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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Cement, GGBS. Asset-heavy, cyclical cement manufacturer in a major capacity expansion phase
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 6,512 |
| EBITDA (ex other income) | (264) |
| margin % | (4.1) |
| Owners' profit | (756) |
| EPS, as reported (₹) | (6.19) |
| ROE % · ROCE % | (12.2) · (4.1) |
| Debt / equity (x) | 0.63 |
| Cash from operations | 1,170 |
| Capex | (1,962) |
| ₹ crore | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|
| Revenue | 1,560 | 1,436 | 1,621 | 1,895 | 1,896 |
| Profit before tax | (1,302) | 111 | 170 | 209 | 177 |
| Net profit | (1,366) | 75 | 131 | 362 | 153 |
| EPS (₹) | (13.75) | 0.71 | 1.06 | 2.77 | 1.20 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ULTRATECH CEMENT LIMITED | 3,24,148 | 37.9 | 4.02 | 19.9 | 10.1 | 10.2 | 14.6 | 20.8 |
| GRASIM INDUSTRIES LTD | 2,23,350 | 39.1 | 1.31 | 17.4 | 6.1 | 3.2 | 18.1 | 16.6 |
| AMBUJA CEMENTS LTD | 97,375 | 22.1 | 1.36 | 13.7 | 7.8 | 4.3 | — | 18.3 |
| SHREE CEMENT LIMITED | 81,433 | 50.0 | 3.49 | 15.7 | 7.5 | 9.4 | 9.2 | 23.8 |
| JK CEMENT LIMITED | 37,445 | 39.6 | 5.28 | 17.2 | 13.9 | 10.3 | 15.7 | 17.0 |
| DALMIA BHARAT LIMITED | 33,326 | 35.2 | 1.84 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 8 Sept 2026 · JSW Cement: India Ratings affirms bank loan rating at AA-/Stable, assigns AA- to NCDs | credit debt | high | — | — |
| 29 Aug 2026 · Show Cause Notice for GST demand of about Rs 56 crore | business updates | medium | — | — |
| 28 Aug 2026 · JSW Cement August 2026 investor presentation | investor communications | medium | — | — |
| 26 Aug 2026 · JSW Cement gets Rs 13.91 crore GST show cause notice for FY21 ITC claim | business updates | medium | — | — |
| 21 Aug 2026 · Show Cause Notice from Central Tax authorities, GST demand of Rs 81 crore | business updates | medium | — | — |
| 19 Aug 2026 · JSW Cement Q1 FY27 call flags cost pressure, targets Q2 North EBITDA breakeven | investor communications | medium | — | — |
| 19 Aug 2026 · JSW Cement gets Rs 10.27 crore GST show cause notice from Kolkata tax | compliance | minimal | — | — |
| 14 Aug 2026 · JSW Cement posts Q1 FY27 results call audio on website | investor communications | low | — | — |
| 13 Aug 2026 · JSW Cement Q1 FY27 results presentation with expansion roadmap | investor communications | medium | — | — |
| 13 Aug 2026 · JSW Cement Q1 FY27: revenue rises 22% but EBITDA falls 7% YoY | compliance | low | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| 12.2 |
| 6.4 |
| 5.2 |
| 7.1 |
| 19.6 |
| ACC LIMITED | 23,444 | 12.3 | 1.14 | 6.8 | 10.4 | 9.9 | — | 8.4 |
| THE RAMCO CEMENTS LIMITED | 20,521 | 31.8 | 2.54 | 11.9 | 8.6 | 7.1 | 11.3 | 14.3 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 20.7 | 24.6 | 15 of 35 | 59% |
| P/B | 2.5 | 1.5 | 22 of 34 | 36% |
| ROCE | (7.7) | 3.7 | 31 of 37 | 17% |
| ROE | (12.2) | 7.7 | 36 of 38 | 5% |
| Debt / Equity | 0.6 | 0.4 | 26 of 38 | 32% |
| EBITDA margin | 19.6 | 13.1 | 6 of 37 | 86% |
| Revenue growth | 21.6 | 7.8 | 5 of 37 | 89% |
| Profit growth | 111.2 | (24.7) | 5 of 37 | 89% |
| Market cap | 16023 | 2005 | 9 of 38 | 78% |
| A state: the latest filed quarter and the measured reactions |
| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
