Who Owns Shree Cement?
Shree Cement is owned by Shree Cement Limited, a publicly traded Indian company listed on the National Stock Exchange (SHREECEM) and Bombay Stock Exchange (500387). The company is controlled by the Bangur family, with Hari Mohan Bangur serving as chairman. Founded in 1979 by Benu Gopal Bangur in Beawar, Rajasthan, Shree Cement is India's third largest cement producer by capacity. The brand and the company are the same entity.
Parent Company
Shree Cement Limited
Founded
1979
Status
Publicly Traded
Headquarters
Who Owns Shree Cement?
- Parent Company: Shree Cement Limited
- Ownership Type: Wholly owned
- Company Type: Publicly Traded
- Stock Ticker: NSE: SHREECEM
| Brand | Parent Company | Ownership Type |
|---|---|---|
| Shree Cement | Shree Cement Limited | Wholly owned |
History of Shree Cement
- Founded: 1979
- Founders: Benu Gopal Bangur
Shree Cement was incorporated in 1979 by Benu Gopal Bangur. The company's origins are unusual: in the 1970s, during India's licence raj era, executives from the Bangur family's existing cement business (Digvijay Cement in Gujarat) applied for a licence to set up a cement plant in Rajasthan without the owners' knowledge. When the licence was granted, the Bangurs initially resisted but eventually decided to proceed. The first integrated cement plant of 0.6 MTPA was commissioned at Beawar in Rajasthan in 1985.
The Bangur family belongs to an old Marwari business house from Didwana, Rajasthan, with roots tracing back to the early 1900s. In the 1960s, the Bangurs were counted among the top 10 business houses in India, with interests in jute mills, tea gardens, textiles, and shipping. The family's cement connection dates to 1915, when they set up Digvijay Cement in Jamnagar, Gujarat, at the invitation of the local maharaja.
In 1992, the joint family business was split, and the cement unit came to Benu Gopal Bangur's fold. In 1998, a further family settlement gave Benu Gopal Bangur complete control of Shree Cement. By that time, the company had a capacity of 600,000 tonnes per annum and was struggling financially, having borrowed at 19% interest to fund expansion during a four-year market slump.
The turnaround began in 2003 to 2004 when the cement market recovered sharply. Hari Mohan Bangur, who had joined the business and oversaw operations, implemented pioneering technology and operational efficiencies. The company adopted a semi-dry process technology that was uncommon in India at the time, giving it a cost advantage. Under Hari Mohan Bangur's leadership, Shree Cement grew from 600,000 tonnes per annum to 47 million tonnes per annum in two decades, a compound annual growth rate of approximately 24%.
Shree Cement went public in 1995. The company expanded aggressively through the 2000s and 2010s, adding capacity at Beawar, Ras (Rajasthan), and through grinding units in Khushkhera, Jobner, Suratgarh (Rajasthan), Laksar (Uttarakhand), and Panipat (Haryana). The company expanded from its northern India base into eastern India, commissioning plants in Odisha and Bihar.
In 2024, Shree Cement acquired Union Cement Company in Ras Al Khaimah, United Arab Emirates, marking its first major international acquisition. The company also commissioned an integrated project of 3.65 MTPA clinker capacity and 3.50 MTPA cement capacity at Kodla, Karnataka in Q4 FY2026, taking total installed capacity in India to 69.3 MTPA.
For fiscal year 2026 (ending March 31, 2026), Shree Cement reported net revenue of approximately Rs 20,943 crore. The company has guided for 40 million tonnes of sales volume in FY2027, representing approximately 9 to 10% growth. A greenfield project is ongoing in Meghalaya.
About Shree Cement Limited
What does Shree Cement Limited own?
Shree Cement Limited owns three cement brands: Shree Cement, Bangur Cement, and Rockstrong. The company also owns captive power plants (Shree Power and Shree Mega Power) with 935.55 MW of capacity, and Union Cement Company in Ras Al Khaimah, UAE, acquired in 2024. The company operates 69.3 MTPA of cement capacity in India as of March 2026.
Is Shree Cement Limited publicly traded?
Yes. Shree Cement Limited is publicly traded on India's National Stock Exchange under ticker SHREECEM and on the Bombay Stock Exchange under code 500387. The company went public with an IPO in 1995. Despite the public listing, the Bangur family retains controlling promoter shareholding. The company's market capitalization was approximately Rs 91,675 crore as of late 2024.
Who founded Shree Cement Limited?
Shree Cement was founded by Benu Gopal Bangur in 1979. The Bangur family is an old Marwari business house from Didwana, Rajasthan, with interests in jute, textiles, and cement dating to the early 1900s. Benu Gopal Bangur gained full control of Shree Cement in 1998 through a family settlement. His son Hari Mohan Bangur, an IIT Bombay chemical engineering graduate, led the company's turnaround and expansion.
Where is Shree Cement Limited based?
Shree Cement Limited is headquartered in Kolkata, West Bengal, India, which serves as the group corporate office. The registered office is in Beawar, Rajasthan, where the first plant was commissioned in 1985. The corporate office is in Gurugram, Haryana. The company's manufacturing operations are concentrated in Rajasthan, Uttarakhand, Haryana, Odisha, Bihar, and Karnataka.
