Star Cement Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Star Cement Ltd filed with BSE on 13 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Star Cement reported Q1 FY27 revenue of around INR902 crores against INR847 crores a year earlier, while EBITDA declined to INR203 crores from INR230 crores due to reduced subsidy, higher packing material costs and kiln shutdown expenses. Cement sales volume rose to 13.02 lakh tons from 12.22 lakh tons, though management flagged weaker Northeast demand due to Assam elections and flooding. Management discussed cost pressures on fuel and packing materials, updates on the Rajasthan and West Bengal capex plans, and changes to the Assam government subsidy payout structure.
2 statements from this call are not shown because their supporting quotes could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Revenue: INR902 crores (Q1 FY27)
p. 4
“The total revenue figure this quarter is around INR902 crores as against INR847 crores same period last year.”
Manoj Agarwal, page 4 of the filed PDF · View the filing
EBITDA: INR203 crores (Q1 FY27)
p. 4
“As far as EBITDA figure is concerned, this quarter, we have done an EBITDA of around INR203 crores as against INR230 crores last year.”
Manoj Agarwal, page 4 of the filed PDF · View the filing
Profit after tax: INR74 crores (Q1 FY27)
p. 4
“Profit after tax is INR74 crores in this quarter as against INR98 crores last year.”
Manoj Agarwal, page 4 of the filed PDF · View the filing
EBITDA per ton: INR1,497 (Q1 FY27)
p. 4
“On per ton EBITDA front, it is INR1,497 during this quarter as against INR1,774 per ton same quarter last year.”
Manoj Agarwal, page 4 of the filed PDF · View the filing
Clinker production: 9.10 lakh tons (Q1 FY27)
p. 3
“During the quarter ended June 26, we have produced 9.10 lakh tons of clinker as against 8.90 lakh tons same quarter last year.”
Manoj Agarwal, page 3 of the filed PDF · View the filing
Cement production: 13.08 lakh tons (Q1 FY27)
p. 3
“So far as cement production is concerned, we have produced 13.08 lakh tons this quarter as against 12.31 lakh tons same quarter last year.”
Manoj Agarwal, page 3 of the filed PDF · View the filing
Cement sales volume: 13.02 lakh tons (Q1 FY27)
p. 3
“During the quarter, we have sold 13.02 lakh tons of cement and 0.52 lakh ton of clinker as against 12.22 lakh tons of cement and 0.74 lakh ton of clinker same quarter last year.”
Manoj Agarwal, page 3 of the filed PDF · View the filing
Northeast cement sales: 8.71 lakh tons (Q1 FY27)
p. 3
“As far as geographical distribution of cement is concerned, in Northeast, we have sold around 8.71 lakh tons as against 8.67 lakh tons during same quarter last year.”
Manoj Agarwal, page 3 of the filed PDF · View the filing
Outside Northeast cement sales: 4.31 lakh tons (Q1 FY27)
p. 3
“And as far as outside Northeast is concerned, we have sold 4.31 lakh tons of cement this quarter as against 3.55 lakh tons same quarter last year.”
Manoj Agarwal, page 3 of the filed PDF · View the filing
Premium sales share: 15.9% (Q1 FY27)
p. 4
“So I think the premium sales is about 15.9% of the overall sales.”
Tushar Bhajanka, page 4 of the filed PDF · View the filing
Lead distance: 210 (Q1 FY27)
p. 4
“The lead distance was about 210.”
Tushar Bhajanka, page 4 of the filed PDF · View the filing
Clinker factor: 66.5% (Q1 FY27)
p. 4
“The clinker factor was about 66.5%.”
Tushar Bhajanka, page 4 of the filed PDF · View the filing
Trade share: 80% (Q1 FY27)
p. 4
“Trade share was about 80%.”
Tushar Bhajanka, page 4 of the filed PDF · View the filing
Fuel cost: 1.55 (Q1 FY27)
p. 5
“So in the fuel cost in FY26, quarter 4 was about INR1.33, which has gone up to INR1.55.”
Tushar Bhajanka, page 5 of the filed PDF · View the filing
Capex spent: INR93-odd crores (Q1 FY27)
p. 8
“This quarter, we have spent around INR93-odd crores.”
Manoj Agarwal, page 8 of the filed PDF · View the filing
Green share: 3% (Q1 FY27)
p. 9
“Green shares for this quarter was about 3%.”
