New Delhi, December 19, 2025 — Shares of Shree Cement Limited (NSE: SHREECEM, BSE: 500387) were in focus on Friday after the company disclosed a lockout at its cement plant(s) in Baloda Bazar, Raipur, Chhattisgarh, effective December 18, 2025, citing non-cooperation of workmen. [1]
In early-to-mid trade, the stock traded lower by around ~0.8% to ~1.1%, with market trackers showing prices near the ₹25,4xx–₹25,5xx zone during the session. [2]
What happens next—how quickly operations normalise, whether supply disruption shows up in quarterly volumes, and how the broader cement pricing cycle behaves—will likely set the near-term tone for the stock.
What happened: Shree Cement discloses plant lockout in Chhattisgarh
Shree Cement informed exchanges that its management has declared a lockout at the company’s cement plant(s) in Baloda Bazar (Raipur), Chhattisgarh, with effect from December 18, 2025, due to non-cooperation of workmen. [3]
Multiple market summaries of the exchange filing indicate the disruption could translate into an estimated ~10,000 tonnes per day of cement production loss while the lockout remains in place. [4]
Why the market cares: cement is a volume business with operating leverage. Even short stoppages can matter if they coincide with stronger-demand periods, or if they create knock-on effects on logistics, dispatches, and regional pricing.
Shree Cement share price today: where the stock was trading
By early afternoon on December 19, market feeds showed Shree Cement down roughly ~1%, reflecting a cautious first reaction to the operational update. [5]
The stock has also been hovering near the lower end of its recent range: market data sources put the 52-week band roughly around ₹24,8xx to ₹32,4xx (figures vary slightly by venue/time). [6]
That context matters: when a stock is already closer to its yearly lows, fresh uncertainty (even if temporary) can feel heavier than it would in a rip-roaring uptrend.
Why this plant disruption matters in Shree Cement’s bigger footprint
Shree Cement is among India’s top three cement manufacturers, and (as of mid-2025) had ~62.8 MTPA cement capacity in India, with a diversified regional sales mix. [7]
A key detail: credit-ratings analysis notes the company recently commissioned a Baloda Bazar (Chhattisgarh) cement grinding capacity of 3.4 MTPA (along with Etah, UP grinding capacity) in Q1 FY26. [8]
So a Chhattisgarh disruption is not just a “random plant headline”—it touches a location that has been part of the company’s newer capacity additions, while Shree Cement pushes for scale-up over the coming years.
The fundamental backdrop: demand cycle, pricing, and Shree Cement’s “value over volume” pivot
FY25 was softer; FY26 is expected to normalise
A ratings note flags that the broader cement industry saw weaker demand in FY25 amid factors including general elections, heatwaves, and significant rainfall. It also expects moderate volume growth in FY26, with realisations having improved in early FY26. [9]
That “normalisation” narrative is a big reason investors watch Shree Cement: if demand and pricing improve while new capacity ramps, operating metrics can recover meaningfully—provided costs don’t bite back.
Premiumisation has become the storyline
In late-November commentary, Shree Cement’s chairman described the company as deliberately shifting towards higher-value (premium) products, while staying on track for a major capacity ramp. Premium products contributed 21.1% of revenue in the July–September quarter (Q2 FY26), up from 15%, alongside an improvement in realisation per tonne for the period cited. [10]
This matters because premiumisation is one of the few “software upgrades” available in a commodity business: better mix can help defend margins when fuel and freight are unruly.
Q2 FY26 results recap: strong rebound, but analysts still split
Brokerage commentary after the July–September 2025 quarter (Q2 FY26) shows two things can be true at once:
- Reported results improved sharply year-on-year, and
- Valuation and cost risks still divide analysts.
Business Standard reported Shree Cement’s consolidated net profit rose to ₹309.82 crore in Q2 FY26 (vs ₹76.64 crore a year earlier), while revenue from operations rose to ₹4,761.07 crore. [11]
Meanwhile, an Economic Times brokerage wrap highlighted Q2 performance and pointed to mixed broker reactions around costs, volumes, and the pace of expansion. [12]
The key takeaway: the market broadly likes the operational direction (mix upgrade + capacity ramp), but it argues about price paid for that story and how smoothly execution will go.
Expansion roadmap: 68.8 MTPA next, and 80 MTPA on the horizon
Shree Cement’s growth plan is central to most forecasts right now.
