Star Cement Limited (STARCEMENT)
₹172.18 +0.37% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Star Cement's revenue was ₹943 Cr (+3.4% year on year, -19.7% on the previous quarter), and net profit ₹73.9 Cr (-24.7% year on year); the operating margin was 20.6%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹943 | +3.4% | -19.7% |
| Operating profit | ₹194 | -14.8% | -38.3% |
| Net profit | ₹73.9 | -24.7% | -49.7% |
| EPS (₹) | 1.85 | -24.2% | -49.5% |
| Operating margin | 20.6% | — | — |
STARCEMENT delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 52.71% of the STARCEMENT shares traded on NSE were taken to delivery, against the stock's own 20-session average of 56.75%. That is close to its usual level. Turnover was only ₹93 lakh, so a handful of trades can move this figure. Volume was 0.3 times its average, well below normal.
Delivery in the last 5 sessions: 49.4% · 51.5% · 51.3% · 58.9% · 52.7%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Star Cement Limited announced the voting results and scrutinizer's report for its 25th Annual General Meeting held on September 25, 2026. All 12 resolutions were approved by shareholders with the requisite majority, including the adoption of FY26 financial statements and confirmation of interim dividends totaling 200% (Rs 2 per share). Key approved special business included the re-appointment of Prem Kumar Bhajanka as Vice Chairman & Managing Director from April 1, 2027, and material related-party transactions with Star Smart Building Solutions and Star Cement North East.
- All agenda items passed with requisite majority during the 25th AGM held on September 25, 2026
- Confirmation of two interim dividends of Rs 1 per share each (100% each, totaling Rs 2 per share) for FY26 approved with 99.9997% votes
- Approval of material related-party transactions with Star Smart Building Solutions Limited passed with 99.2865% favourable votes
- Material related-party transactions with Star Cement North East Limited passed with 99.7712% favourable votes
- Re-appointment of Vice Chairman & Managing Director Prem Kumar Bhajanka approved for 3 years starting April 1, 2027
At its 25th Annual General Meeting held on September 25, 2026, Star Cement shareholders approved the re-appointment of its primary leadership team for three-year terms from April 1, 2027 to March 31, 2030. Re-appointments include Sajjan Bhajanka as Chairman & MD, Prem Kumar Bhajanka as Vice Chairman & MD, Sanjay Agarwal as MD, and Pankaj Kejriwal as Executive Director. The move ensures leadership continuity as the company continues to execute its ongoing Rs 3,000 Cr capacity expansion across North-East and Eastern India.
- AGM held on 25th September, 2026 approved re-appointments of top 4 executive leaders
- Chairman & MD Sajjan Bhajanka re-appointed for 3 years from 1st April, 2027 to 31st March, 2030
- Vice Chairman & MD Prem Kumar Bhajanka re-appointed for 3 years from 1st April, 2027 to 31st March, 2030
- Managing Director Sanjay Agarwal and Executive Director Pankaj Kejriwal re-appointed for 3 years to 31st March, 2030
Star Cement Limited informed the stock exchanges that its management will participate physically in institutional investor and analyst meetings in Mumbai on September 16 and September 17, 2026. The meetings are part of a Non-Deal Roadshow (NDR) organized by Emkay Global Financial Services Limited. The company confirmed that no unpublished price sensitive information (UPSI) will be disclosed during these interactions.
- Management to attend institutional investor and analyst meetings physically in Mumbai
- Non-Deal Roadshow scheduled for September 16, 2026 and September 17, 2026
- Roadshow organized by Emkay Global Financial Services Limited
- Company confirmed that no Unpublished Price Sensitive Information (UPSI) will be shared
Star Cement Limited has issued an intimation regarding communication dispatched to physical shareholders for its upcoming 25th Annual General Meeting (AGM), scheduled for September 25, 2026, via Video Conferencing. The communication provides access links and QR codes to the FY 2025-26 Annual Report and AGM Notice for shareholders whose email IDs are not registered. The cut-off date to determine voting eligibility is September 18, 2026. Remote e-voting will run from September 21 to September 24, 2026.
