{ "company_id": "SHREECEM", "company_name": "Shree Cement Limited", "cin": "L26943RJ1979PLC001935", "nse_code": "SHREECEM", "bse_code": "500387", "fy": "2024-25", "vintage_date": "2026-05-27", "registered_office_state": "Rajasthan", "primary_listing": "NSE/BSE", "promoter_group": "Bangur Family", "primary_business": "Cement & Cement Products", "nic_2_digit": "23", "brsr_source": { "primary_source_url": "https://www.shreecement.com/uploads/investors/Annual_Report_2024_2025.pdf", "primary_source_type": "annual_report_brsr_section", "evidence_cache_path": "scripts/primary-source/evidence/shreecement-com/uploads-investors-annual-report-2024-2025-pdf/2026-05-27T04-36-35-701Z", "brsr_pages": "214-256", "fetched_date": "2026-05-27", "fetched_via": "direct", "secondary_validation_source": "https://www.shreecement.com/uploads/cleanupload/ESG Data Book FY 2024-25.pdf" }, "identity": { "incorporated_year": 1979, "primary_business": "Cement & Cement Products (Manufacturing and Sale of Cement and Clinker)", "nic_2_digit": "23", "nic_4_digit": "2394", "nse_industry": "Construction Materials", "promoter_group": "Bangur Family", "paid_up_capital_inr_cr": 36.08, "market_cap_inr_cr_31_mar_2025": 110056.93, "market_cap_rank_31_mar_2025": null, "is_top_150_brsr_core_assurance_fy_2324": true, "is_top_250_brsr_core_assurance_fy_2425": true, "subsidiaries_count": 8, "joint_ventures_count": 0, "associates_count": 0, "registered_office": "Bangur Nagar, Beawar - 305901, Rajasthan", "reporting_boundary": "standalone" }, "operations": { "revenue_from_operations_inr_cr": 18037.33, "revenue_from_operations_source_page": "BRSR Section A Q24 / Five-year highlights", "turnover_inr_cr": 18037.33, "net_worth_inr_cr": 21211.39, "total_assets_inr_cr": null, "ebitda_inr_cr": 4413.91, "net_profit_inr_cr": 1196.23, "plants_count": 16, "plants_breakdown": { "integrated_cement_units": 6, "grinding_units": 10 }, "offices_count": 3, "branches_count": null, "states_with_operations_count": "19 States + 4 UTs", "international_operations": false, "international_operations_countries": [], "exports_pct_of_turnover": 0.0, "cement_capacity_mtpa_31_mar_2025": 56.4, "cement_capacity_mtpa_post_april_2025": 62.8 }, "workforce": { "employees_permanent_male": 6866, "employees_permanent_female": 95, "employees_permanent_total": 6961, "employees_other_male": 944, "employees_other_female": 2, "employees_other_total": 946, "employees_total": 7907, "workers_permanent_male": 61, "workers_permanent_female": 0, "workers_permanent_total": 61, "workers_other_male": 13123, "workers_other_female": 187, "workers_other_total": 13310, "workers_total": 13371, "differently_abled_employees_permanent": 6, "differently_abled_employees_other": 0, "differently_abled_workers_total": 0, "median_remuneration_male_employees_inr_lakh": 7.10, "median_remuneration_female_employees_inr_lakh": 7.0, "median_remuneration_ratio_female_to_male": 0.986, "median_remuneration_male_workers_inr_lakh": 6.59, "turnover_rate_employees_pct": 19.50, "turnover_rate_workers_pct": 71.58, "turnover_rate_workers_note": "Elevated due to voluntary retirement by workforce (BRSR footnote **)", "wages_above_minimum_wage_pct": 100.0, "calculated_total_workforce": 21278, "calculated_female_workforce_share_pct": 