Shree Cement financials and balance sheet

NSE: SHREECEMBSE: 500387Cement & Cement ProductsMid Cap

Formerly Shree Cements

₹22,735.00₹405.00 (1.81%)BSE ₹22,749.55

Share price at the NSE close on 23 Oct 2026. Previous close ₹22,330.00.

52-week range of traded prices to 23 Oct 2026

₹21,355.00Low, 1 Oct 2026₹29,425.00High, 29 Oct 2025

Next results date: the board meets on 23 Oct 2026 to consider: financial results.

Market cap: ₹82,030 Cr120th largest listed
P/E: 50.3
P/B: 3.5
Dividend yield: 0.66%
ROE: 7.3%
ROCE: 7.0%
Debt to equity: 0.07
Volume, NSE: 60,77723.5% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Shree Cement annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹20,943 Cr, year to Mar 2026

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 1.5% of operating profit in the first full year.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue20,943
Materials and goods−2,160
Employee costs−1,302
Other expenses−12,843
Operating profit4,638
Depreciation−2,794
Other income+661
One-off items0.0
Finance costs−212
Profit before tax2,293
Tax−544
Net profit1,749

What the company owns

Plant, investments and other assets₹18,180 Cr
Current investments₹8,353 Cr
Inventory₹2,774 Cr
Receivables₹1,827 Cr
Cash and bank₹342 Cr

What pays for it: net worth and liabilities

Net worth₹23,314 Cr
Other liabilities₹4,946 Cr
Owed to suppliers₹1,622 Cr
Borrowings₹1,594 Cr

Profit and loss

Consolidated, ₹ crore, years to March.Shree Cement quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 18 May	Mar 2020Filed 9 May	Mar 2021Filed 21 May	Mar 2022Filed 23 May	Mar 2023Filed 22 May	Mar 2024Filed 15 May	Mar 2025Filed 10 Jun	Mar 2026Filed 6 May
Revenue from operations	9,497	10,160	12,555	12,868	13,476	15,010	17,852	20,521	19,283	20,943
	7,129	7,687	9,761	9,109	9,425	11,302	14,893	16,004	15,349	16,306
Materials and goods bought	627	770	1,015	990	1,070	1,038	1,432	1,570	2,008	2,160
Employee costs	–	–	767	854	869	913	978	1,064	1,148	1,302
Other expenses	–	–	7,978	7,265	7,486	9,350	12,483	13,370	12,193	12,843
Operating profit before depreciation	2,367	2,473	2,794	3,759	4,051	3,708	2,960	4,517	3,934	4,638
Operating margin	24.9%	24.3%	22.3%	29.2%	30.1%	24.7%	16.6%	22.0%	20.4%	22.1%
Materials, % of revenue	–	–	8.1%	7.7%	7.9%	6.9%	8.0%	7.6%	10.4%	10.3%
Employee costs, % of revenue	–	–	6.1%	6.6%	6.5%	6.1%	5.5%	5.2%	6.0%	6.2%
Other expenses, % of revenue	–	–	63.5%	56.5%	55.6%	62.3%	69.9%	65.2%	63.2%	61.3%
Depreciation and amortisation	1,215	899	1,472	1,808	1,262	1,146	1,661	1,897	3,007	2,794
Operating profit after depreciation	1,152	1,573	1,322	1,951	2,789	2,562	1,299	2,619	927	1,844
Other income	508	389	250	274	466	546	459	598	589	661
Finance costs	129	135	248	291	251	216	263	258	205	212
Profit before one-off items and tax	1,531	1,827	1,324	1,934	3,004	2,892	1,495	2,959	1,312	2,293
One-off items	0	0	−178	0	0	0	0	0	0	0
Profit before tax	1,531	1,827	1,146	1,934	3,004	2,892	1,495	2,959	1,312	2,293
	192	443	131	390	714	555	226	563	188	544
Current tax	–	–	218	530	765	443	239	512	336	577
Deferred tax	–	–	−87	−140	−51	112	−13	51	−148	−33
	1,339	1,384	1,015	1,544	2,290	2,337	1,269	2,396	1,124	1,749
Belonging to the company's shareholders	1,339	1,384	1,006	1,536	2,286	2,332	1,271	2,396	1,123	1,744
Belonging to outside owners of subsidiaries	–	–	9	8	4	5	−2	0	1	5
Other comprehensive income	–	–	−12	212	−72	106	239	40	86	502
Total comprehensive income	–	–	1,003	1,757	2,218	2,442	1,508	2,436	1,210	2,251
Net margin	14.1%	13.6%	8.1%	12.0%	17.0%	15.6%	7.1%	11.7%	5.8%	8.3%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 March. The last column is the half year to Sep 2026, after the latest full year: the balance sheet at its end.

