Key Metrics of Shree Cement
About Shree Cement
Sectors
Company details
- Website
- shreecement.com
- Registered office
- Bangur Nagar, Beawar, In-rj, 305901
- Listed
- NSE: SHREECEM · ₹22,735.00
Operational Areas of Shree Cement
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
Sign in to continue See plans & pricingFiling compliance
Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
Sign in with access to company financials to review vendor evidence.
Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 03 Jul 2026 | CARE | Reaffirmed | AAA | A1+ | Stable | ₹7,295 Cr | View |
| 09 Oct 2025 | CARE | Reaffirmed | AAA | A1+ | Stable | ₹7,295 Cr | View |
| 10 Oct 2024 | CARE | Reaffirmed | AAA | A1+ | Stable | ₹5,250 Cr | View |
| 27 Dec 2023 | CARE | Reaffirmed | AAA | A1+ | Stable | ₹4,450 Cr | View |
| 11 Aug 2023 | CARE | Reaffirmed | AAA | A1+ | Stable | ₹3,650 Cr | View |
| 05 Jul 2023 | CARE | Other | — | — | — | — | View |
| 13 Jun 2023 | CARE | Reaffirmed | — | A1+ | — | ₹500 Cr | View |
| 12 Jan 2023 | CARE | Reaffirmed | — | A1+ | — | ₹800 Cr | View |
| 26 Dec 2022 | CARE | Other | — | — | — | — | View |
| 29 Sep 2022 | CARE | Reaffirmed | AAA | A1+ | Stable | ₹2,450 Cr | View |
| 22 Sep 2022 | CARE | Reaffirmed | AAA | A1+ | Stable | ₹400 Cr | View |
| 24 Sep 2021 | CARE | Reaffirmed | AAA | A1+ | Stable | ₹400 Cr | View |
| 15 Dec 2020 | CARE | Other | — | — | — | — | View |
| 28 Sep 2020 | CARE | Reaffirmed | AAA | A1+ | Stable | ₹4,200 Cr | View |
| 07 Jan 2020 | CARE | Reaffirmed | AAA | A1+ | Stable | ₹1,900 Cr | View |
| 27 Dec 2018 | CARE | Reaffirmed | — | A1+ | — | ₹600 Cr | View |
| 12 Dec 2018 | CARE | Reaffirmed | AAA | A1+ | Stable | ₹4,600 Cr | View |
| 22 Jan 2018 | CARE | Other | — | — | — | — | View |
Credit strengths (CARE, Jul 2026)
+ Strong competitive position supported further by diversified geographical profile
SCL is among top three cement manufacturers in India with its 69.30 MTPA cement capacity as on March 31, 2026, underpinning its strong market position. Already entrenched as a strong player in northern India deriving ~38-39% of its sales volume, SCL has been gradually diversifying its geographical presence. It generates ~27-28% sales volume from the eastern region and ~17% from the central region. West and south India generate modest sales volume. The company has 33.80 MTPA of cement capacities
+ Large retail trade mix driven by healthy brand recall and established distribution network
Despite being a commoditised business, SCL has been able to establish its brand over the years. The company has diversified brand portfolio, consisting of Jungrodhak, Rockstrong, Powermax, Magna , and Roofon. SCL has a dealer base of 20,256 for selling cement to end-customers as on March 31, 2025. The company largely sells blended cement, which is consumed by retail trade segment. The company’s retail trade mix is 64% (73%) in FY26 (FY25) in overall volumes. The company has been focussing on
+ Sound operating efficiencies
The company’s large scale of operations is supported by its internal operating efficiencies allowing it to control costs and have a wide market reach. The company has established captive thermal power plant (TPP) of 503 MW, WHRS (Waste Heat Recovery System) of 296 MW, and renewable energy (solar and wind energy) of 370 MW as on March 31, 2026. This makes the company self-sufficient for significant portion of its power requirements and being cost effective. With 666 MW of captive green power
Credit challenges
− Cyclicality of the cement industry
