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Shree Digvijay Cement’s sales volume jumped to 5.10 lakh tonnes in the quarter ended 30 September 2026 (Q2 FY27), from 2.96 lakh tonnes a year earlier. The 72.3% increase helped lift revenue from operations to ₹27,931 lakh (₹279.31 crore), up about 73.1%. However, higher volume did not produce a profit: Q2 EBITDA was a loss of ₹130 lakh and profit after tax (PAT) was a loss of ₹1,627 lakh, compared with positive EBITDA of ₹2,048 lakh and PAT of ₹1,023 lakh in Q2 FY26.

The figures are unaudited consolidated results for 1 July–30 September 2026, approved on 23 October 2026. Percentage changes are calculated from the company’s published rounded figures.

How much did Shree Digvijay Cement’s sales volume rise in Q2 FY27?

Quarterly sales volume increased by 2.14 lakh tonnes year over year, reaching 5.10 lakh tonnes from 2.96 lakh tonnes. That is a calculated 72.3% rise based on the figures in Shree Digvijay Cement Company Limited’s Q2 FY27 release.

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Metric Q2 FY27 Q2 FY26 Year-over-year change
Sales volume 5.10 lakh tonnes 2.96 lakh tonnes 72.3% increase (calculated)
Revenue from operations ₹27,931 lakh (₹279.31 crore) ₹16,135 lakh (₹161.35 crore) About 73.1% increase (calculated)
EBITDA Loss of ₹130 lakh ₹2,048 lakh Moved into loss
EBITDA per tonne Negative ₹26 ₹692 Declined sharply
Profit after tax Loss of ₹1,627 lakh Profit of ₹1,023 lakh Moved into loss

Revenue broadly tracked volume growth, but operating profitability deteriorated. EBITDA per tonne fell from ₹692 to negative ₹26, indicating that the company’s average contribution after operating costs was below zero during the quarter.

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Did the Hi-Bond agreement increase Shree Digvijay’s volume?

Yes. The company attributes a material part of the additional volume to its Brand Usage, Supply and Distributorship Agreement (BDA) with Hi-Bond Cement (India) Private Limited. Under the arrangement, Shree Digvijay sold 212,549 metric tonnes of cement manufactured at the Hi-Bond plant in Q2 FY27. There were no corresponding sales under this arrangement in Q2 FY26.

For the six months ended 30 September 2026, Hi-Bond-manufactured cement sales totaled 461,892 metric tonnes, also with no comparable prior-year volume. The Q2 quantity represented roughly 41.7% of the company’s total quarterly sales volume, calculated from the disclosed figures, making the agreement a significant contributor to reported growth.

Why did profit fall despite higher cement sales?

Management said geopolitical uncertainty disrupted global supply chains and increased fuel, packaging and freight costs. Those inputs and logistics expenses can reduce cement margins even when dispatches and revenue are rising.

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Annual shutdown costs

The National Stock Exchange filing records shutdown expenses of ₹1,491 lakh in Q2 FY27, compared with no shutdown expense in the corresponding quarter of FY26. For the six months, shutdown expenses were ₹1,930 lakh, also versus none in the prior-year period. The company says its annual shutdown was completed during the quarter and the six-month period.

What the margin figures indicate

Q2 EBITDA changed from a ₹2,048 lakh profit to a ₹130 lakh loss, a negative swing of ₹2,178 lakh. PAT moved from a ₹1,023 lakh profit to a ₹1,627 lakh loss, a swing of ₹2,650 lakh. These figures combine the effects of higher operating costs and shutdown-related charges; the release does not provide a separate quantified bridge for every cost item.

What were the six-month results through September 2026?

For the six months ended 30 September 2026, volume and revenue were substantially higher, while profitability was weaker than in the prior-year period.

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Metric Six months ended 30 Sep 2026 Six months ended 30 Sep 2025 Change
Sales volume 11.16 lakh tonnes 6.55 lakh tonnes About 70.4% increase (calculated)
Revenue from operations ₹61,658 lakh (₹616.58 crore) ₹35,729 lakh (₹357.29 crore) About 72.5% increase (calculated)
EBITDA ₹2,898 lakh ₹4,567 lakh Lower by ₹1,669 lakh
Profit after tax Loss of ₹945 lakh Profit of ₹2,402 lakh Moved into loss

The six-month figures show that the quarter was not an isolated volume event: dispatches were up about 70.4% for the period. Nevertheless, cumulative EBITDA fell and PAT turned negative as costs, including the reported shutdown expenses, absorbed the benefit of additional sales.

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What did management say about the outlook?

Chief Executive Officer and Managing Director Amit Arora said geopolitical uncertainty had raised input and logistics costs, particularly for fuel, packaging and freight. He also said that, after completion of the annual shutdown, the plant was prepared to meet higher market demand.

Management’s stated long-term view is positive, citing operational capabilities, supply-chain management, an expanding distribution network and disciplined capital allocation. This is the company’s outlook rather than an independent forecast, and it does not specify a target for future volume, margins or profit.

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How should investors read the Q2 FY27 result?

  • Demand and distribution: Volume growth was strong, with the Hi-Bond BDA supplying a substantial new channel.
  • Revenue conversion: Revenue rose at a similar rate to volume, suggesting no obvious divergence in the reported top-line relationship from the disclosed totals.
  • Cost risk: Fuel, packaging, freight and shutdown expenses were identified as pressures on margins.
  • Profit quality: EBITDA per tonne was negative and PAT was a loss, so the quarter’s growth should not be interpreted as profitable expansion.
  • Post-shutdown capacity: The company says the plant is ready for stronger demand now that the annual shutdown is complete.

For comparisons with another cement producer, the most useful measures are volume growth, revenue growth, EBITDA per tonne, PAT, the cost impact of fuel and freight, shutdown charges, and how much incremental volume comes from new supply or distribution agreements.

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Frequently Asked Questions

What is SHREDIGCEM’s Q2 FY27 revenue?

Shree Digvijay Cement reported ₹27,931 lakh, or ₹279.31 crore, in revenue from operations for Q2 FY27. The figure is from unaudited consolidated results for the quarter ended 30 September 2026.

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How much of Q2 volume came from Hi-Bond Cement?

The company disclosed 212,549 metric tonnes sold from cement manufactured at Hi-Bond’s plant under the BDA. Against total Q2 sales of 510,000 tonnes, that is approximately 41.7%, calculated from the reported amounts.

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Were Shree Digvijay Cement’s Q2 FY27 results audited?

No. The published Q2 and six-month figures are unaudited consolidated results. They were approved on 23 October 2026 and should not be treated as audited annual numbers.

What does negative EBITDA per tonne mean for a cement company?

It means operating costs exceeded the reported revenue contribution on average for each tonne sold during the period. In Q2 FY27, the company reported negative ₹26 per tonne, compared with ₹692 per tonne in Q2 FY26.

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