Star Cement (540575) Q4 25/26 earnings summary

Executive summary

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

• Continued expansion in capacity and geographic footprint, with major CapEx allocated for new grinding and clinker units in Nimbol, Haryana, Bihar, and Umrangso, and new units commissioned.

• Maintained leadership in the North-East market while progressing toward PAN India presence and expanding into East and North India.

• Audited standalone and consolidated financial results for Q4 and FY26 were approved, with unmodified audit opinions from statutory auditors.

• Board approved key management changes, including new designations and CEO re-appointment.

Financial highlights

• Q4 FY26 revenue: INR 1,174 crore (up 11% YoY); FY26 revenue: INR 3,776 crore (up 19% YoY); Q4 EBITDA: INR 324 crore (up 19% YoY); FY26 EBITDA: INR 955 crore (up 60% YoY); Q4 PAT: INR 147 crore (up 20% YoY); FY26 PAT: INR 390 crore (up 131% YoY).

• Per ton EBITDA for FY26: INR 1,738 (vs. INR 1,245 YoY); Q4 per ton EBITDA: INR 1,871 (vs. INR 1,748 YoY).

• Highest ever annual EBITDA and gross cash accruals of INR 756 crore in FY26.

• Consolidated revenue for FY26: ₹3,77,648.73 lakhs; consolidated net profit: ₹39,045.59 lakhs; EPS (consolidated, basic): ₹9.73.

• Cash and cash equivalents (consolidated) at year-end: ₹1,313.63 lakhs.

Outlook and guidance

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

• Roadmap to nearly double cement capacity to 16.7 MTPA and clinker to 9.4 MTPA by FY29.

• CapEx guidance: INR 600-700 crore in FY 2027, INR 1,500 crore in FY 2028, total INR 4,800 crore over 4-5 years for multiple projects.

• 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.

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