Star Cement (540575) Q4 24/25 earnings summary

Executive summary

• Q4 FY2025 achieved record sales volume of 14.75 lac tons, up 6% YoY, with 80–81% trade sales and premium segment 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.

• Premium cement segment sales rose to 12% of trade sales in Q4, with expectations to reach 20% in the coming year.

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

• Board approved audited standalone and consolidated results for Q4 and FY25, with unmodified auditor opinions.

Financial highlights

• Q4 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, with per ton EBITDA at INR 1,749–1,815, up 34% YoY.

• Full-year EBITDA was INR 589 crores, nearly flat versus INR 583 crores last year; PAT for Q4 FY25 was INR 123 crores, up 41% YoY.

• Standalone net loss for FY25 was ₹(8,477.12) lakhs; consolidated net profit was ₹22,567.41 lakhs, down from ₹42,357.90 lakhs in FY24.

• Q4 incentives/subsidies booked at INR 75 crores, full-year at INR 167 crores, a significant increase from last year.

Outlook and guidance

• FY2026 volume target is 5.4–5.5 million tons, with Q1 possibly impacted by early monsoon.

• Price increases of INR 5–7 per bag over Q4 averages expected to be maintained in Q1.

• Annual incentives expected in the INR 200–250 crores range for the next few years.

• CapEx planned at INR 800–823 crores for FY2026 and INR 600 crores for FY2027.

• Targeting cement capacity expansion to 12 MTPA by FY27, with new grinding units at Silchar (FY26) and Jorhat (FY27).