STAR CEMENT LIMITED

Manufactures and sells cement, with cement accounting for 96.1% of segment revenue and a small captive power segment making up the remaining 3.9%. Cement volumes for FY26 totalled 5.3 million tons, split across a product mix of 82% PPC and 18% OPC, with premium cement contributing 15.1% of sales. Sales are split between the Northeast and outside regions — Q4 FY26 saw 11.27 lakh tons sold in the Northeast and 4.91 lakh tons outside it — with the trade channel accounting for 78% of sales. Production is vertically integrated: clinker output was 11.59 lakh tons in Q4 FY26, and a new 2 MTPA grinding unit at Silchar, Assam commenced cement production in Q4 FY26. The largest cost line is other operating expenses at 54.7% of revenue, followed by materials at 13.1%, depreciation at 9.7% and employee costs at 7.3%, with fuel/coal flagged as a key near-term pressure point. Five greenfield expansion projects totalling INR4,800 crore are under way across Bihar, Haryana, Rajasthan, Jorhat and Umrangso, with INR600-700 crore earmarked for FY27 and INR1,500 crore for FY28. Long-term raw material security was reinforced by a 123-hectare limestone mining lease in Dima Hasao, Assam, holding an estimated 207.822 million tonnes of resource.