Star Cement Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2023 • Cement: 99.8% • Power: 0.2%
AI Sector View
AI GENERATEDConstruction Materials
Construction materials remain supported by healthy building activity. Core industries cement growth accelerated to 13.1% YoY (2026-07), while finished steel consumption was 8.0% YoY (2026-06); steel output itself was softer at 2.9% YoY (2026-07). FPI positioning is still mildly negative at INR -497 crore over 3 months to 2026-08-31, but the fundamental demand backdrop remains constructive.
PROS
- Company has consistently been profitable over the last 5 years
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.61x)
- Company comfortably covers its interest (8.1x coverage)
- Company maintains a comfortable, low leverage position
CONS
- Receivables are growing faster than sales - a possible quality concern
- Recent results are weak - TTM profit is down 17.3% versus prior year
- Promoter holding has decreased over last 2 years: -8.4pp
- Company has a low return on equity of 9.5% over last 3 years
- Total debt has risen sharply - up 200.5% year on year
- Company has delivered a poor profit growth of -10.1% over past five years
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ULTRACEMCO | 10996.00 | 37.95 | 324029.22 | 2.18 | 2603.72 | 17.24 | 24648.20 | 15.85 | 13.25 | 20.35 |
| AMBUJACEM | 391.00 | 22.20 | 97156.35 | 0.51 | 660.00 | -31.93 | 9500.00 | -7.67 | 6.24 | 16.78 |
| SHREECEM | 22588.80 | 50.00 | 81502.08 | 0.66 | 531.12 | -17.48 | 6233.13 | 18.03 | 10.61 | 20.41 |
| JKCEMENT | 4841.40 | 39.56 | 37408.65 | 0.41 | 274.62 | -15.31 | 4031.72 | 20.26 | 14.89 | 16.07 |
| DALBHARAT | 1749.20 | 35.17 | 32809.04 | 0.51 | 192.00 | -51.39 | 3890.00 | 6.99 | 8.15 | 20.69 |
| ACC | 1246.15 | 12.26 | 23401.11 | 0.60 | 147.00 | -60.84 | 5808.00 | -4.59 | 11.60 | 7.90 |
| RAMCOCEM | 866.40 | 31.75 | 20472.37 | 0.29 | 31.24 | -63.06 | 2273.05 | 9.60 | 10.75 | 13.49 |
| JSWCEMENT | 118.80 | 21.30 | 16196.78 | 0.42 | 153.43 | 111.23 | 1896.41 | 21.58 | -4.21 | 16.41 |
| NUVOCO | 330.20 | 30.56 | 11793.30 | 0.00 | 159.63 | 19.88 | 3128.71 | 8.91 | 7.11 | 18.16 |
| INDIACEM | 346.30 | 116.03 | 10731.74 | 0.00 | 26.85 | 120.20 | 1019.42 | -0.52 | 0.30 | 15.28 |
| STARCEMENT | 195.35 | 21.36 | 7895.66 | 0.51 | 73.91 | -24.71 | 942.89 | 3.39 | 8.42 | 20.63 |
| BIRLACORPN | 825.30 | 11.48 | 6355.25 | 1.51 | 115.73 | -3.21 | 2646.45 | 7.83 | 10.88 | 12.93 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 760 | 585 | 651 | 914 | 751 | 642 | 719 | 1,052 | 912 | 811 | 880 | 1,174 | 943 | |
| 631 | 487 | 503 | 734 | 635 | 546 | 615 | 789 | 684 | 621 | 678 | 858 | 854 | |
| Operating Profit | 129 | 99 | 149 | 180 | 116 | 96 | 104 | 263 | 228 | 190 | 202 | 315 | 89 |
| OPM % | 17.00% | 16.84% | 22.84% | 19.67% | 15.46% | 14.90% | 14.50% | 24.97% | 25.02% | 23.45% | 23.01% | 26.85% | 9.47% |
| 9 | 6 | 4 | 8 | 1 | 2 | 3 | 5 | 2 | 3 | -1 | 3 | 8 | |
| Interest | 2 | 3 | 3 | 4 | 6 | 7 | 10 | 9 | 10 | 11 | 12 | 13 | 14 |
| Depreciation | 32 | 36 | 37 | 42 | 73 | 83 | 89 | 88 | 85 | 90 | 91 | 99 | 91 |
| Profit before Tax | 104 | 65 | 113 | 141 | 39 | 8 | 8 | 171 | 135 | 92 | 99 | 207 | 98 |
| Tax % | 10.29% | 37.50% | 35.17% | 37.88% | 20.68% | 25.00% | -18.92% | 28.18% | 27.10% | 23.05% | 24.69% | 28.89% | 24.21% |
| Net Profit | 0 | 0 | 0 | 0 | 31 | 6 | 9 | 123 | 98 | 71 | 74 | 147 | 74 |
| 2.31 | 1.01 | 1.82 | 2.17 | 0.77 | 0.14 | 0.22 | 3.05 | 2.44 | 1.78 | 1.85 | 3.66 | 1.85 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,715 | 1,528 | 1,615 | 1,831 | 1,843 | 1,720 | 2,222 | 2,705 | 2,911 | 3,163 | 3,807 | |
| 1,316 | 1,120 | 1,093 | 1,382 | 1,449 | 1,387 | 1,877 | 2,236 | 2,354 | 2,585 | 3,010 | |
