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Star Cement Q2 FY27 results: net profit up 23.6% to ₹18.98 crore, revenue up 5.7%
Star Cement Limited reported standalone revenue of ₹551.24 crore and net profit of ₹18.98 crore for Q2 FY27. Revenue rose 5.7% from Q2 FY26, while EBITDA fell 10.9% and its margin narrowed to 14.1%.
Key points
- Standalone revenue rose 5.7% to ₹551.24 crore in Q2 FY27 from ₹521.67 crore in Q2 FY26.
- EBITDA fell 10.9% to ₹77.81 crore, while the margin declined 2.6 percentage points to 14.1%.
- Net profit rose 23.6% to ₹18.98 crore and basic EPS increased 23.7% to ₹0.47.
- Against Q1 FY27, revenue fell 4.4% to ₹551.24 crore and net profit fell 20.1% to ₹18.98 crore.
- H1 FY27 revenue was ₹1,127.55 crore and net profit was ₹42.73 crore, up 8.1% from H1 FY26.
How did Star Cement perform in Q2 FY27?
Star Cement’s standalone revenue for Q2 FY27 was ₹551.24 crore, up 5.7% from ₹521.67 crore in Q2 FY26. EBITDA was ₹77.81 crore, down 10.9% from ₹87.30 crore, and the EBITDA margin fell 2.6 percentage points to 14.1%. Total income rose 6.3% to ₹560.00 crore from ₹526.72 crore.
Profit before tax rose 12.4% to ₹27.56 crore from ₹24.53 crore, while net profit increased 23.6% to ₹18.98 crore from ₹15.35 crore. Basic EPS rose 23.7% to ₹0.47 from ₹0.38, and the net profit margin increased 0.5 percentage points to 3.4%.
Against Q1 FY27, revenue fell 4.4% to ₹551.24 crore from ₹576.31 crore and total income declined 4.3% to ₹560.00 crore. EBITDA fell 6.6% to ₹77.81 crore from ₹83.35 crore, with the margin down 0.4 percentage points to 14.1%. PBT declined 19.7% to ₹27.56 crore, net profit fell 20.1% to ₹18.98 crore and basic EPS declined 20.3% to ₹0.47. The company also filed consolidated results for the quarter and half year.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 551.24 | 576.31 | 521.67 | +5.7% | −4.4% |
| Other income | 8.76 | 9 | 5.05 | +73.5% | −2.7% |
| Total expenses | 532.44 | 550.99 | 502.19 | +6.0% | −3.4% |
| EBITDA | 77.81 | 83.35 | 87.30 | −10.9% | −6.6% |
| EBITDA margin | 14.1% | 14.5% | 16.7% | −2.6 pp | −0.4 pp |
| Profit before tax | 27.56 | 34.32 | 24.53 | +12.4% | −19.7% |
| Tax | 8.59 | 10.56 | 9.18 | −6.4% | −18.7% |
| Net profit | 18.98 | 23.76 | 15.35 | +23.6% | −20.1% |
| EPS (₹) | 0.47 | 0.59 | 0.38 | +23.7% | −20.3% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Star Cement's costs and profit?
Total expenses rose 6.0% to ₹532.44 crore in Q2 FY27 from ₹502.19 crore in Q2 FY26. Cost of materials increased 62.8% by ₹48.66 crore to ₹126.12 crore, employee cost rose 14.0% by ₹5.87 crore to ₹47.90 crore and other expenses increased 6.3% by ₹19.45 crore to ₹329.69 crore.
Finance costs fell 19.8% by ₹2.51 crore to ₹10.14 crore from ₹12.65 crore, while depreciation declined 11.4% by ₹6.30 crore to ₹48.87 crore from ₹55.17 crore. There was no exceptional item in either quarter.
Other income increased 73.5% by ₹3.71 crore to ₹8.76 crore from ₹5.05 crore. Tax expense declined 6.4% by ₹0.59 crore to ₹8.59 crore from ₹9.18 crore. These figures show the changes in the reported result; the filing does not state why the cost lines moved.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 126.12 | 77.46 | +48.66 | +62.8% |
| Employee cost | 47.90 | 42.03 | +5.87 | +14.0% |
| Finance costs | 10.14 | 12.65 | −2.51 | −19.8% |
| Depreciation | 48.87 | 55.17 | −6.30 | −11.4% |
| Other expenses | 329.69 | 310.24 | +19.45 | +6.3% |
| Total expenses | 532.44 | 502.19 | +30.25 | +6.0% |
| Other income | 8.76 | 5.05 | +3.71 | +73.5% |
| Tax | 8.59 | 9.18 | −0.59 | −6.4% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In H1 FY27, Star Cement’s standalone revenue rose 5.7% to ₹1,127.55 crore from ₹1,066.41 crore in H1 FY26. Total income increased 6.5% to ₹1,145.31 crore from ₹1,075.12 crore.
Profit before tax fell 4.6% to ₹61.88 crore from ₹64.86 crore. Net profit nevertheless rose 8.1% to ₹42.73 crore from ₹39.54 crore, while basic EPS increased 8.2% to ₹1.06 from ₹0.98.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 1,128 | 1,066 | +5.7% |
| Profit before tax | 61.88 | 64.86 | −4.6% |
| Net profit | 42.73 | 39.54 | +8.1% |
| EPS (₹) | 1.06 | 0.98 | +8.2% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets stood at ₹2,795.13 crore, up from ₹2,778.78 crore on 31 March 2026, while total equity rose to ₹1,717.21 crore from ₹1,674.29 crore. Borrowings declined to ₹391.16 crore from ₹425.25 crore and cash rose to ₹24.91 crore from ₹7.88 crore.