The cement industry is highly cyclical and depends largely on the country’s economic growth. There is a high degree of correlation between the GDP growth and growth in cement consumption. Being a cyclical industry, the cement sector goes through phases of ups and downs, and accordingly, impacts unit realisations. Exposure to volatile input costs and price realisations The company is exposed to commodity price risk, arising from raw material price fluctuation (gypsum, fly ash, and slag) and fuel
− Exposure to volatile input costs and price realisations
The company is exposed to commodity price risk, arising from raw material price fluctuation (gypsum, fly ash, and slag) and fuel (coal and pet coke). Coal (indigenous and international) is used for power generation to run its plants and fuel for kilns. In the recent past, the cement industry witnessed significant spike in power and fuel costs; post pent-up demand for fuel after multiple COVID-19 waves. Russia-Ukraine war exacerbated fuel cost in FY22 and FY23. Spike in fuel costs impacted profit
Could lead to a downgrade
• Decline in the operating performance, resulting in net debt to profit before interest, lease rentals, depreciation , and taxation (PBILDT) above 1x on a sustained basis. • Significant reduction in the company’s
Agency-reported financials (CARE, 03 Jul 2026)
| Metric | March 31, 2025 | March 31, 2026 |
|---|---|---|
| Total operating income | ₹19,251 Cr | ₹20,787 Cr |
| PBILDT* | ₹3,932 Cr | ₹4,570 Cr |
| Profit after tax (PAT) | ₹1,124 Cr | ₹1,749 Cr |
| Overall gearing (x) | 0.10× | 0.13× |
| Interest coverage (x) | 19.19× | 21.59× |
| Revenue growth (YoY) | — | 8.0% |
| PAT margin | 5.8% | 8.4% |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term bank facilities | Working capital & bank lines | — | ₹3,095 Cr | — | AAA (Stable) | Reaffirmed | CARE |
| Short-term bank facilities | Working capital & bank lines | — | ₹2,500 Cr | — | A1+ | Reaffirmed | CARE |
| Issuer | Other | — | ₹0 | — | AAA (Stable) | Assigned | CARE |
| Non-convertible debentures | Debentures & bonds | — | ₹700 Cr | — | AAA (Stable) | Reaffirmed | CARE |
| Commercial paper | Commercial paper | — | ₹500 Cr | — | A1+ | Reaffirmed | CARE |
| Commercial paper | Commercial paper | — | ₹500 Cr | — | A1+ | Reaffirmed | CARE |
Debt instruments
| ISIN | Instrument | Type | Coupon | Issued | Maturity | Amount | Rating | Status |
|---|---|---|---|---|---|---|---|---|
| INE070A07061 | Sep Oct | Debentures & bonds | — | — | — | ₹700 Cr | AAA | Not stated |
| INE070A14703 | — | Commercial paper | 7.18% | — | — | ₹200 Cr | A1+ | Not stated |
| INE070A14711 | — | Commercial paper | 6.95% | — | — | ₹100 Cr | A1+ | Not stated |
| INE070A14729 | — | Commercial paper | 6.95% | — | — | ₹100 Cr | A1+ | Not stated |
| INE070A14612 | Commercial paper . . + | Commercial paper | 5.28% | — | — | ₹100 Cr | A1+ | Not stated |
| INE070A14638 | Commercial paper . . + | Commercial paper | 5.28% | — | — | ₹100 Cr | A1+ | Not stated |
| INE070A14646 | Commercial paper . . + | Commercial paper | 5.85% | — | — | ₹100 Cr | A1+ | Not stated |
| INE070A14828 | Commercial + | Commercial paper | 5.85% | 22 Sep 2025 | 22 Dec 2025 | ₹175 Cr | A1+ | Matured |
| INE070A14836 | Commercial + | Commercial paper | 5.87% | 23 Sep 2025 | 18 Dec 2025 | ₹100 Cr | A1+ | Matured |
| INE070A14844 | Commercial + | Commercial paper | 5.87% | 23 Sep 2025 | 12 Dec 2025 | ₹75.0 Cr | A1+ | Matured |
| INE070A14760 | Commercial Paper + | Commercial paper | 6.87% | 19 Jul 2023 | 21 Sep 2023 | ₹100 Cr | A1+ | Matured |