How many brands does Shree Cement Limited own?
Shree Cement Limited owns three cement brands: Shree Cement (primary brand), Bangur Cement (premium segment), and Rockstrong (construction applications). The company also operates captive power plants under the Shree Power and Shree Mega Power names, though these are internal operations not sold to external customers. Internationally, the company owns Union Cement Company in the UAE.
Who controls Shree Cement Limited?
Shree Cement Limited is controlled by the Bangur family through promoter shareholding. Hari Mohan Bangur serves as chairman, his son Prashant Bangur serves as vice chairman, and Benu Gopal Bangur (the founder) serves as chairman emeritus. Neeraj Akhoury serves as managing director. The Bangur family has maintained control since gaining full ownership in 1998 through a family settlement.
What is Shree Cement Limited's annual revenue?
Shree Cement Limited reported net revenue of approximately Rs 20,943 crore ($2.5 billion) for fiscal year 2026 (ending March 31, 2026). The company has guided for 40 million tonnes of sales volume in FY2027, representing approximately 9 to 10% growth. The company's market capitalization was approximately Rs 91,675 crore as of late 2024, making it India's third largest cement company by market cap.
- Founded: 1979
- Headquarters: Kolkata, West Bengal, India
- Company Type: Publicly Traded
- Stock: NSE: SHREECEM
- Revenue: ~Rs 20,943 crore ($2.5 billion) (FY2026)
- Employees: ~7,022
Where Is Shree Cement Made / Based?
- Headquarters: Kolkata, West Bengal, India
- Manufacturing / Operations: India
Shree Cement Categories & Tags
Shree Cement Sustainability & Ethics
Shree Cement is a member of the RE100 initiative, committing to transition 100% of its electricity consumption to renewable sources by 2050. The company is an official partner of the Centre for Nature and Climate at the World Economic Forum. As of FY2026, Shree Cement has a significant green power mix in its energy consumption, supported by its captive renewable energy capacity.
The company produces a high proportion of blended cement, which uses fly ash and slag as supplementary cementitious materials. This reduces the clinker-to-cement ratio and lowers both fuel consumption and carbon emissions per tonne of cement. Shree Cement's captive power plants include both thermal and renewable sources.
Shree Cement publishes an annual sustainability report. The company has invested in waste heat recovery systems at its plants. No major environmental regulatory penalties specific to Shree Cement have been reported in recent years, though the company faces the same limestone mining and emissions challenges as the broader cement industry.
Awards & Recognition
- RE100 Member: Shree Cement is a member of the RE100 initiative, committing to 100% renewable electricity by 2050.
- World Economic Forum Partnership: Official partner of the Centre for Nature and Climate at the World Economic Forum.
- Forbes India Leadership Awards: Hari Mohan Bangur has been recognized by Forbes India for leadership in transforming Shree Cement.
- Great Place to Work Certification: The company has been certified for workplace practices in India.
- CII Sustainability Awards: Recognized by the Confederation of Indian Industry for sustainability initiatives.
Shree Cement Recalls & Controversies
Competition Commission of India (CCI) Investigation: Shree Cement, along with other major Indian cement producers, was investigated by the CCI in 2012 for alleged collusive pricing. The company was penalized as part of the broader industry investigation. The matter went through appeals, and the cement industry has contested the findings.
Mining-Related Disputes: Shree Cement's limestone mining operations in Rajasthan have periodically drawn local opposition over land use and environmental concerns. These disputes are typical of the cement industry's reliance on extractive raw materials. The company has stated it complies with statutory environmental clearance requirements.
Cost and Pricing Pressure: In 2025 and 2026, Shree Cement faced margin pressure from rising fuel costs and weak cement pricing across northern India. The company acknowledged cost increases of Rs 150 to 200 per tonne in Q1 FY2027. While not a controversy, this pressure has led the company to moderate its expansion pace, a shift from its historically aggressive growth strategy.
Shree Cement Ownership: Pros & Cons
Advantages
- +Bangur family's controlling ownership provides stable, long-term strategic direction without pressure from activist investors or private equity timelines
- +One of the lowest cost cement producers in India, driven by captive limestone mines, captive power generation of 935.55 MW, and high blended cement proportion
- +Strong market position in northern India with approximately 20% share, ranking second only to UltraTech
- +RE100 membership and significant renewable energy investments position the company for tightening environmental regulations
Considerations
- -Cement is a cyclical commodity business exposed to infrastructure spending cycles, monsoon patterns, and fuel cost volatility
- -The company has moderated its expansion pace in 2026 due to weak pricing and rising costs, potentially ceding market share to more aggressive competitors like UltraTech
- -Geographic concentration in northern and eastern India limits diversification compared to pan-India competitors
- -The Bangur family's controlling stake, while providing stability, means minority shareholders have limited influence on strategic decisions
Frequently Asked Questions About Shree Cement
Sources & Further Reading
- Shree Cement Official Website:
- Shree Cement About Us Page:
- Wikipedia: Shree Cement:
- Shree Cement Q4 FY26 Financial Results (BSE Filing):
- CARE Ratings: Shree Cement Limited Profile (July 2026):
- Business Standard: Shree Cement Q4 FY26 Results:
- Forbes India: How HM Bangur Turned Around Shree Cement:
- Business India: The Bangurs Spur Shree Cement's Sterling Performance:
Competitors to Shree Cement
These competing brands operate in the same categories and provide similar products or services. Compare key attributes to understand market positioning and competitive landscape.