Tushar Bhajanka, page 9 of the filed PDF · View the filing
Assam subsidy outstanding: INR130 crores
p. 13
“INR130 crores is the outstanding from Assam.”
Manoj Agarwal, page 13 of the filed PDF · View the filing
Total Assam subsidy entitlement: INR794 crores
p. 13
“Total was INR794 crores, okay?”
Manoj Agarwal, page 13 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Cement volume growth — 8% to 9% · FY27
stated conditionally by Tushar Bhajanka
p. 4
“I think we expect to probably revise the numbers. A bit from 11% to 12% to about 8% to 9%.”
Tushar Bhajanka, page 4 of the filed PDF · View the filing
Clinker sales — stagnant or degrow by 5% to 10% · FY27
stated conditionally by Tushar Bhajanka
p. 4
“I think the clinker sale in FY27 would probably be stagnant or may degrow by about 5% to 10% compared to FY26 because I think the clinker is also coming from outside now in Northeast.”
Tushar Bhajanka, page 4 of the filed PDF · View the filing
Fuel cost — about INR1.45 · Q2 FY27
stated firmly by Tushar Bhajanka
p. 5
“We expect in Q2 onwards, the cost should come down to about INR1.45”
Tushar Bhajanka, page 5 of the filed PDF · View the filing
EBITDA per ton — about INR1,400 · Q2 FY27
stated conditionally by Tushar Bhajanka
p. 5
“So it may be about INR1,400 for quarter 2, but I think we'll catch up in quarter 3 and 4.”
Tushar Bhajanka, page 5 of the filed PDF · View the filing
EBITDA per ton — INR1,500, INR1,600 · full year
stated as an aspiration by Tushar Bhajanka
p. 5
“I think INR1,500, INR1,600 is still a good estimate.”
Tushar Bhajanka, page 5 of the filed PDF · View the filing
Rajasthan plant commissioning — Q1 FY29 or Q4 FY28
stated conditionally by Tushar Bhajanka
p. 6
“It would be about 18 to 20 months from November onwards, I guess. So it means about quarter 1 of FY29 or quarter 4 of FY28.”
Tushar Bhajanka, page 6 of the filed PDF · View the filing
Northeast sales growth — 8% to 9% · FY27
stated as an aspiration by Tushar Bhajanka
p. 6
“For us, I hope that we can do about 8% to 9% in Northeast.”
Tushar Bhajanka, page 6 of the filed PDF · View the filing
Industry growth in Northeast — 7% · FY27
stated as an aspiration by Tushar Bhajanka
p. 6
“So I think for the industry, I would say that the growth rate should be about 7%.”
Tushar Bhajanka, page 6 of the filed PDF · View the filing
Capex — INR500 crores · FY27
stated firmly by Manoj Agarwal
p. 8
“And our planning what we have given INR500 crores for this quarter this year, that will continue.”
Manoj Agarwal, page 8 of the filed PDF · View the filing
Overall project capex — INR2,600 crores to INR2,700 crores
stated conditionally by Tushar Bhajanka
p. 9
“The overall capex of this thing is about INR2,600 crores to INR2,700 crores is that what we are expecting.”
Tushar Bhajanka, page 9 of the filed PDF · View the filing
Assam subsidy — about INR115 crores · FY27
stated conditionally by Tushar Bhajanka
p. 9
“So what I expect for this year is not about INR145 crores, but about INR115 crores.”
Tushar Bhajanka, page 9 of the filed PDF · View the filing
Non-cement revenue — INR150 crores ARR · Q4 FY27
stated as an aspiration by Tushar Bhajanka
p. 12
“At least on an ARR basis, we should be able to reach that 150 number by the quarter 4.”
Tushar Bhajanka, page 12 of the filed PDF · View the filing
Debt to EBITDA — 1.5x, 1.6x
stated conditionally by Tushar Bhajanka
p. 9
“And I think if our approvals are healthy, then we should be able to manage it with about 1.5x, 1.6x, debt EBITDA.”
Tushar Bhajanka, page 9 of the filed PDF · View the filing
Siliguri wagon tippler savings — about INR150 savings
stated conditionally by Tushar Bhajanka
p. 12
“We expect about INR150 savings from the sales that we make from Siliguri after we do introduce wagon tippler there.”
