Earnings Call Transcript for the quarter ended 31 March, 2026

Star Cement reported strong Q4 FY26 results with revenue of INR 1,174 crores (up 12% YoY) and EBITDA of INR 324 crores. Full year FY26 revenue was INR 3,776 crores with EBITDA of INR 955 crores, representing significant improvement from INR 589 crores in FY25. Per ton EBITDA for FY26 was INR 1,738 versus INR 1,245 in FY25. The company achieved 5.3 million tons volume at the upper end of its 5.5 million ton guidance. Management guided for 10-12% volume growth in FY27. Capex plans include INR 600-700 crores in FY27 and INR 1,500 crores in FY28 for new grinding units in Bihar, Haryana (Nimbol), and clinker plants in Rajasthan and Umrangso. Government subsidies are expected to decline by INR 40-50 crores in FY27 to around INR 140-150 crores. The company flagged short-term cost pressures in Q1-Q2 FY27 due to fuel price increases and railway rake shortages, with an estimated INR 250-300 crores impact, though EBITDA per ton in Northeast should remain at INR 1,500-1,700 range for the year.