STARCEMENT
Star Cement share price & financials
- Price
- ₹213.25
- Market cap
- ₹8.1k Cr
- Sector
- Construction Materials
- Calls analysed
- 6
Star Cement Q1 FY27
What went well
- Revenue increased 6.49% YoY to INR 902 crores in Q1 FY27.
- Total sales volume grew 4.47% YoY to 13.54 lakh tons.
- Outside Northeast cement sales surged 21.41% YoY to 4.31 lakh tons.
What to watch
- EBITDA declined 11.74% YoY to INR 203 crores in Q1 FY27.
- Profit After Tax (PAT) fell 24.49% YoY to INR 74 crores.
What Star Cement does
Star Cement Limited manufactures and sells cement and clinker, with an integrated set-up combining limestone mining, clinker production, cement grinding and captive thermal/waste-heat power generation at its Lumshnong (Meghalaya) hub, plus grinding units in Guwahati (Assam), Siliguri (West Bengal) and Cachar (Assam). It earns primarily as the leading cement brand in North-East India, selling through a large dealer and retailer network across Trade and Non-Trade (institutional/bulk) channels, and is extending its footprint into East India (West Bengal, Bihar) and, via upcoming plants, into North India (Rajasthan, Haryana). Alongside cement, it produces value-added building materials such as AAC blocks and ready-mix concrete (RMC).
Segments
- Cement
- Building Materials
- Cement grinding capacity
- 9.7 MTPA
- Clinker capacity
- 6.1 MTPA
- Manufacturing/grinding units
- 4 units — Lumshnong (Meghalaya), Guwahati (Assam), Siliguri (West Bengal), Cachar (Assam)
- Captive power generation capacity
- 75.3 MW (51 MW thermal power plant + 24.3 MW waste heat recovery system)
- Market position
- ~27% market share in the North-East India cement market
- Dealer network
- 1,850+ dealers
Guidance record · Q1 FY27
what the last two calls moved 20 tracked 5 delivered 5 missed 10 open- FY28 Capex went quiet said Q4 FY26 Promised: INR 1,500 crores Q1 FY27: Not explicitly re-confirmed. Management detailed a multi-year INR 2,600-2,900 cr capex for Rajasthan and Jhajjar, with Rajasthan commissioning in Q4 FY28/Q1 FY29.
- FY27 Cement Volume Growth revised down said Q4 FY26 Promised: 10% to 12% Q1 FY27: Revised down to 8-9% due to Q1 election impact and expected Q2 monsoon disruption.
- FY26 Volume Target delivered, diluted said Q4 FY25 Promised: 5.4-5.5 million tons Q4 FY26: Achieved 5.3 million tons, meeting the revised guidance but missing the original 5.4-5.5 million tons target.
All 20 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 3.4%, net profit down 24.5% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 642 | 719 | 1,052 | 912 | 811 +26% | 880 +22% | 1,174 +12% | 943 +3% |
| EBITDA | 96 | 104 | 263 | 228 | 190 +98% | 202 +94% | 315 +20% | 194 −15% |
| Net profit | 6 | 9 | 123 | 98 | 71 +1083% | 74 +722% | 147 +20% | 74 −24% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −28.3% 1Y
1Y: ₹272.3 on 10 Sept 2025 → ₹195.14. High ₹275.4 (15 Sept 2025), low ₹184.1 (2 Sept 2026).
How the price took the results
close before → close after
- Q1 FY27
- −1.5%
- 10 Aug
- Q4 FY26
- −1.3%
- 26 May
- Q3 FY26
- +2.8%
- 9 Feb
- Q2 FY26
- −2.2%
- 6 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 11.8% a year over 3 years, FY23 to FY26. Operating margin widened to 24.8%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹2.7k Cr | ₹2.9k Cr | ₹3.2k Cr | ₹3.8k Cr |
| Operating profit | ₹468 Cr | ₹557 Cr | ₹579 Cr | ₹935 Cr |
| Operating margin | 17.3% | 19.1% | 18.3% | 24.8% |
| Interest | ₹10 Cr | ₹12 Cr | ₹32 Cr | ₹46 Cr |
| Depreciation | ₹131 Cr | ₹147 Cr | ₹333 Cr | ₹365 Cr |
| Net profit | ₹248 Cr | ₹296 Cr | ₹169 Cr | ₹390 Cr |
| Net margin | 9.2% | 10.2% | 5.3% | 10.3% |
| Cash from operations | ₹358 Cr | ₹490 Cr | ₹296 Cr | ₹765 Cr |
| Free cash flow | ₹-211 Cr | ₹-546 Cr | ₹-279 Cr | ₹278 Cr |
| ROCE | 17.0% | 16.0% | 8.0% | 17.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹41 Cr | ₹40 Cr | ₹40 Cr | ₹40 Cr | ₹40 Cr | ₹40 Cr |
| Reserves | ₹2.0k Cr | ₹2.1k Cr | ₹2.4k Cr | ₹2.7k Cr | ₹3.0k Cr | ₹3.2k Cr |
| Borrowings | ₹18 Cr | ₹16 Cr | ₹35 Cr | ₹147 Cr | ₹643 Cr | ₹603 Cr |
| Other liabilities | ₹470 Cr | ₹561 Cr | ₹680 Cr | ₹745 Cr | ₹720 Cr | ₹852 Cr |
| Total liabilities | ₹2.6k Cr | ₹2.7k Cr | ₹3.1k Cr | ₹3.6k Cr | ₹4.4k Cr | ₹4.6k Cr |
| Fixed assets | ₹823 Cr | ₹923 Cr | ₹891 Cr | ₹1.4k Cr | ₹2.4k Cr | ₹2.6k Cr |
| Capital work in progress | ₹127 Cr | ₹109 Cr | ₹551 Cr | ₹1.0k Cr | ₹256 Cr | ₹95 Cr |
| Investments | ₹2 Cr | ₹167 Cr | ₹173 Cr | ₹2 Cr | ₹37 Cr | ₹258 Cr |
| Other assets | ₹1.6k Cr | ₹1.5k Cr | ₹1.5k Cr | ₹1.2k Cr | ₹1.7k Cr | ₹1.7k Cr |
| Total assets | ₹2.6k Cr | ₹2.7k Cr | ₹3.1k Cr | ₹3.6k Cr | ₹4.4k Cr | ₹4.6k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, DIIs trimmed −2.55 pp while the public added +2.06 pp. The shareholder count shrank 2% to 62,529.
