Star Cement Ltd(STARCEMENT)

NSE: STARCEMENTBSE: 540575

₹ 161.9-0.09%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 6,544 crWebsite: www.starcement.co.inUpdated: 24 Oct 2026

About

Star Cement Ltd is the market leader in North-East India's cement market, holding approximately 25% trade market share in FY26 and becoming the first cement brand in the region to surpass 5 MTPA sales in a single financial year. The company operates 6.1 MTPA clinker capacity and 9.67 MTPA cement grinding capacity across five facilities in Meghalaya, Assam and West Bengal, serving ten states and exporting to Nepal and Bhutan.^[1][2]

Business segments

Cement accounted for 96.1% of segment revenue in FY23, with Power contributing 3.9%; the company is overwhelmingly a single-product cement business.^[3]
A non-cement segment - Star Smart Building Solutions - was launched in FY26, selling AAC blocks, RMC, tile adhesives, block jointing mortar and waterproofing solutions; AAC block revenue for full-year FY26 was Rs 43 crores.^[1][4]

Manufacturing facilities

Lumshnong, Meghalaya: integrated clinker and cement complex with 6.1 MTPA clinker capacity, 1.67 MTPA cement capacity, captive limestone mines, a 51 MW captive thermal power plant and a 24.3 MW waste heat recovery system.^[1]
Guwahati (Sonapur), Assam: 4.0 MTPA grinding unit, plus an 800 CBM/day AAC block facility commissioned 2 June 2025.^[1]
Siliguri, West Bengal: 2.0 MTPA grinding unit. Silchar (Cachar), Assam: 2.0 MTPA grinding unit commissioned 20 February 2026. Total cement grinding capacity is 9.67 MTPA across five facilities in three states.^[1][4]
Star Cement North East Limited, a wholly owned subsidiary, is the preferred bidder for the Parewar limestone mine in Jaisalmer, Rajasthan, with estimated reserves of 271.38 million tonnes.^[1]

Key operating numbers

Total cement and clinker sales in FY26 were 54.96 lakh tons, up 16% YoY. In Q1 FY27, cement sales were 13.02 lakh tons (+7% YoY) and clinker sales were 0.52 lakh tons.^[4][5]
EBITDA per tonne was INR 1,497 in Q1 FY27, down 16% YoY from INR 1,774 in Q1 FY26; full-year FY26 EBITDA/tonne was INR 1,717, up from INR 1,245 in FY25.^[5][4]
Fuel cost rose to INR 1.55/kcal in Q1 FY27 (from INR 1.33/kcal in Q4 FY26 and INR 1.2/kcal in Q3 FY26) due to FSA coal being diverted to power plants, forcing heavier reliance on spot coal contracts.^[5][6]
Clinker factor (CC ratio) was 66.5% in Q1 FY27. Lead distance was 210 km in Q1 FY27, down from 231 km in Q2 FY26.^[5][7]
Rail dispatch share increased from 5.9% in FY25 to 12.25% in FY26, with operational rake points rising from 10 - 11 to 16 - 17. Actual total logistics cost in FY26 was Rs 1,023/MT, Rs 27/MT below budget.^[1]
Green energy share was 33.8% in Q4 FY26, driven by WHRS at 27.4% of total power, up from 21.3% in Q4 FY25; green energy share was 3% in Q1 FY27.^[4][5]

Products and brands

Core product is Portland cement sold under the Star Cement brand. Premium grades reached 15.9% of trade sales in Q1 FY27, up from 12.2% in Q1 FY26, reflecting an ongoing premiumisation drive.^[5]
Star Smart Building Solutions (SSBS) covers AAC blocks, Ready-Mix Concrete, tile adhesives, block jointing mortar and waterproofing solutions; construction chemicals were launched in November 2025.^[1][7]

Customers and distribution

Trade (retail) sales accounted for 80% of cement volumes in Q1 FY27. North-East India trade market share was approximately 25% in FY26.^[5][1]
West Bengal market share (Star's operating area) increased from 19.4% to 22.0% YoY in Q1 FY27 despite election-related disruptions.^[5]
Products are sold across 10 states, with exports to Nepal and Bhutan. Outside-NE cement volumes grew 22% YoY to 4.31 lakh tons in Q1 FY27, driven by Bihar and West Bengal.^[1][5]
The company's marketing platform connects with approximately 36,000 influencers via three digital loyalty programmes: Star Saathi (dealers), Star Link (masons) and Star Stellar (engineers).^[1]
A dedicated logistics fleet of 376 vehicles transported 24.5 lakh tonnes of cement, clinker, coal and fly ash in FY26.^[1]

