Star Cement Limited

BSE:540575 Stock Report

Market Cap: ₹88.3b

Star Cement Management

Management criteria checks 4/4

We currently do not have sufficient information about the CEO.

Key information

Sajjan Bhajanka

Chief executive officer

₹19.8m

Total compensation

CEO salary percentage100.00%
CEO tenure23.6yrs
CEO ownership12.2%
Management average tenure4.8yrs
Board average tenure9.2yrs

Recent management updates

Recent updates

Narrative Update • Jun 12

540575: Leadership Transitions And Forthcoming Results Are Expected To Support Confidence

Analysts have trimmed their fair value estimate for Star Cement slightly, from ₹367.59 to ₹363.08. This reflects small adjustments to assumptions around discount rate, revenue growth, profit margin and future P/E multiples.
Narrative Update • May 29

540575: Upcoming Board Meeting And Leadership Changes Will Support Confidence

Analysts have slightly reduced their fair value estimate for Star Cement to ₹367.59 from ₹372.73, reflecting updated assumptions around the discount rate, revenue growth, profit margin and future P/E expectations. What's in the News A board meeting is scheduled for May 22, 2026, at 13:30 IST to consider and approve the audited standalone and consolidated financial results for the fourth quarter and full year ended March 31, 2026 (Key Developments).
Narrative Update • May 04

540575: Upcoming Earnings Review Will Highlight Risk From High Implied Fair Value

Analysts have kept their fair value estimate for Star Cement essentially steady at ₹197.16, with only minor tweaks to inputs such as discount rate, revenue growth, profit margin and future P/E assumptions driving this small recalibration. Valuation Changes Fair Value: Kept essentially unchanged at ₹197.16, with only a rounding-level difference from the prior figure.
Narrative Update • Apr 19

540575: Upcoming Earnings Review Will Highlight Pressure From Lower Forward P/E

Analysts have trimmed their price target for Star Cement from ₹200.61 to ₹197.16, reflecting updated views on discount rates, revenue growth, profit margins and future P/E assumptions. What's in the News Board meeting scheduled for February 6, 2026 to consider, approve and take on record the unaudited standalone financial results for the third quarter and nine months ended December 31, 2025 (Key Developments).
Narrative Update • Apr 05

540575: Upcoming Q3 Results And Slightly Higher Returns Will Support Confidence

Analysts have slightly adjusted their price target for Star Cement from ₹375 to about ₹373, reflecting refreshed assumptions on the discount rate, revenue growth, profit margin and future P/E multiple. What's in the News A board meeting is scheduled on Feb 06, 2026 to consider and approve the unaudited standalone and consolidated financial results for the third quarter and nine months ended Dec 31, 2025 (Key Developments).
Narrative Update • Mar 21

540575: Upcoming Earnings Update And Forward P/E Assumptions Will Guide Fair Outlook

Analysts have lifted their price target on Star Cement by about ₹5, citing updated assumptions that include slightly higher revenue growth at 10.06%, a profit margin estimate of 8.48%, a forward P/E of 29.92, and a largely unchanged discount rate of 14.81%. What's in the News Board meeting scheduled on Feb 06, 2026 to consider and approve the unaudited standalone and consolidated financial results for the quarter and nine months ended Dec 31, 2025 (company filing).
Narrative Update • Mar 07

540575: Upcoming Q3 Review And Revised Outlook Will Support Long Term Confidence

Analysts have lifted their price target on Star Cement from ₹355.11 to ₹375.00, reflecting updated assumptions around discount rates, revenue growth, profit margins and an adjusted future P/E outlook. What's in the News Board meeting scheduled on Feb 06, 2026, to consider and approve the unaudited standalone and consolidated financial results for the third quarter and nine months ended Dec 31, 2025 (Key Developments).
Narrative Update • Feb 21

540575: Future P/E Reset And Earnings Review Will Shape Fairly Balanced Outlook

Analysts have reduced their price target on Star Cement from ₹260 to about ₹195.65, citing updated assumptions around the discount rate, revenue growth, profit margin and future P/E levels. What's in the News A board meeting is scheduled on Feb 06, 2026 to consider, approve, and take on record the unaudited standalone and consolidated financial results for the third quarter and nine months ended Dec 31, 2025 (Key Developments).
Narrative Update • Feb 07

540575: Upcoming Earnings Review Will Reinforce Confidence In Long Term Prospects

Narrative Update on Star Cement Analysts have lifted their price target on Star Cement to ₹355.11, with the change largely tied to updated assumptions for discount rate, revenue growth, profit margin and future P/E multiples in their models. What's in the News Board meeting scheduled for February 6, 2026 to consider and approve the unaudited standalone and consolidated financial results for the third quarter and nine months ended December 31, 2025 (Key Developments).
Narrative Update • Jan 24