- 25th AGM scheduled for Friday, September 25, 2026, at 11:30 AM IST via Video Conferencing.
- Cut-off date for e-voting eligibility established as Friday, September 18, 2026.
- Remote e-voting window runs from September 21, 2026 (09:00 AM) to September 24, 2026 (05:00 PM).
- Communication sent to shareholders whose email IDs were not registered as on August 21, 2026.
Star Cement Limited has issued the notice for its 25th Annual General Meeting (AGM) scheduled for September 25, 2026, alongside its FY 2025-26 Annual Report. The company reported FY26 operational revenue of ₹3,776 crore (up 19% YoY) and a PAT of ₹390 crore (up 131% YoY). Total cement grinding capacity reached 9.67 MTPA following the commissioning of the 2.0 MTPA Cachar grinding unit in February 2026. Total dividend declared for FY26 stood at ₹2.00 per share across two interim payouts.
- 25th Annual General Meeting scheduled for Friday, September 25, 2026, via Video Conferencing.
- FY26 Revenue reported at ₹3,776 crore, up 19% YoY, with PAT surging 131% YoY to ₹390 crore.
- Cement grinding capacity expanded to 9.67 MTPA supported by 6.1 MTPA clinker capacity after commissioning of 2.0 MTPA Cachar unit.
- Declared total dividend of ₹2 per share for FY26.
- Company targeting 15 MTPA manufacturing capacity over the next 5 years with planned expansion into Rajasthan and Haryana.
Star Cement announced that pursuant to the MMDR Amendment Act, 2026 notified on August 22, 2026, it is no longer required to pay State mineral cess on limestone and shale in Meghalaya. The company previously paid ₹60 per tonne on limestone and ₹25 per tonne on shale, totaling ₹35.50 Crore in FY26 and ₹10.15 Crore in FY27 so far. This statutory change permanently removes this recurring levy, translating into an annual cost saving equal to ~9.7% of TTM PAT (₹366 Crore).
- MMDR Amendment Act 2026 restricts State-level mineral cess and levies effective 22nd August, 2026
- Company is relieved from paying mineral cess of ₹60/tonne on limestone and ₹25/tonne on shale in Meghalaya
- Mineral cess expenses incurred stood at ₹35.50 Crore in FY26 and ₹10.15 Crore so far in FY27
- Amounts already deposited are non-refundable, but future cess obligations stand eliminated immediately
Star Cement released its Q1 FY27 investor presentation, detailing a ₹3,080 Cr capex plan (~80.9% of TTM revenue) to expand cement grinding capacity by over 50% from 9.7 MTPA to 14.7 MTPA by FY29 through plants in Rajasthan (3.0 MTPA) and Haryana (2.0 MTPA). Groundbreaking for the North India plants is slated for Q3 FY27, funded via internal accruals and debt while maintaining net debt/EBITDA below 2.0x. Operationally, Q1 FY27 revenue rose 3% YoY to ₹943 Cr with sales volume up 4% to 13.54 lakh tons, though PAT declined 25% YoY to ₹74 Cr due to higher logistics and fuel costs and lower GST subsidy reimbursements.
- Planned capex outlay of ₹3,080 Cr across FY27-FY29 to add 5.0 MTPA grinding and 3.3 MTPA clinker capacity in North India (Nimbol, RJ and Jhajjar, HR)
- Q1 FY27 revenue increased 3% YoY to ₹943 Cr, while EBITDA fell 12% YoY to ₹203 Cr with EBITDA/ton at ₹1,497 (vs ₹1,774 in Q1 FY26)
- Sales volume stood at 13.54 lakh tons (up 4% YoY), driven by a 22% volume expansion in Rest of East markets
- Share of premium cement in trade sales expanded to 15.9% compared to 12.2% in Q1 FY26
Star Cement's Q1 FY27 revenue rose 6.5% YoY to ₹902 cr, but PAT fell 24% to ₹74 cr. The decline was primarily driven by a ₹40 cr hit from reduced GST-linked subsidies and fuel costs rising to ₹1.55 (vs ₹1.33 in Q4 FY26). Management has lowered FY27 volume growth guidance to 8-9% from 11-12% due to severe flooding in the Northeast. EBITDA per ton compressed to ₹1,497 from ₹1,774 YoY, though premium sales improved to 15.9%.
