Any current/future new fundraising through debt or equity?

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. CAPEX of around ₹4,800 crore is planned for multiple projects; funding details are being finalized. Management will provide more detailed fundraising and CAPEX

Any current/future capex/capital investment/strategic investment?

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 ~₹

Future growth expectations in sales/revenue/volumes?

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; Nort

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

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

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Star Cement LtdQ4 FY27Cement & Cement Products

Star Cement Ltd Q4 FY27 Earnings Call Analysis

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

Price: ₹211P/E: 23.3Market Cap: ₹8.7K CrSector: Cement & Cement Products

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

Yes

Order

N/A

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 3

→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.
→CAPEX incurred ₹431 crore till Q3 FY26; planned ₹150 crore in Q4; FY27 CAPEX to be finalized.
→Premium cement sales increased from 12% to 17.1% of trade sales, helping overall realization.

Margin guidance

Category 3

→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).
→Non-cement revenue is expected to increase from Rs. 45 crores in FY26 to Rs. 100 crores next year with improving EBITDA margins (20% anticipated).
→Overall, management targets steady EBITDA growth aligned with capacity expansion and geographic diversification.

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Fundraise plans

Yes

→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.
→CAPEX of around ₹4,800 crore is planned for multiple projects; funding details are being finalized.
→Management will provide more detailed fundraising and CAPEX plans in forthcoming investor presentations or calls.

Order book

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.

Capex plans

Yes

→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).
→Financing strategy aims to keep net debt/EBITDA under 1.5x, with QIP planned as needed to bridge funding gaps.
→Additional projects include a 50 MW solar power plant under consideration, possibly in Rajasthan.

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