Star Cement (540575) Q3 25/26 earnings summary

Executive summary

• Q3 FY26 saw strong operational and financial performance, with significant growth in production, sales, and profitability 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 revenue was INR 880 crore, up from INR 719 crore YoY; nine-month revenue reached INR 2,603 crore, up from INR 2,111 crore YoY.

• Standalone Q3 FY26 revenue from operations: ₹45,115.99 lakhs; consolidated: ₹88,000.34 lakhs.

• Q3 EBITDA (excluding exceptional items) was INR 207 crore, up from INR 107 crore YoY; nine-month EBITDA was INR 631 crore, up from INR 321 crore YoY.

• Standalone Q3 net profit: ₹2,311.30 lakhs; consolidated: ₹7,492.10 lakhs.

• Profit after tax for nine months was INR 243 crore, up from INR 46 crore YoY.

Outlook and guidance

• FY26 volume guidance remains at 5.3 million tons, with no upward revision despite 21% Q3 growth.

• Q4 is expected to see 8%-12% YoY cement volume growth.

• Depreciation guidance is INR 30 crore per month, expected to remain stable.

• Management expects stable pricing and profitability, with EBITDA per ton guidance of INR 1,300–1,500 for the group in the long run.

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