Financials Star Cement Limited

Equities

STARCEMENT

INE460H01021

Construction Materials

Market Closed - Bombay S.E. Other stock markets 03:30:48 23/01/2026 pm IST			5-day change	1st Jan Change
211.75 ^INR	-1.14%		-2.13%	-5.95%

20/11	Antique Stock Broking Upgrades Star Cement to Buy from Hold, Price Target is INR250	MT
07/11	Asit C Mehta Upgrades Star Cement to Buy from Hold; Price Target is INR307	MT

Projected Income Statement: Star Cement Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	17,199	22,218	27,048	29,107	31,634	36,892	41,495	45,886
Change	-	29.18%	21.74%	7.61%	8.68%	16.62%	12.48%	10.58%
EBITDA ¹	3,326	3,453	4,684	5,563	5,786	8,549	9,668	10,834
Change	-	3.8%	35.67%	18.77%	4.01%	47.74%	13.09%	12.06%
EBIT ¹	2,426	2,236	3,373	4,097	2,467	5,023	6,001	6,627
Change	-	-7.83%	50.83%	21.48%	-39.78%	103.58%	19.48%	10.43%
Interest Paid ¹	-69.89	-133.4	-96.95	-126	-316.2	-412	-392.3	-459.9
Earnings before Tax (EBT) ¹	1,993	2,437	3,797	4,236	2,257	4,693	5,733	6,493
Change	-	22.28%	55.82%	11.57%	-46.72%	107.96%	22.17%	13.25%
Net income ¹	1,871	2,468	2,476	2,951	1,688	3,470	4,190	4,752
Change	-	31.87%	0.34%	19.19%	-42.79%	105.56%	20.73%	13.43%
Announcement Date	09/06/21	17/05/22	19/05/23	22/05/24	21/05/25	-	-	-

¹INR in Million

Estimates

Fiscal Period: March	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3
Net sales ¹	2,920	4,019	4,234	6,026	5,111	4,066	5,549	7,492	6,661	5,942	6,195	8,250	7,605	5,853	6,514	9,335	7,510	6,415	7,188	10,521	9,120	7,847	8,633
Change	-	37.65%	5.36%	42.32%	-15.18%	-20.46%	36.48%	35.02%	-11.1%	-10.79%	4.26%	33.17%	-7.83%	-23.04%	11.3%	43.31%	-19.55%	-14.58%	12.03%	46.38%	-13.32%	-13.96%	10.03%
EBITDA ¹	653.1	789.3	839.7	1,044	926.9	716.9	675.1	1,134	1,241	696.6	1,084	1,662	1,293	985.6	1,488	1,797	1,161	955.7	1,042	2,627	2,282	1,745	1,863
Change	-	20.85%	6.39%	24.31%	-11.2%	-22.65%	-5.83%	67.9%	9.5%	-43.88%	55.63%	53.29%	-22.21%	-23.76%	50.93%	20.81%	-35.38%	-17.7%	9.05%	152.07%	-13.13%	-23.55%	6.76%
EBIT	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Charge d'intérêts	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-41.51	-	-	-	-88.12	-	-	-
Earnings before Tax (EBT) ¹	491.5	626.3	41.28	-	-	441.7	-	-	1,052	490.4	827.7	1,427	1,040	650.7	1,134	1,411	390.7	75.62	76.09	1,714	1,347	700	899
Change	-	27.42%	-93.41%	-	-	-	-	-	-	-53.37%	68.78%	72.39%	-27.14%	-37.41%	74.3%	24.45%	-72.32%	-80.64%	0.62%	2,153.19%	-21.45%	-48.02%	28.43%
Net income ¹	433.1	602.7	-17.48	853	679.9	465.3	438.2	884.2	675.6	310.6	528.7	961.2	932.6	406.7	735.2	876.7	310.4	56.69	90.6	1,231	984.5	619.6	644.5
Change	-	39.17%	-102.9%	4,980.2%	-20.29%	-31.56%	-5.82%	101.77%	-23.6%	-54.03%	70.25%	81.78%	-2.98%	-56.39%	80.77%	19.24%	-64.6%	-81.73%	59.81%	1,259.01%	-20.03%	-37.07%	4.02%
Announcement Date	11/08/20	11/11/20	08/02/21	09/06/21	13/08/21	01/11/21	25/01/22	17/05/22	02/08/22	14/11/22	03/02/23	19/05/23	08/08/23	09/11/23	07/02/24	22/05/24	09/08/24	08/11/24	30/01/25	21/05/25	08/08/25	-	-

