Shree Cement Share: Profit toh dikha **21%** up, par asliyat mein kya chal raha hai?

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AuthorAarav Shah|Published at:
Shree Cement Share: Profit toh dikha **21%** up, par asliyat mein kya chal raha hai?
Overview

Shree Cement ke investors ke liye Q3 FY26 mein Net Profit mein **21%** ka badhotari dikhi hai, jo ki **₹279 crore** ho gaya. Ye badhotari depreciation costs mein **22%** ki kami se aayi hai. Lekin, company ke operating profit aur margins par pressure dikh raha hai.

Operating Profit Gir Gaya? Ye Kaise Hua?

Dekho, net profit toh badh gaya, par asli khel operating side pe chal raha hai. Q3 FY26 mein company ka operating profit actually 9% se gir kar ₹860.5 crore ho gaya. Operating profit margin bhi 22.3% se 19.5% par aa gaya hai. Matlab, per tonne operating profit 11% kam ho gaya, jo ki ₹962 raha. Sales volume 2% badhi hai par price per tonne 4% kam ho gaya hai, jisse profitability pe farak pada hai. Company ne costs manage ki hain, par woh sales price ki kami ko compensate nahi kar pa rahi.

Expansion Bade Levels Par, Par Plant Chal Kaha Rahe Hain?

Shree Cement apni capacity lagatar badha raha hai, FY27 tak 72 MTPA tak pahunchna hai. Yeh accha hai, par current capacity utilization sirf 55% hai. Yeh ek badi chinta ka vishay hai, kyunki competitors jaise UltraTech 77% tak utilization dikha rahe hain. Aisa lagta hai ki company market share bhi kho rahi hai, jabki woh premium products pe zyada focus kar rahe hain (ab 22% sales premium products se aa rahi hai). Industry mein growth hai, par competition tez hai.

Analysts Aur Market Kya Keh Rahe Hain?

Bahut se analysts ab caution dikha rahe hain. Kuch ne toh 'Hold' rating de di hai aur target price bhi kam kiya hai. Unka kehna hai ki volume growth aur margin pressure dikh raha hai. Stock ka P/E ratio bhi kaafi high hai, apne competitors ke comparison mein (jaise ACC 9.4x, Ambuja 22.7x), jo ki ek risk ho raha hai agar performance isi tarah rahi toh.

Aage Kya Hoga?

Company management ko lagta hai ki demand ab badhegi aur prices bhi sudhrenge. Unka target hai ki operating profit margin wapas 23.5% tak pahunche aur profit per tonne ₹1,250 ho jaaye. Ready-mix concrete (RMC) business bhi kaafi grow kar raha hai, 140% tak. Analysts ka overall view mixed hai, kuch 'Buy' aur kuch 'Neutral' rating de rahe hain, par price targets mein zyada upside nahi dikh raha.

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