1.34, "gross_wages_paid_to_women_pct_total": 1.42 }, "wellbeing_social": { "wellbeing_spend_inr_cr": null, "wellbeing_spend_as_pct_revenue": 0.08, "wellbeing_spend_source_page": "BRSR Section C P3 Q1(c)", "csr_spend_inr_cr": 52.91, "insurance_group_medical_coverage_pct_employees": 100.0, "insurance_accident_coverage_pct_employees": 100.0, "insurance_life_coverage_pct_employees": null, "maternity_benefits_coverage": "Yes (female only)", "paternity_benefits_coverage": "No", "day_care_facility_coverage": "Yes (female only)", "complaints_posh_received": 0, "complaints_posh_pending_at_year_end": 0, "complaints_child_labour_received": 0, "complaints_forced_labour_received": 0, "complaints_discrimination_received": 0, "complaints_wages_received": 0, "complaints_other_human_rights_received": 0, "complaints_working_conditions_received": 0, "complaints_health_safety_received": 0, "complaints_communities_received": 16, "complaints_shareholders_received": 12, "complaints_employees_workers_received": 1, "complaints_customers_received": 597, "complaints_value_chain_received": 4, "training_hours_on_human_rights": null, "human_rights_training_employees_permanent_pct": 61.3, "human_rights_training_workers_other_than_permanent_pct": 100.0, "fatalities_employees": 0, "fatalities_workers": 5, "fatalities_workers_prior_fy": 1, "high_consequence_employees": 0, "high_consequence_workers": 1, "ltifr_employees_per_million_hours": 0, "ltifr_workers_per_million_hours": 0.05, "total_recordable_injuries_employees": 0, "total_recordable_injuries_workers": 2, "total_person_hours_employees": 16501248, "total_person_hours_workers": 39813562, "workers_rehabilitated_or_family_placed_cumulative": 3 }, "environment_principle_6": { "energy": { "total_energy_consumption_tj": 105274.69, "renewable_electricity_tj": 4731.96, "renewable_fuel_tj": 1411.77, "renewable_energy_tj": 6143.73, "non_renewable_electricity_tj": 3702.54, "non_renewable_fuel_tj": 95428.42, "non_renewable_energy_tj": 99130.96, "renewable_share_of_total_energy_pct": 5.83, "green_electricity_share_of_power_mix_pct": 56.09, "energy_intensity_per_inr_cr_revenue_tj": 5.84, "energy_intensity_gj_per_t_cement_excl_smp": 2.61, "specific_thermal_energy_consumption_kcal_per_kg_clinker": 726, "specific_thermal_energy_consumption_mj_per_kg_clinker": 3.04, "specific_electrical_energy_consumption_kwh_per_t_cement": 65.31, "energy_assurance_provider": "Intertek India Pvt. Ltd." }, "ghg_emissions": { "scope_1_tco2e": 21308523, "scope_2_location_based_tco2e": 428147, "scope_2_market_based_tco2e": null, "scope_1_plus_2_tco2e": 21736670, "scope_3_total_tco2e": 301681.91, "scope_3_intensity_per_inr_cr": 16.7, "scope_3_categories_disclosed": [ 1, 3, 4, 5, 6, 7 ], "scope_3_methodology": "WBCSD guidance + GHG Protocol Scope 3 Standard", "ghg_methodology": "GHG Protocol Corporate Standard", "ghg_assurance_provider": "Intertek India Pvt. Ltd.", "ghg_assurance_level": "Reasonable (for BRSR Core)", "scope_1_2_intensity_per_inr_cr_revenue_mt": 1205, "scope_1_2_intensity_kg_co2_per_t_cementitious": 546, "net_scope_1_kg_co2_per_t_cementitious_target_2030": 510, "net_scope_2_kg_co2_per_t_cementitious_target_2030": 5, "scope_1_intensity_disclosed_t_co2_per_t_cementitious": 0.534, "scope_2_intensity_disclosed_t_co2_per_t_cementitious": 