Star Cement (540575) Q4 25/26 earnings summary

Executive summary

• Achieved strong volume growth in FY 2026, reaching the upper end of guidance with 5.5 million tons cement sales and 10%-12% volume growth targeted for FY 2027.

• Audited standalone and consolidated financial results for Q4 and year ended March 31, 2026, were approved, with unmodified audit opinions from statutory auditors.

• Revenue, EBITDA, and PAT saw significant year-over-year increases for both Q4 and the full year.

• Board approved key management changes, including new designations for Mr. Prem Kumar Bhajanka and Mr. Tushar Bhajanka.

• Postal ballot to seek shareholder approval for CEO re-appointment and revised terms.

Financial highlights

• Q4 FY 2026 revenue: INR 1,174 crore (up from INR 1,052 crore YoY); EBITDA (excl. exceptionals): INR 324 crore (vs. INR 268 crore YoY); PAT: INR 147 crore (vs. INR 126 crore YoY).

• FY 2026 consolidated revenue: ₹3,77,648.73 lakhs (vs. ₹3,16,339.49 lakhs YoY); consolidated net profit: ₹39,045.59 lakhs (vs. ₹16,882.26 lakhs YoY).

• Standalone net profit for FY26 was ₹13,026.92 lakhs, up from a loss of ₹5,846.50 lakhs in FY25.

• Per ton EBITDA for FY 2026: INR 1,738 (vs. INR 1,245 YoY).

• Earnings per share (consolidated, basic) for FY26 was ₹9.73, up from ₹4.18 in FY25.

Outlook and guidance

• FY 2027 cement volume growth guidance: 10%-12% YoY.

• Subsidies expected to reduce by INR 40-50 crore in FY 2027, impacting EBITDA.

• CapEx guidance: INR 600-700 crore in FY 2027, INR 1,500 crore in FY 2028 for expansion projects.

• Company and a subsidiary plan to transition to a concessional tax regime from April 1, 2026, with deferred tax balances re-measured accordingly.

• EBITDA per ton expected to remain INR 1,500-1,700 for next three years, with potential dip to INR 1,300-1,400 post-Rajasthan ramp-up.