STARCEMENT Q4 FY26 Guidance vs Delivery (STARCEMENT Management Mirror)

Volumes & Revenue

Management targets 11% to 15% cement volume growth for FY27 on a 5.3 million ton base, lifting expectations from the 12% target in the Sep'25 Qtr and the "similar to FY26" outlook from the Dec'25 Qtr. Clinker sales are projected to remain flattish in FY27, consistent with the Dec'25 Qtr strategy of capping them at 5% to 6% of total volumes to optimize realizations. Non-cement revenue guidance (AAC blocks, RMC) progressively increased from INR 80 to 90 crores in the Sep'25 Qtr, to INR 100 crores in the Dec'25 Qtr, and is now targeted at INR 150 crores for FY27; however, initial margin expectations for this segment were revised down to 7% to 8% from the minimum 20% targeted in the Dec'25 Qtr. [Status: Upgraded]