Star Cement Ltd

Q3 FY26Cement & Cement Products

Star Cement Q3 FY26: Capex ₹431 Cr

Q3 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹195

Market cap₹8.3K Cr

P/E20.6

Updated23 Aug 2026

Read4 min read

The short version

Volume guidance for FY26 remains around 5.3 million tons with expected 8-12% YoY growth in Q4. Management expects Star Cement’s sustainable EBITDA per ton to be in the range of Rs.

From Star Cement Ltd's Q3 FY26 earnings-call transcript · updated 23 Aug 2026.

Revenue & Sales Performance

Volume guidance for FY26 remains around 5.3 million tons with expected 8-12% YoY growth in Q4.
Expansion plans include commissioning Bihar grinding unit before Umrangso; Bihar plant will initially utilize clinker from Meghalaya units.
New North India expansions include a 3 million ton integrated plant and a grinding unit in Haryana; entry planned cautiously at moderate capacity.
Non-cement business expected to grow from about ₹45 crore revenue in FY26 to ₹100 crore next year, with 20% EBITDA margin.
Sustained EBITDA per ton expected: overall Star Cement targeted at ₹1,300-1,400 long term; North region around ₹1,000-1,100; Rajasthan around ₹1,000.

2 more points management made on revenue & sales performance

Profitability & Margins

Management expects Star Cement’s sustainable EBITDA per ton to be in the range of Rs. 1,300 to Rs. 1,400 going forward, maintaining prior guidance despite new expansions.
Northern operations EBITDA per ton is anticipated around Rs. 1,000 to Rs. 1,100 due to legacy mines and market conditions.
The company aims to grow volumes steadily without compromising margins, focusing on brand building and pricing discipline.
Expansion plans include capacity additions in Rajasthan, Bihar, and Northeast (Umrangso), expected to drive revenue diversification and improve clinker utilization.
CAPEX for upcoming projects is estimated around Rs. 2,400-2,500 crore for a 5 million ton capacity expansion.
Profitability benefits expected from government capital subsidies (e.g., approx. 23% capital subsidy in Rajasthan).

2 more points management made on profitability & margins

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

Capital Expenditure Plans

Ongoing and planned expansions include:
Rajasthan Project: 3 million tons clinker plant + 3 million tons grinding unit at Nimbol (land acquisition in progress, EC expected by Sept-Oct).
Haryana grinding unit: 2 million tons grinding unit planned.
Bihar Grinding Unit: 2 million tons grinding unit (land acquisition phase).
Umrangso Clinker Plant in Assam: EC application underway, commissioning expected around FY29.
Total CAPEX for four projects is approximately ₹4,800 crore, with commissioning expected around H2 FY29 to early FY30.
CAPEX spending so far is ₹431 crore, with ~₹150 crore planned in Q4 FY26.
Broad cost estimate for Rajasthan clinker and grinding plants plus Haryana grinding unit is ₹2,400-2,500 crore (subject to ±10% deviation).

2 more points management made on capital expenditure plans

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.₹567 Cr

Rev 2Mar 1

3₹1.3K Cr

Rev 3Mar 1

4₹3.3L Cr

Rev 3Mar 3

5₹81.3K 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

Star Cement aims to keep its debt-to-EBITDA ratio below 1.5x.
They plan to undertake a Qualified Institutional Placement (QIP) of around ₹1,500 crore when nearing that threshold.
The timing of the QIP or any other equity instrument will depend on market conditions ("whenever we get the right time").
No immediate or definite plans are currently announced for fresh fundraising; they will proceed with expansion irrespective of QIP timing.

2 more points management made on fundraising & capital structure

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

Order Book & Pipeline

The transcript does not provide specific details about the current or expected orderbook or pending orders for Star Cement Limited. There are no explicit mentions of order backlog, pending contracts, or order inflow in the provided pages of the conference call transcript. The focus is primarily on production, sales volumes, capacity expansion, EBITDA guidance, costs, and operational updates. If you need more detailed information about Star Cement Limited's orderbook status, it might be available in other company communications or financial reports not included in this transcript.

Star Cement Ltd — 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's management said in earlier quarters

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Frequently Asked Questions

What were Star Cement Ltd Q3 FY26 results?

Volume guidance for FY26 remains around 5.3 million tons with expected 8-12% YoY growth in Q4. Management expects Star Cement’s sustainable EBITDA per ton to be in the range of Rs.

What is Star Cement Ltd share price analysis?

Star Cement Ltd currently shows a neutral. The stock trades at a P/E of 20.6 with a market cap of ₹8,268 Cr. Investors should review the full earnings analysis for detailed insights.

Is Star Cement Ltd planning capital expenditure?

Ongoing and planned expansions include: - Rajasthan Project: 3 million tons clinker plant + 3 million tons grinding unit at Nimbol (land acquisition in progress, EC expected by Sept-Oct).

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.