Star Cement Ltd Management's Take

📊 Strong Financials: Q3 revenue Rs.880 crore (+22.4% YoY), EBITDA Rs.207 crore (up 93%), and PAT Rs.74 crore (up >8x YoY).
🏭 Operational Highlights: Q3 cement production 12.57 lakh tonnes; premium cement share rose to 17.1% from 12% YoY.
🚧 Expansion Plans: Rs.4,800 crore capex in 3-4 years; Silchar unit operational by Feb 2026; large projects in Rajasthan, Haryana, Bihar planned.
🚚 Logistics Challenges: Freight costs increased 13% due to transporter strike; reliant on costlier rail transport.
🔋 Fuel Mix & Costs: 78.8% FSA coal, 15% biomass, 5% spot coal; fuel cost Rs.1.2 per kilocalorie.
📉 Reduced Subsidies: Subsidy income dropped 28% to Rs.33 crore in Q3 FY26 due to GST changes.
🤝 Promoter Changes: 29 Chamaria Group members reclassified from promoter to public category.

Q3 FY26 revenue reached Rs.880 crore, a 22.4% increase from Rs.719 crore in Q3 FY25.
EBITDA increased to Rs.207 crore from Rs.107 crore, nearly doubling year-over-year.
Profit After Tax rose significantly to Rs.74 crore versus Rs.9 crore previously, highlighting profitability improvement.
For nine months, revenue was Rs.2,603 crore with EBITDA of Rs.631 crore and PAT of Rs.243 crore. EBITDA per tonne improved to Rs.1,677.

Cement production for Q3 was 12.57 lakh tonnes, clinker at 8.94 lakh tonnes.
Sales comprised 12.35 lakh tonnes of cement and 0.65 lakh tonnes of clinker.
Premium cement’s share in trade sales rose to 17.1% from 12% last year, indicating a shift towards higher-value products.
The AAC block plant recorded revenues of approximately Rs.25 crore at 45% capacity utilization.

Silchar grinding unit to be operational by February 2026.
Planned projects include 3 MT clinker and 3 MT grinding units in Nimbol, Rajasthan, and a 2 MT grinding unit in Haryana, with environmental clearances expected by Sept/Oct 2026.
The Jorhat project has been deferred to prioritize a 2 MT grinding unit in Bihar for optimized clinker usage.
Total planned capex is about Rs.4,800 crore over the next 3-4 years targeting group capacity of 9.7 MT, including 7.7 MT in the North East.

Freight costs rose by 13% due to a transporter strike in Meghalaya, causing reliance on more expensive rail transport.
Subsidy income declined 28% YoY to Rs.33 crore, primarily because of GST rate reductions on inputs.
Increasing competition in Northern markets with capacity additions of 50-55 MTPA challenges market share maintenance.

29 members of the Chamaria Group were reclassified from 'Promoter & Promoter Group' to 'Public' due to loss of control or influence.
Fuel sourcing consists mainly of 78.8% FSA coal, 15% biomass, and 5% spot coal, at a cost of Rs.1.2 per kilocalorie.
Financing strategy aims to maintain Net Debt to EBITDA below 1.5x, with a potential Rs.1,500 crore Qualified Institutional Placement envisaged.