Star Cement

Q1 FY27Cement & Cement Products

Star Cement Q1 FY27 Results & Concall Highlights: Revenue, Margins & Order Book

Q1 FY27 earnings call: what management guided on revenue, margins and order book.

Price₹195

Market cap₹7.9K Cr

P/E20.8

Updated25 Aug 2026

Read4 min read

What the Q1 FY27 call signalled

2 of 4 strong

RevenueRank 4

MarginRank 3

CapexYes

FundraiseYes

Not discussed on this call: order book.

The short version

Full year volume growth guidance revised down from 11-12% to around 8-9% due to Q2 challenges, including Assam flooding. Earnings in Q1 FY27 were impacted by reduced subsidy and higher costs, with EBITDA of INR203 crores vs INR230 crores last year and PAT of INR74 crores vs INR98 crores.

From Star Cement's Q1 FY27 earnings-call transcript · updated 25 Aug 2026.

Revenue & Sales Performance

Rank 4

Full year volume growth guidance revised down from 11-12% to around 8-9% due to Q2 challenges, including Assam flooding. Growth expected to improve in Q3 and Q4.
Northeast sales expected to grow about 8-9% in FY27; industry growth forecast around 7%.
Clinker sales likely to be flat or slightly decline (5-10%) in FY27 due to increased clinker imports in Northeast.
Non-cement revenue target of INR 150 crores for the year remains intact with focus on expanding RMC plants and AAC division.
Long-term capacity addition planned with about 1 million tons clinker and grinding capacity addition expected over next 3 years by key players.
Expansion capex of ~INR 2,700-2,900 crores primarily focused on North India projects over next 2 years.
Post September 2026, EBITDA growth expected as GST subsidy impact normalizes.

Profitability & Margins

Earnings in Q1 FY27 were impacted by reduced subsidy and higher costs, with EBITDA of INR203 crores vs INR230 crores last year and PAT of INR74 crores vs INR98 crores.
From Q3 FY27 onwards, profitability is expected to improve as subsidy impact due to GST rate cuts stabilizes.
EBITDA hit of INR40 crores in Q1 due to GST reduction from 28% to 18% will not affect earnings beyond September FY27.
Volume growth for FY27 revised downward to 8-9% from earlier 11-12% estimate, with better growth expected in Q3-Q4.
Clinker sales may be flat or decline 5-10% in FY27 due to external clinker supply in Northeast.
Non-cement revenue targeted to reach INR150 crores annually by Q4 FY27.
Operational cost savings via logistics, introduction of EVs, wagon tipplers, and captive solar expected from Q3/Q4 FY27.
Overall, FY27 margins expected to recover and improve in H2, with growth resuming post subsidy adjustment impact.

See what Star Cement said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

Yes

Star Cement plans significant capex primarily focused on Rajasthan and North India over the next 2 years, totaling around INR 2,600-2,900 crores (including GST).
Rajasthan project includes ~3 million tons grinding and ~3.3 million tons clinker capacity.
North project involves ~2 million tons grinding capacity in Jhajjar.
EC for North project expected by first week of October 2026; construction planned to start between mid-October to November 2026 with an 18-20 month timeline to completion (~Q1 FY29).
FY27 capex guidance is INR 500 crores for the ongoing projects; FY28 capex expected around INR 1,500 crores.
Considering potential grinding unit expansion in West Bengal depending on the new industrial policy; possible brownfield expansion in Siliguri with reduced capex and logistic improvements.
Additional investments planned in operational efficiency like railway siding in Silchar, EV introduction for transport, wagon tippler in Siliguri, and solar group captive contracts expected by Q3/Q4 FY27.

Top-ranked in Cement & Cement Products

Ranked on what management guided this quarter

5x potential

1Grasim Inds₹2.2L Cr

Rev 1Mar 3

2BIGBLOC Const.₹578 Cr

Rev 2Mar 1

3₹1.3K Cr

Rev 3Mar 1

4₹3.2L Cr

Rev 3Mar 3

5₹81.4K Cr

Rev 3Mar 3

Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.

Fundraising & Capital Structure

Currently, Star Cement is focusing capex primarily on Rajasthan and North projects for the next 2 years.
The company aims to manage this capex with a debt-to-EBITDA ratio of about 1.5x to 1.6x.
There is no active plan for a Qualified Institutional Placement (QIP) as of now.
They will consider QIP or additional fundraising at an opportune time if opportunities arise requiring further funds, either organic or inorganic.
The management will monitor financial metrics before pursuing any equity fundraising.

See what Star Cement said on fundraising & capital structure — free account, 30 seconds.

Order Book & Pipeline

The transcript provided does not mention any details regarding the current or expected order book or pending orders for Star Cement Limited. The discussion primarily focuses on: - Production and sales volumes, - Market demand and growth outlook, - Capacity expansions and projects, - Government incentives and policies, - Pricing and cost dynamics, and - Impact of external factors like floods and GST changes. No specific information on order book or pending orders is shared in the call transcript.

Star Cement — Quarterly revenue & net profit

Revenue Net profit

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Reported quarterly figures (₹ Cr). Latest: revenue ₹1.2K Cr, net profit ₹147 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

Full financials →

What Star Cement Ltd's management said in earlier quarters

Others in Cement & Cement Products this season

JSW Cement Ltd (Q1 FY27)
Excluding North, cement volume growth was 8% in Q1. Key concall takeaways from JSW Cement Ltd's Q1 FY27 earnings call — and how it ranks against sector peers.
Orient Cement Ltd (Q1 FY27)
July saw an 8% year-on-year growth in trade volumes, indicating a positive momentum after prior disruptions. Key concall takeaways from Orient Cement's Q1 FY27…
J K Cements Ltd (Q1 FY27)
Capex plans include INR3500 crores for FY27 and around INR1200 crores for FY28, with potential additional expansions. Key concall takeaways from J K Cements's…
Nuvoco Vistas Corporation Ltd (Q1 FY27)
Capex of INR 900 crore for FY27 (with INR 370 crore spent in Q1) supports capacity expansions and operational improvements. Key concall takeaways from Nuvoco…

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Frequently Asked Questions

What were Star Cement Q1 FY27 results?

What is Star Cement share price analysis?

Star Cement currently shows a neutral. The stock trades at a P/E of 20.8 with a market cap of ₹7,866 Cr. Investors should review the full earnings analysis for detailed insights.

Is Star Cement planning capital expenditure?

Star Cement plans significant capex primarily focused on Rajasthan and North India over the next 2 years, totaling around INR 2,600-2,900 crores (including GST).

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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.