Star Cement Ltd
STARCEMENTStar Cement Ltd's earnings have outrun its stock. EPS grew +132.8% in a year against a −9.2% price move.
The sharpest disagreement: annual EPS moved +132.8% against a −9.2% price move — the market has not yet caught up with the delivery.
The price is in a downtrend (30 weeks in) while the P/E sits at the 55th percentile of its own 9-year range. Underneath, the last four quarters read improving — profit +19.5% year on year, and 182% of the last 3 years' profit arrived as cash. What settles it: whether the price catches up with earnings that have already moved.
Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.
Star Cement Ltd trades at ₹205, in a downtrend and 30 weeks into that stage. That is −6.5% against its own 200-day average. It sits at 2% of a 52-week range of ₹204 to ₹292. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (8 weeks and counting).
Today the stock is in a downtrend — week 30 of stage 4, confirmed. At ₹205 it trades −6.5% versus its 200-day average and sits at 2% of its 52-week range (₹204–₹292).
Against the market, two honest reads. Cumulative: over the last 9.1 years the stock moved +58% while the NIFTY 500 moved +176% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (8 weeks and counting; last ahead the week of 2026-06-12) — the ribbon below is that same metric, week by week.
What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.
→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 55th percentile of its own range.
Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.
Star Cement Ltd trades at 20.6× P/E, mid-range by its own standards (55th percentile). Its long-run median P/E is 19.4×, measured across 9.1 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.
Today's P/E of 20.6× is mid-range by its own standards (55th percentile), against a long-run median of 19.4× measured over 9.1 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
Why the multiple sits where it does: over the past year annual EPS moved +132.8% against a −9.2% price move — earnings outran the price, pushing the multiple DOWN its own range.
The price move, decomposed: over 5y, of the +13.6%/yr price move, ~+16.9%/yr came from earnings growth and ~−3.3 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.
Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.
→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.
Stage: Improving Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).
Star Cement Ltd reads as improving on its fundamental arc. Improving — profit growth bottomed 4 quarters ago at −42.9% and has held its recovery at +130.8%, ROCE holding at 17.0%. The read is built from 12 quarters across 4 curves, on partial evidence.
Why it matters: a sustained climb off the trough is the setup this page is built to catch — the question moves to what you pay for it.
Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.
A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +19.4% | +11.8% | +17.0% | +8.2% |
| Profit | +130.8% | +16.3% | +15.8% | +10.9% |
| EPS | +132.8% | +16.6% | +16.5% | +11.8% |
| Share price | −9.2% | +12.8% | +13.6% | — |
→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.
4-Factor Sector Score
74.3/100 — rank 1 of 26 in Cement · 87% evidence confidence
Star Cement Ltd scores 74.3 out of 100 against the 26 companies it is compared with in Cement, ranking 1. Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
The four contributions add to the total exactly: 29.1 + 21.2 + 11.9 + 12.1 = 74.3. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.
What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.
Revenue Revenue is the top line: everything the company billed its customers in the period.
Star Cement Ltd reported ₹1,174 Cr of revenue in the Mar 26 quarter, +11.6% year on year. That is the 7th straight quarter of year-on-year growth. Over 10 years it has compounded at 8.2% a year. The last full year, FY26, came in at ₹3,776 Cr. The last four reported quarters add to ₹3,777 Cr.
Star Cement Ltd reported ₹1,174 Cr of revenue in the Mar 26 quarter, +11.6% year on year. That is the 7th straight quarter of year-on-year growth. Over 10 years it has compounded at 8.2% a year. The last full year, FY26, came in at ₹3,776 Cr. The last four reported quarters add to ₹3,777 Cr.
FY26 revenue came in at ₹3,776 Cr (+19.4% on the year), capping 10 years at 8.2% compound. The latest quarter (Mar 26) printed ₹1,174 Cr, +11.6% year on year — the 7th consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +20.4% growth against the decade's 8.2% — the current year is running faster than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +19.4% over the last 4 quarters against +13.9%/yr over the last 8 — accelerating; TTM profit +130.8% vs +14.8%/yr — accelerating.
→ Revenue grew — did margins hold as it scaled? Next: 27.0% this quarter (+2.0 pp YoY).
Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.
Star Cement Ltd's operating margin is 27.0% in the Mar 26 quarter, +2.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 16.0% to 32.0%. The current quarter sits inside that band.
Star Cement Ltd's operating margin is 27.0% in the Mar 26 quarter, +2.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 16.0% to 32.0%. The current quarter sits inside that band.
The latest quarter's operating margin is 27.0%, +2.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 16.0%–32.0%.
