/p>\n

Ashok Bhandari<\/strong><\/p>\n

I’ve already done. I have already completed. I’ll be doing about 500cr in next. In this quarter means January, March.<\/p>\n

Rajesh Ravi<\/strong><\/p>\n

Okay.<\/p>\n

Ashok Bhandari<\/strong><\/p>\n

Next year I have one second next year I have not formed up my plan on further cement capacity addition. We have frozen the plan. The plan to set about 30 RMC plants. One RMC plant cost roughly 5 to 6 crore.<\/p>\n

Rajesh Ravi<\/strong><\/p>\n

Okay.<\/p>\n

Ashok Bhandari<\/strong><\/p>\n

You take about 200 crore for RMC 200 crore for my railway sidings and 150 to 100 crore. So I am giving a guidance of next year CapEx at 500 CI.<\/p>\n

Rajesh Ravi<\/strong><\/p>\n

Okay.<\/p>\n

Ashok Bhandari<\/strong><\/p>\n

But I’m putting a KVA that this is only because I am. I have not found out my plan of adding up further capacity. If that gets. If that gets fortified the number will substantially change. But you will have to wait for that.<\/p>\n

Rajesh Ravi<\/strong><\/p>\n

So just to confirm that. Clear sir, that is clear. And so there’s no capacities which will come on stream next financial year at least because nothing is. No concrete work is going on as per. You know.<\/p>\n

Ashok Bhandari<\/strong><\/p>\n

Yes. I. I don’t think. I don’t think we will go beyond 72 million ton which we will achieve by March 26th.<\/p>\n

Rajesh Ravi<\/strong><\/p>\n

Okay, great. That’s all from my end. Thank you.<\/p>\n

operator<\/strong><\/p>\n

Thank you. The next question is from the line of Naveen Sahadio from ICICI security. Please go ahead.<\/p>\n

Navin Sahadeo<\/strong><\/p>\n

Yeah, I’ll take the last question sir. So in the like. You know you mentioned that we have narrowed the price gap versus the industry leader from 30 rupees to 15 rupees. So what is then the next milestone? Is it coming at par or is it like. You know how should one Benchmark it that at that point of time onward, then we again start chasing.<\/p>\n

Ashok Bhandari<\/strong><\/p>\n

I don’t have the capacity or capability or even the. Even the enthusiasm of saying I will sell it with ultra Tech. If I say that, you will not believe it. But on the other hand I, with full confidence I can say that I’ll maintain the Delta visa on a visa per turn basis vis a vis competition which I had been doing except in this country quarter. I’ve been doing it for 40 years. That you know. Of course, of course this quarter, TK we lost out on volumes. It’s all right. It was a calculated move.<\/p>\n

Navin Sahadeo<\/strong><\/p>\n

On the staff cost. I just wanted to know what would be the normalized cost. I mean this quarter, of course, you.<\/p>\n

Ashok Bhandari<\/strong><\/p>\n

Ask this to judge. I don’t know.<\/p>\n

Navin Sahadeo<\/strong><\/p>\n

Last question to you, sir. Last question. At a broader industry level, do you think non trade share or non trade exposure is rising because everybody is chasing those bulk volumes, RMC units. Is that a fair thing to observe or no?<\/p>\n

Ashok Bhandari<\/strong><\/p>\n

No, no. I think you are. As I told you, my dear friend, this quarter becomes very typical. Non trade is basically the large purchases by infrastructure project. This quarter the government has to finish the budget allocated in 26, 25, 26. So this quarter you may have a. You may have a trend where non trade may be more, but I don’t think that is a sustainable trend. We will go back to 75, 25, kind of a level. We are today at 6535.<\/p>\n

