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Star Cement (540575) investor relations material
Star Cement Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q2 FY26 delivered record operational and financial performance, with highest ever EBITDA, PBT, and PAT for a second quarter and 20% YoY sales volume growth despite demand deferment ahead of GST rate reduction.
Expansion projects are underway, targeting 10 MTPA cement capacity by FY26, with Silchar commissioning expected by January and strategic entry into North India.
Premium sales ratio improved to 14.1% of trade sales in Q2 FY26, up from 10.6% YoY.
The company is leveraging state incentives, especially in Bihar and North India, to enhance profitability and market reach.
Unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025, were approved by the Board on November 4, 2025.
Financial highlights
Q2 FY26 revenue was INR 811 crore (₹81,100 lakhs), up from INR 632 crore (₹63,200 lakhs) year-over-year, with a 26% YoY increase in cement and clinker sales.
Q2 EBITDA rose to INR 194 crore, nearly doubling YoY, and PAT increased to INR 71 crore, up 1154% YoY.
H1 FY26 revenue was INR 1,723 crore, EBITDA INR 424 crore, and PAT INR 169 crore, all showing strong growth over the prior year.
Gross cash accruals increased 83% YoY to ₹161 crore.
Earnings per share (EPS) for Q2 FY26 stood at ₹0.38 (standalone) and ₹0.14 (consolidated).
Outlook and guidance
FY26 volume guidance remains at 5.4-5.5 million tonnes, with 12% volume growth expected next year.
EBITDA per ton guidance is INR 1,500-1,550, with incentives expected to contribute INR 180-190 crore for the year.
CapEx for FY26 is projected at INR 710-720 crore, mainly for Silchar, solar plant, and land acquisitions.
Silchar unit (2 MTPA) to be commissioned by Q4 FY26; North India expansion to add 4-5 MTPA grinding capacity.
The Board has initiated a process to raise up to ₹1,500 crore through various modes, pending shareholder approval.
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