Star Cement Ltd

Financial Performance

• Total revenue for Q1 FY27: ₹902 crores.
• EBITDA for the quarter: ₹203 crores.
• PAT for the quarter: ₹74 crores.
• Clinker production: 9.10 lakh tons; cement production: 13.08 lakh tons.
• Cement sales: 13.02 lakh tons; clinker sales: 0.52 lakh tons.
• NE cement sales: 8.71 lakh; outside NE: 4.31 lakh.
• Blend mix: OPC 15%; PPC rest.
• EBITDA per ton: ₹1,497.

Operating and Market Trends

• Premium cement share: 15.9% of total sales.
• Trade share: 80%; lead distance: 210 km; clinker factor: 66.5%.
• Q2 volume outlook: floods dent Q2; double-digit H2 growth expected.
• Clinker sales in FY27 may degrow 5–10% versus FY26.
• Prices broadly stable in NE and outside NE.
• Assam floods depress volumes in Q2; August shows marginal improvement.

Projects and Capex

• Q1 capex spent around ₹93 crores.
• Total capex guidance: ₹2,600–₹2,700 crores for North and Rajasthan.
• FY28 capex guidance: around ₹1,500 crores.
• Rajasthan Nimbol project: EC expected Sep end/Oct; 18–20 month timeline.
• Siliguri grinding unit: policy clarity to decide West Bengal vs Bihar.
• Wagon tippler at Siliguri; EVs on routes to cut logistics costs.
• Capex focus for next 2 years: Rajasthan and North.

Guidance and Outlook

• Full-year cement volume growth revised to 8–9%.
• Clinker sales expected flat to down 5–10% YoY.
• Fuel cost per ton expected ~₹1.45 from Q2; further easing possible.
• Non-cement revenue guidance: ₹150 crores; ARR by Q4.
• Debt/EBITDA target around 1.5x–1.6x; QIP not planned now.

Q&A Takeaways

• Assam subsidy guidance revised to ~₹115 crores per year; outstanding receivable ~₹130 crores.
• NE flood impact: Q2 volumes down; expects pent-up demand in H2.
• Policy in West Bengal may shift grinding capacity depending on policy.
• North region RMC opportunities under evaluation; not yet modeled in detail.
• Capex and debt: capex progress steady; debt/EBITDA target comfortable at 1.5–1.6x.

Item 1: Remuneration for Deputy Managing Director

• Special resolution approved remuneration to Deputy MD T Bhajanka for 1 Apr 2026–21 May 2026; 98.65% in favour.

Item 2: MD & CEO appointment

• Special resolution approved change to MD & CEO for 3 years; 99.06% in favour.

Item 3: Vice Chairman & MD designation

• Special resolution changed designation to Vice Chairman & MD; 99.90% in favour.

Meeting Details

• Date: 10 August 2026
• Event: Conference call for unaudited standalone and consolidated Q1 2026 results
• Type/Mode: Audio conference call with investors and analysts (virtual)
• Purpose: Discuss unaudited Q1 2026 standalone and consolidated results
• Time: not disclosed

Participants

• Key company participants: not disclosed in filing
• Attendees: investors and analysts

Availability

• Audio recording of the conference call is available; no links included

Book closure details

• Book closure: 19 September 2026 to 25 September 2026, both days inclusive.
• Purpose: Annual General Meeting of Star Cement Limited.
• Type: Equity shares with a face value of Re 1 each.
• Event date: AGM on 25 September 2026 at 11:30 a.m.

Financial results approved

• Unaudited standalone and consolidated results for quarter ended 30 June 2026 approved.

MD/ED re-appointments

• Re-appointed four MD/ED executives for 2027–2030, subject to AGM approvals.

AGM date and book closure

• AGM scheduled for 25 September 2026 via VC/OAVM; book closure 19–25 September 2026.

Acquisitions

• Acquired 100% equity in Jaitaran Renewable Power Private Limited and Nitesh Minerals Private Limited.

Tax regime

• Opted for concessional tax rate under 115BAA; MAT credit carried forward.

Governance: MD/CEO remuneration

• Tushar Bhajanka redesignated to MD & CEO; remuneration Rs 277.86 lakhs; postal ballot in progress.

Audit status

• Standalone and consolidated results reviewed; three subsidiaries not reviewed; not material to Group.

Related-party disclosures

• Sanjay Agarwal and Pankaj Kejriwal not related to Directors.
• Sajjan Bhajanka is father of Keshav Bhajanka; Prem Kumar Bhajanka is father of Tushar Bhajanka.

Promoter reclassification status

• NSE states reclassification cannot be considered due to missing promoter request letters.
• Application disposed off; board's independent satisfaction did not warrant consideration.
• List of outgoing promoters identified for reclassification provided with submission.
• Letters dated 16 July 2026 referenced; company reviewing next steps.

Postal ballot dispatch update

• Dispatch completed for Postal Ballot Notice and e-voting information per MCA/SEBI guidelines.

Postal ballot purpose

• Approve three resolutions on remuneration and designation changes via postal ballot.

Resolutions

• Item 1: Special resolution approving remuneration to Deputy MD Tushar Bhajanka (Apr 1–May 21, 2026).
• Item 2: Special resolution for designation change and 3-year appointment of MD & CEO Tushar Bhajanka.
• Item 3: Special resolution for designation change of Prem Kumar Bhajanka from MD to Vice Chairman & MD.

Remuneration terms

• Tushar Bhajanka: ₹3,00,00,000 per annum plus up to 2% EBITDA incentive.
• Prem Kumar Bhajanka: ₹1,98,00,000 per annum.

Voting window and eligibility

• E-voting period: July 11, 2026 to August 9, 2026; results by August 11, 2026.
• Cut-off date for voting eligibility: July 3, 2026.
• Results to be announced by August 11, 2026.