Star Cement stock: Brokerages raise price targets, see up to 37% upside after Q2 results
Calling the results a beat on all fronts, Axis Securities retained its ‘Buy’ rating and hiked its target price to Rs 335 from Rs 325.
- Nov 7, 2025,
- Updated Nov 7, 2025 11:16 AM IST
Star Cement shares were in focus on Friday after the company reported a stellar set of numbers for the quarter ended September 30, 2025. The cement maker’s consolidated net profit surged 1,169 per cent year-on-year (YoY) to Rs 72 crore, a sharp jump from Rs 6 crore in the same quarter last year.
The robust earnings prompted upbeat views from analysts. Axis Securities and JM Financial both reiterated their ‘Buy’ calls on the stock and raised their price targets, projecting an upside of up to 37 per cent.
Star Cement’s bottom-line growth was driven by higher volumes, improved operational efficiency and cost control.
Revenue from operations rose 26 per cent YoY to Rs 811 crore in Q2FY26.
EBITDA climbed 99 per cent YoY to Rs 190 crore, supported by a 20 per cent YoY increase in sales volumes to 1.17 million tonnes.
Calling the results a beat on all fronts, Axis Securities retained its ‘Buy’ rating and hiked its target price to Rs 335 from Rs 325, implying a 37 per cent potential upside from current levels
The brokerage expects cement demand in Star Cement’s key markets—East and Northeast India—to remain robust, supported by strong government-led infrastructure spending and housing projects. It also raised its PAT estimates by 23 per cent for FY26 and 15 per cent for FY27.
JM Financial described the Q2 performance as in line with its expectations and maintained its ‘Buy’ rating, while lifting its target price to Rs 310 from Rs 300 — implying a 26 per cent upside.
The brokerage highlighted that the company maintained its volume guidance of 5.5 million tonnes for FY26 and reported a strong incentive income of Rs 556 million during the quarter.
Star Cement’s outlook remains upbeat, supported by its ongoing capacity expansion. The company’s Silchar grinding unit is expected to be commissioned by Q4FY26, which will boost total capacity to 9.7 MTPA from the current 7.7 MTPA.
The company has also realigned its capex priorities — deferring its 2 MTPA Jorhat plant, while focusing on setting up a 2 MTPA cement plant in Bihar and a 3 MTPA clinker unit in Rajasthan to capture emerging demand.
Star Cement shares were in focus on Friday after the company reported a stellar set of numbers for the quarter ended September 30, 2025. The cement maker’s consolidated net profit surged 1,169 per cent year-on-year (YoY) to Rs 72 crore, a sharp jump from Rs 6 crore in the same quarter last year.
The robust earnings prompted upbeat views from analysts. Axis Securities and JM Financial both reiterated their ‘Buy’ calls on the stock and raised their price targets, projecting an upside of up to 37 per cent.
Star Cement’s bottom-line growth was driven by higher volumes, improved operational efficiency and cost control.
Revenue from operations rose 26 per cent YoY to Rs 811 crore in Q2FY26.
EBITDA climbed 99 per cent YoY to Rs 190 crore, supported by a 20 per cent YoY increase in sales volumes to 1.17 million tonnes.
Calling the results a beat on all fronts, Axis Securities retained its ‘Buy’ rating and hiked its target price to Rs 335 from Rs 325, implying a 37 per cent potential upside from current levels
The brokerage expects cement demand in Star Cement’s key markets—East and Northeast India—to remain robust, supported by strong government-led infrastructure spending and housing projects. It also raised its PAT estimates by 23 per cent for FY26 and 15 per cent for FY27.
JM Financial described the Q2 performance as in line with its expectations and maintained its ‘Buy’ rating, while lifting its target price to Rs 310 from Rs 300 — implying a 26 per cent upside.
The brokerage highlighted that the company maintained its volume guidance of 5.5 million tonnes for FY26 and reported a strong incentive income of Rs 556 million during the quarter.
Star Cement’s outlook remains upbeat, supported by its ongoing capacity expansion. The company’s Silchar grinding unit is expected to be commissioned by Q4FY26, which will boost total capacity to 9.7 MTPA from the current 7.7 MTPA.
The company has also realigned its capex priorities — deferring its 2 MTPA Jorhat plant, while focusing on setting up a 2 MTPA cement plant in Bihar and a 3 MTPA clinker unit in Rajasthan to capture emerging demand.