| Brand | Parent Company | Country | Founded | Market Position | Primary Market | Gender Target |
|---|---|---|---|---|---|---|
| Adani Group | India | 1936 | Mass market | Asia pacific | All Genders | |
| Adani Group | India | 1983 | Mass market | Asia pacific | All Genders | |
| Dalmia Bharat Group | India | 1939 | Mass market | Regional | All Genders | |
| Ramco Cements | India | 1961 | Mass market | Regional | All Genders | |
| Aditya Birla Group | India | 1983 | Mass market | Asia pacific | All Genders | |
| Bluescope Steel | Australia | 2002 | Mass market | Asia pacific | Unisex |
Learn More About Competitors
Conglomerates IndustrialACC Limited
Owned by Adani Group
Indian cement and ready-mix concrete manufacturer, one of the oldest cement companies in India, owned by Adani Group since 2022.
cementconstructionbuilding-materials
Conglomerates IndustrialAmbuja Cement
Owned by Adani Group
Indian cement manufacturer providing construction materials and building solutions, owned by Adani Group since 2022.
cementconstructionbuilding-materials
Conglomerates IndustrialDalmia Cement
Owned by Dalmia Bharat Group
Indian cement and building materials brand owned by Dalmia Bharat Group, the fourth largest cement manufacturer in India by capacity.
cementconstructionbuilding-materials
Conglomerates IndustrialRamco Cements
Owned by The Ramco Cements Limited
Indian cement and construction materials manufacturer, the largest cement brand in South India, headquartered in Chennai, Tamil Nadu.
cementconstructionbuilding-materials
Conglomerates IndustrialUltraTech Cement
Owned by Aditya Birla Group
Indian cement and building solutions brand owned by Aditya Birla Group, headquartered in Mumbai, and the largest cement producer in India by capacity.
cementconstructionbuilding-materials
Conglomerates IndustrialBlueScope Steel Products
Owned by BlueScope Steel Limited
Core steel manufacturing division of BlueScope Steel Limited (ASX: BSL), an Australian steel company spun off from BHP Billiton in July 2002; operates the Port Kembla Steelworks in New South Wales, produces flat steel products including hot-rolled coil, cold-rolled coil, and coated steel, and manufactures branded products including COLORBOND steel and ZINCALUME steel.
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Competitive Analysis
Market Positioning: Shree Cement competes with 6 brands in the same categories, ranging from mass market to luxury positioning.
Geographic Distribution: Competitors are headquartered across multiple regions, indicating global competition in this market segment.
Brand Heritage: Competitor brands range from established heritage brands to newer market entrants, with founding years spanning several decades.
Independent Alternatives to Shree Cement
Looking for brands with different ownership structures? These similar brands are not owned by Shree Cement Limited, giving you alternative choices that support different corporate structures.
Conglomerates IndustrialACC Limited
Owned by Adani Group
Indian cement and ready-mix concrete manufacturer, one of the oldest cement companies in India, owned by Adani Group since 2022.
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ACC Limited is privately owned, unlike Shree Cement which is under a publicly traded parent company.
Conglomerates IndustrialAmbuja Cement
Owned by Adani Group
Indian cement manufacturer providing construction materials and building solutions, owned by Adani Group since 2022.
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Ambuja Cement is privately owned, unlike Shree Cement which is under a publicly traded parent company.
Conglomerates IndustrialDalmia Cement
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Indian cement and building materials brand owned by Dalmia Bharat Group, the fourth largest cement manufacturer in India by capacity.
cementconstructionbuilding-materials
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Dalmia Cement is privately owned, unlike Shree Cement which is under a publicly traded parent company.
Conglomerates IndustrialUltraTech Cement
Owned by Aditya Birla Group
Indian cement and building solutions brand owned by Aditya Birla Group, headquartered in Mumbai, and the largest cement producer in India by capacity.
cementconstructionbuilding-materials
Privately Owned
UltraTech Cement is privately owned, unlike Shree Cement which is under a publicly traded parent company.
Conglomerates IndustrialRamco Cements
Owned by The Ramco Cements Limited
Indian cement and construction materials manufacturer, the largest cement brand in South India, headquartered in Chennai, Tamil Nadu.
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Ramco Cements operates independently without a large parent corporation.
Conglomerates IndustrialFastenal
Owned by Fastenal Company
American industrial and construction supplies distributor, the largest fastener distributor in North America with over 3,500 locations across 25 countries.
fastenersindustrial-distributionconstruction-supplies
Publicly Traded
Fastenal operates independently without a large parent corporation.
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