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 hosted a conference call with investors and analysts on Monday, August 10, 2026, at 4:00 PM IST to discuss its unaudited financial results for the first quarter ended June 30, 2026. The session was led by Tushar Bhajanka, Managing Director and CEO, and Manoj Agarwal, CFO, and was coordinated by ICICI Securities. Management shared detailed guidance across volumes, capital expenditure, margins, and new business segments during the interaction.

Volume Growth & Market Conditions

Management revised its full-year FY27 cement volume growth guidance downward to 8-9%, from an earlier estimate of 11-12%. The revision was primarily attributed to anticipated lower volumes in Q2 due to floods in Assam. In July alone, Q2 FY27 volume degrowth stood at approximately 12%, though management expressed confidence in recovering lost ground in September. On the clinker front, FY27 clinker sales are projected to be stagnant or decline by 5-10% compared to FY26, as clinker is increasingly entering the Northeast from outside the region.

Financial Guidance & Cost Metrics

The company provided the following key financial and operational guidance for the current fiscal year:

Fuel costs are expected to ease to approximately INR1.45/Kcal in Q2 from INR1.55/Kcal in Q1, with management hopeful of further reductions in Q3 and Q4. The Q2 EBITDA per ton is estimated at around INR1,400, reflecting the impact of planned shutdown costs and lower volume absorption, before recovering to the full-year guided range.

Capital Expenditure & Expansion Plans

Star Cement outlined a significant multi-year capital expenditure roadmap, primarily focused on its Rajasthan and North projects. The CapEx breakdown is as follows:

The Rajasthan plant is expected to receive its Environmental Clearance by September or October, with ground work commencing between mid-October and November. The plant is targeted for commissioning in Q1 FY29 or Q4 FY28.

Building Solutions Division

On the non-cement business front, the company aims to achieve INR150 crore in non-cement revenue from its building solutions division on an annualized run rate basis by Q4 FY27. This segment represents a strategic diversification effort beyond the company's core cement operations.

Conference Call Access Details

The disclosure was made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and the notice was submitted to the Listing Departments of both the National Stock Exchange of India Limited and BSE Limited on August 4, 2026. Company Secretary Debabrata Thakurta signed the intimation. Participants joined via universal access numbers or toll-free lines provided by ICICI Securities.

For technical assistance, investors could contact Navin Sahadeo or Amit Gupta from ICICI Securities. Additional clarifications were directed to Rushad Kapadia, Seema Sehgal, or Minali Ginwala.