₹ crore	Mar 2019Filed 18 May	Mar 2020Filed 9 May	Mar 2021Filed 21 May	Mar 2022Filed 23 May	Mar 2023Filed 22 May	Mar 2024Filed 15 May	Mar 2025Filed 10 Jun	Mar 2026Filed 6 May	Sep 2026Half yearFiled 23 Oct
	9,733	13,238	15,449	17,511	18,677	20,744	21,579	23,314	23,913
	9,671	13,169	15,397	17,460	18,636	20,703	21,538	23,268	23,862
Share capital	35	36	36	36	36	36	36	36	36
Reserves	9,636	13,133	15,361	17,424	18,600	20,667	21,502	23,231	23,826
Belonging to outside owners of subsidiaries	62	69	51	50	41	41	41	47	51
	2,782	2,349	1,840	2,014	2,540	1,475	817	1,594	1,834
Repayable after a year	2,309	1,639	1,332	1,298	581	713	727	729	730
Repayable within a year	473	710	509	716	1,959	762	90	865	1,104
	2,127	3,408	3,701	4,686	6,732	6,128	5,756	6,989	7,594
Trade payables	538	658	883	890	1,196	1,214	1,361	1,622	1,625
Other financial liabilities	463	1,355	818	1,419	1,811	1,722	1,851	2,285	2,580
Other liabilities	625	615	1,415	1,338	1,441	2,020	2,028	1,678	1,610
Provisions	6	7	8	8	10	12	15	17	17
Tax owed	22	63	68	314	314	397	407	523	659
	3,633	3,298	2,364	1,552	925	1,082	1,157	1,172	1,144
Other financial liabilities	734	1,016	1,000	224	310	284	309	322	294
Other liabilities	558	608	0	0	–	25	53	54	51
Provisions	32	35	32	30	34	31	34	40	42
Deferred tax	0	0	0	0	–	29	27	28	27
Total assets	15,493	19,944	21,513	23,749	26,334	27,953	28,492	31,476	32,651
	10,774	12,050	13,326	15,279	17,366	15,741	16,389	16,373	17,239
Plant in use, after depreciation	6,135	6,110	6,156	7,225	7,406	9,467	9,221	11,090	–
Plant being built	1,129	1,197	997	1,054	2,797	1,930	3,796	1,466	–
Intangible assets	46	53	60	57	75	123	93	117	117
Investments	2,253	3,271	4,699	5,506	5,285	2,292	1,396	1,919	2,972
Loans given	53	54	62	4	4	3	3	3	3
Other financial assets	28	160	72	138	143	114	144	192	175
Deferred tax	613	744	786	674	682	658	804	806	918
Other assets	516	461	493	620	974	1,154	931	779	900
	4,719	7,894	8,187	8,470	8,968	12,212	12,102	15,102	15,412
Inventories	1,870	1,713	1,716	2,497	2,760	3,555	2,444	2,774	3,621
Trade receivables	1,024	1,080	686	788	1,212	1,287	1,401	1,827	2,216
Cash and cash equivalents	142	114	472	149	46	262	141	115	58
Other bank balances	297	500	236	141	115	159	152	227	216
Current investments	33	3,086	3,801	3,526	3,398	5,264	6,453	8,353	6,750
Loans given	10	8	25	25	7	4	3	3	3
Other financial assets	107	211	160	236	316	237	144	331	945
Other assets	1,237	1,180	1,091	1,107	1,115	1,444	1,364	1,473	1,603
Net debt	2,310	−1,352	−2,670	−1,802	−1,019	−4,211	−5,929	−7,101	−5,190

Borrowings are counted again inside the liabilities due within a year and after a year. Plant in use and plant being built are given for full years only. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March. The last column is the half year to Sep 2026, after the latest full year: the cash flow over its six months.

