Star Cement LimitedQuarter ended 30.06.2026 Results & Financial Update
Star Cement Limited: Quarter ended 30.06.2026 consolidated results and company financials – revenue ₹942.89 Cr, PAT ₹73.91 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Star Cement Quarter ended 30.06.2026 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Star Cement reported consolidated revenue from operations of INR 942.89 crore for the quarter ended June 30, 2026, marking a 3.39% year-on-year increase compared to INR 911.99 crore in Q1 FY25, though revenues declined sequentially from INR 1,173.55 crore in Q4 FY26.
Profit after tax (PAT) stood at INR 73.91 crore for Q1 FY27, representing a decline of 24.71% year-on-year from INR 98.16 crore and a 49.73% sequential drop from INR 147.03 crore.
The business environment during the quarter was described as tepid, impacted by temporary liquidity constraints from delayed central government fund releases, localized demand disruptions arising from assembly elections in West Bengal and Assam, and regional challenges from the West Asia crisis.
Total sales volume for the quarter reached 13.54 lakh tons (including 52 KT of clinker sales), reflecting a 4% year-on-year increase from 12.96 lakh tons in Q1 FY26.
The company experienced headwinds on the operational front, including route restrictions imposed by railways in the Northeast affecting coal and fly ash supplies, as well as freight cost impacts following the collapse of the Vikram Shila Bridge at Bhagalpur.
Fuel costs per ton of cement rose due to lower coal sourcing through Fuel Supply Agreements (FSA) and increased reliance on spot contracts and local coal from Nagaland.
During the quarter, the company exercised the option of a concessional income tax rate under Section 115BAA of the Income-tax Act, 1961, making the current tax expense non-comparable with previous periods and permitting the carry forward of unutilized MAT credit.
01 · Business model
What does Star Cement do?
Star Cement Limited is a leading Eastern India-focused cement manufacturer backed by strong brand equity, superior product quality, and an extensive distribution and logistics network across its core markets.
The company commands approximately a 24.2% market share in the North-East market and operates integrated and grinding units supported by captive power plants and waste heat recovery systems.
Its product portfolio features blended cements such as Portland Pozzolana Cement (PPC), Ordinary Portland Cement (OPC), and value-added offerings like premium cement sales alongside building materials including AAC blocks and RMC.
The distribution network covers over 1,950 dealers and 11,500 retailers, supported by robust rail and road logistics infrastructure.
02 · Historical context
What shaped the business before this quarter
Over the past six years from FY20 to FY26, the company expanded its cement and clinker capacities by more than 2.5x to reach 9.7 MTPA grinding capacity and 6.1 MTPA clinker capacity by FY26.
The company has historically operated primarily as a North-East leader and has progressively expanded its footprint into Eastern India, with grinding unit additions such as the Cachar unit commissioned in February 2026.
The company successfully achieved its 20% Thermal Substitution Rate (TSR) target in Q4 FY26, before facing temporary weather and supply constraints in Q1 FY27.
03 · Financial snapshot
Current quarter vs the two useful baselines
| Metric | Quarter ended 30.06.2026 | Year-ago | Previous quarter |
|---|---|---|---|
| Revenue from operations | ₹942.89 Cr | ₹911.99 Cr | ₹1,173.55 Cr |
| Total income | ₹951.09 Cr | ₹913.79 Cr | ₹1,182.67 Cr |
| Profit before tax | ₹97.52 Cr | ₹134.66 Cr | ₹206.77 Cr |
| Profit after tax | ₹73.91 Cr | ₹98.16 Cr | ₹147.03 Cr |
| EPS | ₹1.85 | ₹2.44 | ₹3.66 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Cement and clinker sales volume grew by 4% year-on-year to 13.54 lakh tons in Q1 FY27 compared to 12.96 lakh tons in Q1 FY26.
Cement sales realizations grew by 1.2% year-on-year and 1.3% quarter-on-quarter during Q1 FY27.
While cement sales volume grew by 7% year-on-year overall, North-East sales remained flat, whereas Rest of East (ROE) sales grew robustly by 22%.
Non-trade volumes grew by approximately 11% year-on-year, while trade sales accounted for 80% of volume mix with premium product sales climbing to 15.9% of trade sales compared to 12.2% in Q1 FY26.
What drove margins
Power and fuel costs per ton of cement increased to INR 1,167 in Q1 FY27 from INR 1,157 in Q1 FY26 due to lower coal sourcing from FSAs and higher reliance on spot contracts and Nagaland coal.
Logistics cost per ton of cement rose to INR 1,280 in Q1 FY27 from INR 1,234 in Q1 FY26, driven by higher diesel prices and railway route restrictions in the Northeast.
Subsidy income decreased year-on-year by INR 39 crore due to a reduction in the GST rate on cement and changes in the state incentive reimbursement mechanism.
Green energy share stood at approximately 26% of total power consumption, while Waste Heat Recovery Systems (WHRS) substituted 25% of total power requirements during the quarter.