Inventories fell to ₹219.13 crore from ₹228.16 crore, trade receivables increased to ₹168.24 crore from ₹147.29 crore and trade payables declined to ₹241.95 crore from ₹249.26 crore. H1 FY27 operating cash flow was ₹94.90 crore, compared with ₹13.24 crore in H1 FY26.
Investing cash flow was negative ₹20.10 crore in H1 FY27 against negative ₹110.41 crore in H1 FY26, while financing cash flow was negative ₹57.77 crore against positive ₹76.96 crore. Capital expenditure was ₹57.33 crore in H1 FY27, compared with ₹34.82 crore in H1 FY26.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 2,795 | 2,779 |
| Total equity | 1,717 | 1,674 |
| Borrowings | 391.16 | 425.25 |
| Cash and equivalents | 24.91 | 7.88 |
| Inventories | 219.13 | 228.16 |
| Trade receivables | 168.24 | 147.29 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 94.90 | 13.24 |
| Cash from investing | −20.10 | −110.41 |
| Cash from financing | −57.77 | 76.96 |
| Capital expenditure | 57.33 | 34.82 |
Source: Company's results filing (XBRL).
How has Star Cement done over the last 8 quarters?
Revenue reached its highest point of ₹785.40 crore in Q4 FY26 before declining to ₹576.31 crore in Q1 FY27 and ₹551.24 crore in Q2 FY27. Revenue had risen year on year in each of the last six quarters. The latest revenue remained above Q2 FY26’s ₹521.67 crore, but the sequential direction was lower.
Net profit peaked at ₹67.61 crore in Q4 FY26, compared with a net loss of ₹44.31 crore in Q3 FY25, before falling to ₹23.76 crore in Q1 FY27 and ₹18.98 crore in Q2 FY27. EBITDA margin peaked at 20.2% in Q4 FY26 and stood at 14.1% in Q2 FY27.
What else did the company announce?
The board declared an interim dividend of Re. 1 per equity share of face value Re. 1 for FY27, payable to eligible shareholders within 30 days. The record date was fixed at 13 November 2026. The board also re-appointed independent director Nirmalya Bhattacharyya for two years from 1 February 2027 to 31 January 2029, subject to shareholder approval.
The company decided not to proceed for the time being with its proposed fund-raising of up to ₹1,500 crore. The board cited the geopolitical situation, capital-market conditions and capital-expenditure requirements, and said pipeline projects would be funded through internal accruals and/or bank borrowings. It also approved an in-house internal audit team headed by Gaurav Satnaliwala for FY27.
How did Star Cement shares react?
Star Cement’s shares rose 0.5% after five minutes, 0.8% after 15 minutes and 0.6% after 30 minutes from the price when the filing appeared. On the reaction day, the stock closed 5.3% below its pre-results close of ₹179.60, while the median move for the other stocks in the Cement & Cement Products industry was 0.0%. Star Cement therefore underperformed the industry median by 5.3 percentage points on the reaction day.
Earlier results-day moves were mixed: the stock fell 0.3% on 7 August 2026, rose 4.2% on 22 May 2026 and fell 5.3% on 6 February 2026. It also fell 2.9% on 4 November 2025, 1.6% on 8 August 2025 and 0.9% on 21 May 2025.
| After the filing | Stock | Cement & Cement Products median |
|---|---|---|
| 5 minutes | +0.5% | |
| 15 minutes | +0.8% | |
| 30 minutes | +0.6% | |
| Reaction day | −5.3% | +0.0% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 7 August 2026 | −0.3% |
| 22 May 2026 | +4.2% |
| 6 February 2026 | −5.3% |
| 4 November 2025 | −2.9% |
| 8 August 2025 | −1.6% |
| 21 May 2025 | −0.9% |
| 30 January 2025 | −0.0% |
| 8 November 2024 | −1.5% |
Source: MarketPing price-reaction measurement.
How did other Cement & Cement Products companies do?
Twenty-three other Cement & Cement Products companies had filed for the quarter by 6 November 2026. Their median revenue growth was 11.0%. Of the peers compared, 8 grew more slowly than Star Cement and 15 grew faster, while 12 of the 24 companies compared for profit reported higher profit.
| Star Cement revenue growth (YoY) | +5.7% |
|---|---|
| Median of 23 other Cement & Cement Products companies | +11.0% |
| Companies with slower revenue growth than Star Cement | 8 of 23 |
| Companies with faster revenue growth than Star Cement | 15 of 23 |
| Companies whose net profit rose | 12 of 24 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Star Cement's revenue in Q2 FY27?
Revenue from operations was ₹551.24 crore, up 5.7% from ₹521.67 crore in Q2 FY26 (standalone).
Did Star Cement make a profit in Q2 FY27?
Yes. Net profit was ₹18.98 crore, against a net profit of ₹15.35 crore in Q2 FY26.
What was Star Cement's EPS in Q2 FY27?
Basic earnings per share were ₹0.47, against ₹0.38 in Q2 FY26.
How did Star Cement shares react to the Q2 FY27 results?
On the reaction day the stock moved −5.3% from the previous close; the median Cement & Cement Products stock moved +0.0%.
When did Star Cement announce its Q2 FY27 results?
On 6 November 2026, in a filing to the NSE.
Sources
- Board Meeting Intimation for Financial Results Of The Company For The Second Quarter And Half Year Ended 30Th September, 2026. (BSE, 26 October 2026) · PDF
- Update on board meeting (BSE, 2 November 2026) · PDF
- Outcome of Board Meeting (NSE, 6 November 2026) · PDF
- General Updates (NSE, 6 November 2026) · PDF
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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