Navin Sahadeo<\/strong><\/p>\n

Understood. Very clear, sir. Thank you. Thank you so much.<\/p>\n

Ashok Bhandari<\/strong><\/p>\n

I shall listen. Yeah. Is your last question finished?<\/p>\n

Navin Sahadeo<\/strong><\/p>\n

Yeah, yeah, I’m done. There are no more questions.<\/p>\n

Ashok Bhandari<\/strong><\/p>\n

So why are you always the last one to shaft me. Over T will discuss. Thank you. You can go ahead and conclude the call, please.<\/p>\n

operator<\/strong><\/p>\n

Thank you on behalf of ICICI securities limited that concludes this conference. Thank you for joining us. And you may now disconnect your lines.<\/p>\n","protected":false},"excerpt":{"rendered":"

Shree Cement Limited (NSE: SHREECEM) Q3 2026 Earnings Call dated Feb. 06, 2026 Corporate Participants: Unidentified Speaker Ashok Bhandari \u2014 Senior Advisor Subhash Jajoo \u2014 Chief Finance Officer Analysts: Unidentified Participant Navin Sahadeo \u2014 Analyst Rahul Gupta \u2014 Analyst Pinakin \u2014 Analyst Rajesh Ravi \u2014 Analyst Jashandeep Singh Chadha \u2014 Analyst Shravan Shah \u2014 Analyst […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,13842,10089],"class_list":["post-180179","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-motherson","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":128383,"url":"https:\/\/alphastreet.com\/india\/infographic-how-shree-cement-performed-in-q3\/","url_meta":{"origin":180179,"position":0},"title":"Infographic: How Shree Cement performed in Q3","author":"Nishad","date":"March 29, 2022","format":false,"excerpt":"Shree Cement (NSE: SHREECEM) posted its third-quarter 2022 earnings results. The company had a consolidated revenue of \u20b93,751 crores with a growth of 2% year on year. Shree Cement had a net profit of \u20b9493 crores or \u20b9133.58 per share compared to \u20b9610 crores or \u20b9174.85 per share in the\u2026","rel":"","context":"In "AlphaGraphs"","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2022\/03\/Shree-CementQ322.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2022\/03\/Shree-CementQ322.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2022\/03\/Shree-CementQ322.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2022\/03\/Shree-CementQ322.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2022\/03\/Shree-CementQ322.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":134832,"url":"https:\/\/alphastreet.com\/india\/shree-cement-limited-q2fy23-consolidated-net-profit-down-by-67\/","url_meta":{"origin":180179,"position":1},"title":"Shree Cement Limited Q2FY23; Consolidated Net Profit Down By 67%","author":"Hardik Bhandare","date":"October 18, 2022","format":false,"excerpt":"Shree Cement Limited (NSE: SHREECEM) reported Revenue from Operations for Q2 FY23 of \u20b94,038.03 Crore up from \u20b93,373.38 Crore year on year, a growth of 20%. Consolidated Net Profit of \u20b9183.24 Crore, down 67% from \u20b9563.94 Crore in the same quarter of the previous year. The Earnings per Share is\u2026","rel":"","context":"In "AlphaGraphs"","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2022\/10\/4fc38681-cf8a-43f2-b8d7-548ad11d0467-scaled.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2022\/10\/4fc38681-cf8a-43f2-b8d7-548ad11d0467-scaled.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2022\/10\/4fc38681-cf8a-43f2-b8d7-548ad11d0467-scaled.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2022\/10\/4fc38681-cf8a-43f2-b8d7-548ad11d0467-scaled.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2022\/10\/4fc38681-cf8a-43f2-b8d7-548ad11d0467-scaled.jpg?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2022\/10\/4fc38681-cf8a-43f2-b8d7-548ad11d0467-scaled.jpg?