The note expects a marginal volume decline but industry-leading margin of INR 1,365/MT for Star Cement, retaining BUY.
Read this note →Star Cement Limited
NSE STARCEMENT BSE 540575 INE460H01021
0 filings · 0 analysed
176.08
-22.92%
over 6 months
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Cement Q2FY27 Results Preview HSIE
The note expects a marginal volume decline but industry-leading margin of INR 1,365/MT for Star Cement, retaining BUY.
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The report maintains BUY with a reduced target price of INR 250/share (12x Sep'28E consolidated EBITDA), saying management expects flattish Q2FY27 volumes YoY and an industry-best margin of ~INR 1,400/MT, with 12% volume CAGR estimated over FY26-29E, ~INR 100/MT logistics cost savings from FY28E, roughly flat EBITDA over FY26-29E and net debt/EBITDA peaking at ~2.3x in FY29E.
Prices from Yahoo Finance, NSE close, delayed — indicative only, not for dealing. Solid markers sit on the exchange's own timestamp.
Targets, and what happened next
What each house published, and where the price has gone since. Orivam issues no calls of its own and takes no view on these.
| House | Published | Call | Entry | Target | Now | Progress | Standing |
|---|---|---|---|---|---|---|---|
| HDFC Securities (HSIE Research) | 08 Oct 2026, 16:58 | long | 169.65 | 250.00 | 172.51 | 4% | open by 2027-10-08 |
| HDFC Securities | 21 Sep 2026, 16:19 | long | 193.50 | 250.00 | 172.51 | -37% | open by 2027-09-21 |
Deadlines: 0 stated by the house, the rest set by Orivam’s convention — ten trading days for a technical call, twelve months for a price target. A target with no date cannot be judged, so one has to be chosen.
What the desks said
The report maintains BUY with a reduced target price of INR 250/share (12x Sep'28E consolidated EBITDA), saying management expects flattish Q2FY27 volumes YoY and an industry-best margin of ~INR 1,400/MT, with 12% volume CAGR estimated over FY26-29E, ~INR 100/MT logistics cost savings from FY28E, roughly flat EBITDA over FY26-29E and net debt/EBITDA peaking at ~2.3x in FY29E.
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