NSE: JSWCEMENT · BSE: 544480
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. 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
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ 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) |
Exhibit 2: Quarterly performance, last 5 quarters
| ₹ 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 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ULTRATECH CEMENT LIMITED | 3,28,568 | 38.4 | 4.07 | 20.1 | 10.1 | 10.2 | 14.6 | 20.8 |
| GRASIM INDUSTRIES LTD | 1,97,414 | 34.5 | 1.16 | 16.4 | 6.1 | 3.2 | 18.1 | 16.6 |
| AMBUJA CEMENTS LTD | 86,677 | 19.7 | 1.21 | 12.1 | 7.8 | 4.3 | — | 18.3 |
| SHREE CEMENT LIMITED | 84,066 | 51.6 | 3.61 | 16.1 | 7.5 | 9.4 | 9.2 | 23.8 |
| JK CEMENT LIMITED | 37,773 | 40.0 | 5.33 | 17.4 | 13.9 | 10.3 | 15.7 | 17.0 |
| DALMIA BHARAT LIMITED | 28,842 | 30.5 | 1.59 | 10.8 | 6.4 | 5.2 | 7.1 | 19.6 |
| ACC LIMITED | 22,049 | 11.5 | 1.07 | 6.4 | 10.4 | 9.9 | — | 8.4 |
| THE RAMCO CEMENTS LIMITED | 17,343 | 26.9 | 2.14 | 10.3 | 8.6 | 7.1 | 11.3 | 14.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 20.4 | 27.5 | 11 of 29 | 64% |
| P/B | 2.4 | 1.4 | 26 of 34 | 24% |
| ROCE | (7.7) | 3.7 | 31 of 37 | 17% |
| ROE | (12.2) | 7.2 | 32 of 34 | 6% |
| Debt / Equity | 0.6 | 0.4 | 21 of 33 | 38% |
| 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 | 15798 | 1769 | 9 of 38 | 78% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · JSW Cement Q2 FY27: sales rise 33%, margins decline and debt rises | investor communications | medium | — | — |
| 27 Oct 2026 · Q2 FY27 revenue rises 33%, profit after tax at Rs 77.6 crore | compliance | low | — | — |
| 27 Oct 2026 · Most IPO proceeds deployed as planned by September 2026 | capital market events | low | — | — |
| 27 Oct 2026 · JSW Cement approves Q2 results, 4 million tonne expansion and up to Rs 60 crore guarantee | credit debt | medium | — | — |
| 27 Oct 2026 · Board approves ₹1,078 crore capacity expansion and September results | capex operations | high | — | — |
| 27 Oct 2026 · Q2 revenue rises 68%, PAT at Rs 77.63 crore, but operating margins weaken | results | high | — | — |
| 27 Oct 2026 · September quarter revenue up 68% but net profit nearly flat; 4 million tonne expansion approved | results | high | — | — |
| 19 Oct 2026 · JSW Cement Q2FY27 earnings conference call scheduled for 28 October 2026 | board shareholder meetings | low | — | — |
| 17 Oct 2026 · Orissa High Court rules in JSW Cement's favour on SGST reimbursement case | regulatory legal | high | — | — |
| 16 Oct 2026 · JSW Cement board to consider Q2 FY26 results on 27 October 2026 | results | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | 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 |
Sources, method and disclosures
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.