Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 4 Sep - Announcement under Reg 30 of SEBI (LODR) Reg 2015 - Newspaper Publication
Source: Bse
Star Cement Limited (STARCEMENT)
Micro CapMaterials stocks · Micro cap · NSE
Star Cement Limited is a leading Eastern India-focused cement company with 9.7 MTPA grinding capacity and 6.1 MTPA clinker capacity. It holds ~27% market share in the North-East, supported by an extensive distribution network and a disciplined expansion strategy. The company aims to transform into a PAN India player.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result16 Aug, 01:34 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Materials P/E 28.8 (n=19)
Technical timing lens
Trend score and candlestick chart
20Bearishfull bear SMA stack · SMA20 -6.8% / mo · MACD − · near 52W low · sector -3.8pp vs Nifty 500 (3M)
Stock trend: 18
Sector RS: 24
Sector 3M: -9.5% vs Nifty 500 -5.6%
Materials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
STARCEMENTD candles · FIT view-29.3%TODAY · PROVISIONALLatest price ₹164.24 on 2026-10-21
Today's candle is provisional from the latest intraday quote; completed-candle scans remain unchanged.
Bar
-1.9%
RSI
28
MACD hist
-0.40
52W pos
1%
2026-10-21O ₹167.48H ₹168.44L ₹162.70C ₹164.24Vol 1.1L shIntraday candle
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
STARCEMENTNifty CommoditiesNifty 500
- STARCEMENT
- -19.8%
- Nifty 500
- -5.6%
- Nifty Commodities
- -9.0%
- Vs Nifty 500
- -14.2 pp
Chart stats
19 Oct 2026- From 52W high
- -38.6%
- 52W range position
- 2%
- ATR (14)
- 2.9%
- Volume vs 20D
- 0.66x
- Avg traded value
- ₹2.3 Cr
- 20D price channel
- ₹165 - ₹196.4
₹273
₹165 - ₹273
₹4.9
Latest completed session
20-session average
22.1% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE56
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue +3.4% · PAT -24.5% YoY
Technical
Bearish20
Price trend and sector-relative-strength timing.
Valuation
Legacy model+42.4%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence78
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 0/100PAT -24% YoY · margin compression · Rev +3% YoY
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹943 Cr | +3.4% | -19.7% |
| EBITDA | ₹194 Cr | -14.9% | -38.4% |
| Operating margin | 21.0% | -400 bps | -600 bps |
| PAT | ₹74 Cr | -24.5% | -49.7% |
| PAT margin | 7.8% | -290 bps | -467 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 18.30
- P/B
- 2.18
- EV/EBITDA
- 5.91
- Market Cap
- 6929.00Cr
Profitability
- ROE
- 13.20%
- ROCE
- 16.60%
- ROA
- 7.88%
- Dividend Y
- 1.16%
Growth (CAGR)
- Revenue 5Y
- 17.00%
- EPS 5Y
- 10.00%
- Revenue 3Y
- 12.00%
- EPS 3Y
- 17.00%
Balance Sheet
- Debt/Equity
- 0.19
- Interest Coverage
- 18.04×
- Altman Z
- 5.51
- Book Value
- 79.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 9/5
- OCF
- 765.00 Cr
- EPS TTM
- 9.14
Shareholding
- Promoter Hold
- 58.10%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 6%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 3,776+19.4% vs prev
Net Profit
₹ CrLatest: 390+130.8% vs prev
Return on Equity
%Latest: 975+18296.2% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 28. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~8.1% over last month) — short-term momentum negative.
- RSI(14) at 28 — oversold zone; bounce conditions.
- MACD below signal but histogram contracting — bearish momentum easing.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
16
RS percentile
Stage 4 Downtrend
1M return
-13.8%
3M return
-19.8%
6M return
-27.1%
1Y return
-33.4%
RS 1D
-2
RS 20D
-10
Sector rank
#19
Industry rank
-
Stage evidence
- Price is 18.2% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -2.0%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
lagging
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 67.58-1.69%
RS vs Nifty 50068
Valuation & peers
U-Score 56 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 56 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Financial Turnaround
Fundamental score breakdown
U band · FAIR VALUEValuation15/30
Growth14/25
Quality7/20
Balance Sheet10/15
Cash Flow4/10
Piotroski
8/9 (+5)
Penalties
1
Raw sum
56
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
56/100 · legacy band FAIR VALUE
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 42.4%.