| Operating Profit | 399 | 408 | 521 | 449 | 394 | 333 | 345 | 468 | 556 | 578 | 797 |
| OPM % | 23.29% | 26.72% | 32.29% | 24.53% | 21.39% | 19.34% | 15.54% | 17.32% | 19.11% | 18.29% | 20.93% |
| 1 | 3 | 4 | 5 | 30 | -36 | 33 | 52 | 26 | 11 | 14 | |
| Interest | 83 | 78 | 52 | 14 | 9 | 7 | 13 | 10 | 13 | 32 | 50 |
| Depreciation | 171 | 118 | 121 | 106 | 93 | 90 | 122 | 131 | 147 | 332 | 372 |
| Profit before Tax | 145 | 215 | 353 | 335 | 322 | 199 | 244 | 380 | 424 | 226 | 495 |
| Tax % | 4.10% | 6.47% | 4.65% | 8.86% | 10.64% | 6.09% | -1.28% | 34.78% | 30.33% | 25.19% | 26.04% |
| Net Profit | 139 | 201 | 336 | 305 | 287 | 187 | 247 | 248 | 295 | 169 | 366 |
| EPS | 3.20 | 4.64 | 7.89 | 7.13 | 6.85 | 4.54 | 6.04 | 6.13 | 7.30 | 4.18 | — |
| Dividend Payout % | 0.00% | 0.00% | 12.68% | 0.00% | 14.44% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 8%
- 5 Years:
- 11%
- 3 Years:
- 12%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 4%
- 5 Years:
- -10%
- 3 Years:
- -12%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- 13%
- 3 Years:
- 7%
- 1 Year:
- -28%
RETURN ON EQUITY
- 10 Years:
- 14%
- 5 Years:
- 10%
- 3 Years:
- 9%
- Last Year:
- 6%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 42 | 42 | 42 | 42 | 41 | 41 | 40 | 40 | 40 | 40 |
| Minority Interest | 53 | 57 | 62 | 68 | 70 | 0 | 0 | 0 | 0 | -0 |
| 1,013 | 1,104 | 1,434 | 1,682 | 1,816 | 2,033 | 2,128 | 2,376 | 2,670 | 2,839 | |
| 1,033 | 970 | 541 | 186 | 136 | 157 | 178 | 38 | 157 | 389 | |
| Trade Payables | 140 | 94 | 189 | 125 | 96 | 98 | 212 | 277 | 219 | 233 |
| 184 | 126 | 168 | 155 | -37 | 7 | -53 | 110 | 277 | 363 | |
| Total Liabilities | 2,466 | 2,392 | 2,436 | 2,258 | 2,122 | 2,336 | 2,506 | 2,842 | 3,362 | 3,864 |
| 919 | 863 | 785 | 722 | 696 | 823 | 923 | 891 | 1,416 | 2,421 | |
| Capital Work in Progress | 49 | 55 | 36 | 74 | 238 | 126 | 105 | 551 | 1,019 | 220 |
| 2 | 1 | 1 | 2 | 2 | 2 | 167 | 173 | 2 | 2 | |
| 209 | 161 | 295 | 277 | 257 | 235 | 195 | 374 | 335 | 446 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 151 | 200 | |
| Cash & Bank | 24 | 20 | 20 | 211 | 284 | 472 | 385 | 312 | 97 | 52 |
| 1,263 | 1,291 | 1,299 | 971 | 646 | 679 | 731 | 542 | 342 | 523 | |
| Total Assets | 2,466 | 2,392 | 2,436 | 2,258 | 2,122 | 2,336 | 2,506 | 2,842 | 3,362 | 3,864 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 125 | 328 | 487 | 676 | 533 | 380 | 452 | 426 | 490 | 296 | |
| Cash from Investing | -79 | -89 | -25 | -193 | -136 | -333 | -289 | -255 | -650 | -529 |
| Cash from Financing | -14 | -218 | -393 | -348 | -201 | -3 | -176 | 10 | 86 | 224 |
| 4 | -7 | 2 | 76 | 146 | 14 | -47 | 114 | -74 | -8 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-09 - Star Cement Limited has informed the Exchange about the Company's participation in Investors & Analyst Meet in Mumbai.
2026-09-04 - Star Cement Limited has informed the Exchange about Copy of Newspaper Publication
2026-09-03 - Star Cement Limited has informed the Exchange about the Communication to the Physical Shareholder regarding the Annual General Meeting for the FY 2025-26
2026-09-03 - Star Cement Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 25, 2026
2026-08-27 - Star Cement Limited has informed the Exchange about General Updates
2026-08-26 - Star Cement Limited has informed the Exchange about Investor Presentation
2026-08-25 - Star Cement Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-13 - Star Cement Limited has informed the Exchange about Transcript
2026-08-10 - Star Cement Limited has informed the Exchange about Link of Recording
News
Recent coverage and analyst commentary for STARCEMENT
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Star Cement Ltd.
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