| INE070A14752 | Commercial Paper + | Commercial paper | 6.97% | 20 Jun 2023 | 18 Sep 2023 | ₹100 Cr | A1+ | Matured |
| INE070A14745 | Commercial Paper + | Commercial paper | 7.00% | 13 Jun 2023 | 11 Sep 2023 | ₹100 Cr | A1+ | Matured |
| INE070A14737 | Commercial Paper + | Commercial paper | 7.00% | 13 Jun 2023 | 21 Aug 2023 | ₹100 Cr | A1+ | Matured |
CARE ratings on record (checked 24 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| BG/LC | ₹2,500 Cr | CARE A1+ |
| Cash Credit | ₹3,000 Cr | CARE AAA; Stable |
| Commercial Paper (Standalone) | ₹1,000 Cr | CARE A1+ |
| Issuer Ratings | — | CARE AAA; Stable |
| Issuer Ratings | — | Withdrawn |
| Non Convertible Debentures | — | Withdrawn |
| Non Convertible Debentures | ₹700 Cr | CARE AAA; Stable |
| Term Loan | ₹95.4 Cr | CARE AAA; Stable |
Lenders
| Fund-based - LT | Cash Credit | Axis Bank Ltd. |
| Fund-based - LT | Cash Credit | DBS Bank India Ltd. |
| Fund-based - LT | Cash Credit | HDFC Bank Ltd. |
| Fund-based - LT | Cash Credit | ICICI Bank Ltd. |
| Fund-based - LT | Cash Credit | J.P. Morgan Chase Bank N.A. |
| Fund-based - LT | Cash Credit | Kotak Mahindra Bank Ltd. |
| Fund-based - LT | Cash Credit | MUFG Bank Ltd. |
| Fund-based - LT | Cash Credit | Proposed |
| Fund-based - LT | Cash Credit | Standard Chartered Bank |
| Fund-based - LT | Cash Credit | State Bank of India |
| Fund-based - LT | Cash Credit | Sumitomo Mitsui Banking Corporation |
| Fund-based - LT | Cash Credit | Yes Bank Ltd. |
| Fund-based - LT | Term Loan | Proposed |
| Non-fund-based - ST | BG/LC | Axis Bank Ltd. |
| Non-fund-based - ST | BG/LC | DBS Bank Limited |
| Non-fund-based - ST | BG/LC | HDFC Bank Ltd. |
| Non-fund-based - ST | BG/LC | ICICI Bank Ltd. |
| Non-fund-based - ST | BG/LC | J.P. Morgan Chase Bank N.A. |
| Non-fund-based - ST | BG/LC | Kotak Mahindra Bank Ltd. |
| Non-fund-based - ST | BG/LC | MUFG Bank Ltd. |
| Non-fund-based - ST | BG/LC | Standard Chartered Bank |
| Non-fund-based - ST | BG/LC | State Bank of India |
| Non-fund-based - ST | BG/LC | Sumitomo Mitsui Banking Corporation |
Credit assessment · Cement
CARE Ratings’ Criteria for Rating Cement Companies (Sep 2024) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 94% |
| Information on file | 78% · missing: Capex / investment plans, Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 90% chance the next rating action is stable or better
- Current rating AAA (investment grade)
- Interest coverage 21.59×
Rated limits by facility
Timeline
From the report
The company had free cash and cash equivalents of ₹248 crore as on March 31, 2026, while current investments were ₹8352 crore.
From the report
The company had free cash & cash equivalents of ₹221 crore as on March 31, 2024, while investments were ₹7849 crore.
From the report
The company had free cash & cash equivalents of ₹277 crore as on March 31, 2024, while investments were ₹7556 crore.
From the report
The company had generated gross cash accrual of ₹3058 crore in FY23.
From the report
The company has already achieved gross cash accruals of Rs.1771 crore in H1FY24.
From the report
The company had free cash & cash equivalents of ₹228 crore as on Sept 30, 2023 and while investments were Rs.8052 cr.
From the report
The company had generated gross cash accrual of Rs.3058 crore in FY23.
From the report
The company had free cash & cash equivalents of Rs.51.69 crore as on March 31, 2023 and while investments were Rs.8683 cr.
From the report
SCL had significant investments in bonds, mutual funds, etc, to the tune of ₹8,683 crore as on March 31, 2023 along with cash and balances of ₹161 crore.