Expansion and capex

Nimbol (Rajasthan) integrated plant: 3.3 MT clinker plus 3 MT grinding unit. Land acquisition nearly complete as of Q1 FY27; public hearing scheduled for end-August 2026, environmental clearance expected first week of October 2026, ground-breaking from Q3 FY27.^[5]
Total North India capex (Nimbol integrated unit plus Jhajjar grinding unit) is pegged at INR 3,080 crores; FY27 outlay approximately INR 560 crores, FY28 approximately INR 1,910 crores, FY29 approximately INR 610 crores.^[5]
Bihar 2 MT grinding unit at Begusarai targeted for commissioning in Q1/Q2 FY29; clinker to be sourced from Meghalaya via the Silchar railway siding.^[4]
Five-project expansion roadmap targets total cement grinding capacity of 16.7 MTPA by FY29, from 9.7 MTPA today; projects include Bihar GU, Nimbol clinker+GU, Haryana GU and Umrangso clinker+Jorhat GU in Assam.^[4]
FY28 capex confirmed at approximately INR 1,500 crores as North expansion projects enter heavy construction phase; company targets net debt/EBITDA below 2x through the expansion phase without a near-term QIP.^[5]

Recent developments

Cachar (Silchar) 2 MTPA grinding unit commissioned on 20 February 2026 by wholly owned subsidiary Star Cement North East Limited, bringing total cement grinding capacity to 9.67 MTPA.^[1][4]
Star Smart Building Solutions Limited commissioned an 800 CBM/day AAC block plant on 2 June 2025 at Chamata Pathar, Sonapur, adjacent to the Guwahati grinding unit.^[1]
Star Cement North East Limited was declared preferred bidder for the Parewar (SN-IV) limestone mine in Jaisalmer, Rajasthan, with estimated reserves of 271.38 million tonnes.^[1]
Silchar railway siding expected to be operational by October - November 2026, enabling cost-effective serving of South Assam and other North-East states.^[5]
Government subsidy/incentive for FY27 was revised down to approximately INR 115 crores (from INR 145 - 150 crores) following the Assam government's revised equalised reimbursement mechanism and a GST rate cut on cement.^[5]

Market Cap

₹6,544 Cr

High / Low

₹270 / 165

Stock P/E

18.8

Price / Book

2.2

Book Value

₹79

EPS

₹9.7

No. of Shares

40.42 Cr

ROCE

16.7%

ROE

13.0%

OPM

15.5%

Debt / Equity

0.18

Sales

₹3,776 Cr

Net Profit

₹390 Cr

Promoter holding

58.1%

Loading chart…

Signal history

AI Deep Dive

The analysis Screener can't give you

Our models read the latest earnings call, annual report, and financials end-to-end - then grade management, value the business, and flag the risks. Unlock all of it for this company:

Verdict
The headline call - descriptive label, conviction, and the synthesis behind it.
Valuation
Guidance-anchored P&L bridge - worst / average / best multiple cases.
Walk the talk
Did management deliver on past guidance? A commitment-by-commitment scorecard.
Red flags
Forensic and governance risk pointers, severity-ranked.
Balance sheet
Solvency and earnings-quality score.
Concall briefs
Quarter-by-quarter earnings-call briefs - what changed and why.

₹49 unlocks this company for 90 days, ₹299 for a full year - bundles bring it lower. Built on public disclosures - educational, not investment advice.

AI Deep Dive

Verdict

Locked

The headline call - descriptive label, conviction, and the synthesis behind it.

Company data

Financials

Star Cement Ltd(STARCEMENT)

About

Business segments

Manufacturing facilities

Key operating numbers

Products and brands

Customers and distribution

Expansion and capex

Recent developments

Signal history

The analysis Screener can't give you

AI Deep Dive

Verdict

Company data

Product Segments

Corporate Actions