- Promoters
- 58.1%
- FIIs
- 2.3%
- DIIs
- 2.4%
- Public
- 37.2%
Since Jun 2025
- DIIs −2.55 pp
- Public +2.06 pp
- Promoters +0.44 pp
How it drifted, 12 quarters
Over this window the public went from 26.6% to 37.2% — +10.6 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 66.5%, FIIs 0.8%, DIIs 6.1%, Public 26.6%.Dec '23: Promoters 66.5%, FIIs 1.1%, DIIs 6.0%, Public 26.4%.Mar '24: Promoters 66.6%, FIIs 1.5%, DIIs 6.1%, Public 25.8%.Jun '24: Promoters 66.5%, FIIs 1.6%, DIIs 5.0%, Public 26.9%.Sep '24: Promoters 66.5%, FIIs 1.4%, DIIs 5.0%, Public 27.2%.Dec '24: Promoters 57.7%, FIIs 1.2%, DIIs 5.0%, Public 36.2%.Mar '25: Promoters 57.7%, FIIs 2.0%, DIIs 5.2%, Public 35.1%.Jun '25: Promoters 57.7%, FIIs 2.2%, DIIs 4.9%, Public 35.2%.Sep '25: Promoters 57.6%, FIIs 3.0%, DIIs 4.4%, Public 35.1%.Dec '25: Promoters 57.6%, FIIs 2.5%, DIIs 4.5%, Public 35.4%.Mar '26: Promoters 58.1%, FIIs 2.3%, DIIs 2.6%, Public 37.0%.Jun '26: Promoters 58.1%, FIIs 2.3%, DIIs 2.4%, Public 37.2%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Mahabir Prasad Agarwal newly disclosed 4.59% held
- Subham Buildwell Private Limited +0.40 pp 1.77% held
The same filing shows 1 holder trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Star Cement above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Sajjan Bhajanka | 12.02% | unchanged |
| Prem Kumar Bhajanka | 10.76% | unchanged |
| Ultratech Cement Limited | 8.42% | unchanged |
| Divya Agarwal | 4.62% | unchanged |
| Mahabir Prasad Agarwal | 4.59% | newly disclosed |
| Mahabir Prasad Agarwal - 3 | 4.56% | unchanged |
| Santosh Bhajanka | 4.40% | unchanged |
| Mr. Sanjay Agarwal | 4.36% | unchanged |
| Subham Capital Private Limited | 3.96% | unchanged |
| Brij Bhusan Agarwal & Sons | 2.81% | unchanged |
| Brijdham Merchants Pvt Ltd | 2.51% | unchanged |
| Sri Ram Vanijya Pvt Ltd | 2.46% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in STARCEMENT
Filings to Aug 2026
0 new, 0 added, 1 trimmed, 0 sold out — net −0.30 L shares (−0.4%).
- Held by funds
- ₹156 Cr
- 1 schemes
- Biggest holder
- SBI Flexicap Fund
- ₹156 Cr · 0.7% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| SBI Flexicap Fund SBI Mutual Fund | ₹156 Cr | −0.30 L | Aug '21 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
0 added, 1 trimmed — net −30,424 shares (−0.4%)
- Funds are sitting on
- +101%
- vs est. average cost
- Held by funds
- ₹156 Cr
- 1 schemes · ≈ 2.2% of the company
Shares held by these funds −65%
Aug '23 84.72 L shares Jul '26
All earnings calls (6)
Read the Q1 FY27 call →Learn to analyse Star Cement
Guides on how to read this kind of business and the numbers that matter.