Shree Cement Ltd

Ratings Details

• Long Term Bank Facilities: ₹2000 crore; CRISIL AAA/Stable; Action: Reaffirmed.
• Short Term Bank Facilities: ₹2500 crore; CRISIL A1+; Action: Reaffirmed.
• Commercial Paper: ₹1000 crore; CRISIL A1+; Action: Reaffirmed.
• Non-Convertible Debentures: ₹700 crore; CRISIL AAA/Stable; Action: Reaffirmed.
• Rating Agency: CRISIL Ratings Limited.
• Outlook: Stable for AAA; no stated outlook for A1+ notes.

Meeting Details

• Date: 23 October 2026; time and venue not disclosed.

Key Agenda Items

• Approval of unaudited standalone and consolidated results for Q2 2026 (quarter and half-year ended 30 Sept 2026).

Other Notes

• Trading window closed from 1 October 2026 to 25 October 2026 (inclusive).

Instrument action

• Commercial Paper: ₹1,000 crore; rating CARE A1+; action Reaffirmed.

Rating agency

• CARE Ratings Limited.

ESG rating update

• CRISIL ESG Ratings assigned Shree Cement an overall score of 61, up four points from 57.
• Rating category remains 'Strong'.
• CRISIL Core ESG rating is 66 based on BRSR Core parameters.
• CRISIL recognized Shree Cement as a top performer in the cement sector.
• Company states it did not engage CRISIL; rating assigned independently from publicly available data.
• Communication dated August 19, 2026.
• Request to record the rating information with exchange.

Financial Performance

• Consolidated volume: 114.5 for the quarter.
• YoY consolidated volume: 99.6 in Jun'25.
• Operational EBITDA (excl. other income): 1,272 crores.
• Realization: INR 4,919 per MT (India ops) vs 4,854 Jun'25.
• Clinker conversion: 1.50 in Q1 vs 1.58 Jun'25.
• RMC revenue: INR 109 crores in Q1.
• Renewable energy share: 66% of total energy this quarter.

Regional and Utilization Update

• North 66%, East 60%, South 57%; overall 62% capacity utilization.
• South region strongest growth; North up ~20% YoY; East flat vs last year.
• Consolidated volumes include Shree Cement East and UAE; look at consolidated results.

Capex and Projects

• India capex for the year: about INR 1,500 crores; Q1 spend ~INR 450 crores.
• UAE expansion funded by UAE operations; not remitting to India.
• RMC: 26 operational plants; 8 added this quarter; ~10 more planned next quarter.
• Northeast plant: commissioning expected end FY28 (Q4 FY28).

Guidance and Outlook

• Volume guidance for FY26-27: 40 million tons; on track; HY1 ~19.5–20 mt.
• Ras Al Khaimah capacity expansion: up to 7 million tons by Q3 FY27.
• Consolidated numbers to be used going forward; focus on consolidated performance.

Q&A Highlights

• Fuel cost near peak at ~INR 1.95 per kcal; may rise 0.02–0.03 if conditions worsen.
• Q2 and H2 profitability tied to Middle East stability; cost peak expected to ease.
• UAE-specific EBITDA/revenue numbers not disclosed; only consolidated numbers discussed.
• Capex consolidated number for FY27 not disclosed yet; management will share later.
• RMC EBITDA near-neutral today; potential to reach ~5% with scale.
• BESS pilots underway; pilot units tested; scale depends on viability.

Demise of Senior Management

• Ashok Bhandari was Senior Advisor (Finance) and designated as a Senior Management Person.
• Date of demise was 3 August 2026.
• Impact: cessation of the Senior Management role.
• The role involved guiding the company in finance leadership and strategy.

Dividend and tax withholding update

• Final dividend of Rs 70 per equity share (face value Rs 10) for FY2026, subject to AGM approval.
• AGM on 31 July 2026; record date for entitlements is 17 July 2026.
• Dividend taxes deducted at source (TDS) per shareholder category and required documents.
• Residents may have NIL or lower TDS with valid forms; exemptions apply.
• Non-residents may claim DTAA/MLI rates; requires TRC, Form 41, PAN, declarations.
• PAN not registered leads to 20% TDS; update PAN with company/RTA.
• Submit TDS documents via MUFG Intime portal by 16 July 2026, 5:00 PM IST.
• Registrar MUFG Intime India; SWAYAM portal available for shareholder KYC updates.
• Physical-share dividends paid electronically; update PAN, bank details, and nominations where required.

AGM notice and voting timeline

• AGM 47th scheduled for 31 July 2026 at 3:00 PM IST in Beawar, Rajasthan.
• Record date for final dividend set at 17 July 2026.
• Voting cut-off set for 24 July 2026.
• e-Voting window from 28 July to 30 July 2026.
• Notice and Integrated Annual Report accessible via web-link for unregistered email holders.

Dematerialisation processing status

• Dematerialisation requests processed; confirmations issued to depositories (accepted/rejected).
• Securities dematerialised were listed on stock exchanges where previously listed.
• Physical certificates dematerialised were mutilated and cancelled; depository name substituted as registered owner within timelines.