JSW CEMENT LIMITED

Manufactures and sells cement and Ground Granulated Blast Furnace Slag (GGBS) from 36 plants spread across 24 Indian states. Cement is sold to the construction, housing and infrastructure sectors through both trade dealers and non-trade channels; the trade share stood at 51% in Q4 FY26 at an average cement price of INR4,673/ton. GGBS, a supplementary cementitious material, is sold to ready-mix concrete plants and cement producers and the company holds roughly 84% market share in this category. FY26 total sales volumes were 13.96 million metric tons, with 2.35 million tons of cement and 1.57 million tons of GGBS sold in Q4 alone. A new integrated Nagaur plant in Rajasthan (3.3 MTPA clinker plus 2.5 MTPA grinding) commenced commercial operations in March 2026, marking entry into North India, and a 1.65 MTPA grinding unit in Fujairah, UAE is under construction. The cost structure is dominated by other operating expenses at 50.7% of revenue (covering power, fuel, freight and packaging) and raw materials at 23.5%, while capital expenditure ran at 30.1% of revenue in FY26 reflecting ongoing capacity build-out toward a 46 MTPA target by FY30.