Star Cement Stock Gets 'Buy' Upgrade, Target Price Raise From Nirmal Bang —Here's Why

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Nirmal Bang Report

Star Cement Ltd. is expected to achieve an Ebitda of Rs 2.6 billion, surpassing the guidance of Rs. 2.2-2.3 billion, driven by increased volumes and improved realization/T during Q4 FY25. The company is expected to gain advantages in FY26 from-

1. Savings of Rs 600 million from waste heat recovery system,

2. the growth in subsidies volume is projected to be between 400/tonne and 450/T in FY26, compared to 300/T in YTD-FY25.

3. Savings of Rs 600 million in FY26 is due to the loss associated with clinker purchases in FY25.

Additionally, fixed costs is projected to decrease by 6-7% in FY26.

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