- 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 15/30; verify the latest quarterly trend.
Sector valuation model
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Primary lens
Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.
Secondary checks
Current margin versus 5-year average, balance sheet strength, commodity cycle.
Main risk check
A low trailing PE may mean peak-cycle earnings, not true cheapness.
PE
18.3
PB
2.2
EV/EBITDA
5.9
ROE
13.2%
ROCE
16.6%
FCF Yield
—
Debt/Equity
0.2
MoS
+42.4%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE.
Score movement
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.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
56
Previous: 56
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+42.4%
Previous: +41.3%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
56
56
56
56
56
53
51
51
51
51
56
56
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹127.46
-28.9% MoS
Growth-justified P/E
31.2
Growth-justified Value
₹285.35
+42.4% MoS
PEG
1.43
Comparable companies
Peers
Business-comparable peers in Materials — 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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
ORIENTCEM
Micro
Orient Cement Limited
Construction & Engineering
match 101
78
10.8
17.3%
+64%
DEEP VALUE
POWERMECH
Micro
Power Mech Projects Limited
Construction & Engineering
match 87
55
19.8
15.4%
+18%
FAIR VALUE
RAMCOCEM
Small
The Ramco Cements Limited
Construction & Engineering
match 84
26
100.0
0.4%
-3294%
OVERVALUED
SHREECEM
Large
SHREE CEMENT LIMITED
Construction & Engineering
match 84
27
49.4
7.5%
-926%
OVERVALUED
PNCINFRA
Micro
PNC Infratech Limited
Construction & Engineering
match 82
45
6.1
2.4%
-110%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-11T07:23:51.249Z
Management commentary snapshot
Star Cement reported strong Q4 FY26 performance with 13% YoY sales volume growth and 19% YoY EBITDA growth, reaching highest ever quarterly EBITDA of INR 318 Cr. FY26 annual EBITDA hit a record INR 944 Cr., up 60% YoY, driven by Cachar GU commissioning and robust demand.
The company delivered robust Q4 and full-year FY26 results, driven by strong volume growth and operational efficiencies, including new capacity commissioning. Management's aggressive expansion plans outside the North-East, funded by internal accruals and debt, indicate a clear growth trajectory, though execution and market demand remain key monitoring points.
Current business mix
Sales by Geography (Q4 FY26)
Latest issuer-disclosed distribution across 2 reported categories.
North-East70.0%
Outside North-East30.0%
Growth engines
Pan-India Expansion
Company is transforming from a strong NE leader to a PAN India player with planned expansions in East (Bihar) and North (Nimbol, Haryana).
New Grinding Unit Commissioning
Cachar Grinding Unit (2.0 MTPA) was commissioned on February 19, 2026, contributing to high Q4 demand fulfillment.
Premium Product Sales
Premium sales were 15.1% of trade sales in Q4 FY26, up from 12.2% in Q4 FY25, indicating potential for higher realizations.
Green Energy Adoption
Increased green energy share (33.8% in Q4 FY26) and WHRS contribution (27.4%) are driving cost rationalization.
Capacity and execution
Cachar Grinding Unit (Assam)
2.0 MTPA cement capacity commissioned on February 19, 2026.
Bihar Grinding Unit
Planned 2.0 MTPA cement capacity, targeted for commissioning by FY28. Land acquisition is in progress.
Nimbol Integrated Unit (Rajasthan)
Planned 3.3 MTPA clinker and 3.0 MTPA cement capacity, targeted for commissioning by FY29. Land acquisition in progress.
Haryana Grinding Unit
Planned 2.0 MTPA cement capacity, targeted for commissioning by FY29. Land acquisition in progress.
Tailwinds
Robust Sales Volume Growth
Q4 FY26 sales volume grew 13% YoY, with ROE sales growing by 32%, indicating strong demand outside the core NE market.
Cost Rationalization
Logistics costs decreased QoQ due to fewer disruptions. Low fuel costs were attributable to high coal sourcing from FSA.
Government Refunds
Disbursement from Assam Government towards Sonapur Line 2 refund has started.
Headwinds
West Asia Crisis Impact
Escalation in the West Asia crisis largely led to increased costs for packing bags and diesel.
Rake Availability & Fuel Costs
Route restrictions by railways in NFR impacted rake availability, leading to fuel cost escalations and coal availability issues.