¹INR in Million

Estimates

Fiscal Period: March	2025 S1
Net sales ¹	13,926
Change	-
EBITDA ¹	2,117
Change	-
EBIT	-
Change	-
Charge d'intérêts	-
Earnings before Tax (EBT)	-
Change	-
Net income	-
Change	-
Announcement Date	08/11/24

¹INR in Million

Estimates

Forecast Balance Sheet: Star Cement Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	-4,760	-5,309	-2,764	325	3,377	3,561	3,594	-2,241
Change	-	-11.53%	47.94%	111.76%	939.08%	5.46%	0.93%	-162.35%
Announcement Date	09/06/21	17/05/22	19/05/23	22/05/24	21/05/25	-	-	-

¹INR in Million

Estimates

Cash Flow Forecast: Star Cement Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	1,068	1,974	5,743	10,361	5,757	7,295	6,562	7,772
Change	-	84.74%	190.98%	80.42%	-44.44%	26.72%	-10.05%	18.44%
Free Cash Flow (FCF) ¹	2,455	2,197	-1,990	-5,463	-2,792	431.8	1,405	1,826
Change	-	-10.5%	-190.59%	-174.48%	48.9%	115.47%	225.45%	29.93%
Announcement Date	09/06/21	17/05/22	19/05/23	22/05/24	21/05/25	-	-	-

¹INR in Million

Estimates

Forecast Financial Ratios: Star Cement Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	19.34%	15.54%	17.32%	19.11%	18.29%	23.17%	23.3%	23.61%
EBIT Margin (%)	14.11%	10.06%	12.47%	14.08%	7.8%	13.62%	14.46%	14.44%
EBT Margin (%)	11.59%	10.97%	14.04%	14.55%	7.13%	12.72%	13.82%	14.15%
Net margin (%)	10.88%	11.11%	9.15%	10.14%	5.34%	9.41%	10.1%	10.36%
FCF margin (%)	14.27%	9.89%	-7.36%	-18.77%	-8.83%	1.17%	3.39%	3.98%
FCF / Net Income (%)	131.19%	89.04%	-80.39%	-185.13%	-165.38%	12.44%	33.54%	38.42%
Profitability
ROA	-	9.3%	8.43%	8.77%	4.38%	8.3%	9.8%	-
ROE	9.35%	11.63%	10.8%	11.51%	6.05%	11.53%	12.38%	12.54%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	0.06x	0.58x	0.42x	0.37x	-
Debt / Free cash flow	-	-	-	-0.06x	-1.21x	8.25x	2.56x	-
Capital Intensity
CAPEX / Current Assets (%)	6.21%	8.88%	21.23%	35.6%	18.2%	19.77%	15.81%	16.94%
CAPEX / EBITDA (%)	32.12%	57.16%	122.61%	186.24%	99.49%	85.33%	67.87%	71.74%
CAPEX / FCF (%)	43.52%	89.82%	-288.52%	-189.64%	-206.19%	1,689.29%	466.9%	425.62%
Items per share
Cash flow per share ¹	-	-	-	12.11	7.333	16.2	19	-
Change	-	-	-	-	-39.47%	120.93%	17.28%	-
Dividend per Share ¹	-	-	-	-	-	1	0.86	0.85
Change	-	-	-	-	-	-	-14%	-1.16%
Book Value Per Share ¹	50.29	53.65	59.78	67.05	71.21	79.21	89.57	100.8
Change	-	6.68%	11.43%	12.16%	6.19%	11.24%	13.07%	12.59%
EPS ¹	4.54	6.04	6.13	7.3	4.18	8.655	10.4	11.71
Change	-	33.04%	1.49%	19.09%	-42.74%	107.05%	20.17%	12.61%
Nbr of stocks (in thousands)	4,12,429	4,04,180	4,04,180	4,04,180	4,04,180	4,04,180	4,04,180	4,04,180
Announcement Date	09/06/21	17/05/22	19/05/23	22/05/24	21/05/25	-	-	-