Star Cement Ltd

Q4 FY26Cement & Cement Products

Star Cement Q4 FY26 earnings call: Revenue & Margins

Q4 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

Star Cement expects a volume growth of 10% to 12% in FY27 compared to FY26 volumes (~5.3 million tons). Star Cement aims for a 10% to 12% cement volume growth in FY27 over 5.3 million tons in FY26.

From Star Cement Ltd's Q4 FY26 earnings-call transcript · updated 23 Aug 2026.

Revenue & Sales Performance

Star Cement expects a volume growth of 10% to 12% in FY27 compared to FY26 volumes (~5.3 million tons).
For FY26, they achieved the upper end of guidance with 5.5 million tons.
Revenue increased from INR3,163 crores in FY25 to INR3,776 crores in FY26.
EBITDA per ton for FY26 was INR1,738, up from INR1,245 in FY25, indicating improved profitability.
New plants under development (Rajasthan, Bihar, Umrangso, Jorhat) will add significant capacity from FY29 onwards, supporting volume growth.
Management targets ramp-up to 80-90% capacity utilization in new plants over 3.5 to 4 years.

2 more points management made on revenue & sales performance

Profitability & Margins

Star Cement aims for a 10% to 12% cement volume growth in FY27 over 5.3 million tons in FY26.
EBITDA per ton expected to remain between INR 1,500 to INR 1,700 in the Northeast segment for next 2-3 years.
With Rajasthan project commissioning, blended EBITDA per ton likely to be INR 1,300 to INR 1,400 in the long term.
Full-year subsidy income expected to reduce to INR 140-150 crores in FY27 from INR 184 crores in FY26, impacting profits.
Capex guidance revised to INR 600-700 crores in FY27 and INR 1,500 crores in FY28, supporting volume and capacity growth.
New grinding units in Bihar and Haryana and clinker plants in Rajasthan and Umrangso to expand capacity and revenues.

2 more points management made on profitability & margins

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

Capital Expenditure Plans

Capex for Rajasthan unit (3.3 million tons clinker plant + 2-2.5 million tons grinding, plus Haryana grinding 2-2.5 million tons) is around INR 2,400-2,500 crores with 10% variation; target start by 1H FY29 (Sep 2028 approx).
Bihar grinding unit planned with clinker sourced from Meghalaya plant; timeline roughly 2 years, includes land acquisition.
Approval and land acquisition for grinding units in Nimbol (Haryana) and Bihar expected by Oct 2026.
FY27 capex estimated at INR 600-700 crores.
FY28 capex estimate increased to INR 1,500 crores.
Group captive power agreement in progress to boost green energy share.

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 has taken Board approval to raise funds via QIP (Qualified Institutional Placement), but no final decision or timing has been fixed yet.
The company plans to consider QIP once the net debt to EBITDA ratio reaches around 1.5x.
The market condition is currently weak, so no immediate QIP plans; they will inform in advance before proceeding.

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 provided from Star Cement Limited's conference call does not mention any details regarding their current or expected order book or pending orders. The discussion focuses primarily on: - Volume growth and capacity expansion plans. - Pricing trends and market competition. - Capex timelines and locations (Rajasthan, Bihar, Jorhat, Umrangso, Haryana). - Fuel cost impacts and green energy share.

2 more points management made on order book & pipeline

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 Q4 FY26 results?

Star Cement expects a volume growth of 10% to 12% in FY27 compared to FY26 volumes (~5.3 million tons). Star Cement aims for a 10% to 12% cement volume growth in FY27 over 5.3 million tons in FY26.

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?

Capex for Rajasthan unit (3.3 million tons clinker plant + 2-2.5 million tons grinding, plus Haryana grinding 2-2.5 million tons) is around INR 2,400-2,500 crores with 10% variation; target start by 1H FY29 (Sep 2028 approx).

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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.