Overview

Detailed Summary

Star Cement Limited manufactures and sells cement and clinker, operating integrated plants and grinding units mainly across the North East and eastern India, with recent greenfield additions at Siliguri and Sonapur and a 3.3 MTPA clinker line commissioned at Lumshnong; the company markets products under the STAR brand to trade, institutional and government customers through a wide dealer network.
Q3 FY26 production and sales accelerated materially with clinker production of 8.94 lakh tonnes and cement production of 12.57 lakh tonnes, helping quarterly revenue of ~Rs.880 crore and EBITDA of Rs.207 crore; per‑ton EBITDA improved to ~Rs.1,600 (Q3) and ~Rs.1,677 for 9M, indicating a meaningful margin recovery versus prior year.
The company is mid‑transition from a Northeast specialist into North and Central India via an announced multi‑project capex pipeline (~Rs.4,800 crore) that includes Nimbol (Rajasthan) clinker, Haryana grinding, Bihar grinding and Umrangso clinker; management plans to fund growth while keeping net debt/EBITDA under 1.5x and using QIP when needed.
Earnings mix is diversifying: premium cement share of trade sales rose from ~12% to 17.1% YOY, AAC block operations are ramping (Q3 revenue ~Rs.13 crore, 45% utilization, potential Rs.90–100 crore at full utilization), and management highlighted policy capital subsidies and GST changes as drivers for incentive income volatility and future subsidy timing.

Sector: Cement & Cement Products
Industry: Cement & Cement Products
Market Cap: 8,219 Cr
Volatility: Low Risk
P/E Ratio: 22.4
Industry P/E: 34.2
PEG Ratio: 2.4
P/B Ratio: 2.7
52W High: 308.10
52W Low: 196.70

Sales CAGR

1Y: 8.68%
3Y: -3.20%
5Y: 2.36%
10Y: 3.32%

Profit CAGR

1Y: -42.79%
3Y: —
5Y: —
10Y: —

ROE

TTM: 10.06%
3Y: 8.89%
5Y: 9.35%
10Y: 12.06%

ROCE

TTM: 12.17%
3Y: 12.79%
5Y: 11.86%
10Y: 14.21%

Technicals

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Forecasts

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Analyst Target, Price, EPS and Revenue Projections

Peers

Commodities Construction Materials Cement & Cement Products Cement & Cement Products

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
INDIACEM	365.60	11,330 Cr	-104.16	2.37	0.00	-2.76	-1.99	-0.78
NUVOCO	293.65	10,491 Cr	27.29	1.14	0.00	2.98	5.63	1.92
STARCEMENT	204.00	8,219 Cr	22.37	2.73	0.00	10.06	12.17	8.38
JKLAKSHMI	607.80	7,546 Cr	16.28	2.04	1.01	13.00	12.45	5.28
BIRLACORPN	818.50	6,311 Cr	12.13	1.03	1.22	6.97	8.76	3.68
PRSMJOHNSN	125.00	6,297 Cr	66.14	4.31	0.00	5.13	4.88	2.29
HEIDELBERG	155.80	3,552 Cr	25.33	2.71	4.47	9.83	14.30	5.71
Median: 7 Co.	293.65	7,546 Cr	22.37	2.37	0.00	6.97	8.76	3.68

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	585	651	914	751	642	719	1,052	912	811	880
Expenses	487	503	734	635	546	615	789	684	621	678
Operating Profit	99	149	180	116	96	104	263	228	190	202
OPM %	16.84	22.84	19.67	15.46	14.90	14.50	24.97	25.02	23.45	23.01
Other Income	5.77	4.13	7.83	1.38	1.63	2.52	5.03	1.79	3.47	-0.64
Interest	3.25	2.96	4.15	5.90	7.11	9.80	8.81	10	11	12
Depreciation	36	37	42	73	83	89	88	85	90	91
Profit Before Tax	65	113	141	39	7.56	7.61	171	135	92	99
Tax %	37.50	35.17	37.88	20.68	25.00	-18.92	28.18	27.10	23.05	24.69
Net Profit	41	74	88	31	5.67	9.05	123	98	71	74
EPS in Rs	1.01	1.82	2.17	0.77	0.14	0.22	3.05	2.44	1.78	1.85

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	1,552	1,629	1,831	1,843	1,720	2,222	2,705	2,911	3,163	3,324
Expenses	1,144	1,093	1,382	1,449	1,387	1,877	2,236	2,354	2,585	2,634
Operating Profit	408	536	449	394	333	345	468	556	579	691
OPM %	26.31	32.90	24.53	21.40	19.34	15.54	17.32	19.11	18.29	20.78
Other Income	2.44	4.39	5.47	29	-36	33	52	26	11	11
Interest	78	52	14	9.34	6.99	13	9.70	13	32	36
Depreciation	118	121	106	93	90	122	131	147	332	345
Profit Before Tax	215	353	335	322	199	244	380	424	226	321
Tax %	6.47	4.65	8.86	10.64	6.09	-1.28	34.78	30.33	25.19	26.54
Net Profit	201	336	305	287	187	247	248	295	169	236
EPS in Rs	11.86	8.17	7.39	7.04	4.63	6.12	6.13	7.31	4.18	9.12
Dividend Payout %	0.00	12.67	0.00	14.60	0.00	0.00	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	42	42	42	42	41	41	40	40	40	40
Reserves	1,013	1,104	1,434	1,682	1,816	2,033	2,128	2,376	2,670	2,839
Borrowings	749	672	332	51	11	18	16	35	147	403
Other Liabilities	661	662	698	522	490	470	561	680	745	825
Total Liabilities	2,466	2,480	2,506	2,297	2,358	2,562	2,745	3,131	3,602	4,107
Fixed Assets	919	863	785	722	696	823	923	891	1,416	2,421
CWIP	49	55	36	74	238	127	109	551	1,022	220
Investments	1.53	1.45	1.44	1.73	1.58	1.66	167	173	1.99	2.02
Other Assets	1,496	1,561	1,684	1,498	1,423	1,611	1,545	1,517	1,163	1,464
Total Assets	2,466	2,480	2,506	2,297	2,358	2,562	2,745	3,131	3,602	4,107

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	97	300	421	616	483	350	417	358	490	296
Cash from Investing Activity	-79	-89	-25	-193	-136	-333	-289	-255	-650	-529
Cash from Financing Activity	-14	-218	-393	-348	-201	-3.35	-176	10	86	224
Net Cash Flow	3.83	-7.49	2.35	76	146	14	-47	114	-74	-7.94

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	67.12%	66.76%	66.55%	66.48%	66.59%	66.49%	66.47%	57.69%	57.66%	57.66%	57.59%	57.62%
FIIs	0.63%	0.69%	0.77%	1.05%	1.52%	1.60%	1.36%	1.19%	2.02%	2.24%	2.96%	2.47%
DIIs	6.15%	6.25%	6.13%	6.06%	6.11%	5.06%	4.98%	4.95%	5.17%	4.93%	4.38%	4.48%
Public	26.10%	26.31%	26.55%	26.41%	25.78%	26.84%	27.19%	36.17%	35.15%	35.17%	35.07%	35.43%
Total Shareholders	42,373	43,866	52,001	54,130	56,636	65,415	65,627	70,804	65,091	64,011	61,660	61,167

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Documents

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Concalls

Reports

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Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

Investor Presentation

Q4 FY25

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