Potential Rise in Fuel Costs
Management anticipates fuel costs may rise in Q1 FY27 due to impacted coal availability.
Risk radar
Execution Risk for Large Capex
Planned CAPEX for FY27 is estimated at ~INR 700 Cr., with total project outlay of INR 3,650 Cr. for new units, requiring timely execution.
Funding Expansion
Future expansion is planned through internal accruals and debt financing, targeting Net debt/EBITDA below 1.5x, which needs careful management.
Market Demand in North-East
Planned expansion in NE will be evaluated in line with evolving market demand and business conditions.
Management accountability
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.
Analyst reading lens
Compare BOTH
YoY comparison is crucial for assessing overall business health and annual trends, especially for a seasonal business. QoQ comparison is important to track sequential momentum, utilization ramp-up from new capacities, and immediate cost impacts.
Sector KPIs management disclosed
Cement and Clinker Sales Volume
Q4 FY26 sales volume grew 13% YoY to 17.33 Lacs tons. FY26 sales volume grew to 54.96 Lacs tons from 47.31 Lacs tons in FY25.
Revenue from Sales
Q4 FY26 revenue from cement and clinker sales increased 11% YoY to INR 1,174 Cr. FY26 revenue grew to INR 3,776 Cr. from INR 3,163 Cr. in FY25.
EBITDA
Q4 FY26 EBITDA increased 19% YoY to INR 318 Cr., highest ever for a 4th quarter. FY26 EBITDA was INR 944 Cr., up 60% YoY from INR 589 Cr. in FY25.
EBITDA per ton
Q4 FY26 EBITDA per ton was INR 1,838, up 5.2% YoY from INR 1,748. FY26 EBITDA per ton was INR 1,717, up from INR 1,245 in FY25.
Management forward view
Green Energy Target
Management targets a green energy share of 60% by FY28, evaluating various renewable energy combinations.
Thermal Substitution Rate (TSR)
Management achieved the 20% TSR target by FY27 and plans to maintain it going forward.
Water Positivity Goal
Management aims for 2x water positive by FY28, currently at 1.60x with new reservoir construction.
Fiscal Prudence
Management targets to maintain fiscal prudence and remain below Net debt/EBITDA of 1.5x while funding expansion.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Sales Volume Growth | 13% YoY in Q4 FY26 | Sustained growth, especially from new regions (ROE), and utilization ramp-up of Cachar GU. |
| EBITDA per ton | INR 1,838 in Q4 FY26 | Maintenance or improvement, given potential fuel cost increases and benefits from green energy initiatives. |
| Green Energy Share | 33.8% in Q4 FY26 | Progress towards the 60% target by FY28, indicating cost efficiency and sustainability efforts. |
| Net Debt/EBITDA | Not explicitly stated, but target below 1.5x | Adherence to the target of below 1.5x, especially with significant planned CAPEX. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
78Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 86th percentile of the scored universe and 95th percentile within Materials. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
106 docs text-extracted · 33 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
86th percentile
overall median 67 · Materials: 95th pctile, median 70 · Micro: 74th pctile, median 73
Evidence depth
Financial-only
106 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read 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.
Promoter
86
strong · holding, pledge, alignment
Cash flow
67
acceptable · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
76
strong · capital discipline
Results
74
acceptable · quarterly consistency
Trust positives
- ▸Promoter holding is 58.1%.
- ▸Promoter pledge is zero.
- ▸9 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸2 older quarters in the 8-quarter window had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Star Cement Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Annual report
Reg. 34 (1) Annual Report. 4 Sep
Source: Bse
Announcement
Announcement Under Regulation 30 Of SEBI (LODR) Regulation, 2015 16 Jul - NSE disposed Star Cement’s promoter reclassification application for 29 entities due to missing request letters.
Source: Bse
Announcement
Announcement Under Reg 30 Of SEBI (LODR), Reg 2015 24 Jun - Star Cement declared preferred bidder for Boro Lakhindong West Block mining lease; 207.822 million tonnes limestone.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 23 May - Newspaper Publication of Audited Standalone & Consolidated Financial Results for the Quarter and Year ended 31.03.2026
Source: Bse
Announcement
Announcement Under Regulation 30(5) 22 May - Star Cement updated KMP contact details for Regulation 30(5) disclosures.
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.