540575: Upcoming Earnings Review Will Support A Stronger Long Term Outlook

Analysts have made a small cut to their price target for Star Cement to reflect slightly higher discount rate assumptions and a modestly adjusted fair value estimate. They continue to factor in updated views on revenue growth, profit margins and future P/E expectations.
Narrative Update • Jan 09

540575: Future P/E Repricing Will Drive Upside Despite Cautious Forecasts

Analysts have raised their fair value estimate for Star Cement from ₹211.00 to ₹260.00, citing updated assumptions on discount rate, revenue growth, profit margins and future P/E that they believe more accurately reflect the company’s risk and earnings profile. What's in the News Board meeting scheduled on Nov 04, 2025, to review and approve unaudited standalone and consolidated financial results for the second quarter and half year ended Sep 30, 2025, along with limited review reports (company filing).
Narrative Update • Dec 26

540575: Upcoming Fundraising Plans Will Support A Stronger Long Term Outlook

Analysts have nudged their price target on Star Cement slightly higher to reflect a modest increase in long term fair value. This is supported by marginally stronger revenue growth assumptions and a steadier future valuation multiple, partly offset by a slight reduction in projected profit margins and a marginally higher discount rate.
Narrative Update • Dec 12

540575: Upcoming Fundraising Plans Will Support A Positive Long Term Outlook

Analysts have modestly trimmed their price target on Star Cement from ₹360 to about ₹357 per share, citing slightly lower forecasts for revenue growth and profit margins, alongside a marginally higher discount rate and a small reduction in expected future valuation multiples. What's in the News Board meeting scheduled for October 14, 2025, to evaluate multiple options for raising funds, including bonds, debentures, non convertible debt, equity shares, warrants, and other instruments, subject to regulatory and shareholder approvals (company filing) Extraordinary shareholders meeting via postal ballot on November 17, 2025, to seek approval for raising funds through issuance of securities (company filing) Board meeting on November 4, 2025, to consider and approve unaudited standalone and consolidated financial results for the second quarter and half year ended September 30, 2025, along with limited review reports (company filing) Valuation Changes Consensus Analyst Price Target, represented by fair value, has fallen slightly from ₹360.0 to about ₹356.5 per share.
Narrative Update • Nov 05

540575: Profit Margins Will Remain Strong Amid Stable Revenue and Fundraising Plans

Analysts have maintained their price target for Star Cement at ₹302.09 per share, citing stable expectations for revenue growth and profit margins. This decision comes despite minor adjustments to assumptions such as the discount rate and future price-to-earnings ratio.
Narrative Update • Oct 22

Analysts Lift Star Cement Price Target as Profit Margins Improve Despite Lower Revenue Outlook

Analysts have slightly increased their price target for Star Cement from ₹301.18 to ₹302.09. They cite modest improvements in projected profit margins, even though the revenue growth outlook has been marginally reduced.
Narrative Update • Oct 08

North-East Cement Demand Will Face Challenges And Opportunities

Analysts have increased their price target for Star Cement from ₹286.18 to ₹301.18, citing updated evaluations of the company’s profit margin and anticipated performance metrics. What's in the News An upcoming Board Meeting is scheduled for August 8, 2025.
Narrative Update • Aug 30

North-East Cement Demand Will Face Challenges And Opportunities

Despite virtually unchanged net profit margin and forward P/E, Star Cement's consensus analyst price target has been upgraded from ₹266.55 to ₹286.18. What's in the News Board meeting scheduled to consider and approve unaudited standalone and consolidated Q1 FY26 financial results.
Narrative Update • Aug 16

North-East Cement Demand Will Face Challenges And Opportunities

Driven by a modest improvement in net profit margin with the future P/E remaining steady, Star Cement's consensus analyst price target has been revised upward from ₹251.82 to ₹266.55. What's in the News Board meeting scheduled to review and approve unaudited standalone and consolidated financial results for Q1 ended June 30, 2025.
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New Narrative • Feb 19

Clinker Capacity Expansion And WHRS Will Drive Future Efficiencies

Expansion in clinker capacity and waste heat recovery systems will improve operational efficiency, boosting revenue and EBITDA margins.

