Star Cement (540575) Q3 25/26 earnings summary

Executive summary

• Q3 FY26 saw strong operational and financial performance, with significant growth in production, sales volumes, and profits year-over-year.

• Board approved unaudited standalone and consolidated financial results for Q3 and nine months ended December 31, 2025.

• Interim dividend of ₹1 per equity share declared for FY 2025-26, to be paid by March 8, 2026.

• Promoter reclassification approved for 29 members of 'Chamaria Group' from 'Promoter & Promoter Group' to 'Public' category.

• Expansion plans are underway, focusing on new clinker and grinding units in Rajasthan, Haryana, Bihar, and Assam, with a total planned CapEx of INR 4,800 crore over the next 3-4 years.

Financial highlights

• Q3 FY26 consolidated revenue was INR 880 crore (₹88,000.34 lakhs), up from INR 719 crore in Q3 FY25.

• Q3 consolidated profit after tax was INR 74 crore (₹7,492.10 lakhs), up from INR 9 crore year-over-year.

• Nine-month FY26 consolidated revenue reached INR 2,603 crore (₹1,99,218.89 lakhs), and PAT INR 243 crore (₹24,532.59 lakhs).

• Per-ton EBITDA improved to INR 1,600 in Q3 and INR 1,677 for nine months, up from INR 1,000 and INR 1,005, respectively.

• Basic EPS for Q3: ₹0.57 standalone, ₹1.85 consolidated.

Outlook and guidance

• FY26 volume guidance remains at 5.3 million tons, with Q4 expected to see 8%-12% cement volume growth year-over-year.

• No upward revision to volume guidance despite 21% Q3 growth; management expects similar pace in Q4.

• Profitability per ton is expected to remain stable, with EBITDA per ton guidance for the group at INR 1,300–1,500 in the long run.

• CapEx for Q4 FY26 is planned at INR 150 crore.

• Group continues to monitor regulatory changes, especially regarding new Labour Codes, and will update estimates as needed.