Why the margin moved: operating margin went +1.9 pp year on year while gross margin went −0.8 pp — the gain came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.
→ Margins held — did that reach the bottom line? Next: profit +19.5% in the latest quarter.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
Star Cement Ltd earned ₹147 Cr of net profit in the Mar 26 quarter, +19.5% year on year. It is the 5th consecutive quarter of growth. Full-year FY26 profit was ₹390 Cr. The 10-year compound rate is 10.9%. That is 12.5% of the quarter's revenue. The same quarter a year earlier earned ₹123 Cr.
Star Cement Ltd earned ₹147 Cr of net profit in the Mar 26 quarter, +19.5% year on year. It is the 5th consecutive quarter of growth. Full-year FY26 profit was ₹390 Cr. The 10-year compound rate is 10.9%. That is 12.5% of the quarter's revenue. The same quarter a year earlier earned ₹123 Cr.
Mar 26 profit was ₹147 Cr, +19.5% year on year — the 5th consecutive quarter of growth. On the full year, FY26 printed ₹390 Cr (+130.8%), and the 10-year compound rate is 10.9%.
Why profit moved: revenue contributed +11.6% and the margin +2.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.
Pace comparison, last four quarters: profit +510.3% vs revenue +20.4%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.
→ Profit rose — but did the cash follow? Next: 182% of the last 3 years' profit arrived as cash.
Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.
Over the last 3 fiscal years 182% of Star Cement Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹765 Cr of operating cash against ₹390 Cr of profit. After ₹431 Cr of capital spending, ₹334 Cr was left as free cash.
FY26: operating cash of ₹765 Cr against reported profit of ₹390 Cr, leaving free cash of ₹334 Cr after ₹431 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 182% of profit.
Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.
Why conversion sits at 182%: the cash cycle stretched 26 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving.
Router verdict: the bigger cash user is investment — capital spending ran 2.5× depreciation over three years, so the next section's job is to check what that build-out is buying.
→ So follow the cash to where it goes. Next: ₹2,109 Cr of building over 3 years.
Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).
Star Cement Ltd's cash conversion cycle runs 177 days in FY26, up from 151 days in FY21. Capital spending ran ₹2,109 Cr over the last 3 years. At FY26 sales of ₹3,776 Cr each day of that cycle holds about ₹10.3 Cr, so roughly ₹1,831 Cr sits inside the business at any moment.
FY26: debtors at 23 days, inventory at 343 days — roughly 11.3 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 177 days, looser than FY21's 151.
The full loop: cash goes out to suppliers and production on day 0; stock waits 343 days to sell; customers pay about 23 days after that; and suppliers themselves are paid at 189 days — netting out to the 177-day cycle.
In money terms: at FY26 sales of ₹3,776 Cr, each day of the cycle holds about ₹10.3 Cr — so the 177-day loop keeps roughly ₹1,831 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹2,109 Cr over the last 3 fiscal years against ₹844 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹95.0 Cr (FY26) — capacity paid for but not yet earning.
The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.
→ Does all this activity actually earn its cost of capital? Next: ROCE is 17% and the ROIC − WACC spread is −0.3 pp.
Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.
Star Cement Ltd earns a ROCE of 17% in FY26. That is up from a trough of 4% in FY14. Return on invested capital clears the cost of that capital by −0.3 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 10.3% net margin on 0.81× asset turns.
FY26 ROCE is 17%, recovered from a FY14 trough of 4% — the full ladder below shows the fall and the climb, undoctored.
🚨 Why the return is what it is — the wiring (FY26): 10.3% net margin × 0.81× asset turns × 1.46× balance-sheet leverage ≈ 12.2% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.
The capstone test — ROIC − WACC: 11.7% − 12.0% = a −0.3 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.
→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.19.
Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.
Star Cement Ltd carries total debt of ₹603 Cr against shareholder equity of ₹3,188 Cr as of Mar 26, a debt-to-equity of 0.19 — effectively unlevered. On the annual view that ratio went from 0.01 in FY22 to 0.19 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.
Mar 26: total debt of ₹603 Cr against shareholder equity of ₹3,188 Cr — a debt-to-equity of 0.19. On the annual view, debt-to-equity went from 0.01 (FY22) to 0.19 (FY26). The returns on this page are earned, not borrowed.
→ Who owns this, and are they adding or leaving? Next: Promoters cut 8.4 points over 8 quarters.
Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.