0.012, "direct_mercury_emissions_mt": 0.0365, "calculated_emissions_intensity_per_inr_cr_revenue": 1205, "calculated_emissions_intensity_per_t_cement_kg_co2_per_t": 648.5 }, "water": { "water_withdrawal_kl": 2822283, "water_withdrawal_surface_kl": 418777, "water_withdrawal_groundwater_kl": 2002982, "water_withdrawal_third_party_kl": 400524, "water_consumption_kl": 2700535, "water_discharge_kl": 0, "water_recycled_kl": null, "water_recycled_share_pct": null, "water_intensity_kl_per_inr_cr_revenue": 150, "water_intensity_kl_per_t_cement": 0.0686, "specific_freshwater_consumption_litres_per_t_cement": 68.6, "water_stressed_areas_operations": true, "water_stressed_areas_list": [ "Ras", "Beawar", "Nawalgarh", "JGU", "KKGU", "PGU", "UPGU" ], "water_stressed_withdrawal_kl": 1616216, "water_stressed_consumption_kl": 1502173, "zero_liquid_discharge_implemented": true, "zero_liquid_discharge_coverage": "100% of all manufacturing locations" }, "air_emissions": { "nox_mt": 16217.4, "sox_mt": 80.8, "pm_mt": 550.3, "pop_ng_teq_per_nm3": 0.028, "voc_mg_per_nm3": 0.0004, "hap_mt": null, "nox_intensity_kg_per_t_cement": 0.484, "sox_intensity_kg_per_t_cement": 0.0024, "particulate_matter_intensity_kg_per_t_cement": 0.0164 }, "waste": { "waste_total_mt": 21462.81, "waste_plastic_mt": 943.76, "waste_e_waste_mt": 29.52, "waste_bio_medical_mt": 1.01, "waste_construction_demolition_mt": 0.00, "waste_battery_mt": 63.63, "waste_radioactive_mt": 0.00, "waste_other_hazardous_mt": 155.79, "waste_other_non_hazardous_mt": 20269.12, "waste_recovered_recycled_mt": 21461.80, "waste_recovered_share_pct": 99.995, "waste_disposed_mt": 1.01, "waste_intensity_kg_per_inr_cr_revenue": 1189.91, "waste_intensity_kg_per_t_cement": 0.64 }, "biodiversity": { "operations_in_protected_areas": false, "biodiversity_management_plan_published": true, "biodiversity_note": "No operations in world heritage areas / protected zones / high biodiversity value areas / coastal regulation zones per BRSR Section C P6 Essential Q11. Wildlife Conservation Plan (WCP) implemented for materiality-flagged biodiversity risk." }, "compliance": { "non_compliance_with_environmental_laws_events": 0, "environmental_penalty_inr_cr": 0 } }, "brsr_core_9_attributes": { "ghg_emission_intensity_per_revenue_mt_per_inr_cr": 1205, "ghg_emission_intensity_per_revenue_assurance_status": "Reasonable", "energy_footprint_per_revenue_tj_per_inr_cr": 5.84, "energy_footprint_assurance_status": "Reasonable", "water_footprint_per_revenue_kl_per_inr_cr": 150, "water_footprint_assurance_status": "Reasonable", "job_creation_in_smaller_towns_pct_workforce_wages": 56.77, "job_creation_smaller_towns_components": { "rural_wages_pct": 55.76, "semi_urban_wages_pct": 1.01, "urban_wages_pct": 5.75, "metropolitan_wages_pct": 37.48 }, "job_creation_smaller_towns_assurance_status": "Reasonable", "spend_on_wellbeing_pct_revenue": 0.08, "ltifr_per_million_person_hours_employees": 0.00, "ltifr_per_million_person_hours_workers": 0.05, "ltifr_assurance_status": "Reasonable", "gross_wages_paid_to_women_pct_total_wages": 1.42, "gross_wages_women_assurance_status": "Reasonable", "complaints_received_total_from_stakeholders": 630, "complaints_assurance_status": "Reasonable", "input_material_from_msme_smaller_producers_pct": 