Tushar Bhajanka, page 12 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said Q2 would remain soft due to Assam floods, with a double-digit growth possible only from Q3-Q4, and full year guidance was cut.
Answered by Tushar Bhajanka
Asked by Shravan Shah: Will volume growth pick up from Q2 onwards after a soft Q1?
p. 4
“So in Q2, as we all know, the Assam is completely flooded at the moment. So I don't see much of a stride in terms of volume in Q2.”
Tushar Bhajanka, page 4 of the filed PDF · View the filing
Management expects pent-up demand to be released once floods subside in Q3-Q4, following a muted first half.
Answered by Tushar Bhajanka
Asked by Jyoti Gupta: What is the outlook for pricing and demand into the second half of the year?
p. 5
“I think that when the floods subside, which is basically quarter 3 and 4, I think there should be some pent-up demand which gets released in those 2 quarters in the second half of the year.”
Tushar Bhajanka, page 5 of the filed PDF · View the filing
Management attributed the dip to Assam elections in April rather than competitive pressure, and said market share was not lost.
Answered by Tushar Bhajanka
Asked by Rajesh Ravi: What caused the decline in Northeast sales — elections or competition?
p. 6
“I don't think it's because of the competition. And I don't think we've lost any market share in Northeast compared to last quarter or same quarter last year.”
Tushar Bhajanka, page 6 of the filed PDF · View the filing
Management confirmed a volume degrowth of about 12% in July due to flooding but expects a catch-up in September.
Answered by Tushar Bhajanka
Asked by Navin Sahadeo: Is there risk of negative year-on-year volume growth in Q2 due to floods?
p. 7
“So in quarter -- sorry, in quarter 2 and July, of course, the volume degrowth was about 12% -- the reason was because July was completely flooded in Assam and Assam was completely shut down in many areas.”
Tushar Bhajanka, page 7 of the filed PDF · View the filing
Management clarified the figure was a revenue estimate, not EBITDA, and said the ARR should reach that level by Q4 despite sluggish demand.
Answered by Tushar Bhajanka
Asked by Harsh Mittal: Is the INR150 crores non-cement revenue guidance still intact?
p. 12
“So that revenue estimate, I think, again, because the demand have been a bit sluggish. So we are not right now at the ARR where we touched 150, but we are increasing our RMC plants.”
Tushar Bhajanka, page 12 of the filed PDF · View the filing
Management detailed accruals and receipts, concluding INR130 crores was outstanding from Assam.
Answered by Manoj Agarwal
Asked by Navin Sahadeo: What is the outstanding receivable from the Assam government subsidy?
p. 13
“INR130 crores is the outstanding from Assam.”
Manoj Agarwal, page 13 of the filed PDF · View the filing
Management said FSA coal was diverted to power plants, forcing more spot purchases at higher prices, with FSA at about 45% and spot at about 30%.
Answered by Tushar Bhajanka
Asked by Shravan Shah: What will Q1 fuel mix look like in terms of FSA, spot and biomass?
p. 10
“So fuel mix for FSA would be about -- would be about 45% and from FSA and the other source spot contracts.”
Tushar Bhajanka, page 10 of the filed PDF · View the filing
Risks flagged
Flooding in Assam disrupting sales and production
p. 4
“So in Q2, as we all know, the Assam is completely flooded at the moment.”
Tushar Bhajanka, page 4 of the filed PDF · View the filing
Rising packing material (PP bag) costs tied to global war and crude prices
p. 5
“The PP bag prices are completely related to the international turmoil and war situation, which is going on and thereafter prices are up.”
Tushar Bhajanka, page 5 of the filed PDF · View the filing
Coal diverted to power plants forcing higher-cost spot purchases
p. 10
“So all the Coal India coal was diverted.”
Tushar Bhajanka, page 10 of the filed PDF · View the filing
Illegal sand mining crackdown muting cement demand in West Bengal
p. 14
“So that is also the reason why the demand for cement has also been a bit muted, I think, in that area.”
Tushar Bhajanka, page 14 of the filed PDF · View the filing
Uncertainty over West Bengal industrial policy affecting capex decisions
p. 7
“So we are actually waiting. I think about 15th of August is when the West Bengal is supposed to come up with their industrial policy.”
Tushar Bhajanka, page 7 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.