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Earnings Call

Star Cement Earnings Call: Key Takeaways

PhillipCapital report on Star Cement (Q3FY26) highlighting the transition to NextGen leadership and aggressive organic expansion from Northeast into North India.

Highlights
Revenue growth24% YoY growth estimated for Q3FY26.
MarginsEBITDA/tonne seen at ₹1,449 (+48% YoY) despite pricing pressure.
Demand visibilityStrong structural volume recovery witnessed from mid-November 2025.
Management confidenceHigh; NextGen promoter actively managing operations and decision-making.

Growth

Dec-25E revenue at ₹8,885mn (+24% YoY); EBITDA at ₹1,877mn (+80% YoY). Volume growth expected at +21% YoY.

Outlook

Doubling capacity to 18-20MTPA in 5 years via new clinker/grinding units in Rajasthan (Nimbol, Jaisalmer) and Assam (Umrangso).

Risks

Low rail connectivity in Northeast; high dependence on road logistics; GST rate cuts impacting state-level subsidy benefits.

Source

Earnings Call filed with NSE, NSE: STARCEMENT. Summary written with AI assistance from the document.

Read the document ↗

Star Cement Ltd: 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 33.5×
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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