Brokerage firm Normura has upgraded its rating and raised its price target on Shree Cement Ltd., on Friday, March 28, projecting an 11.6% upside from its previous closing price.

The brokerage now has a “buy” rating on the stock from its earlier rating of “neutral” and has raised its target on the cement major to ₹34,000 from ₹28,000 earlier. The stock ended the previous session at ₹30,451.95 apiece.

Nomura wrote in its note that the recent recovery in Shree Cement’s core markets and higher utilisation should result in market share gains for the company.

As a result, the brokerage has raised its financial year 2026 and 2027 volume estimate for Shree Cement by 5% and 7% to 41 million tonnes and 46 million tonne, respectively.

The increase in volume estimates is on account of Shree Cement’s improved utilisation in the northern and eastern regions of India, which make up for over 80% of the company’s volume mix, Nomura said. Both regions have also witnessed resilient pricing, increasing by 4% sequentially, compared to just 2% across India, it added.

Nomura has also increased Shree Cement’s financial year 2026 and 2027 Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) estimate by 9% and 15% to ₹4,900 crore and ₹6,500 crore, respectively.

For the fourth quarter of this fiscal, Nomura expects Shree Cement’s EBITDA to be more than ₹1,300 per tonne, supported by better realisations and fuel cost.

It concluded that Shree Cement’s asset sweating will result in above-industry average volume growth.

Of the 42 analysts that have coverage on the stock 15 have a “buy” rating, 19 have a “hold” rating and eight have a “sell” rating.

Shree Cement shares ended the previous session 1.74% higher. The stock has gained 19.4% this year, so far. The stock is trading close to its record high levels.

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