From the report
The debt repayment obligation for SCL in FY23 stands at ₹378.92 crore against expected gross cash accruals (GCA) of over ₹2,800 crore in FY23 (out of which ₹189 crore is left, which is due in Q4FY23).
From the report
SCL (standalone)’s liquid investment/unencumbered cash and bank balance stood at ₹7,060 crore as on December 31, 2022.
From the report
Reaffirmed Outlook: Stable] 0.00 Total Instrument (₹ Only) Commercial Paper (Carved CARE A1+ 400.00 Reaffirmed out) * (A One Plus) Total Short Term 400.00 Instruments (₹ Four Hundred Crore Only) Details of instruments/facilities in Annexure-1. *Carved out of sanctioned working capital limits of the company.
From the report
The debt repayment obligation for SCL in FY23 stands at ₹378.92 crore against expected gross cash accruals (GCA) of over ₹2,800 crore in FY23.
From the report
SCL (standalone)’s liquid investment/unencumbered cash and bank balance stood at ₹7,060 crore as on June 30, 2022.
From the report
Reaffirmed Outlook: Stable] 0.00 Total instrument (₹ only) Commercial paper (Carved CARE A1+ 400.00 Reaffirmed out)* (A One Plus) Total short-term 400.00 instruments (₹ Four hundred crore only) Details of instruments/facilities in Annexure-1. *Carved out of sanctioned working capital limits of the company.
From the report
The debt repayment obligation for SCL in FY23 stands at ₹378.92 crore against expected gross cash accruals(GCA) of over ₹2,800 crore in FY23.
From the report
SCL (standalone)’s liquid investment/unencumbered cash and bank balance stood at ₹7,060 crore as on June 30, 2022.
From the report
Four hundred crore only) Details of instruments/facilities in Annexure -1 *Carved out of the sanctioned working capital limits of the company ^The Issuer Rating would be subject to Overall gearing not exceeding 0.25 times as on March 31, 2022. *The aggregate of CP and other working capital borrowings shall be within the sanctioned working capital limits.
From the report
During FY21, the company met its entire capex funding through internal accruals and still maintained comfortable cash and liquid investments at Rs.8,581 crore as on March 31, 2021 (standalone basis).
From the report
On consolidated basis, total cash & equivalents stood at Rs.9,209 crore.
From the report
The deb t repayment obligation for SCL (standalone) FY22 stands at Rs.294 crore against expected gross cash accruals of over Rs.3,000 crore in FY22.
From the report
SCL (standalone)’s unencumbered cash and bank balance (including liquid investments) stood at Rs.6,947 crore as on June 30, 2021.
From the report
Despite, substantial increase in term loan in FY18 for the Kodala integrated unit (term loan of Rs.1613), the solvency ratio of the company remains comfortable marked by high unencumbered cash and liquid investments of Rs.5939 crore as on September 30, 2020 against total debt of Rs.2953 crore (including security deposits from customers).
From the report
The company had raised Rs.2400 crores in November 2019 through qualified institutional buyers for pursuing organic growth opportunities.
From the report
Despite, substantial increase in term loan in FY18 for the Kodala integrated unit (term loan of Rs.1613), the solvency ratio of the company remains comfortable marked by high unencumbered cash and liquid investments of Rs.6089 crore as on June 30, 2020 against total debt of Rs.3366 crore (including security deposits from customers).
From the report
The company had raised Rs.2400 crores in November 2019 through qualified institutional buyers for pursuing organic growth opportunities.
From the report
Six hundred crore only) (A One Plus) Details of facilities in Annexure-1 Detailed Rationale & Key Rating Drivers The ratings assigned to the bank facilities and instruments of Shree Cement Limited (SCL) continue to derive strength from rich experience of the promoters and qualified management team, sizeable portfolio of surplus funds amounting to around Rs.6,000 crores as on December 13, 2019 despite continuous capacity expansion, strong financial risk profile as on last 3 account closing dates including QIP issue of Rs.2400 crores in November 2019, improvement in the power segment in FY19, st
From the report
Despite, substantial increase in term loan in FY18 for the Kodala integrated unit (term loan of Rs.1613), the solvency ratio of the company remains comfortable marked by high cash and liquid investments of Rs.3303 crore as on 30th September 2019 (Rs.6,000 crores as on 13th December 2019) against total debt of Rs.3405 crore.
