Guidance ledger · Q4 FY26

Shree Cement Limited SHREECEM

6 revisions on record · 2 lowered · 2 raised — the strikethrough is what management used to say

mixed guidance posture · shifted across quarters

Holding view → · latest concall · The pulse

↑ raised FY27 capex guidance Q3 FY26 → Q4 FY26

~~INR400-500 crores~~ → INR1,500 crores

“the total capex estimation for the year '26-'27 is approximately INR1,500 crores”

→ narrowed 80 MT capacity timeline Q3 FY26 → Q4 FY26

~~FY29 may get deferred / demand-contingent~~ → By 2029 reaffirmed (with capex slowdown caveat)

“We are on record saying that we should reach 80 million tons by 2029”

↑ raised FY27 volume target Q3 FY26 → Q4 FY26

~~Q4FY26 9-9.5 mt (~1-2% YoY)~~ → FY27 ~40 mt (~10% YoY)

“we expect to reach about 40 million tons in this year”

↓ lowered FY26 volume delivery vs Bangur TV guidance Q2 FY26 → Q4 FY26

~~FY26 37-38 mt~~ → FY26 36.4 mt delivered (2.2% within 2-3% Bangur guidance)

“he expects the growth for Shree Cement in last financial year between 2% to 3%, we have delivered 2.2%”

↔ widened FY27 depreciation Q3 FY26 → Q4 FY26

~~INR1,600 crores~~ → INR1,600-1,700 crores (sticking to that)

“Yes, we are sticking to that”

↓ lowered Q1FY27 fuel cost trajectory Q3 FY26 → Q4 FY26

~~Industry-lowest INR1.56/kcal~~ → INR1.60/kcal Q4; +10-12% in Q1FY27

“our per kilocalorie cost in Q4 was INR1.60, which is likely to go up by 10% to 12% in Q1”

Method. Revisions come from management's own stated numbers, compared quarter over quarter across the covered concalls; each carries the verbatim quote. “No revisions” can also mean guidance too vague to pin down — see the posture chip above. Not investment advice.