20.38, "input_material_from_indian_suppliers_pct": 42.7, "input_material_msme_assurance_status": "Reasonable" }, "cement_sector_specific": { "cement_production_total_mt": 33.519, "cement_production_lakh_tonnes": 335.19, "clinker_production_total_mt": 22.769, "clinker_production_lakh_tonnes": 227.69, "cement_clinker_sales_lakh_tonnes": 360.64, "calculated_clinker_factor_pct": 67.93, "blended_cement_share_of_total_cement_pct": 68.52, "thermal_substitution_rate_pct": 2.41, "thermal_substitution_rate_source_page": "Integrated Report Operational Highlights + Director's Report", "alternative_fuel_types_used": [ "municipal solid waste", "biomass", "industrial waste", "spent acid byproducts", "pet coke (partial)" ], "alternative_raw_materials_used": [ "fly ash", "GGBS slag", "synthetic gypsum", "low-grade limestone" ], "alternative_raw_material_share_pct": 26.36, "whrs_capacity_mw": 242.5, "captive_renewable_energy_capacity_mw": 582, "captive_renewable_energy_breakdown_note": "582 MW of green electricity including WHR (242.5 MW), Solar, Wind", "renewable_ppa_capacity_mw": null, "rec_purchases_mwh": null, "low_carbon_cement_product_share_pct": 68.52, "low_carbon_cement_product_examples": [ "PPC (57.2%)", "PSC (0.1%)", "CC (3.3%)", "OPC (27.0%)" ], "carbon_capture_pilots_status": "None disclosed in BRSR", "ccs_capacity_planned_tco2_per_year": null, "fly_ash_utilisation_t": null, "slag_utilisation_t": null, "cbam_transitional_declaration_filed": null, "cbam_in_scope_exports_to_eu_tonnes": 0, "net_power_generation_lakh_kwh": 32932, "sec_kwh_per_t_cement": 65.31, "sthe_kcal_per_kg_clinker": 726, "sthe_mj_per_kg_clinker": 3.04 }, "governance_disclosure": { "board_size": 7, "executive_directors_count": 3, "independent_directors_count": 4, "independent_directors_share_pct": 57.14, "non_executive_directors_count": 4, "women_directors_count": 1, "women_directors_share_pct": 14.29, "kmp_count": 2, "women_kmp_count": 0, "chair_executive": true, "esg_committee_exists": true, "esg_committee_name": "CSR and Sustainability Committee", "esg_committee_chair_independent": null, "ceo_kmp_remuneration_to_median_employee_ratio": null, "anti_corruption_policy_published": true, "human_rights_policy_published": true, "supplier_code_of_conduct_published": true, "whistleblower_policy_published": true, "policies_cover_all_9_ngrbc_principles": true, "policies_extend_to_value_chain": true, "external_policy_assessment_agency": "Intertek (P2, P3, P6, P9), Secretarial Auditor (P1, P4, P7, P8), Factory Inspector (P5)" }, "assurance": { "brsr_core_assurance_required_fy_2425": true, "brsr_core_assurance_obtained_fy_2425": true, "brsr_core_assurance_provider": "Intertek India Private Limited", "brsr_core_assurance_level": "Reasonable", "brsr_core_assurance_standard_followed": "ISAE 3000 (Revised) + SEBI BRSR Core Annexure-I framework", "non_financial_data_assurance_level": "Limited (for Other Non-Financial Data beyond BRSR Core)", "full_brsr_voluntary_assurance_obtained": true, "full_brsr_voluntary_assurance_provider": "Intertek India Private Limited", "full_brsr_voluntary_assurance_level": "Limited", "ghg_specific_assurance_separate": false, "ghg_specific_assurance_provider": "Intertek India Pvt. Ltd. (within BRSR Core