There is no defensible “better stock” verdict from operating results alone: Shree Cement and UltraTech Cement report different measures, and a current, like-for-like valuation is not established here. A useful comparison starts with the same quarter or financial year, separates company-reported operating data from market valuation, and checks what each measure actually includes.
Start with the same reporting period and basis
For a current operating snapshot, compare the quarters ended 30 June 2026 (Q1 FY27). Shree’s cited figures are from an unaudited consolidated filing; UltraTech’s release presents consolidated results. Keep annual FY26 figures in a separate comparison rather than mixing them with quarterly results.
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| Measure | Shree Cement | UltraTech Cement | Period and basis | How to read it |
|---|---|---|---|---|
| Revenue measure | Revenue from operations: ₹6,233.13 crore | Net sales: ₹24,465 crore | Q1 FY27; both quarters ended 30 June 2026. Shree: consolidated, unaudited filing; UltraTech: consolidated release. | These are the companies’ reported labels. Confirm their definitions before treating them as perfectly identical. |
| Operating-profit measure | Not stated in the cited Q1 filing figures used here | PBIDT: ₹5,146 crore | Q1 FY27; consolidated | Do not infer Shree’s comparable operating profit from a different period or metric. |
| Profit | Total profit: ₹531.12 crore | PAT: ₹2,604 crore | Q1 FY27; consolidated | Check the detailed statements for identical treatment of exceptional items and tax before making a direct earnings comparison. |
| Operating margin or per-tonne measure | Operating margin: 24% | Operating EBITDA: ₹1,214 per tonne | Q1 FY27; company-reported measures | A percentage margin and EBITDA per tonne are not interchangeable. Review each issuer’s calculation and denominator. |
| Debt measure | Debt-equity ratio: 0.0700 | Net debt-to-EBITDA: 0.94x | Shree: Q1 FY27 filing; UltraTech: FY26, as at 31 March 2026 | Different ratios and dates; this is not a valid ranking of leverage. |
Sources: Shree Cement Q1 FY27 filing and UltraTech Cement Q1 FY27 results.
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Compare annual performance separately
Annual figures provide context on scale and earnings across a full financial year, but the company-reported measures still need definition checks. Shree’s FY26 investor key-figure table reports revenue of ₹19,310.52 crore, EBITDA of ₹4,788.07 crore, net profit of ₹1,706.25 crore, and net worth of ₹22,511.60 crore. UltraTech’s FY26 release reports net sales of ₹87,384 crore, PBIDT of ₹17,598 crore, and PAT before exceptional items of ₹8,305 crore.
#1 Best Overall
Do not treat Shree’s FY26 key-figure table as a complete audited annual report, or assume EBITDA and PBIDT are identically constructed. UltraTech’s annual profit figure is explicitly before exceptional items; use that basis consistently if comparing earnings. Sources: Shree Cement investor information and UltraTech Cement Q4 FY26 results.
Look beyond revenue to operating performance
Cement revenue can rise because of higher volume, selling prices, product mix, or a combination. To understand the drivers, compare volume and utilization alongside profitability per tonne, margins, and cost trends. The available company disclosures do not provide a complete like-for-like dataset for every measure below.
Rank #2
- Volume and utilization: UltraTech reported domestic Q1 FY27 sales volume of 39.2 million tonnes, up 13.1% year on year, and utilization of 81% on installed India capacity of 200.1 MTPA. Shree’s cited Q1 figures do not establish a matching volume and utilization pair.
- Unit economics: UltraTech reported Q1 FY27 operating EBITDA of ₹1,214 per tonne. Compare this with a corresponding Shree per-tonne measure for the same period before drawing a conclusion; a percentage margin is not a substitute.
- Product mix: Shree reported premium products at 22% of total trade volume in Q4 FY26. That may help explain realization and mix, but it is not a Q1 FY27 figure and should not be compared directly with an unmatched UltraTech disclosure.
- Costs: Track energy, freight and other input-cost trends in each company’s release and statements. No common cost series is established here, so do not infer a cost advantage from the headline results alone.
- Other operating indicators: UltraTech reported 434 MW of installed waste heat recovery capacity and a 47% green-power mix at Q1 FY27 quarter-end. These describe operating context, not by themselves proof of lower costs or superior returns.
Shree’s Q4 FY26 release also reports cement sales volume of 10.56 million tonnes, up 11% year on year, and 26 operational ready-mix concrete plants at FY26 year-end. It said newly commissioned plants would raise the count to 36 after commissioning. These are company-reported Q4/full-year-end figures, not the Q1 FY27 comparison above. See the Shree Cement Q4 FY26 exchange-filed release.
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A debt-equity ratio measures debt relative to equity; net debt-to-EBITDA relates net debt to operating earnings. They answer different questions and can also be affected by differing definitions. Shree’s Q1 FY27 filing gives a debt-equity ratio of 0.0700, while UltraTech’s FY26 release gives net debt-to-EBITDA of 0.94x as at 31 March 2026. Because both the metric and reporting date differ, those values cannot support a simple claim that one balance sheet is safer.
For a proper comparison, collect both companies’ debt and cash at the same date, then calculate the same ratio using consistent definitions. Also review interest costs, repayment schedules, and cash generation: leverage is more informative when considered alongside the company’s capacity to fund interest and investment.
Separate operating capacity from expansion plans
Installed capacity indicates potential production scale, not actual sales or utilization. Capacity under construction or announced for the future should not be counted as operating capacity.
- Shree: Its FY26 key-figure table reports cement production capacity of 69.30 MTPA. Source: Shree Cement investor information.
- UltraTech: Its FY26 release reports 145.0 million tonnes of India grey-cement volume for FY26. After commissioning 8.7 MTPA in April 2026, it reported domestic grey-cement manufacturing capacity of 200.1 MTPA and global capacity of 205.5 MTPA.
- UltraTech’s stated pipeline: The company described projects under execution as targeting consolidated capacity above 240 MTPA. That is a company plan, not capacity already commissioned or a guarantee that new capacity will earn attractive returns.
UltraTech also reported FY26 operating cash flow of ₹14,398 crore and capex of ₹9,600 crore. Its release associates more than ₹16,000 crore of capital commitment over three years with projects intended to grow capacity. When assessing expansion, consider funding, commissioning timing, expected utilization and the returns earned on the added assets—not capacity targets alone. Source: UltraTech Cement Q4 FY26 results.
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Operating scale and profit are not stock valuation. To compare relative valuation, use share prices from the same date and consistent market data to calculate market capitalization, enterprise value, P/E and EV/EBITDA. State whether earnings are trailing or forecast and how exceptional items are treated; for EV/EBITDA, align the enterprise-value date and EBITDA period.
No synchronized current share price or valuation multiple is established here. Therefore, the evidence presented cannot show that either stock is cheaper, more attractive, or the better buy. A valuation conclusion requires contemporaneous market prices and comparable financial inputs.
Quick Recap
A practical comparison checklist
- Choose one reporting period and use consolidated figures for both companies.
- Match the exact definitions of revenue, operating profit, PAT, margin and debt measures; check exceptional-item treatment.
- Compare volume, utilization, per-tonne profitability, product mix and costs to explain operating results.
- Use the same date and ratio for leverage, and review cash flow and interest burden alongside debt.
- Distinguish commissioned capacity from projects and targets; assess capex and likely utilization.
- For a stock-level verdict, calculate valuation multiples from market data dated consistently and state the earnings basis.
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