- Revenue increased to ₹902 cr in Q1 FY27 from ₹847 cr in Q1 FY26
- EBITDA per ton dropped to ₹1,497, a 15.6% decline from ₹1,774 YoY
- Fuel costs jumped to ₹1.55 from ₹1.33 in the preceding quarter
- FY27 volume growth guidance revised downwards to 8-9% from 11-12%
- Total outstanding subsidy from Assam government stands at ₹130 cr
Star Cement has published the audio recording of its investor conference call held on August 10, 2026, regarding the Q1 FY27 financial results. This is a routine regulatory filing providing transparency into management's discussion on the quarter's performance. Investors can use this to gauge progress on the company's massive Rs 3,000 Cr capacity expansion plan, which represents approximately 38% of its current market cap. The call likely covers the ramp-up of the AAC block business and strategies to reduce the 71% volume concentration in the North-East region.
- Audio recording of the conference call held on August 10, 2026, is now publicly available
- The call pertains to the unaudited standalone and consolidated results for the quarter ended June 30, 2026
- Company is currently executing a significant Rs 3,000 Cr capacity expansion to scale beyond regional limits
- Management is targeting a 20% expected growth rate driven by expansion and premium cement sales (13.1% in Q2 FY26)
- AAC block business is expected to contribute 12-15% EBITDA margins as it scales
Shareholders of Star Cement have formally approved the appointment of Mr. Tushar Bhajanka as Managing Director & CEO for a three-year term effective from May 22, 2026, to May 21, 2029. The resolution passed with 99.06% total votes in favor, although 21.65% of institutional votes were cast against the appointment. Additionally, Mr. Prem Kumar Bhajanka has been redesignated as Vice Chairman & Managing Director. These leadership changes occur as the company undertakes a significant Rs 3,000 Cr capacity expansion to diversify its geographic footprint.
- Mr. Tushar Bhajanka appointed as MD & CEO for a 3-year tenure ending May 21, 2029
- Resolution for MD & CEO appointment passed with 99.06% total approval
- Institutional dissent recorded with 21.65% of institutional votes (28.7 lakh shares) cast against the MD & CEO appointment
- Mr. Prem Kumar Bhajanka redesignated as Vice Chairman & MD with 99.90% shareholder approval
- Total valid votes polled represented 77.91% of the company's outstanding shares
Star Cement reported a decline in profitability for Q1 FY27, with EPS falling to Rs 1.85 from Rs 2.44 in the same quarter last year. To ensure stability during its large-scale expansion phase, the Board approved the re-appointment of four key management personnel, including the Chairman and two Managing Directors, for a three-year term starting April 2027. The company is currently executing a massive Rs 3,000 Cr capacity expansion, which is approximately 179% of its current net worth. Additionally, the group completed the 100% acquisition of two subsidiaries, Jaitaran Renewable Power and Nitesh Minerals, in April 2026.
- Q1 FY27 EPS stood at Rs 1.85, a 24.2% decrease compared to Rs 2.44 in Q1 FY26.
- Re-appointment of 4 key directors for a 3-year term (April 2027 to March 2030) to maintain management continuity.
- Ongoing Rs 3,000 Cr capacity expansion aimed at diversifying beyond the North-East region where 71% of volumes are currently concentrated.
- Completed 100% acquisition of Jaitaran Renewable Power and Nitesh Minerals in April 2026.
- Tushar Bhajanka redesignated as MD & CEO effective May 2026, with revised remuneration of Rs 2.77 Cr accounted for in the current results.
Star Cement reported a consolidated PAT of Rs 74.62 Cr for Q1 FY27, representing a 24.2% decline from Rs 98.44 Cr in the same quarter last year. EPS fell to Rs 1.85 from Rs 2.44 YoY. The company transitioned to a concessional income tax rate (Section 115BAA) effective April 1, 2026, which impacted tax comparability. The Board also approved the re-appointment of four key directors, including Chairman Sajjan Bhajanka, for a three-year term starting April 2027.
