Shree Cement Q2 Results, October 23, 2026: Revenue Up 24% but Profit Slips to ₹263 Crore

Shree Cement Q2 results came out on October 23, 2026, and the story is simple to tell: the company sold a lot more cement, but it kept less of each rupee. Consolidated net revenue from operations rose 24% year-on-year to ₹5,897 crore for the quarter ended September 30, 2026, while consolidated profit after tax fell to ₹263 crore from ₹310 crore, according to the company’s press release filed on NSE.

Shree Cement Q2 results in numbers

Here are the headline consolidated figures, all in ₹ crore, comparing the September 2026 quarter with the same quarter last year:

• Net revenue from operations: 5,897, up from 4,761
• Operating profit (EBITDA): 1,016, up from 974, a rise of about 4%
• Profit after tax: 263, down from 310, a fall of about 15% (our calculation)
• Cash profit: 913, down from 971

The standalone numbers look weaker. Standalone profit after tax dropped to ₹205 crore from ₹277 crore, roughly 26% lower, even as standalone revenue climbed to ₹5,107 crore from ₹4,303 crore.

Volumes did the heavy lifting

Total domestic sales volume of cement and clinker grew 18% to 9.31 million tonnes from 7.91 million tonnes a year ago. Consolidated volumes, which include the overseas business, rose 14% to 10.52 million tonnes.

Premium products also gained ground. They made up 28.7% of trade volume in the India business, against 21.1% in the same quarter last year. Managing Director Neeraj Akhoury credited deeper market penetration and wider customer reach for the volume growth.

Where the margin went

This is the part we’d watch. Consolidated EBITDA per tonne fell 8% to ₹966 from ₹1,055, and the company put that mainly down to elevated fuel prices. Work it out on revenue and the consolidated EBITDA margin comes to about 17.2%, against roughly 20.5% a year ago. Those two margin figures are our arithmetic from the reported numbers, not company disclosures.

The sequential picture isn’t flattering either. Against the June 2026 quarter, consolidated revenue slipped from ₹6,233 crore and profit after tax roughly halved from ₹531 crore.

For a quick refresher on why operating profit can rise while net profit falls, our explainer on EV to EBITDA covers what EBITDA leaves out.

Capacity and the smaller businesses

In September 2026, Union Cement Company, a step-down subsidiary in the UAE, commissioned a new 3.0 million tonnes per annum cement mill, taking its total cement capacity to 7.0 million tonnes a year. Back home, the company says its greenfield integrated plant in Meghalaya should be commissioned by the quarter ending March 31, 2028.

The ready-mix concrete arm is growing fast from a small base. RMC volumes rose 153% to 2.73 lakh cubic metres and revenue rose 182% to ₹129 crore. The network now has 28 commercial plants and 35 in total including captive units. The company said the business stayed EBITDA positive at the operating level.

On sustainability, green electricity made up 65.2% of total power use in the quarter, and green power capacity stands at 667 MW, both including the wholly owned subsidiary in India.

What it means

An 18% jump in domestic volumes is a strong number, and it fits management’s talk of gaining market share. But the market pays for profit, and profit went the other way. The company itself flagged a risk to watch: a weak monsoon could weigh on rural demand, though it expects roads, railways, housing and data centres to keep cement demand supported.

So the next couple of quarters come down to fuel costs and pricing. If fuel eases and volumes hold, per-tonne earnings can recover. If not, the growth is mostly going to cost the company margin. Our guide on how to analyse quarterly results of a company walks through reading revenue, margins and profit together. The full filings are also on Shree Cement’s website.

Disclaimer: This article is for information and education only and is not investment advice. Do your own research or consult a SEBI-registered adviser before making any investment decision.