Shree Cement’s stock jumped 3% on Friday after Nomura upgraded its rating to ‘Buy’ from ‘Neutral’ and increased the target price to ₹34,000 from ₹30,000. The brokerage cited improved utilization in Shree Cement’s core markets—Northern and Eastern India—which contribute over 80% of its total volumes.
These regions have shown strong pricing resilience, with a 4% quarter-on-quarter increase, outperforming the pan-India cement price hike of 2%. Nomura now expects Shree Cement’s volumes to reach 41 million tonnes (MT) in FY26 and 46MT in FY27. Additionally, EBITDA estimates for FY26 and FY27 have been raised by 9% and 15%, reaching ₹49 billion and ₹65 billion, respectively.
The brokerage anticipates that Shree Cement will outperform the industry in volume growth. For Q4FY25, EBITDA per tonne (EBITDA/t) is expected to surpass ₹1,300, benefiting from higher realizations and lower fuel costs.
Shree Cement shares surged to a new 52-week high of ₹31,237.95. The stock opened at ₹30,700.00 and touched an intraday low of ₹30,587.75 before climbing higher. This rally marks a significant uptrend from its 52-week low of ₹23,500.00.
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