₹ crore	Mar 2021Filed 21 May	Mar 2022Filed 23 May	Mar 2023Filed 22 May	Mar 2024Filed 15 May	Mar 2025Filed 10 Jun	Mar 2026Filed 6 May	Sep 2026Half yearFiled 23 Oct
	4,254	2,668	2,569	3,347	4,920	3,794	799
	4,999	2,869	2,902	3,792	5,356	4,140	1,087
	921	−848	−52	−725	1,406	−556	−1,210
Receivables	417	−100	−606	−456	−43	−613	−632
Inventories	−9	−772	−235	−790	1,121	−296	−840
Payables	513	24	790	522	328	353	261
Tax paid	−745	−201	−333	−444	−436	−346	−288
Capital spending	1,121	2,216	3,291	3,140	4,093	1,866	889
Free cash flow	3,132	452	−723	207	827	1,928	−89
	−2,645	−2,151	−2,414	−1,418	−3,728	−3,740	−629
Plant and property sold	5	9	35	31	21	94	10
Interest received	209	297	357	344	240	222	88
Dividends received	9	6	6	6	2	0	0
	−1,233	−849	−277	−1,710	−1,296	−110	−224
Borrowings raised	0	322	906	719	25	771	244
Borrowings repaid	−899	−479	−452	−1,681	−622	0	0
Interest paid	−254	−209	−259	−220	−190	−193	−131
Lease payments	−62	−98	0	−149	−127	−182	−84
Dividends paid	11	384	325	379	380	505	253
Shares bought back	0	0	1	0	1	0	0
Shares issued	0	0	0	0	0	0	0
Net change in cash	376	−333	−122	219	−104	−55	−54

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Shree Cement dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 18 May	Mar 2020Filed 9 May	Mar 2021Filed 21 May	Mar 2022Filed 23 May	Mar 2023Filed 22 May	Mar 2024Filed 15 May	Mar 2025Filed 10 Jun	Mar 2026Filed 6 May
Earnings per share	₹384.38	₹397.32	₹288.88	₹435.35	₹633.54	₹646.31	₹352.18	₹663.98	₹311.18	₹483.24
Diluted earnings per share	₹384.38	₹397.32	₹288.88	₹435.35	₹633.54	₹646.31	₹352.18	₹663.98	₹311.18	₹483.24
Dividend per share	₹140.00	₹50.00	₹60.00	₹110.00	₹60.00	₹90.00	₹100.00	₹105.00	₹110.00	₹150.00
Book value per share	–	–	₹2,775.76	₹3,650.06	₹4,267.46	₹4,839.19	₹5,165.30	₹5,738.06	₹5,969.44	₹6,448.87
Dividend payout	36.4%	12.6%	20.8%	25.8%	9.5%	13.9%	28.4%	15.8%	35.3%	31.0%
Shareholder yield	–	–	–	–	0.0%	0.4%	0.3%	0.4%	0.3%	0.6%
Market cap at the year end (₹ crore)	59,513	56,424	65,033	63,309	1,06,313	86,711	94,484	92,666	1,10,057	83,058

Ratios

Consolidated, years to March.Shree Cement PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 18 May	Mar 2020Filed 9 May	Mar 2021Filed 21 May	Mar 2022Filed 23 May	Mar 2023Filed 22 May	Mar 2024Filed 15 May	Mar 2025Filed 10 Jun	Mar 2026Filed 6 May
Revenue growth	–	7.0%	23.6%	2.5%	4.7%	11.4%	18.9%	14.9%	−6.0%	8.6%
Operating profit growth	–	4.5%	13.0%	34.6%	7.8%	−8.5%	−20.2%	52.6%	−12.9%	17.9%
Net profit growth	–	3.4%	−26.7%	52.1%	48.3%	2.1%	−45.7%	88.8%	−53.1%	55.6%
Earnings per share growth	–	3.4%	−27.3%	50.7%	45.5%	2.0%	−45.5%	88.5%	−53.1%	55.3%
	–	–	10.4%	13.4%	16.0%	14.2%	7.0%	12.2%	5.3%	7.8%
	–	–	–	3.0 pts	2.6 pts	−1.8 pts	−7.2 pts	5.1 pts	−6.9 pts	2.5 pts
From the net margin	–	–	–	5.1 pts	5.7 pts	−1.3 pts	−7.7 pts	4.5 pts	−6.1 pts	2.3 pts
From asset turnover	–	–	–	−1.6 pts	−2.0 pts	0.3 pts	0.5 pts	0.7 pts	−0.6 pts	0.2 pts
From borrowing	–	–	–	−0.4 pts	−1.1 pts	−0.8 pts	0.1 pts	−0.1 pts	−0.2 pts	0.0 pts
Return on capital employed	–	–	10.6%	12.5%	16.1%	13.1%	6.1%	11.8%	4.1%	7.4%
Cash conversion	–	–	–	–	185.8%	114.2%	202.4%	139.7%	437.8%	217.0%
Interest cover	8.9	11.6	5.3	6.7	11.1	11.9	4.9	10.1	4.5	8.7
Debt to equity	–	–	0.29	0.18	0.12	0.12	0.14	0.07	0.04	0.07
Receivable days	–	–	30	31	19	19	25	23	27	32
Inventory days	–	–	672	631	585	878	703	827	444	469
Payable days	–	–	193	242	301	313	305	282	247	274
Cash conversion cycle, days	–	–	509	420	303	584	423	567	223	227
Working capital days	–	–	75	42	13	17	13	21	−6	5
Asset turnover	–	–	0.81	0.73	0.65	0.66	0.71	0.76	0.68	0.70
Assets per rupee of net worth	–	–	1.60	1.55	1.45	1.38	1.39	1.38	1.34	1.34
Sales per rupee of plant	–	–	2.05	2.11	2.19	2.08	2.41	2.17	2.09	1.89
Capital spending to depreciation	–	–	–	–	0.89	1.93	1.98	1.66	1.36	0.67
Plant being built, % of plant in use	–	–	18.4%	19.6%	16.2%	14.6%	37.8%	20.4%	41.2%	13.2%