Promoters cut 8.4 points of Star Cement Ltd over 8 quarters, the biggest move on the register. That takes promoters to 58.1% of the company. Domestic institutions moved −2.7 points over the same window, to 2.4%. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — Promoters: −8.4 points over 8 quarters to 58.1%; Domestic institutions: −2.7 points over 8 quarters to 2.4%; Foreign institutions: +0.7 points over 8 quarters to 2.3%.
🚨 Why the register moved: promoters drove it (−8.4 points), alongside domestic institutions (−2.7 points) — distribution into the market’s bid.
→ One last check: does the safety math agree? Next: the balance-sheet safety line.
Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.
Star Cement Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.
The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.
| Company | P/E | Mkt cap | Revenue | EPS | ROCE | Stage |
|---|---|---|---|---|---|---|
| Star Cement Ltd this page | 20.6× | ₹8,281 Cr | Turning around | |||
| UltraTech Cement Ltd | 40.5× | ₹3.5L Cr | Turning around | |||
| Ambuja Cements Ltd | 21.1× | ₹1.1L Cr | Improving | |||
| Shree Cement Ltd | 57.4× | ₹96,480 Cr | Turning around | |||
| J K Cements Ltd | 44.7× | ₹43,649 Cr | Mixed | |||
| Dalmia Bharat Ltd | 30.9× | ₹33,964 Cr | Mixed | |||
| ACC Ltd | 13.2× | ₹25,180 Cr | Mixed | |||
| The Ramco Cements Ltd | 730.0× | ₹21,616 Cr | Turning around | |||
| JSW Cement Ltd | 27.6× | ₹18,013 Cr | No read | |||
| Nuvoco Vistas Corporation Ltd | 30.6× | ₹12,717 Cr | Mixed | |||
| India Cements Ltd | 93.4× | ₹12,613 Cr | No read | |||
| Rain Industries Ltd | 25.1× | ₹7,576 Cr | No read | |||
| Birla Corporation Ltd | 13.2× | ₹7,367 Cr | Turning around | |||
| JK Lakshmi Cement Ltd | 17.9× | ₹7,107 Cr | Turning around | |||
| Prism Johnson Ltd | — | ₹5,437 Cr | No read | |||
| HeidelbergCement India Ltd | 25.4× | ₹3,544 Cr | Turning around | |||
| Orient Cement Ltd | 12.9× | ₹2,749 Cr | Mixed | |||
| Mangalam Cement Ltd | 18.5× | ₹2,706 Cr | No read | |||
| Sagar Cements Ltd | — | ₹2,321 Cr | No read | |||
| K C P Ltd | 10.4× | ₹2,097 Cr | Turning around | |||
| Shree Digvijay Cement Co. Ltd | 62.6× | ₹1,127 Cr | Turning around | |||
| NCL Industries Ltd | 6.4× | ₹835 Cr | No read | |||
| Deccan Cements Ltd | 43.4× | ₹776 Cr | — | No read | ||
| BIGBLOC Construction Ltd | — | ₹676 Cr | Turning around | |||
| Saurashtra Cement Ltd | 28.5× | ₹619 Cr | No read | |||
| Shiva Cement Ltd | — | ₹517 Cr | No read |
Frequently asked questions
What is Star Cement Ltd's share price today?
Star Cement Ltd trades at ₹205, −9.2% over the past year. The company is valued at ₹8,281 Cr. The stock sits at 2% of its 52-week range of ₹204–₹292, −6.5% versus its 200-day average. On the tape, the price is in a downtrend, 30 weeks in. — as of 24 July 2026.
What were Star Cement Ltd's latest quarterly results?
Star Cement Ltd reported revenue of ₹1,174 Cr and net profit of ₹147 Cr for the Mar 26 quarter. Revenue rose 11.6% and profit rose 19.5% year on year. Earnings per share were ₹3.66. The operating margin was 27.0%, 2.0 pp higher than a year earlier. — as of 24 July 2026.
What is Star Cement Ltd's revenue?
Star Cement Ltd reported revenue of ₹1,174 Cr in the Mar 26 quarter, +11.6% year on year. For the full FY26 fiscal year, revenue was ₹3,776 Cr (+19.4%). Over the last 10 years revenue compounded at 8.2% a year. — as of 24 July 2026.
What is Star Cement Ltd's profit?
Star Cement Ltd earned ₹147 Cr of net profit in the Mar 26 quarter, +19.5% year on year — the 5th straight quarter of growth. Full-year FY26 profit was ₹390 Cr. The operating margin ran 27.0% in the latest quarter. — as of 24 July 2026.
What is Star Cement Ltd's market cap?
Star Cement Ltd's market capitalisation is ₹8,281 Cr at a share price of ₹205. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 24 July 2026.
