Sharekhan's research report on Shree Cement
Standalone revenues marginally lagged, while volumes stayed in line for Q1FY2025. EBITDA/tonne surprised negatively, on weak realisations and higher opex.
Management views FY2025 volume growth to be at par with the industry rate versus earlier expectations of a 10-12% y-o-y growth. It expects softer demand to persist till Q3FY2025. Capacity expansion plans remain on track to add 15.4 mtpa capacities from 56 mtpa currently at an overall capex of Rs. 12000 crore over three years.
Outlook
We retain a Buy on Shree Cement with a revised PT of Rs. 28,000, factoring downwardly revised estimates that were partially offset by roll-forward of valuations to H1FY2027E.
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