According to a PTI/ETInfra report, the company expects capacity to rise to about 68.8 MTPA, supported by commissioning and ongoing projects, and remains on track to reach 80 MTPA by FY’29 (timing depending on demand and utilisation). The same report notes a capex guidance of about ₹3,000 crore backing the mid-term buildout. [13]
A credit-ratings note similarly states capacity is expected to rise to 68.8 MTPA in India and that the company is targeting 80 MTPA by 2028, while describing specific projects (including Ras and Kodla) underpinning that trajectory. [14]
On overseas operations, ETMarkets’ brokerage write-up also pointed to continued momentum in the UAE business being tracked as part of the valuation discussion. [15]
Analyst targets and forecasts: what the Street is pricing in
Consensus targets cluster around the low-₹30,000s…
Several market-data platforms indicate a one-year target estimate around ₹30,349 (values can vary by feed/time and methodology). [16]
Trendlyne, for instance, shows an average target of ~₹32,214 based on the analysts it tracks. [17]
…but the full target range is wide
TradingView data for SHREECEM shows analyst estimates ranging from roughly ₹21,150 (low) to ₹35,697 (high), underscoring how differently analysts weigh growth versus valuation. [18]
Broker-by-broker snapshot: Buy/Hold/Sell divides
Recent brokerage coverage (post Q2) highlights the split:
- Citi maintained a Buy, with a target range of ₹33,000–₹35,500, while noting cost pressures and softer sequential signals in EBITDA per tonne and volumes. [19]
- Goldman Sachs reiterated Neutral with a target of ₹31,250, highlighting premium mix improvement and UAE strength, while moderating some growth/EBITDA estimates. [20]
- Nuvama maintained Hold, revising target to ₹31,120, and projecting FY26 volumes of 37–38 million tonnes, with capacity stepping up over FY26–FY28. [21]
- Choice Institutional Equities maintained a Sell call with a valuation near ₹26,900, arguing the stock’s multiples are rich relative to its return profile. [22]
This is the heart of the SHREECEM debate: best-in-class operator versus price you’re asked to pay for that quality.
Other current news and disclosures investors are tracking in December 2025
Beyond the lockout, Shree Cement has had a steady stream of governance and corporate updates this month—often not price-moving on their own, but important in the “institutional confidence” layer.
ESG rating update: score of 66 (Aspiring)
In a December 11 filing, the company said it has been assigned an ESG score of 66 by NSE Sustainability Ratings & Analytics Limited for FY2025, placing it in the “Aspiring” category, and noted it did not engage the evaluator (the report was prepared independently from publicly available data). [23]
Senior leadership changes
A December 8 filing outlined changes in senior management roles, including the appointment of Navin Malhotra as President – Sales, with Shailesh Ambastha moving into a different role. [24]
Postal ballot result: independent director appointment
A December 15 filing reported the declaration of results of a postal ballot, with the resolution relating to the appointment of Mr. Chandra Kumar Dhanuka as a Non-Executive Independent Director for a five-year term (commencing October 28, 2025) approved by shareholders. [25]
Exchange “announcements” feed
The company’s exchange-linked notices also reflect these developments (lockout, postal ballot documentation, management changes) across December. [26]
What to watch next: catalysts and risks for SHREECEM
Here’s the practical checklist the market is likely to follow from here:
- Lockout resolution timeline: the sooner normal operations resume, the faster uncertainty fades; a prolonged stoppage raises the odds of volume/margin impact. [27]
- Cement pricing and demand in key regions: cement remains cyclical, tied to construction and infrastructure activity. [28]
- Fuel, power and freight costs: broker notes after Q2 flagged input-cost volatility as a swing factor for EBITDA per tonne. [29]
- Execution of the capacity ramp: the 68.8 MTPA milestone and the glidepath toward 80 MTPA are central to most medium-term targets. [30]
- Valuation discipline: the stock’s premium positioning means it can react sharply to either disappointments (costs/volumes) or upside surprises (pricing/mix). [31]
Bottom line
On December 19, 2025, Shree Cement stock is being driven less by broad “cement sector vibes” and more by a very specific, very real operational headline: the Baloda Bazar plant lockout. [32]
Over the medium term, however, the story remains the one investors have been debating since Q2: premiumisation + capacity expansion versus valuation and cost sensitivity—with analyst targets spanning a notably wide range. [33]
References
1. www.moneycontrol.com, 2. www.business-standard.com, 3. www.moneycontrol.com, 4. www.screener.in, 5. www.business-standard.com, 6. www.moneycontrol.com, 7. www.careratings.com, 8. www.careratings.com, 9. www.careratings.com, 10. infra.economictimes.indiatimes.com, 11. www.business-standard.com, 12. m.economictimes.com, 13. infra.economictimes.indiatimes.com, 14. www.careratings.com, 15. m.economictimes.com, 16. finance.yahoo.com, 17. economictimes.indiatimes.com, 18. www.tradingview.com, 19. m.economictimes.com, 20. m.economictimes.com, 21. m.economictimes.com, 22. www.business-standard.com, 23. bsmedia.business-standard.com, 24. bsmedia.business-standard.com, 25. bsmedia.business-standard.com, 26. www.moneycontrol.com, 27. www.moneycontrol.com, 28. www.careratings.com, 29. m.economictimes.com, 30. infra.economictimes.indiatimes.com, 31. www.business-standard.com, 32. www.moneycontrol.com, 33. infra.economictimes.indiatimes.com