scope)", "ghg_specific_assurance_standard": "ISAE 3000 (Revised)" }, "voluntary_frameworks": { "gri_report_published_fy_2425": true, "gri_standards_version_used": "GRI Standards 2021", "ifrs_s1_voluntary_disclosure": null, "ifrs_s2_voluntary_disclosure": null, "tcfd_disclosure_published": true, "integrated_reporting_framework": "IFRS Foundation Integrated Reporting + SASB + GRI 2021", "cdp_climate_response_filed": true, "cdp_water_response_filed": null, "cdp_climate_score_disclosed": "A-", "sbti_validated_target": true, "sbti_validated_target_note": "BRSR states 'established Science Based Targets'; no explicit SBTi validation date or near-term target year disclosed in BRSR", "sbti_validation_date": null, "sbti_near_term_target_year": 2030, "sbti_long_term_target_year": null, "net_zero_target_year": 2050, "net_zero_scope": "100% renewable electricity by 2050 (per BRSR Section B Commitments)", "transition_plan_published": true, "transition_plan_disclosure_framework": "GHG Protocol + SBTi + RE100 + 24/7 CFE", "iso_certifications": [ "ISO 45001", "ISO 14001", "ISO 50001" ], "industry_initiatives": [ "RE100", "24/7 Carbon Free Electricity", "CMA", "FICCI", "NCCBM", "CII" ] }, "qc_metadata": { "scraped_by": "automated extraction + Claude Opus 4.7", "scraped_date": "2026-05-27", "fields_extracted": 175, "fields_disclosed_by_company": 148, "fields_calculated": 12, "fields_not_disclosed": 27, "disclosure_completeness_pct": 84.6, "calculated_disclosure_quality_score_aggregate": 4.3, "cross_validation_status": "pass", "cross_validation_log_ref": "qc-log.md#SHREECEM-2425", "restatement_detected": true, "restatement_log_ref": "Multiple FY 2023-24 figures restated per FY25 ISF guidance on BRSR Core (wellbeing spend %, turnover rate, gross wages to women %, Scope 1+2 intensity per turnover, water intensity per turnover, waste intensity per turnover, energy intensity PPP, MSME procurement share, accounts payable days)", "manual_review_completed": true, "manual_review_date": "2026-05-27", "manual_reviewer": "Ravi (PDF audit) + Claude", "notes": [ "FINDING 1 — Renewable energy share APPEARS LOW in BRSR Section C P6 Q1: 6,143.73 TJ renewable / 105,274.69 TJ total = 5.83%. HOWEVER BRSR narrative + corporate overview repeatedly state green ELECTRICITY share is 56.09% of power mix (and 'over 56% of energy mix' in MD letter). The 5.83% figure includes the kiln thermal-fuel denominator (which remains fossil-heavy with TSR only 2.41%); 56.09% applies to electricity only. ESG Data Book reportedly cites 65.65% — likely uses a different boundary. Recommend reporting BOTH BRSR-verbatim 5.83% (total energy basis) AND 56.09% (green electricity share) to avoid distortion in benchmark.", "FINDING 2 — Headline Scope 1+2 intensity per tonne cementitious = 546 kg/t (verbatim from BRSR table). Calculated per tonne cement (33.519 MT) = 648.5 kg/t. The 546 figure uses 'cementitious material' denominator which includes blended additions (fly ash + slag). Net Scope 1 intensity target disclosed as 0.51 tCO2/t cementitious by 2030 (vs FY 2024-25 actual 0.534 — already close to target).", "FINDING 3 — TSR (Thermal Substitution Rate) is LOW at 2.41% — likely among the lowest in the cement-major sample. Shree Cement's strategy is renewable-ELECTRICITY-led