What is Star Cement Ltd's P/E ratio?
Star Cement Ltd trades at a P/E of 20.6×, at the 55th percentile of its own 9-year range, against a long-run median of 19.4×. This is a comparison with the stock's own history, not a value call — as of 24 July 2026.
Does Star Cement Ltd pay a dividend?
Yes — Star Cement Ltd's dividend payout was 10% of profit in FY26, and it recorded a payout in 4 of its last 13 reported fiscal years. One of those years shows a negative ratio because profit itself was negative. This page holds the payout ratio, not a per-share amount. — as of 24 July 2026.
Is Star Cement Ltd overvalued?
On its own history, Star Cement Ltd looks mid-range against its own history: its P/E of 20.6× sits at the 55th percentile of its 9-year range (long-run median 19.4×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 24 July 2026.
Is Star Cement Ltd growing?
Yes — Star Cement Ltd is growing: latest-quarter revenue +11.6% year on year, profit +19.5%, and the margin +2.0 pp at 27.0%. The 10-year compound rates are 8.2% (revenue) and 10.9% (profit). The earnings engine currently reads: improving — as of 24 July 2026.
How is Star Cement Ltd performing?
Star Cement Ltd is in a downtrend, 30 weeks in. Its latest quarter's revenue rose 11.6% and profit rose 19.5% year on year. Against the NIFTY 500 it has been behind on a trailing-13-week view for 8 weeks. This describes what the data did, not a rating. — as of 24 July 2026.
What stage is Star Cement Ltd in?
Improving — profit growth bottomed 4 quarters ago at −42.9% and has held its recovery at +130.8%, ROCE holding at 17.0%. The read comes from the last 12 quarters of growth (revenue growth +19.4% latest, profit growth +130.8% latest, eps growth +132.8% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 24 July 2026.
Is Star Cement Ltd in an uptrend?
No — the price is in a downtrend (week 30 of stage 4), trading −6.5% versus its 200-day average and at 2% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 24 July 2026.
Is Star Cement Ltd beating the market?
Not lately — on a trailing-13-week view Star Cement Ltd is currently behind the NIFTY 500 (8 weeks and counting; last ahead the week of 2026-06-12), the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 9.1 years the stock moved +58% against the NIFTY 500's +176% — behind the index over the full window. — as of 24 July 2026.
Will Star Cement Ltd's share price go up?
This page publishes no price forecast for Star Cement Ltd. What it measures instead: the share price is ₹205, the price is in a downtrend 30 weeks in. Its P/E of 20.6× sits at the 55th percentile of its own 9-year range. — as of 24 July 2026.
Who owns Star Cement Ltd?
Promoters hold 58.1% of Star Cement Ltd, foreign institutions 2.3%, domestic institutions 2.4% and the public 37.2% (latest quarter). The biggest move on the register over the last two years: Promoters cut 8.4 points over 8 quarters. — as of 24 July 2026.
Does Star Cement Ltd have too much debt?
No — Star Cement Ltd's debt-to-equity is 0.19, and operating profit covers the interest bill 20×. FY26 borrowings were ₹603 Cr against equity of ₹3,191 Cr. The returns on this page are earned, not borrowed — as of 24 July 2026.
What is Star Cement Ltd's capex?
Star Cement Ltd spent ₹2,109 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹431 Cr, with ₹95.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 24 July 2026.
What is Star Cement Ltd's cash flow?
Star Cement Ltd generated ₹765 Cr of operating cash flow in FY26 and ₹334 Cr of free cash flow after ₹431 Cr of capital spending. Reported profit that year was ₹390 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 24 July 2026.
Is Star Cement Ltd's profit real cash?
Yes — over the last 3 fiscal years, 182% of Star Cement Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹765 Cr against reported profit of ₹390 Cr. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 24 July 2026.
Where is Star Cement Ltd in its business cycle?
Star Cement Ltd's FY26 operating margin was 25.0%, against a 13-year band of 16.0%–32.0%: mid-band by its own history — neither the peak that precedes mean-reversion nor the trough that precedes recovery. The latest quarter ran 27.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 24 July 2026.
What could break the Star Cement Ltd story?
The sharpest disagreement: annual EPS moved +132.8% against a −9.2% price move — the market has not yet caught up with the delivery. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 24 July 2026.
Is Star Cement Ltd a stock worth studying right now?
This is not investment advice. The machine read: Star Cement Ltd's earnings have outrun its stock. EPS grew +132.8% in a year against a −9.2% price move. The sharpest open question: whether the price catches up with earnings that have already moved. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 24 July 2026.