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":140851,"url":"https:\/\/alphastreet.com\/india\/shree-cement-limited-shreecem-q3-fy23-earnings-concall-transcript\/","url_meta":{"origin":180179,"position":2},"title":"Shree Cement Limited (SHREECEM) Q3 FY23 Earnings Concall Transcript","author":"IRS_INDIA","date":"February 10, 2023","format":false,"excerpt":"Shree Cement Limited (NSE:SHREECEM) Q3 FY23 Earnings Concall dated Feb. 08, 2023. Corporate Participants: Subhash Jajoo\u00a0--\u00a0Deputy General Manager Finance Neeraj Akhoury\u00a0--\u00a0Managing Director Analysts: Harsh Mittal\u00a0--\u00a0ICICI Securities -- Analyst Shravan Shah\u00a0--\u00a0Dolat Capital -- Analyst Vishal Periwal\u00a0--\u00a0IDBI Capital -- Analyst Presentation: Operator Ladies and gentlemen, good day and to the Shree Cement\u2026","rel":"","context":"In "Earnings Call Transcripts"","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"Earnings Conference Call Transcript","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":179872,"url":"https:\/\/alphastreet.com\/india\/shree-cement-shares-steady-after-q3-financial-results-release\/","url_meta":{"origin":180179,"position":3},"title":"Shree Cement Shares Steady After Q3 Financial Results Release","author":"Staff Correspondent","date":"February 6, 2026","format":false,"excerpt":"Shares of Shree Cement Limited (BSE: 500387, NSE: SHREECEM) closed at \u20b927,330, up about 0.4% in trading on Friday after the company released quarterly results for the period ended December 31, 2025. The stock\u2019s intraday movement reflected minor gains amid mixed earnings data. Market Capitalization As of the close on\u2026","rel":"","context":"In "LATEST"","block_context":{"text":"LATEST","link":"https:\/\/alphastreet.com\/india\/category\/latest\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/10\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/10\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/10\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":109778,"url":"https:\/\/alphastreet.com\/india\/infosys-limited-infy-q4-2021-earnings-call\/","url_meta":{"origin":180179,"position":4},"title":"Infosys Limited (INFY) Q4 2021 Earnings Call","author":"Sahil Anand","date":"April 21, 2021","format":false,"excerpt":"Infosys Limited (NYSE: INFY) Q4 2021 earnings call dated\u00a0Apr. 14, 2021 Corporate Participants: Sandeep Mahindroo\u00a0\u2014\u00a0Vice President, Financial Controller & Head \u2013 Investor Relations Salil Parekh\u00a0\u2014\u00a0Chief Executive Officer and Managing Director Pravin Rao\u00a0\u2014\u00a0Chief Operating Officer and Whole-time Director Nilanjan Roy\u00a0\u2014\u00a0Chief Financial Officer Analysts: Ankur Rudra\u00a0\u2014\u00a0JPMorgan \u2014 Analyst Diviya Nagarajan\u00a0\u2014\u00a0UBS \u2014 Analyst\u2026","rel":"","context":"In "Earnings"","block_context":{"text":"Earnings","link":"https:\/\/alphastreet.com\/india\/category\/earnings\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":143008,"url":"https:\/\/alphastreet.com\/india\/shree-cement-limited-q3fy23-earnings-story\/","url_meta":{"origin":180179,"position":5},"title":"Shree Cement Limited Q3FY23 Earnings Story","author":"Karan_Singh","date":"February 28, 2023","format":false,"excerpt":"Among the lowest cost manufacturers in the nation, Shree Cement manufactures and sells cement and items linked to cement. It is India's third-largest cement production. The firm is one of the most cost-effective cement maker\u00a0in India since it consumes less fuel per tonne, uses captive power plants for the majority\u2026","rel":"","context":"In "Earnings"","block_context":{"text":"Earnings","link":"https:\/\/alphastreet.com\/india\/category\/earnings\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2022\/09\/cement-g3b81058c8_640-1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2022\/09\/cement-g3b81058c8_640-1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2022\/09\/cement-g3b81058c8_640-1.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]}],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/180179","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/users\/2377"}],"replies":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/comments?post=180179"}],"version-history":[{"count":0,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/180179\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media\/147581"}],"wp:attachment":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media?parent=180179"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/categories?post=180179"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/tags?post=180179"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}