decarbonisation (56% green power, RE100 commitment), not alternative-FUEL-led (low TSR). Meaningful differentiator vs UltraTech / Dalmia who push TSR > 6%.", "FINDING 4 — Workforce numbers in task pre-fill (~14,256) DO NOT MATCH BRSR Section A: Total = 7,907 employees + 13,371 workers = 21,278. Verified BRSR figures used. (The 14,256 may have been a parser confusion between workers-only and total.)", "FINDING 5 — Worker turnover rate flagged at 71.58% (vs 8.89% prior FY). BRSR footnote explicitly states 'Increase in turnover is due to voluntary retirement by workforce.' Suspicious but disclosed verbatim — possible workforce restructuring event in FY 2024-25.", "FINDING 6 — Multiple FY 2023-24 restatements per 'FY25 ISF guidance on BRSR Core' (SEBI Industry Standards Forum guidance issued mid-2024). Affected fields documented in restatement_log_ref. Original first-disclosed values not retained in BRSR (restated only).", "FINDING 7 — Reasonable Assurance scope = BRSR Core ONLY; remaining Non-Financial Data has LIMITED Assurance. Both by Intertek India Pvt. Ltd. Assurance statement references SEBI Circular SEBI/HO/CFD/CFD-SEC-2/P/CIR/2023/122 dated 12-Jul-2023 (BRSR Core framework).", "FINDING 8 — CDP score: 'A-' (recognised in Corporate Overview Awards section). CDP Water response not explicitly confirmed in BRSR.", "QUESTION 1 for Ravi: ESG Data Book FY 2024-25 reportedly states 65.65% RE share + 586 MW captive green capacity, whereas BRSR Section C states 56.09% green electricity + 582 MW. Per methodology Section 3.5, BRSR is primary; flag divergence in cross-validation log.", "QUESTION 2 for Ravi: SBTi target — BRSR mentions 'established Science Based Targets' but no SBTi validation date or formally-validated target year. Found 2030 (intensity targets) + 2050 (RE100/net-zero). Should sbti_validated_target be true (set as such) or null pending external SBTi-database verification?", "QUESTION 3 for Ravi: BRSR Section A discloses 6 Integrated Cement Units + 10 Grinding Units = 16 plants. April 2025 expansion adds capacity to 62.8 MTPA. plants_count uses FY 2024-25 boundary (16) per BRSR; flag boundary date if benchmark requires as-on-publication-date.", "ENTITY IDENTITY: All pre-filled identity fields VERIFIED against BRSR Section A — CIN L26943RJ1979PLC001935 matches, name matches, state Rajasthan matches, NSE/BSE dual listing matches. No corrections needed." ], "notes_audit_2026_05_27": [ "PRIMARY-SOURCE PDF AUDIT 2026-05-27 (Ravi manual + Claude) on Shree Cement Integrated Annual Report 2024-25 (242-page PDF; printed pages 218-256 BRSR + 258-263 Auditor's Report). PDF is the full integrated AR with AGM Notice prepended.", "(1) MATERIAL CORRECTION — Safety: BRSR Section C P3 Q11 (page 233) discloses 5 worker fatalities + 0 employee fatalities in FY 2024-25 (vs 1 + 0 in FY 2023-24 — 5x YoY jump). Cross-confirmed in Corporate Overview Safety table (page 91). Previously qc_metadata.notes did NOT capture fatalities; updated safety section accordingly.", "(2) Safety detail: LTIFR Employees Nil, Workers 0.05 per million person-hours. Total recordable injuries: 0 employees + 2 workers (vs 2 + 4 prior FY). High-consequence work-related injury / ill-health (excluding fatalities): 0 employees + 1 worker. Total person-hours