NSE: STARCEMENT · BSE: 540575
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Cement (96%), Power (4%). Cyclical, asset-heavy cement manufacturing with captive power
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,222 | 2,705 | 2,911 | 3,163 | 3,776 |
| EBITDA (ex other income) | 345 | 468 | 556 | 579 | 925 |
| margin % | 15.5 | 17.3 | 19.1 | 18.3 | 24.5 |
| Owners' profit | 247 | 248 | 295 | 169 | 393 |
| EPS, as reported (₹) | 6.04 | 6.13 | 7.30 | 4.18 | 9.73 |
| ROE % · ROCE % | 11.4 · 11.0 | 10.2 · 15.0 | 10.9 · 15.5 | 5.9 · 8.0 | 12.2 · 15.5 |
| Debt / equity (x) | 0.00 | 0.01 | 0.05 | 0.14 | 0.18 |
| Cash from operations | 417 | 375 | 490 | 296 | 765 |
| Capex | (199) | (572) | (1,036) | (581) | (493) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 642 | 719 | 1,052 | 912 | 811 | 880 | 1,174 | 943 |
| Profit before tax | 8 | 8 | 171 | 135 | 92 | 99 | 207 | 98 |
| Net profit | 6 | 9 | 123 | 98 | 71 | 74 | 147 | 74 |
| EPS (₹) | 0.14 | 0.22 | 3.05 | 2.44 | 1.78 | 1.85 | 3.66 | 1.85 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ULTRATECH CEMENT LIMITED | 3,29,452 | 38.5 | 4.08 | 20.1 | 10.1 | 10.2 | 14.6 | 20.8 |
| GRASIM INDUSTRIES LTD | 1,97,360 | 34.5 | 1.16 | 16.4 | 6.1 | 3.2 | 18.1 | 16.6 |
| AMBUJA CEMENTS LTD | 87,273 | 19.8 | 1.21 | 12.2 | 7.8 | 4.3 | — | 18.3 |
| SHREE CEMENT LIMITED | 83,056 | 51.0 | 3.56 | 15.9 | 7.5 | 9.4 | 9.2 | 23.8 |
| JK CEMENT LIMITED | 38,558 | 40.8 | 5.44 | 17.7 | 13.9 | 10.3 | 15.7 | 17.0 |
| DALMIA BHARAT LIMITED | 28,101 | 29.7 | 1.55 | 10.6 | 6.4 | 5.2 | 7.1 | 19.6 |
| ACC LIMITED | 21,387 | 11.2 | 1.04 | 6.2 | 10.4 | 9.9 | — | 8.4 |
| THE RAMCO CEMENTS LIMITED | 17,308 | 26.9 | 2.14 | 10.3 | 8.6 | 7.1 | 11.3 | 14.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 17.8 | 27.7 | 9 of 29 | 71% |
| P/B | 2.1 | 1.3 | 22 of 34 | 36% |
| ROCE | 14.3 | 3.7 | 2 of 37 | 97% |
| ROE | 12.3 | 7.2 | 4 of 34 | 91% |
| Debt / Equity | 0.2 | 0.4 | 9 of 33 | 75% |
| EBITDA margin | 21.5 | 13.1 | 4 of 37 | 92% |
| Revenue growth | 3.4 | 7.8 | 24 of 37 | 36% |
| Profit growth | (24.7) | (24.7) | 19 of 37 | 50% |
| Market cap | 6572 | 1735 | 12 of 38 | 70% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Star Cement board meeting to approve Q2 and half-year results | results | low | — | — |
| 7 Oct 2026 · Compliance Certificate under SEBI Regulation 74(5) for Q2 FY26 | compliance | minimal | — | — |
| 25 Sept 2026 · Star Cement AGM 2026: All 12 resolutions passed, dividend confirmed | board shareholder meetings | medium | — | — |
| 25 Sept 2026 · Star Cement re-appoints MDs and Executive Director at 25th AGM | management changes | high | — | — |
| 25 Sept 2026 · Star Cement AGM: FY26 results adopted, MDs re-appointed for 3 years | board shareholder meetings | low | — | — |
| 24 Sept 2026 · Trading window closure from Oct 1 for Q2 results | compliance | minimal | — | — |
| 23 Sept 2026 · Star Cement to join Arihant Capital's Bharat Connect Conference 2026 | general | low | — | — |
| 9 Sept 2026 · Star Cement to participate in investor and analyst meet in Mumbai | board shareholder meetings | low | — | — |
| 4 Sept 2026 · Star Cement 25th AGM Notice and Annual Report Dispatched | compliance | minimal | — | — |
| 4 Sept 2026 · Star Cement corrigendum to FY25-26 Annual Report for missing auditor certificate | compliance | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.