Transcript of the Conference Call held on 10th August, 2026

Date: 13th August, 2026 To, To, The Listing Department, The Listing Department National Stock Exchange of India Limited BSE Limited Exchange Plaza, C-1, Block-G Phiroze Jeejeebhoy Towers Bandra Kurla complex, Bandra-East Dalal Street Mumbai-400 051 Mumbai-400 001 Symbol: STARCEMENT Scrip Code: 540575 Dear Sir(s)/Madam(s), Sub: Transcript of the Conference Call for Unaudited Financial Results for the Quarter ended 30th June, 2026 In terms of Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we forward herewith the Transcript of the conference call with Investors and Analysts held on Monday, 10th August, 2026 for Unaudited Standalone & Consolidated Financial Results for the quarter ended 30th June, 2026. The same shall also be available in website of the Company at https://www.starcement.co.in/investors-information/earnings-call. This is for your information and record. Thanking you, For Star Cement Limited Debabrata Thakurta Company Secretary (M. No.: F6554) Encl. as stated. “Star Cement Limited Q1 FY27 Earnings Conference Call” August 10, 2026 MANAGEMENT: MR. TUSHAR BHAJANKA –MANAGING DIRECTOR & CHIEF EXECUTIVE OFFICER – STAR CEMENT LIMITED MR. MANOJ AGARWAL – CHIEF FINANCIAL OFFICER – STAR CEMENT LIMITED MODERATOR: MR. NAVIN SAHADEO – ICICI SECURITIES Page 1 of 13 Star Cement Limited August 10, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Star Cement Limited Q1 FY27 Earnings Conference Call hosted by ICICI Securities Limited. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. Please note that this conference is being recorded. I now hand the conference over to Mr. Navin Sahadeo. Thank you, and over to you, sir. Navin Sahadeo: Thank you, Anushka. So good evening, everyone. On behalf of ICICI Securities, I welcome you all to the Q1 FY27 Earnings Call of Star Cement Limited. From the management, we have with us MD and CEO, Mr. Tushar Bhajanka; and the company's CFO, Mr. Manoj Agarwal. So without any further ado, I hand over the floor to the management for their opening comments. Over to you, sir. Tushar Bhajanka: Hi. Good afternoon, everyone. My name is Tushar Bhajanka, and I'm the MD of Star Cement. I welcome you all to the conference call of FY27 quarter 1. I would like our CFO, Mr. Manoj Agarwal, to give his remarks regarding the numbers and then we can start with the Q&A. Thank you. Manoj Agarwal: Thank you, Tusharji. Hi, friends, very good afternoon. I, on behalf of Star Cement, welcome you all to our con-call for discussing our numbers of Q1 FY27. I would like to clarify that we are discussing on the historical numbers, and there is no invitation to invest. Having said that now, I will just take you through the Q1 number. Starting from clinker production. During the quarter ended June 26, we have produced 9.10 lakh tons of clinker as against 8.90 lakh tons same quarter last year. So far as cement production is concerned, we have produced 13.08 lakh tons this quarter as against 12.31 lakh tons same quarter last year. Now I will take you through the sales volume. During the quarter, we have sold 13.02 lakh tons of cement and 0.52 lakh ton of clinker as against 12.22 lakh tons of cement and 0.74 lakh ton of clinker same quarter last year. This is as far as cement and clinker sale is concerned. As far as geographical distribution of cement is concerned, in Northeast, we have sold around 8.71 lakh tons as against 8.67 lakh tons during same quarter last year. And as far as outside Northeast is concerned, we have sold 4.31 lakh tons of cement this quarter as against 3.55 lakh tons same quarter last year. In terms of blend mix, it is almost 15% of OPC and the rest is PPC. These are the quantitative numbers of this quarter. Now I'll take you through the financials. Page 2 of 13 Star Cement Limited August 10, 2026 The total revenue figure this quarter is around INR902 crores as against INR847 crores same period last year. As far as EBITDA figure is concerned, this quarter, we have done an EBITDA of around INR203 crores as against INR230 crores last year. This is mainly on account of reduced subsidy, increase in packing material costs and also shutdown expenses, which we have taken in our one of our kilns. Profit after tax is INR74 crores in this quarter as against INR98 crores last year. On per ton EBITDA front, it is INR1,497 during this quarter as against INR1,774 per ton same quarter last year. This is what our quarterly numbers are. Now I request all of you, if you have any query, you can ask the same, and I will request Navinji to moderate the query wherever it requires. Thank you. Moderator: Thank you, we will now begin the question and answer session. We take the first question from the line of Shravan Shah from Dolat Capital. Shravan Shah: Just a couple of data points before question. Trade share, premium share, CC ratio, lead distance and Kcal for this quarter. Tushar Bhajanka: So I think the premium sales is about 15.9% of the overall sales. The lead distance was about 210. The clinker factor was about 66.5%. And what was the fourth parameter that you had asked? Shravan Shah: Trade share. Tushar Bhajanka: Trade share was about 80%. Shravan Shah: Okay. And for this quarter? Tushar Bhajanka: Was about 1.55. Shravan Shah: 1.55. Significant jumping there. So now 2 things first on the volume. So this quarter, slightly on the lower side. So we were looking at 10%, 12% cement volume growth and similar number of the clinker for entire full year versus '26. So any change in there? So can we now see that from Q2 onwards the volume growth would be slightly better? Tushar Bhajanka: So in Q2, as we all know, the Assam is completely flooded at the moment. So I don't see much of a stride in terms of volume in Q2. But I think from Q3, Q4 onwards, I think we can see hopefully a double-digit growth. And on the overall year, I think we expect to probably revise the numbers. A bit from 11% to 12% to about 8% to 9%. Shravan Shah: But the clinker sale for the full year would be the similar of what we have done in the FY26? Tushar Bhajanka: I think the clinker sale in FY27 would probably be stagnant or may degrow by about 5% to 10% compared to FY26 because I think the clinker is also coming from outside now in Northeast. So it may be a case that there may be a degrowth in the sale of clinker. Shravan Shah: So now on the costing front, so given the fuel cost has sharply jumped up to 1.55 from 1.24 in Q4 -- so overall, this and even we heard that some packing that cost has also recently has gone up. So overall, and how do we see the cost moving up in Q2? And at the same time, the prices are still the prices holding on versus the June average? Page 3 of 13 Star Cement Limited August 10, 2026 Tushar Bhajanka: So in the fuel cost in FY26, quarter 4 was about INR1.33, which has gone up to INR1.55. We expect in Q2 onwards, the cost should come down to about INR1.45 -- and hopefully, in Q3 and Q4, we can hopefully reduce the cost further on fuel. The PP bag prices are completely related to the international turmoil and war situation, which is going on and thereafter prices are up. So that, I think, really is hard to predict of how will it play out. And on the prices, the prices, I think if I compare -- I think the prices are broadly stable in Northeast as well as in outside Northeast markets of Bihar and West Bengal, even in the quarter 2. Shravan Shah: Okay. So broadly kind of INR1,500 plus kind of EBITDA per ton that we were previously looking at for at least 2, 3 years once our Rajasthan plant comes in. So that we are still seeing that, that is kind of still manageable given whatever the new c [Showing first 8,000 characters — download PDF for full document]