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There is no defensible “better stock” verdict from headline size or one quarter’s results alone. Compare Shree Cement and UltraTech over the same period and on the same reporting basis, then assess earnings, per-tonne performance, debt, capacity plans and valuation separately. Their Q1 FY27 results cover the quarter ended 30 June 2026, but the figures and labels are not identical enough to support a simple ranking.
Start with the same period and reporting basis
For a current operating comparison, begin with the quarter ended 30 June 2026 (Q1 FY27). Shree Cement’s exchange filing reports unaudited consolidated results; UltraTech’s release presents consolidated results. Keep quarterly figures together and annual figures together: a quarter cannot be compared directly with a full-year total.
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The companies also use different labels, including Shree’s “revenue from operations” and UltraTech’s “net sales,” and UltraTech reports PBIDT. Before calculating or comparing margins, confirm that the numerator, denominator and treatment of exceptional items match. A percentage with the same name is not automatically constructed the same way by both issuers.
Q1 FY27: compare the reported figures carefully
| Measure | Shree Cement | UltraTech Cement | Period and basis | How to interpret it |
|---|---|---|---|---|
| Revenue / sales | Revenue from operations: ₹6,233.13 crore | Net sales: ₹24,465 crore | Quarter ended 30 June 2026; Shree filing is consolidated and unaudited, UltraTech release is consolidated | These are issuer-reported labels; verify their accounting definitions before treating them as perfectly equivalent. |
| Profit measure | Total profit: ₹531.12 crore | PAT: ₹2,604 crore | Quarter ended 30 June 2026; same bases as above | Do not assume “total profit” and PAT have identical construction without checking the statements. |
| Operating profit measure | Not stated in the cited Q1 filing summary | PBIDT: ₹5,146 crore | Quarter ended 30 June 2026; same bases as above | PBIDT is UltraTech’s reported measure; a matching Shree figure is needed for direct comparison. |
| Leverage / margin figures | Debt-equity ratio: 0.0700; operating margin: 24% | Not stated in the cited Q1 results summary | Quarter ended 30 June 2026; Shree filing definitions apply | Do not equate Shree’s debt-equity or operating-margin figures with differently defined measures. |
Source figures: Shree Cement’s Q1 FY27 NSE filing and UltraTech’s Q1 FY27 results release.
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Use annual results to understand the broader earnings picture
Annual figures provide a longer view, but they should not be mixed into the Q1 table as if they were same-period comparisons. Shree’s investor information lists FY26 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. Its investor page presents FY15-16 and FY25-26 endpoint figures alongside compound annual growth rates; these are company-published key figures, not standalone quarterly results or a substitute for reviewing full audited statements.
UltraTech reported FY26 consolidated net sales of ₹87,384 crore, PBIDT of ₹17,598 crore, and PAT before exceptional items of ₹8,305 crore. The exceptional-item qualification matters: compare like with like when judging earnings and any resulting margin or growth rate. UltraTech also reported FY26 operating cash flow of ₹14,398 crore, which helps assess how much reported profit translated into cash generated by operations.
Sources: Shree Cement investor information and UltraTech Cement’s FY26 results release.
Rank #2
Look past revenue to volumes and unit economics
Cement sales depend on tonnes sold, realized prices, product mix and costs. Revenue growth alone cannot show whether an increase came from higher volumes, better pricing or a different mix. For a like-for-like operating comparison, collect the same period’s cement volume, utilization, EBITDA per tonne and cost trends for both companies; the cited disclosures do not provide a complete matching dataset for every measure.
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UltraTech reported domestic sales volume of 39.2 million tonnes in Q1 FY27, up 13.1% year on year. It reported utilization of 81% on installed India capacity of 200.1 MTPA and operating EBITDA of ₹1,214 per tonne. These company-reported indicators add context to its sales and profit figures; they do not, by themselves, establish superior profitability or returns versus Shree.
