Star Cement Limited Q2 FY26 Concall Decoded: “Clinker, Cash & Capacity – Cementing Ambition with 300% Incentive”

1. Opening Hook

While Ambuja and Dalmia were still checking their limestone maps, Star Cement quietly mined profits out of thin air. The company’s Q2FY26 call had more expansion blueprints than a township developer and enough optimism to make even their kilns blush. Mr. Tushar Bhajanka didn’t just discuss capacity—he laid out a cement empire, stretching from Assam to Rajasthan, with Bihar thrown in for a sweet SGST rebate.As theBhagavad Gitareminds us, “You have the right to work, but not to the fruits thereof.” Clearly, Star Cement’s management disagrees—they want both. Keep reading; this gets even spicier as CAPEX dreams meet GST realities.

2. At a Glance

• Revenue up 26%– CFO calls it “demand-led,” not Excel-led.
• EBITDA doubled– ₹194 crore vs ₹97 crore; margins firing like a new kiln.
• PAT ₹71 crore vs ₹6 crore– finally, cement with seasoning.
• EBITDA/ton ₹1,650– up 65%; clearly, clinker isn’t the only thing heating up.
• Half-year revenue ₹1,723 crore– momentum sturdier than a concrete column.
• Stock sentiment– traders smell “East expansion,” forget cost inflation entirely.

3. Management’s Key Commentary

“Clinker production was 9.18 lakh tons vs 6.58 lakh tons last year.”(Translation: The kilns are sweating overtime—and loving it.)

“Silchar plant to be commissioned in 3 months; Jorhat deferred for now.”(Read: Expansion yoga—stretch here, relax there. 🧘)

“Bihar offers 300% SGST benefits; we’ve grabbed land in Begusarai.”(They’re chasing taxes like startups chase seed funding.)

“Rajasthan plant planned at 4 million tons; land acquisition underway.”(Translation: We’re collecting land faster than politicians before elections.)

“Fuel cost down to ₹1.25 per kcal from ₹1.35.”(Who needs solar when FSA coal behaves like