STARCEMENT
Micro CapStar Cement Limited
Infra
Star Cement Limited is a leading Eastern India cement manufacturer with 7.7 MTPA grinding and 6.1 MTPA clinker capacity. It holds ~27% market share in the North-East, supported by a 2,000+ dealer network. The company focuses on superior quality, blended cement (86% of sales), and is expanding into other building materials.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is acceptable, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Good · 70/100Rev +12% YoY · PAT +20% YoY · margin expansion · +33% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,174 Cr | +11.6% | +33.4% |
| EBITDA | ₹315 Cr | +19.8% | +55.9% |
| Operating margin | 27.0% | +200 bps | +400 bps |
| PAT | ₹147 Cr | +19.5% | +98.7% |
| PAT margin | 12.5% | +83 bps | +411 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Star Cement reported record Q4 FY25 EBITDA of INR 268 Cr (INR 1,815/ton), up 43% YoY, driven by 6% YoY volume growth and 0.3% YoY realization improvement. New 12MW WHRS commissioned, and state subsidy received for Guwahati unit.
The company delivered strong Q4 FY25 results with record EBITDA and volumes, supported by new capacity commissioning and state subsidies. Strategic expansions in grinding capacity and diversification into AAC blocks, alongside green energy initiatives, position it for continued growth in its core North-East market.
Sales by Trade Mix (Q4 FY25)
Latest issuer-disclosed distribution across 2 reported categories.
Capacity Expansion
Upcoming 2MTPA grinding units in Silchar (FY26) and Jorhat (FY27) to take cement capacity to ~12MTPA by FY27.
Diversification into Building Materials
Foraying into Other Building materials; AAC Block of 800 CBM capacity about to be commissioned in Q1 FY26.
Premium Product Portfolio Growth
Premium sales at 12.2% of Trade sales in Q4 FY25, up from 6.6% in Q4 FY24, with volumes up 85%.
North-East Market Leadership
Largest Cement manufacturer in North-East India with ~27% market share, and NE sales grew by 6% YoY in Q4 FY25.
WHRS Commissioning
12MW WHRS for the new plant commissioned in Q4 FY25, increasing total WHRS capacity to 24.3MW.
AAC Block Unit Commissioning
AAC Block of 800 CBM capacity is about to be commissioned in Q1 FY26; all clearances received.
Silchar Grinding Unit
Upcoming 2MTPA grinding unit in Silchar, Assam, planned for FY26.
Jorhat Grinding Unit
Upcoming 2MTPA grinding unit in Jorhat, Assam, planned for FY27.
State Subsidy Benefits
Received Entitlement and Eligibility Certificate for state subsidy in SCNEL - Guwahati.
Secured Limestone Reserves
Declared 'Preferred Bidder' for mines in Umrangso with reserves of 192.36Mn tons.
Green Energy PPA
Group captive PPA of 18MW finalized & signed with JSW Green Energy, to fully come on stream by Q4 FY26.
Increased Logistics Cost
Average logistics cost majorly increased due to increase in Non-Trade mix in overall sales in Q4 FY25.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Both YoY and QoQ comparisons are relevant. YoY highlights overall growth and financial performance against the previous year, while QoQ shows sequential momentum in realizations, EBITDA/ton, and operational efficiency improvements from new capacity and cost initiatives.
Sales Volume
Achieved new all-time-highest quarterly volume of 14.75 lac tons in Q4 FY25, up 6% YoY and 39% QoQ.
Cement Realizations/ton
Cement Realizations/t improved 0.3% YoY and 2.2% QoQ in Q4 FY25.
EBITDA/ton
Industry leading EBITDA of INR 1,815/ton in Q4 FY25, up 34% YoY, on the back of subsidies on new units.
Green Energy Share
Green energy share was ~21.3% in Q4 FY25, up from 18% in Q3 FY25.
Cement Capacity Target
Management plans to take cement capacity to ~12MTPA by FY27 based on ongoing greenfield projects.
Green Energy Share Target
Management aims for a green energy share of 55% by FY26.
Thermal Substitution Rate Target
Management targets a Thermal Substitution Rate (TSR) of 20% by FY26.
Net Zero Carbon Footprint
Management aims to achieve Net Zero Carbon footprint by 2050, following the sectoral roadmap.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Cement Capacity | 7.7 MTPA (grinding) | Commissioning of Silchar GU (2MTPA) in FY26 and Jorhat GU (2MTPA) in FY27, reaching ~12MTPA. |
| AAC Block Commercial Production | All clearances received, about to be commissioned. | Confirmation of commercial production start in Q1 FY26. |
| Green Energy Share | ~21.3% (Q4 FY25) | Progress towards 55% green energy share by FY26, including full operationalization of 18MW PPA by Q4 FY26. |
| Thermal Substitution Rate (TSR) | 13.5% (Q4 FY25) | Improvement in TSR towards 20% by FY26, with AFR system integration in Q1 FY26. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
51Neutralnear 52W low
Technical chart
STARCEMENTweekly · 5Y+3.0%Technical trend read
Bearish setupTrend is weak — long-term trend unclear. RSI 41.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 41 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 31% off 52W high · 6% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 49.6%.
- Balance sheet contributes 10/15 to the score.
Main drags
- Quality is weaker at 7/20; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
- Valuation is weaker at 13/30; verify the latest quarterly trend.
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 49th percentile of the scored universe and 58th percentile within Infra. Main check: financial discipline is weak at 30/100.
Healthy Trust Lite: Promoter holding is 58.1%. Key concern: 3 recent quarters had PAT decline worse than 25% YoY.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Infra: 58th pctile, median 65 · Micro: 33rd pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 58.1%.
- ▸Promoter pledge is zero.
- ▸10 years of positive FCF.
- ▸7/8 recent quarters had positive YoY revenue growth.
Trust risks
- ▸3 recent quarters had PAT decline worse than 25% YoY.
- ▸ROE is low at 6.1%.
- ▸ROCE trend is -5.3%.
- ▸Revenue CAGR is 13% but EPS CAGR is -12%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 21.00
- P/B
- 2.65
- EV/EBITDA
- 6.94
- Market Cap
- 8432.00Cr
Profitability
- ROE
- 13.20%
- ROCE
- 16.70%
- ROA
- 8.39%
- Dividend Y
- 0.96%
Growth (CAGR)
- Revenue 5Y
- 17.00%
- EPS 5Y
- 10.00%
- Revenue 3Y
- 12.00%
- EPS 3Y
- 18.00%
Balance Sheet
- Debt/Equity
- 0.19
- Interest Coverage
- 20.35×
- Altman Z
- 6.15
- Book Value
- 79.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 9/5
- OCF
- 765.00 Cr
- EPS TTM
- 9.73
Shareholding
- Promoter Hold
- 58.12%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 11%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Infra — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.