05 · Demand, customers & order book
Where demand is coming from
Trade sales represented 80% of the sales mix, with premium products rising to 15.9% of total trade sales.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
The Group is primarily engaged in the manufacturing and sale of cement and cement-related products, with no separate reportable segments under Ind AS 108.
Geography and market mix
Geographic sales distribution for Q1 FY27 stood at 67% in the North-East (NE) and 33% Outside North-East (OSNE).
Market share in West Bengal increased from 19.4% to 22.0% despite state elections, whereas sales in Manipur were negatively impacted by intense protests and civil unrest.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
The company maintained a total grinding capacity of 9.7 MTPA and clinker capacity of 6.1 MTPA, alongside captive power capacity of 51 MW TPP and 24.3 MW WHRS.
Projects, capex and execution
The company outlined a roadmap to expand capacities by over 1.5x over the next 3 years (targeting 14.7 MTPA cement capacity and 9.4 MTPA clinker capacity by FY29), anchored by new projects in North India.
Planned investments include a 3.3 MTPA clinker and 3.0 MTPA cement plant at Nimbol in Rajasthan (project cost INR 2,500 crore) and a 2.0 MTPA grinding unit at Jhajjar in Haryana (project cost INR 580 crore), with ground-breaking slated to start from Q3 FY27.
08 · Strategy & new businesses
How the company is trying to change its growth mix
During the quarter, the Group acquired 100% equity shareholding in Jaitaran Renewable Power Private Limited (JRPPL) and Nitesh Minerals Private Limited (NMPL) effective April 23, 2026, and April 1, 2026, respectively.
Trial runs for clinker movement using electric vehicles (EV) were initiated on the Lumshnong to Silchar route to unlock supply chain efficiencies.
09 · Reported developments
What changed operationally
Premium segment sales grew to 15.9% of total trade sales in Q1 FY27 compared to 12.2% in Q1 FY26.
10 · Pressure points & risks
What is not going smoothly
Sales in Manipur were negatively affected due to intense protests and riots in the region during the quarter.
Railway route restrictions in Northeast Frontier Railway (NFR) posed challenges for coal and fly ash supply, while the collapse of the Vikram Shila Bridge increased fly ash transport costs at Siliguri.
11 · Items worth noticing
The line items that can distort a quick read
The company and one subsidiary opted for the concessional income tax rate under Section 115BAA effective April 1, 2026, which altered tax expense comparability and allowed the carry forward of accumulated MAT credit.
Subsidy incentive income for the Assam subsidiary was capped on a proportionate annual basis following a notification by the Government of Assam and recognized in accordance with revised guidelines.
12 · Beyond the numbers
What changed beyond the numbers
Reported update
Leadership re-appointments
The Board approved the re-appointment of Mr. Sajjan Bhajanka as Chairman & Managing Director, Mr. Sanjay Agarwal as Managing Director, Mr. Prem Kumar Bhajanka as Vice Chairman & Managing Director, and Mr. Pankaj Kejriwal as Executive Director for a further three-year term effective April 1, 2027.
Reported update
Management designation change
Mr. Tushar Bhajanka was redesignated from Deputy Managing Director to Managing Director & Chief Executive Officer of the company effective May 22, 2026.
13 · Key Q&A
The quarter, answered directly
What does Star Cement do?
Star Cement Limited is a leading Eastern India-focused cement manufacturer backed by strong brand equity, superior product quality, and an extensive distribution and logistics network across its core markets.
What is the clearest takeaway from Quarter ended 30.06.2026?
Star Cement reported consolidated revenue from operations of INR 942.89 crore for the quarter ended June 30, 2026, marking a 3.39% year-on-year increase compared to INR 911.99 crore in Q1 FY25, though revenues declined sequentially from INR 1,173.55 crore in Q4 FY26.
What drove revenue or demand?
Cement and clinker sales volume grew by 4% year-on-year to 13.54 lakh tons in Q1 FY27 compared to 12.96 lakh tons in Q1 FY26.
What mattered most for margins or profitability?
Power and fuel costs per ton of cement increased to INR 1,167 in Q1 FY27 from INR 1,157 in Q1 FY26 due to lower coal sourcing from FSAs and higher reliance on spot contracts and Nagaland coal.
What changed operationally beyond the headline numbers?
The company maintained a total grinding capacity of 9.7 MTPA and clinker capacity of 6.1 MTPA, alongside captive power capacity of 51 MW TPP and 24.3 MW WHRS.
What are the main pressure points disclosed for the quarter?
Sales in Manipur were negatively affected due to intense protests and riots in the region during the quarter.
14 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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15 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
North India expansion ground-breaking: Monitor the commencement of ground-breaking work for the Nimbol clinker plant and Jhajjar grinding unit starting from Q3 FY27.
- 02
Tax rate transition impact: Track the financial impact and effective tax rate normalization following the adoption of Section 115BAA concessional tax regime.
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