Reduce Shree Cement; target of Rs 21,500: Sharekhan

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26 Aug, 2025 12:21

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Sharekhan's research report on Shree Cement

In Q3FY2023, standalone numbers remained broadly in-line, led by a strong volume growth of 23% y-o-y while lower OPM and high depreciation hit net profit y-o-y. The management expects 15% y-o-y sales volume growth for FY2023 aided by sustained strong demand environment and new capacity additions. Power & fuel costs are expected to tread lower q-o-q. Company’s 9.5-mtpa cement capacity addition plan by Q2FY2025 remain intact while it remains committed to reach 80 mtpa by 2030. Focus on cost leadership and branding to increase.

Outlook

We downgrade Shree Cement to Reduce with a revised PT of Rs. 21,500, factoring downwardly revised estimates and assigning lower valuation multiple to factor in gradual improvement in operational profitability than earlier envisaged.

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Shree Cement - 10 -02 - 2023 - khan