Please find enclosed herewith the transcripts of the Results Conference Call held after the Board Meeting on 21st May, 2026.
JSWCEMENT · price
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JSW Cement reported strong Q4 FY26 results with revenue of INR1,895 crores (+11% YoY) and operating EBITDA of INR365 crores (+46% YoY), with EBITDA margin expanding 460 bps to 19.3%. The company achieved Q4 cement volume growth of 12% YoY to 2.35 million tons, outpacing industry growth of 8%. FY26 total volumes reached 13.96 million tons (+11% YoY) with revenue of INR6,512 crores (+12% YoY) and operating EBITDA of INR1,240 crores (+44% YoY). The Nagaur plant in Rajasthan (3.3 MT clinker + 2.5 MT grinding) commenced commercial operations on March 30, 2026, marking the company's entry into North India. The company announced an additional 2.5 MTPA grinding capacity at Nagaur (INR430 crores, commissioning Q4 FY28) to compensate for delays in the Punjab grinding unit. Capex guidance for FY27 is INR2,300 crores. Management maintained mid-teens to high-teens volume growth guidance for FY27 (excluding North). Cost savings program is over 50% realized, targeting 75% achievement in FY27 with INR100/ton savings contribution.
Strong margin expansion and volume growth demonstrate operational efficiency gains; new North India plant entry and capacity expansion signal growth ambitions, though near-term cost pressures from West Asia situation and delayed Punjab expansion warrant monitoring.