Shree’s Q4 FY26 operating indicators
For the different period of Q4 FY26, Shree reported cement sales volume of 10.56 million tonnes, up 11% year on year, with premium products accounting for 22% of total trade volume. Because this is Q4 rather than Q1 FY27, it is useful as an operating detail, not a direct comparison with UltraTech’s Q1 volume. Shree’s Q4 FY26 exchange-filed release also records Managing Director Neeraj Akhoury’s view that domestic volume growth reflected customer engagement and market reach; that is management’s explanation, not independent attribution.
For a fuller unit-economics comparison, check each company’s disclosures for energy and freight costs, price realization, premium-product share and per-tonne operating profit over the same period. Attribute cost explanations to the company unless independently verified.
Sources: UltraTech Q1 FY27 results and Shree Cement Q4 FY26 exchange-filed release.
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Compare debt using one metric and one date
Shree disclosed a debt-equity ratio of 0.0700 in its Q1 FY27 filing. UltraTech reported net debt-to-EBITDA of 0.94x as at 31 March 2026. These are different ratios, from different dates and with different denominators; they cannot support a direct leverage ranking.
For a fair balance-sheet assessment, line up net debt, debt-equity, net debt-to-EBITDA, interest cost and cash on the same reporting date, using consistent definitions. Then consider whether debt is rising to fund projects, whether operating cash flow can support investment, and how sensitive the business may be to weaker volumes or margins.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Separate operating capacity from expansion plans
Capacity figures are useful only when their geography, status and date are clear. Installed capacity is not the same as production or sales, and announced projects are not operating capacity. Utilization links available capacity to production, while demand and plant location affect how economically that capacity can be used.
Shree Cement
Shree’s FY26 key-figure table reports cement production capacity of 69.30 MTPA. At FY26 year-end it reported 26 operational ready-mix concrete plants and said newly commissioned plants would raise the count to 36 after commissioning. That is a commissioning-dependent increase in RMC plant count, not an increase in cement capacity.
UltraTech Cement
UltraTech reported 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. Projects under execution were described as targeting consolidated capacity above 240 MTPA. That target is a company plan, not capacity already in operation.
UltraTech also reported FY26 capex of ₹9,600 crore and more than ₹16,000 crore of capital commitment over three years associated with projects intended to grow capacity. Assess expansion alongside its timing, funding, commissioning progress and likely utilization rather than treating announced capacity as guaranteed earnings growth. Its Q1 FY27 release reported 434 MW of installed waste-heat recovery capacity and a 47% green-power mix at quarter-end; these are company-reported operating indicators, not a complete measure of future cost savings.
Sources: Shree Cement investor information, Shree Cement Q4 FY26 release, UltraTech FY26 results and UltraTech Q1 FY27 results.
Valuation is essential to a stock comparison
A stronger operating profile does not automatically mean a better investment at any price. To assess relative valuation, use synchronized market data and calculate comparable measures on a consistent date, such as market capitalization, enterprise value, P/E and EV/EBITDA. State whether earnings are trailing or forward, how exceptional items are treated, and how debt is incorporated in enterprise value.
No current share price or synchronized valuation multiple is established by the cited company disclosures here. As a result, this comparison cannot say which stock is cheaper or more attractive today. A valuation view also needs assumptions about growth, margins, capital requirements and risk; multiples alone do not settle the question.
A practical checklist for comparing the two stocks
- Choose a matching period. Compare quarter with quarter or full year with full year, and record the reporting date.
- Match consolidation and definitions. Check whether results are consolidated or standalone and how each issuer defines revenue, operating profit, PAT and margin.
- Assess earnings quality. Review revenue growth, operating profit, PAT, exceptional items and operating cash flow rather than relying on one headline number.
- Compare operating execution. Align volume, utilization, EBITDA per tonne, product mix and cost trends for the same period.
- Normalize leverage. Use the same debt ratio and date, and consider interest burden and cash generation.
- Distinguish current assets from plans. Separate commissioned capacity from projects under execution, and assess capex, funding and likely utilization.
- Use same-date valuation data. Compare market capitalization, enterprise value and earnings multiples using consistent dates and earnings definitions.
The figures above are issuer-reported company disclosures and should be read with their stated periods, definitions and qualifications. They provide a framework for further analysis, not a personalized investment recommendation.
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