No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 5.8%
Cash from operations against operating profit: 81.8%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	9.2%	5.5%
Profit growth, yearly rate	–	−5.3%	11.1%
Return on equity, average	–	9.3%	8.4%
Return on capital employed, average	–	8.5%	7.8%
Operating margin, average	23.7%	21.2%	21.5%
Net margin, average	11.3%	9.7%	8.6%
Asset turnover, average	–	0.70	0.71
Cash conversion cycle, days, average	–	405	339
Interest cover, average	8.4	8.0	7.8
Debt to equity, average	–	0.09	0.06

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	17,299	12,062	3,794
Cash from investing	−13,452	−8,886	−3,740
Cash from financing	−4,242	−3,116	−110
Capital spending	14,606	9,099	1,866
Dividends paid	1,973	1,264	505
Shares bought back	2	1	0
Shares issued for cash	0	0	0
Borrowings raised	2,743	1,515	771
Borrowings repaid	3,235	2,304	0

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	6	7	6	8	6	9
Altman Z-scorePublished threshold 1.81	–	–	8.95	7.87	12.89	10.62	9.39	10.12	11.73	8.38
Beneish M-scorePublished threshold −1.78	–	–	–	–	−3.21	−2.47	−2.13	−2.56	−2.81	−2.74
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	3.28	8.04	4.45	1.72	−0.24	5.65
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.61	1.43	2.26	2.29
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	3.04	−41.24	3.55	34.76	−8.76	14.97	21.74
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−5.93	−7.86	48.48	−27.46	19.23	−59.17	5.96
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	0.37	−1.04	0.62	0.49	1.22	−0.90	1.41
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.67	0.76	0.48	1.52	0.49	1.38	0.31
Effective tax ratePublished threshold 17.16 per cent	12.52	24.24	11.40	20.17	23.78	19.20	15.11	19.03	14.31	23.74
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	12.24	−7.18	4.02	−18.90	8.65

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
24 Sep 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil AAAReview, Re-affirm	Stable	2,000
24 Sep 2026	CRISIL Ratings Limited (opens in a new tab)	Non Convertible Debentures	Crisil AAAReview, Re-affirm	Stable	700
24 Sep 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil A1+Review, Re-affirm		2,500
24 Sep 2026	CRISIL Ratings Limited (opens in a new tab)	Commercial Paper	Crisil A1+Review, Re-affirm		1,000
3 Jul 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Term Loan	CARE AAAReview, Re-affirm	Stable	95.42
3 Jul 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Cash Credit	CARE AAAReview, Re-affirm	Stable	3,000
3 Jul 2026	CARE Ratings Limited (opens in a new tab)	Issuer Rating	CARE AAANew, New	Stable
3 Jul 2026	CARE Ratings Limited (opens in a new tab)	Debentures-Non Convertible Debentures	CARE AAAReview, Re-affirm	Stable	700
3 Jul 2026	CARE Ratings Limited (opens in a new tab)	Non-fund-based - ST-BG/LC	CARE A1+Review, Re-affirm		2,500
3 Jul 2026	CARE Ratings Limited (opens in a new tab)	Commercial Paper	CARE A1+Review, Re-affirm		500

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.