- Consolidated PAT for Q1 FY27 stood at Rs 74.62 Cr, down 24.2% from Rs 98.44 Cr in Q1 FY26.
- Re-appointment of Chairman Sajjan Bhajanka and three other top executives for a 3-year term (2027-2030).
- Completed 100% acquisition of Jaitaran Renewable Power and Nitesh Minerals in April 2026.
- Transitioned to a lower corporate tax regime under Section 115BAA effective April 1, 2026.
- Revised remuneration for MD & CEO Tushar Bhajanka accounted at Rs 2.78 Cr pending shareholder approval.
Star Cement approved its Q1 FY27 financial results and confirmed the re-appointment of four key executive directors, including the Chairman and Managing Director, for a three-year term starting April 2027. The company completed the 100% acquisition of Jaitaran Renewable Power and Nitesh Minerals during the quarter, integrating them into consolidated results. A significant shift occurred as the company adopted the Section 115BAA concessional tax rate effective April 1, 2026, which will impact year-on-year tax comparability. Additionally, the company is seeking shareholder approval for the revised remuneration of its MD & CEO, totaling Rs 2.78 crore for the period.
- Re-appointed 4 top executives, including CMD Sajjan Bhajanka, for a 3-year term from April 2027 to March 2030.
- Completed 100% equity acquisition of Jaitaran Renewable Power (April 23, 2026) and Nitesh Minerals (April 1, 2026).
- Adopted concessional income tax rate under Section 115BAA effective from the current financial year (April 1, 2026).
- Accounted for revised MD & CEO remuneration of Rs 277.86 lakhs pending shareholder approval via postal ballot.
- Scheduled the 25th Annual General Meeting for September 25, 2026, with book closure starting September 19, 2026.
Star Cement has scheduled its Q1 FY27 earnings conference call for August 10, 2026, at 4:00 PM IST to discuss results for the quarter ended June 30, 2026. The call will be led by MD & CEO Tushar Bhajanka and CFO Manoj Agarwal. This follows a strong FY26 performance where the company achieved TTM revenue of ₹3,777 Cr and an operating margin of 24.8%. Investors will likely seek updates on the ongoing ₹3,000 Cr capacity expansion and the diversification strategy into Eastern India.
- Conference call scheduled for August 10, 2026, at 16:00 IST
- Discussion focused on Unaudited Financial Results for the quarter ended June 30, 2026
- Management representation includes MD & CEO Tushar Bhajanka and CFO Manoj Agarwal
- Company is currently executing a ₹3,000 Cr capacity expansion plan
- TTM revenue stands at ₹3,777 Cr with a market capitalization of ₹8,170 Cr
Star Cement Limited's application to reclassify 29 promoter group entities to the 'Public' category has been rejected by the NSE and BSE. The rejection, communicated on July 16, 2026, was due to a procedural lapse where the company failed to include individual request letters from the outgoing promoters as required under SEBI Regulation 31A. The company had originally filed the application on February 11, 2026, based on the Board's independent satisfaction rather than the specific regulatory documentation required. This keeps the current promoter group structure unchanged for the time being.
- Rejection of reclassification for 29 entities including members of the Chamaria family and associated HUFs
- Application was originally submitted to the exchanges on February 11, 2026
- Rejection based on non-compliance with Regulation 31A(3)(a) regarding missing individual request letters
- Current promoter holding stands at 58.12% as of March 2026
- The company is currently reviewing the letters for further course of action
Financial Performance
Revenue Growth by Segment
Consolidated revenue grew 8.06% YoY to INR 3,173.96 Cr in FY25. AAC block segment is expected to contribute INR 50-60 Cr annually, up from current minimal levels of INR 13-14 Cr.
Geographic Revenue Split
71% of sales volume is concentrated in North-East India, with the remaining 29% coming from Eastern India markets.
Profitability Margins
Consolidated PAT margin moderated to 5.3% in FY25 from 10.1% in FY24. Q2 FY26 showed recovery with highest-ever EBITDA, PBT, and PAT for a second quarter.