CEO Compensation Analysis

How has Sajjan Bhajanka's remuneration changed compared to Star Cement's earnings?
DateTotal CompensationSalaryCompany Earnings
Mar 31 2026n/an/a

₹4b

Dec 31 2025n/an/a

₹4b

Sep 30 2025n/an/a

₹3b

Jun 30 2025n/an/a

₹2b

Mar 31 2025₹20m₹20m

₹2b

Dec 31 2024n/an/a

₹1b

Sep 30 2024n/an/a

₹2b

Jun 30 2024n/an/a

₹2b

Mar 31 2024₹20m₹20m

₹3b

Dec 31 2023n/an/a

₹3b

Sep 30 2023n/an/a

₹3b

Jun 30 2023n/an/a

₹3b

Mar 31 2023₹20m₹20m

₹2b

Dec 31 2022n/an/a

₹2b

Sep 30 2022n/an/a

₹2b

Jun 30 2022n/an/a

₹2b

Mar 31 2022₹20m₹20m

₹2b

Dec 31 2021n/an/a

₹2b

Sep 30 2021n/an/a

₹2b

Jun 30 2021n/an/a

₹2b

Mar 31 2021₹20m₹20m

₹2b

Dec 31 2020n/an/a

₹2b

Sep 30 2020n/an/a

₹3b

Jun 30 2020n/an/a

₹2b

Mar 31 2020₹20m₹20m

₹3b

Compensation vs Market: Sajjan's total compensation ($USD208.24K) is below average for companies of similar size in the Indian market ($USD404.64K).

Compensation vs Earnings: Sajjan's compensation has been consistent with company performance over the past year.

CEO

Sajjan Bhajanka (74 yo)

23.6yrs
Tenure
₹19,800,000
Compensation

Mr. Sajjan Bhajanka serves as Managing Director of Century Plyboards (India) Limited and Managing Director & Chairman of Star Cement Limited. Mr. Bhajanka served as the Chief Executive Officer of Century P...

Leadership Team

NamePositionTenureCompensationOwnership
Sajjan Bhajanka
MD & Chairmanno data₹19.80m12.18%
₹ 10.8b
Mukesh Saxena
Joint Presidentno data₹9.95mno data
Munjala Laxmaiah
Joint Presidentno data₹12.38mno data
Manoj Agarwal
Chief Financial Officer8.6yrs₹13.59mno data
Pradeep Purohit
Chief Operating Officerno data₹25.72mno data
Debabrata Thakurta
Compliance Officer & Company Secretary8.8yrs₹3.90mno data
Samar Banerjee
Chief Human Resource Officerno data₹11.74mno data
Prem Bhajanka
MD & Director4.8yrs₹19.80m10.7%
₹ 9.4b
Pankaj Kejriwal
Executive Director3.1yrs₹29.00m0.024%
₹ 21.6m
Sanjay Agarwal
MD & Executive Non-Independent Directorno data₹19.80m4.36%
₹ 3.8b
Tushar Bhajanka
Deputy MD & Director2.8yrsno data0.26%
₹ 225.4m
Kanak Chhangani
Chief Mineral Resource Officerno data₹12.68mno data
4.8yrs
Average Tenure
59yo
Average Age

Experienced Management: 540575's management team is considered experienced (4.8 years average tenure).

Board Members

NamePositionTenureCompensationOwnership
Sajjan Bhajanka
MD & Chairman23.6yrs₹19.80m12.18%
₹ 10.8b
Prem Bhajanka
MD & Director23.6yrs₹19.80m10.7%
₹ 9.4b
Pankaj Kejriwal
Executive Director23.3yrs₹29.00m0.024%
₹ 21.6m
Sanjay Agarwal
MD & Executive Non-Independent Director23.6yrs₹19.80m4.36%
₹ 3.8b
Tushar Bhajanka
Deputy MD & Director2.8yrsno data0.26%
₹ 225.4m
Brij Agarwal
Additional Non-Executive Director4.3yrsno data2.81%
₹ 2.5b
Plistina Dkhar
Independent Director9.2yrs₹250.00k0.00025%
₹ 220.7k
Vivek Chawla
Independent Director3.2yrs₹970.00kno data
Amit Deb
Independent Non-Executive Director6.2yrs₹690.00kno data
Ibaridor War
Independent Director9.2yrs₹300.00kno data
Nirmalya Bhattacharyya
Additional Independent Director4.3yrs₹630.00kno data
Emlangky Lamare
Director of Star Cement Meghalaya Limitedno data₹599.00kno data
9.2yrs
Average Tenure
66yo
Average Age

Experienced Board: 540575's board of directors are considered experienced (9.2 years average tenure).

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/06/13 05:56
End of Day Share Price 2026/06/12 00:00
Earnings2026/03/31
Annual Earnings2026/03/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

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Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Star Cement Limited is covered by 18 analysts. 13 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Manish ValechaAnand Rathi Shares and Stock Brokers Limited
null nullAntique Stockbroking Ltd.
Milind RaginwarBOB Capital Markets Ltd.