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.

Shree Cement was incorporated in 1979 by Benu Gopal Bangur. The company's origins are unusual and reflect the complexities of India's licence raj era. In the 1970s, executives from the Bangur family's existing cement business, Digvijay Cement in Gujarat, applied for a government licence to set up a cement plant in Rajasthan without the owners' knowledge. When the licence was granted, the Bangurs initially resisted, noting that their existing cement business was barely profitable. The executives offered to get the licence cancelled, but the family eventually decided to proceed.

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. That business was later sold.

The first integrated cement plant of 0.6 MTPA was commissioned at Beawar, Rajasthan, in 1985, six years after incorporation. Production began that year. The company went public with an IPO in 1995, listing on Indian stock exchanges.

In 1992, the joint Bangur 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. At 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 on the shop floor, implemented pioneering semi-dry process technology that was uncommon in India at the time. This technology gave Shree Cement a cost advantage over competitors using traditional wet process methods. Hari Mohan Bangur's son Prashant Bangur, with an MBA from ISB, joined the business in 2004 and was put on the board of directors in 2012.

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 CAGR of approximately 24%. The company expanded from its northern India base at Beawar and Ras (Rajasthan) into eastern India, commissioning plants in Odisha and Bihar. Grinding units were established in Khushkhera, Jobner, Suratgarh (Rajasthan), Laksar (Uttarakhand), and Panipat (Haryana).

In 2024, Shree Cement acquired Union Cement Company in Ras Al Khaimah, UAE, marking its first major international acquisition. In Q4 FY2026, the company commissioned an integrated project of 3.65 MTPA clinker capacity and 3.50 MTPA cement capacity at Kodla, Karnataka, taking total installed capacity in India to 69.3 MTPA. A greenfield project is ongoing in Meghalaya.

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. However, near-term costs are expected to rise by Rs 150 to 200 per tonne in Q1 FY2027 due to higher fuel and packaging costs. The company has moderated the pace of its capacity expansion compared to earlier guidance, adopting a more cautious approach amid weak pricing and rising costs.

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. These commitments position Shree Cement among the more environmentally focused cement companies in India.

The company has a significant green power mix in its energy consumption, supported by its captive renewable energy capacity. Shree Cement 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, with a total capacity of 935.55 MW. The company has invested in waste heat recovery systems at its plants. The company publishes an annual sustainability report detailing its environmental performance.

The company faces the inherent environmental challenges of the cement industry, including limestone mining impacts and carbon emissions from clinker production. No major environmental regulatory penalties specific to Shree Cement have been reported in recent years, though the broader Indian cement sector faces ongoing regulatory pressure on emissions and mining practices.

Shree Cement is not a Certified B Corporation. The company's sustainability commitments are self-reported and have not been independently verified through third-party certification beyond its RE100 membership, which is a self-commitment initiative.

• 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 from a struggling single-plant operation to India's third largest cement group.
• 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.

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 cement industry contested the findings through appeals, and the matter went through extended legal proceedings.

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 and implements mine reclamation plans.

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. This pressure led the company to moderate its expansion pace, a shift from its historically aggressive growth strategy. While not a controversy, this development has drawn analyst attention to the company's ability to maintain its cost leadership position amid industry-wide cost inflation.

Capacity Expansion Moderation: In 2026, Shree Cement moderated its capacity expansion guidance, adopting a more cautious approach than competitors like UltraTech, which has maintained aggressive investment. This strategic shift has been noted by analysts as a potential risk to the company's market share position, particularly if competitors continue to add capacity at a faster pace.