From the report
The Company has earned GCA of Rs.2255 crore in FY19 and Rs.1439 crore in H1FY20 against a debt repayment obligation of Rs. 9 crore in FY19 and Rs. 69 crore in FY20 (Full amount was paid in April 2019).
From the report
Six Hundred crore only) Details of instruments/facilities in Annexure-1 $The aggregate of CP and other working capital borrowings shall be within the sanctioned working capital limits Detailed Rationale & Key Rating Drivers The ratings assigned to commercial paper instruments of Shree Cement Limited (SCL) continue to derive strength from rich experience of the promoters and qualified management team, sizeable portfolio of surplus funds despite continuous capacity expansion, strong financial risk profile and operating efficiency resulting in the company being the low cost producer of cement and
From the report
The total debt/GCA as on March 31, 2018was comfortable at 1.12x vis-à-vis 0.42x as on March 30, 2017 despite substantial term loan was disbursed during year end,.
From the report
The company had cash, bank and liquid investments of Rs.2815 crore as on Sep 30, 2018 vis-à-vis Rs.5755 crore (including disbursed loan of Rs.1613 crore for Kodla Unit) as on March 31, 2018, due to the aforementioned factors.
From the report
The company had cash, bank and liquid investments of Rs.2815 crore as on Sep 30, 2018 vis-à-vis Rs.5755 crore (including disbursed loan of Rs.1613 crore for Kodla Unit) as on March 31, 2018, due to the aforementioned factors.
From the report
The company earned a GCA of Rs. 842.78 crore in H1FY19 against a debt repayment obligation of Rs.8.99 crore during the year.
From the report
The total debt/GCA as on March 31, 2018was comfortable at 1.12x vis-à-vis 0.42x as on March 30, 2017 despite substantial term loan was disbursed during year end,.
From the report
The company had cash, bank and liquid investments of Rs.2815 crore as on Sep 30, 2018 vis-à-vis Rs.5755 crore (including disbursed loan of Rs.1613 crore for Kodla Unit) as on March 31, 2018, due to the aforementioned factors.
From the report
The company had cash, bank and liquid investments of Rs.2815 crore as on Sep 30, 2018 vis-à-vis Rs.5755 crore (including disbursed loan of Rs.1613 crore for Kodla Unit) as on March 31, 2018, due to the aforementioned factors.
From the report
The company earned a GCA of Rs. 842.78 crore in H1FY19 against a debt repayment obligation of Rs.8.99 crore during the year.
From the report
As on December 31,2017, SCL’s aggregate investment in liquid investments stood at around Rs.4,000 crore.
From the report
Moreover, during 9MFY18 (April to December 2017), SCL earned a cash profit of Rs.1,657.41 crore.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Shree Cement
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
| Cement · Cement, Building Materials & Polymers | ultratechcement.com | 1983 | Mumbai, India | |
| Cement · Cement, Building Materials & Polymers | ambujacement.com | — | Ahmedabad, India | |
| Cement · Cement, Building Materials & Polymers | acclimited.com | — | Gandhinagar, India | |
| Cement · Cement, Building Materials & Polymers | dalmiacement.com | — | Tiruchirapalli, India | |
| Cement · Cement, Building Materials & Polymers | jkcement.com | — | Rajasthan, India | |
 Nuvoco Vistas |
Cement · Cement, Building Materials & Polymers | nuvoco.com | — | Mumbai, India |
| Discovered Companies · Other Industries | birlacorporation.com | — | Kolkata, West Bengal, India | |
 The Ramco Cements |
Cement · Cement, Building Materials & Polymers | ramcocements.in | — | Rajapalayam, India |
| Tiles & Ceramics · Cement, Building Materials & Polymers | prismjohnson.in | — | Hyderabad, India | |
 Jk Lakshmi Cement Limited |
Cement · Cement, Building Materials & Polymers | jklakshmicement.com | — | Rajasthan, Delhi, India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Cement
Filings
No filings on record yet.