Star Cement (540575) Q4 24/25 earnings summary

Executive summary

• Q4 FY2025 achieved record sales volume of 14.75 lakh tons, up 6% YoY, with trade sales mix at 80-81% and premium cement sales rising to 12% of trade sales.

• Highest ever quarterly EBITDA (INR 268 Cr), PBT, and PAT, driven by subsidies, improved realizations, and new plant stabilization.

• Audited standalone and consolidated financial results for Q4 and FY25 were approved by the Board on May 21, 2025, with unmodified auditor opinions.

• Recognized as a top workplace nationally and received WOW Workplace Award 2025.

Financial highlights

• Q4 FY2025 revenue was INR 1,052 crores, up from INR 914 crores YoY; full-year consolidated revenue reached INR 3,163 crores.

• Q4 EBITDA rose to INR 268 crores from INR 188 crores; EBITDA per ton improved to INR 1,815.

• Q4 PAT increased 41% YoY to INR 123 crores; consolidated net profit for FY25 was INR 22,567.41 lakhs, down from INR 42,357.90 lakhs in FY24.

• Q4 incentives booked at INR 75 crores; full-year incentives at INR 167 crores.

• Gross debt at year-end was INR 350-380 crores; net debt after subsidy receivables was INR 200-210 crores.

Outlook and guidance

• FY2026 sales volume target is 5.4-5.5 million tons, with early monsoon possibly impacting Q1.

• Cement capacity expansion targeted to 12 MTPA by FY27, with new grinding units in Silchar (FY26) and Jorhat (FY27).

• CapEx planned at INR 823 crores for FY2026 and INR 600 crores for FY2027; green energy share targeted at 55% by FY26.

• Premium cement sales expected to reach 20% of trade sales in the coming year.

• Annual incentives expected to be INR 200-250 crores for the next few years.