Overview

Detailed Summary

Star Cement Limited manufactures and sells cement and clinker primarily across North-East and Eastern India, operating integrated and grinding units with a current cement capacity of 7.7 MTPA, clinker capacity of 6.1 MTPA, captive power (51MW) and WHRS (12.3MW), a workforce of ~4,100, and a distribution network of ~2,000 dealers and 12,600 retailers.
Star Cement is executing a significant capacity expansion roadmap to reach approximately 11.7 to 12 MTPA by FY27, including two new 2 MTPA grinding units at Silchar (FY26) and Jorhat (FY27), an 800 CBM AAC block plant, and a recently commissioned 3.3 MTPA clinker line which materially increased depreciation but raised future volume potential.
Q3 FY25 operating metrics show cement sales of 10.6 lakh tonnes (+10% YoY), revenue from operations of INR 719 crore, EBITDA of INR 107 crore and per ton EBITDA compression to INR 1,007, primarily driven by higher depreciation, outside clinker purchases and temporary reduction in WHRS and green energy shares during the new clinker ramp-up.
Star Cement is pursuing explicit sustainability targets, aiming for 55% green energy by FY26 with an 18MW group captive PPA with JSW Green Energy, investing in AFR and WHRS to raise Thermal Substitution Rate, targeting water positivity and mine rating improvements, and committing to net zero carbon by 2050.

Sector: Cement & Cement Products
Industry: Cement & Cement Products
Market Cap: 8,969 Cr
Volatility: Low Risk
P/E Ratio: 22.5
Industry P/E: 35.8
PEG Ratio: 1.6
P/B Ratio: 3.0
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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Peers

Commodities Construction Materials Cement & Cement Products Cement & Cement Products

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
INDIACEM		360.35	12,727 Cr	-102.66	2.67	0.00	-2.76	-1.99	-0.78
NUVOCO		291.15	11,090 Cr	27.06	1.08	0.00	3.51	6.22	1.77
STARCEMENT		205.55	8,969 Cr	22.54	2.98	0.00	10.06	12.17	8.38
JKLAKSHMI		629.00	8,155 Cr	16.84	2.20	0.94	13.00	12.45	5.28
BIRLACORPN		875.75	7,455 Cr	12.98	1.22	1.03	6.97	8.76	3.68
PRSMJOHNSN		123.35	6,257 Cr	65.26	4.28	0.00	5.13	4.88	2.29
HEIDELBERG		158.00	3,591 Cr	25.69	2.74	4.42	9.83	14.30	5.71
Median: 7 Co.	—	291.15	8,155 Cr	22.54	2.67	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

Market Transactions

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Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

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