Motilal Oswal Maintains Neutral Rating on Shree Cement, Sets Target at INR 28,000

• Shree Cement's 3QFY26 EBITDA dropped 3% YoY to INR 9.2 billion, missing estimates due to lower volume and realization.
• EBITDA per tonne declined 4% YoY to INR 1,049, with operating profit margin contracting 1.6 percentage points.
• Adjusted Profit After Tax grew 41% YoY to INR 3.2 billion, despite being 7% below estimates.
• Management shifted strategy to 'value over volumes' since October 2024 to improve pricing discipline.
• Motilal Oswal reiterates a 'Neutral' rating with a target price of INR 28,000, based on 16x FY28E EV/EBITDA.