Shree Cement’s (SRCM) 3QFY26 EBITDA at INR9.2b dipped 3% YoY and was ~9% below our estimate, mainly due to lower-than-estimated volume and realization/t. This was, however, partly offset by lower opex/t. EBITDA/t at INR1,049 declined 4% YoY (est. INR1,077).