Star Cement Limited shareholders have approved a significant leadership restructuring through a postal ballot concluded on August 09, 2026. The resolutions, passed with overwhelming support, see Tushar Bhajanka appointed as Managing Director and Chief Executive Officer (CEO) for a three-year term starting May 22, 2026. Concurrently, Prem Kumar Bhajanka’s role was elevated from Managing Director to Vice Chairman & Managing Director, marking a strategic shift in the company’s executive hierarchy.

The voting process was conducted under Regulation 44 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, with remote e-voting facilitated by National Securities Depository Limited (NSDL). The cut-off date for determining voting rights was July 03, 2026, when the company had 63,472 members holding 404,180,417 equity shares. The e-voting window opened on July 11, 2026, at 9:00 a.m. IST and closed on August 09, 2026, at 5:00 p.m. IST. MKB & Associates, appointed by the Board as the scrutinizer, certified the process as fair and transparent in its report dated August 10, 2026.

All three resolutions required special majority approval. The first resolution concerned the payment of remuneration and incentive to Tushar Bhajanka in his capacity as Deputy Managing Director from April 01, 2026, to May 21, 2026. This resolution received 98.65% support from votes polled. The second resolution, approving his change in designation and re-appointment as MD & CEO until May 21, 2029, garnered 99.06% approval. The third resolution, regarding Prem Kumar Bhajanka’s designation change, secured 99.90% support.

Voting Results Breakdown

The following table details the voting outcomes across different shareholder categories for all three special resolutions:

What the Numbers Show

The voting data reveals a distinct divergence between promoter and institutional shareholder sentiment regarding Tushar Bhajanka’s remuneration. While promoters voted unanimously in favor, public institutional investors opposed the remuneration package by 31.29%, indicating potential concerns over compensation structures despite supporting his broader appointment. However, institutional opposition softened significantly for the re-appointment resolution (21.65% against) and nearly vanished for Prem Kumar Bhajanka’s designation change (1.74% against), suggesting that while pay terms were debated, the leadership succession plan itself enjoys broad cross-sectional support. Non-institutional retail investors remained consistently aligned with management across all items, with support exceeding 99.8% in each case.

Star Cement Limited reported a consolidated net profit of ₹73.90 crore for the quarter ended June 30, 2026, marking a 24.7% decline from the ₹98.16 crore recorded in the same period last year. This dip in profitability occurred even as revenue from operations grew by 3.4% year-on-year to ₹942.89 crore, driven by higher operational activity across its cement manufacturing units. The divergence between revenue growth and profit contraction highlights increased cost pressures and strategic investments impacting the bottom line during the initial quarter of FY27.

The standalone net profit also saw a marginal decline of 1.8%, falling to ₹23.76 crore from ₹24.19 crore in Q1FY26. Standalone revenue from operations rose by 5.8% to ₹576.31 crore. Statutory Auditors Singhi & Co. issued limited review reports on both the standalone and consolidated financial results, confirming compliance with Ind AS 34 and SEBI (LODR) Regulations. The Board approved the unaudited financial results at its meeting held on August 07, 2026.

Key Financial Metrics

Standalone earnings per share stood at ₹0.59, compared to ₹0.60 in the previous quarter. Consolidated EPS was ₹1.85, down from ₹2.44 year-on-year. The company’s total income for the consolidated entity reached ₹951.09 crore, while total expenses amounted to ₹853.58 crore.

Board Reappointments and Governance

In addition to financial results, the Board reappointed four senior executives for a further period of three years, effective from April 01, 2027, to March 31, 2030. The reappointments are subject to shareholder approval at the ensuing Annual General Meeting. Mr. Sajjan Bhajanka will continue as Chairman & Managing Director, alongside Mr. Sanjay Agarwal and Mr. Prem Kumar Bhajanka as Managing Directors. Mr. Pankaj Kejriwal was reappointed as Executive Director. These appointments ensure continuity in leadership as the company navigates its growth phase.

What the Numbers Show

A notable structural change in the cost base is visible through the adoption of concessional income tax rates under Section 115BAA of the Income-tax Act, 1961, effective April 01, 2026. This regulatory shift impacts tax expense comparability with prior periods. Additionally, the Group acquired 100% equity shareholding in Jaitaran Renewable Power Private Limited and Nitesh Minerals Private Limited during the quarter, integrating their financial performance into the consolidated results from their respective acquisition dates. These acquisitions signal a strategic push towards renewable energy and mineral resources, diversifying the company’s traditional cement-centric portfolio.

Shareholder Information

The Twenty-Fifth Annual General Meeting is scheduled for September 25, 2026, at 11:30 a.m., conducted via Video Conferencing or Other Audio Video Means. The Register of Members and Share Transfer Books will remain closed from September 19, 2026, to September 25, 2026, inclusive. Shareholders holding equity shares with a face value of ₹1 each are eligible to participate. The Annual Report for FY26 will be dispatched electronically to registered members.