worked FY 2024-25: 165,01,248 employees + 39,813,562 workers (incl contract workforce). Leadership Indicator 3 (page 234): 6 affected workers cumulative; 3 family members rehabilitated and placed in suitable employment.", "(3) POSH FY 2024-25: NIL complaints filed, NIL upheld. FY 2023-24: NIL. Only entity in 14-company sample with zero POSH complaints across both years. POSH at 0% of female workforce.", "(4) Reporting boundary: STANDALONE — 6 Integrated Cement Units + 10 Grinding Units + 1 Shree Mega Power = 16 plant footprint at FY 2024-25 close. Total fleet capacity 56 MTPA (rising to 62.8 MTPA on April 2025 commissioning of Etah grinding unit). Standalone basis applies to BRSR — joint ventures and subsidiaries excluded.", "(5) Workforce 21,278 = 7,907 employees (6,961 permanent + 946 OTP) + 13,371 workers (61 permanent + 13,310 OTP). Permanent workforce employee turnover 19.5% overall; voluntary 15.8%. Worker turnover 71.58% (8.89% prior FY) explained by voluntary retirement program in narrative footnote.", "(6) Assurance: Intertek India Pvt. Ltd. — Reasonable Assurance for BRSR Core (9 attributes); Limited Assurance for other parameters. Per ISAE 3000 (revised) + ISAE 3410. Assurance statement references SEBI Circular SEBI/HO/CFD/CFD-SEC-2/P/CIR/2023/122 dated 12 July 2023 (BRSR Core framework).", "(7) Energy: Total 105,274.69 TJ (vs 109,206.41 prior). Renewable 6,143.73 TJ = 5.84% on total energy basis. Green ELECTRICITY share 56.09% of power mix per narrative — uses different denominator. Energy intensity 2.61 GJ/t cementitious excluding SMP (vs 2.68 prior FY restated).", "(8) GHG: Scope 1 = 21,308,523 tCO2e (vs 21,945,939); Scope 2 = 428,147 tCO2e (vs 369,603 prior); Scope 3 = 301,681.91 tCO2e (vs 310,685.45 prior); Scope 1+2 intensity = 546 kg CO2/t cementitious (vs 552 prior). Assured by Intertek.", "(9) Water withdrawal total: 28,22,283 KL = 2,822,283 KL (up from 24,84,424 = 2,484,424 prior). LEADERSHIP INDICATOR 1 (page 249) breakouts water-stress-area facilities (Ras, Beawar, Nawalgarh, JGU, KKGU, PGU, UPGU = 7 facilities) at withdrawal 1,616,216 KL = 57% of total withdrawal. This water-stress-area disaggregation is RARE in sample — most peers do not disclose. Water positivity ratio 8x claimed in Corporate Overview page 93. ZLD across 100% of manufacturing units; 100% wastewater treated and reused. Water intensity 0.0686 KL/t = 68.6 L/t cementitious — LOWEST in 14-company sample.", "(10) Air emissions FY 2024-25: NOx 16,217.4 MT (up from 14,262.32), SOx 80.8 MT (up from 64.80), PM 550.3 MT (up from 465.50), POP 0.028 ng TEQ/Nm3 (corrected to 10% O2), VOC 0.0004 mg/Nm3. NOx significantly higher than ACC 8,003 and Ambuja 11,608 — likely Shree's grinding-intensive operations and pet-coke kiln mix.", "(11) PAT scheme: PAT VI in progress (Integrated Grinding units RGU, KKGU, JGU, PGU, UPGU, BGU — 11,126 ESCerts entitlement to claim); PAT VII in progress (Ras, Beawar, SRCP, Kodla, Shree Mega Power — target year FY 2024-25); PAT VIII in progress (SGU, SJHGU). Multiple ESCerts issued in earlier cycles documented.", "(12) Trade and industry affiliations (P7 Q1, page 251): 7 — Cement Manufacturers Association (CMA), FICCI, NCCBM (all National), Rajasthan Chamber of Commerce (State), Climate Group RE100 (Global), CII (National), 24/7 Carbon Free Electricity (Global). Only entity in 14-company sample to disclose 24/7 CFE participation; renewable-electricity-led decarbonisation alliance positioning.", "(13) Median wages (P5 Q3a): BoD Male 3 / median ₹3,258.50 Lakh = ₹32.58 cr; BoD Female 0 (no female on Board — material gender gap). KMP Male 2 / ₹204.81 Lakh; Female 0. Employees other Male 6,861 / ₹7.10 Lakh; Female 95 / ₹7.0 Lakh. Workers Male 61 / ₹6.59 Lakh; Female 0. Gross wages paid to females 1.42% of total wages (restated from 1.03%) — lowest in 14-company sample.", "(14) Sustainable sourcing: Inputs from MSMEs / small producers 20.38% (down from 28.15% prior FY restated per FY25 ISF guidance). Domestic sourcing within India 42.7% (vs 43.30% prior FY) — ANOMALOUSLY LOW vs peers (Ambuja 75%, ACC 96.62%, UltraTech 75%, Star Cement ~99%); driven by imported pet coke + imported coal as primary kiln fuels.", "(15) Job creation in smaller towns: Rural 55.76% (vs 57.19%); Semi-urban 1.01%; Urban 5.75%; Metropolitan 37.48% (vs 35.58%). Highest metropolitan-wage share in sample — reflects Shree's corporate HQ in Gurugram and large Beawar / Ras admin presence in semi-urban Rajasthan classified as metropolitan-adjacent.", "(16) CSR aspirational districts (P8 Leadership Q2, page 253): Bihar Aurangabad ₹73.51 Lakhs + Uttarakhand Haridwar ₹22.97 Lakhs. CSR spend FY 2024-25 ₹52.91 cr (already captured).", "(17) Financial statement auditor: B R Maheswari & Co LLP (Firm Registration 001035N/N500050); signing partner Akshay Maheshwari (ICAI Membership 504704, UDIN 25504704BMIBGG1791). Signed Gurugram 14 May 2025. Key Audit Matters: (a) Revenue Recognition — Discounts, incentives and rebates; (b) Litigation, Claims and Contingent Liabilities (Note 34). No separate Emphasis of Matter on CCI cartel — different presentation vs UltraTech / ACC which highlight CCI in Emphasis of Matter paragraph specifically.", "(18) EIA pipeline (page 247-249): 9 ongoing or proposed limestone-block / cement-plant clearances including (a) Gotha Limestone Mine 0.36→0.54 MTPA in Nawalgarh Rajasthan; (b) Farhatabad Integrated Cement Plant Karnataka 4.0 MTPA clinker + 6.66 MTPA cement (2 x 3.33) + 25 MW CPP + 38 MW WHRS — large greenfield project; (c) Farhatabad Limestone Mine 6.0 MTPA Karnataka; (d) Bhuj Integrated Cement Plant Gujarat 2.65 MTPA + 23 MW WHRS + 1560 TPH gypsum plant; (e) Mohra Block A Limestone Chhattisgarh 1.5 MTPA; (f) Datima Coal Block Chhattisgarh 0.36→0.54 MTPA; (g) HPB19 Limestone Block Rajasthan 5.0 MTPA; (h) Kondhala Limestone Block Maharashtra 2.25 MTPA; (i) Sandi Limestone Block Chhattisgarh 3.64 MTPA. Substantial growth pipeline across Karnataka, Gujarat, Maharashtra, Chhattisgarh — geographically diversifying from Rajasthan / North India concentration.", "(19) CEO statement signatory: Neeraj Akhoury, Managing Director (DIN 07419090). Prior career: Holcim / Ambuja Cement. Re-appointment proposed at FY 2024-25 AGM (4 August 2025).", "(20) Director assurance posture (Section B Q11, page 222): Differentiated by principle — Intertek for P2/P3/P4/P6/P8/P9; Factory Inspector for P5; Secretarial Auditor for P1/P7. More granular than single-firm assurance posture of peers." ], "cross_validation_completed_date": "2026-05-28" } }