ALFA Finder
The call ran from 4:01 PM to 5:02 PM IST (1 h 1 min).
Key takeaways
Q2 cement volume rose 4.8% YoY, but EBITDA fell 21% and PAT 44% on cost pressure. Management guides 12-13% H2 volume growth, citing coal supply relief and railway siding savings.
| Revenue growth | Revenue ₹831 Cr, +2.5% YoY; H1 ₹1,774 Cr, +3.0% YoY. |
|---|---|
| Margins | EBITDA ₹154 Cr vs ₹194 Cr YoY; sharp per-tonne contraction. |
| Demand visibility | NE Q2 hit by floods and elections; Assam, Nagaland down ~25%. |
| Management confidence | Optimistic but hedged; October volume growth above 12% cited. |
Growth
Revenue +2.5% YoY to ₹831 Cr on cement volume +4.8%; EBITDA -21%, margin compressed, negative operating leverage.
Outlook
Q3-Q4 volume +12-13% YoY; Siliguri grinding ₹350 Cr vs Bihar ₹550 Cr; Nimbol capex within ~₹3,000 Cr.
Risks
New Northeast capacity (Ambuja, JK Lakshmi) may pressure pricing; coal supply tightness; flood and election disruption to volumes.
Last quarter's promises, checked
Delivered
- Q2/Jul vol ~-12% (cited) → cement +4.8% YoY (= BEAT)
- NE price +₹3 (Aug) → +₹10 in Oct (= BEAT)
Partly delivered
- Capex ₹2,600-2,700 Cr → ~₹3,000 Cr (= PARTIAL)
- FY27 vol 8-9% → Q2 +4.8%, H2 needs 12-13% (= PARTIAL)
- ₹150 Cr non-cement ARR by Q4 → no figure; RMC plants launched (= PARTIAL)
Missed
- FY27 EBITDA/t ₹1,500-1,600 → Q2 EBITDA -21% YoY (= MISS)
- Rajasthan groundwork mid-Oct–Nov → groundbreaking Dec (= MISS)
Summary by ALFA Finder, written with AI assistance from our own recording of the call, published . Open it on ALFA Filings ›
The results behind this call
Star Cement Q2 FY27 Results: Net Profit ₹39.6 Cr, Down 44.3% YoY
Star Cement Ltd reported revenue from operations of ₹831 Cr (+2.5% YoY) and net profit of ₹39.6 Cr (-44.3% YoY) for Q2 FY27.
- Key figure
- Net profit ₹39.6 Cr · -44.3% YoY
What management said last time
Full summary →From the call summary published .
Outlook they gave
Management revised annual volume growth guidance down from 12% to 8-9% for FY27.
Growth they described
Revenue grew 6.5% YoY to ₹902 Cr; cement volumes rose 6.5%, but clinker sales dropped significantly.
Call details
| Company | Star Cement Limited |
|---|---|
| NSE symbol | STARCEMENT |
| ISIN | INE460H01021 |
| Call | Q2 FY27 earnings call |
| Date | Thursday, 12 November 2026 |
| Time | 4:00 PM IST |
| Length | 1 h 1 min |
| Audio | Our stream on YouTube ↗ |
Star Cement Limited: key numbers
- Share price
- ₹175.60
- Market cap
- ₹7,097 Cr
- Revenue (annual)
- ₹3,776 Cr
- Net profit (annual)
- ₹393.4 Cr
- P/E (TTM)
- 21.0×Sector 33.3×
- Promoter holding
- 58.11%+0.01% QoQ
- FII holding
- 1.66%Current quarter
Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.
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