EBITDA Margin
Consolidated EBITDA margin was 18.56% (INR 589.21 Cr) in FY25, a slight 1.1% YoY increase. EBITDA per ton moderated to INR 1,223 in FY25 from INR 1,281 in FY24.
Capital Expenditure
The company is undergoing a sizeable expansion of approximately INR 3,000 Cr to increase cement capacity and market reach.
Credit Rating & Borrowing
CRISIL Stable rating maintained. The company has a robust financial profile with a low adjusted debt/networth ratio of 0.05x and high interest coverage of 46.7x.
Operational Drivers
Raw Materials
Coal (80% sourced via FSA), Clinker (100 KT sold in Q2 FY26), and Fly Ash (used for AAC blocks).
Import Sources
Sourced primarily from North-East India (locational advantage) and Nagaland (coal).
Key Suppliers
80% of coal is procured through Fuel Supply Agreements (FSA) with government-linked entities; Nagaland local sources provide the balance.
Capacity Expansion
AAC plant capacity is 16,000 CBN (ramped to 18,900 CBN/month at 60% utilization). Cement expansion of INR 3,000 Cr is ongoing to scale beyond current regional limits.
Raw Material Costs
Fuel cost decreased to INR 1.25 per kcal in Q2 FY26 from INR 1.35 per kcal in the previous quarter, a 7.4% reduction.
Manufacturing Efficiency
AAC plant achieved 60% capacity utilization during the off-season; WHRS 12 MW ramp-up is expected to boost margins.
Logistics & Distribution
Average lead distance for distribution is 230 km, reflecting a localized regional focus.
Strategic Growth
Expected Growth Rate
20%
Growth Strategy
Growth will be driven by a INR 3,000 Cr capacity expansion, ramping up the AAC block business to INR 60 Cr revenue, and increasing the premium cement sales ratio which improved to 13.1% in Q2 FY26.
Products & Services
PPC Cement, Premium Cement, AAC Blocks, and Clinker.
Brand Portfolio
Star Cement.
New Products/Services
AAC Blocks (Autoclaved Aerated Concrete) launched recently, expected to contribute 12-15% EBITDA margins.
Market Expansion
Diversifying into Eastern India to reduce the 71% volume concentration in the North-East.
Market Share & Ranking
Market leader in the North-East region of India.
External Factors
Industry Trends
The industry is shifting toward sustainability (WHRS) and consolidation; GST reduction to 18% is a major tailwind for the cement sector.
Competitive Landscape
Facing competition from pan-India players entering the North-East and fragmented small-scale operators.
Competitive Moat
Durable moat through a dominant dealer network in the North-East and locational advantages for raw material procurement that competitors from outside the region cannot easily replicate.
Macro Economic Sensitivity
Highly sensitive to government infrastructure spending and fiscal policies; GST rate cuts directly impact demand timing.
Consumer Behavior
Shift toward premium cement products and sustainable building materials like AAC blocks.
Geopolitical Risks
Regional stability in the North-East and Nagaland coal supply routes are critical.
Regulatory & Governance
Industry Regulations
Compliant with Section 186 (loans/investments) and Section 148 (cost audit) of the Companies Act, 2013.
Environmental Compliance
ESG goals include increasing women in the workforce to 11% by 2026 and 12% by 2027; 12 MW WHRS installed for carbon footprint reduction.
Taxation Policy Impact
Current tax for FY25 was INR 59.86 Cr. Benefit from SGST incentives supports regional profitability.
Legal Contingencies
Auditors reported no fraud under Section 143(12); no material departures from accounting standards reported.
Risk Analysis
Key Uncertainties
Subdued cement realizations across the industry and potential delays in the INR 3,000 Cr capex ramp-up.
Geographic Concentration Risk
High risk with 71% of sales volume coming from a single region (North-East).
Third Party Dependencies
80% dependency on FSA for coal supply; vulnerability to changes in coal allocation policies.
Technology Obsolescence Risk
Low risk; company is proactive with WHRS and AAC block technology adoption.
Credit & Counterparty Risk
Strong receivables quality and robust debt protection metrics (Interest coverage 46.7x).
