Any current/future new fundraising through debt or equity?

No explicit mention of any new fundraising through debt or equity in the provided transcript. Current debt as of Q1 FY '25 stands at around INR 240 crores. The company expects total debt by the end of FY '25 to be around INR 350 crores. Capital expenditure plans for FY '25 are estimated at about INR 835 crores, with INR 110 crores spent in Q1. No indications of equity fundraising or plans to raise fresh debt were discussed during the call.

Future growth expectations in sales/revenue/volumes?

Volume growth target for the next three quarters is around 14-15%, lowered from an earlier 18-20% expectation due to a weak Q1 impacted by monsoon and elections. (Page 4) Despite Q1 market degrowth of 8% in Northeast, Star Cement grew 3% in that region. (Page 8) For the full year, volume growth is expected to recover after a subdued Q1. (Page 4) Revenue from new plants like the Guwahati grinding unit and clinker plant expected to stabilize and grow. (Page 14) AAC block project expected to generate INR70-80 crores in revenue initially, with potential expansion in Northeast if successful. (Page

Future growth expectations in earnings/operating earnings/profits/EPS?

Star Cement targets improving EBITDA per ton from the current INR1,018 (Q1 FY'25) towards INR1,500 per ton, driven by cost benefits from own clinker production and full effect of SGST incentives. Volume growth for the next three quarters is expected around 14-15%, slightly lowered from prior 18-20% guidance, with positive growth anticipated post-monsoon. EBITDA from Northeast excluding was about INR250 per ton in Q1; overall EBITDA expected to improve as clinker plant stabilizes and logistics costs optimize. Capex of about INR65 crores for AAC block plant expected to generate INR60-70 crores r

Star CementQ1 FY25Cement & Cement Products

Star Cement Q1 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹182P/E: 20.0Market Cap: ₹7.5K CrSector: Cement & Cement Products

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

N/A

Order

N/A

Capex

Yes

1 of 3 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 3

Volume growth target for the next three quarters is around 14-15%, lowered from an earlier 18-20% expectation due to a weak Q1 impacted by monsoon and elections. (Page 4)
Despite Q1 market degrowth of 8% in Northeast, Star Cement grew 3% in that region. (Page 8)
For the full year, volume growth is expected to recover after a subdued Q1. (Page 4)
Revenue from new plants like the Guwahati grinding unit and clinker plant expected to stabilize and grow. (Page 14)
AAC block project expected to generate INR70-80 crores in revenue initially, with potential expansion in Northeast if successful. (Page 9)
Strategic expansions in Rajasthan and Northeast to increase capacity, aiming for 20 MTPA by FY '30. (Page 12)
Incremental clinker sales to start from Q2 onwards, reversing Q1 clinker purchases and improving margins. (Page 12)

Margin guidance

Category 3

Star Cement targets improving EBITDA per ton from the current INR1,018 (Q1 FY'25) towards INR1,500 per ton, driven by cost benefits from own clinker production and full effect of SGST incentives.
Volume growth for the next three quarters is expected around 14-15%, slightly lowered from prior 18-20% guidance, with positive growth anticipated post-monsoon.
EBITDA from Northeast excluding was about INR250 per ton in Q1; overall EBITDA expected to improve as clinker plant stabilizes and logistics costs optimize.
Capex of about INR65 crores for AAC block plant expected to generate INR60-70 crores revenue with approx. 20% EBITDA margin.
The group captive renewable energy initiative (18 MW) to deliver INR22-24 crores annual savings starting FY26 second half, improving cost structure.
Clinker plant incentives expected to contribute INR13-14 crores EBITDA from Q3 onwards.
Management expects better financial performance than Q1 in upcoming quarters with stabilized operations and cost controls.

See what Star Cement management said on margin guidance — free account, 30 seconds.

Fundraise plans

No explicit mention of any new fundraising through debt or equity in the provided transcript.
Current debt as of Q1 FY '25 stands at around INR 240 crores.
The company expects total debt by the end of FY '25 to be around INR 350 crores.
Capital expenditure plans for FY '25 are estimated at about INR 835 crores, with INR 110 crores spent in Q1.
No indications of equity fundraising or plans to raise fresh debt were discussed during the call.

Order book

The provided transcript from Star Cement Limited's Q1 FY25 earnings call and related documents do not contain any specific information related to the company's current or expected order book or pending orders. The discussion mainly revolves around production, sales volumes, financials, capex plans, logistics costs, EBITDA per ton, incentive receipts, plant commissioning timelines, and market outlook. No explicit details about order book size or pending orders were mentioned.

See what Star Cement management said on order book — free account, 30 seconds.

Capex plans

Yes

- FY '25 Capex guidance: INR 835 crores (INR 110 crores spent in Q1) - Key projects: - Silchar plant: INR 300 crores in FY '25, total INR 472 crores; land acquired, public hearing done, erection to start October 2024, commissioning by October 2025 - Jorhat plant: INR 100 crores in FY '25, INR 350 crores in FY '26 for completion - Clinker plant completion: INR 100 crores - Waste Heat Recovery System (WHRS): INR 37 crores, 12-megawatt capacity, commissioning phased from October to December 2024 - AAC Blocks plant: INR 65 crores capex, expected revenue INR 60-70 crores at 70-80% utilization, EBITDA approx. 20% - BTAP wagons: INR 70 crores for fly ash and containers logistics - Group captive power tie-up with JSW: INR 23 crores capex for 18-megawatt capacity (solar + wind) - FY '26 capex expected around INR 670 crores These investments aim to stabilize and expand capacity with efficiency and cost control.

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Star Cement Q1 FY25 Earnings Call Analysis

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