Star Cement Limited (STARCEMENT.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-287.2%

-₹327.41

vs ₹174.91 price

Levered DCF

-₹300.32

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	20.89×	51.54×	31.62×	18.25×	14.83×	21.31×	9.95×	14.05×
P/B	2.58×	3.03×	3.44×	1.87×	1.69×	1.92×	1.53×	2.44×
P/S	2.18×	2.75×	3.23×	1.76×	1.65×	2.32×	1.54×	2.3×
EV / EBITDA	9.33×	15.4×	16.23×	8.49×	9.69×	13.34×	6.17×	9.19×
Gross margin	55.1%	66.9%	64.2%	64.5%	55.1%	56.2%	42.1%	44.7%
Operating margin	15.1%	7.8%	14.3%	8.8%	10.9%	14.1%	16.4%	18.8%
Net margin	10.4%	5.3%	10.2%	9.6%	11.1%	10.9%	15.5%	16.4%
Current ratio	1.31×	1.15×	0.98×	1.89×	2.42×	3.59×	3.49×	2.96×
Debt / equity	0.19×	0.14×	0.05×	0.01×	0.01×	0.01×	0.01×	0.04×
Interest coverage	12.32×	7.8×	32.89×	23.5×	18.18×	34.71×	32.28×	23.89×
Dividend yield	1.0%	0.0%	0.0%	0.0%	0.0%	0.0%	1.8%	1.2%
Payout ratio	20.5%	0.0%	0.0%	0.0%	0.0%	0.0%	17.4%	17.3%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	12.3%	5.9%	10.9%	10.2%	11.4%	9.0%	15.4%	17.3%
Return on invested capital	10.9%	5.6%	10.0%	5.6%	10.3%	10.2%	13.0%	15.8%
Return on assets	8.5%	4.1%	8.2%	7.9%	9.0%	7.3%	12.1%	13.0%
Free cash flow yield	2.7%	-3.3%	-5.9%	-4.3%	5.9%	6.1%	9.0%	12.8%
Earnings yield	4.8%	1.9%	3.2%	5.5%	6.7%	4.7%	10.1%	7.1%
Enterprise value	₹88.1B	₹90.7B	₹94.3B	₹44.3B	₹36.7B	₹39.5B	₹26.1B	₹41.8B
Net debt / EBITDA	0.63×	0.62×	0.17×	-0.17×	0.02×	-0.13×	-0.53×	-0.05×
Cash conversion cycle (days)	68	98	95	101	101	140	70	138