JSW Cement Q2 FY27 results: net profit up 3.0% to ₹77.63 crore, revenue up 33.1%

How did JSW Cement perform in Q2 FY27?

JSW Cement’s consolidated revenue for Q2 FY27 was ₹1,912 crore, up 33.1% from ₹1,436 crore in Q2 FY26 and 0.8% from ₹1,896 crore in Q1 FY27. EBITDA was ₹277.78 crore, up ₹10.26 crore year on year but down ₹20.77 crore from the previous quarter. The EBITDA margin fell 4.1 percentage points year on year to 14.5% and 1.2 percentage points sequentially from 15.7%.

Consolidated net profit was ₹77.63 crore in Q2 FY27, up ₹2.27 crore from ₹75.36 crore in Q2 FY26, but down ₹75.80 crore from ₹153.43 crore in Q1 FY27. Profit attributable to owners was ₹85.35 crore, and basic EPS was ₹0.63, compared with ₹0.71 a year earlier and ₹1.20 in the previous quarter. On the standalone basis, revenue was ₹1,763.46 crore and net profit was ₹78.93 crore.

What changed in JSW Cement's costs and profit?

Against Q2 FY26, total expenses rose ₹499.88 crore, or 37.1%, to ₹1,849 crore. Cost of materials increased ₹127.77 crore to ₹446.96 crore, employee cost rose ₹15.98 crore to ₹100.19 crore, finance costs increased ₹14.17 crore to ₹114.45 crore and depreciation rose ₹20.25 crore to ₹99.78 crore. Other expenses increased ₹333.22 crore to ₹1,099 crore. There was no exceptional item in either quarter.

Other income fell ₹6.48 crore from ₹23.63 crore in Q2 FY26 to ₹17.15 crore, while tax declined ₹22.78 crore from ₹45.89 crore to ₹23.11 crore. Despite the higher expense base and lower other income, profit before tax was ₹80.70 crore, down ₹30.64 crore from ₹111.34 crore, and net profit rose ₹2.27 crore to ₹77.63 crore. The filing does not state why the cost lines or other income changed.

How did the first half of FY27 go?

In H1 FY27, consolidated revenue rose 27.1% to ₹3,808.56 crore from ₹2,996.25 crore in H1 FY26, while total income rose 28.2% to ₹3,899.49 crore from ₹3,041.93 crore. Profit before tax moved to ₹258.14 crore from a loss of ₹1,190.43 crore. Net profit was ₹231.06 crore, compared with a net loss of ₹1,291.05 crore in H1 FY26, and EPS was ₹1.83 compared with ₹11.49 loss per share.

What do the balance sheet and cash flow show?

At 30 September 2026, total assets were ₹15,033.65 crore, up from ₹14,535.48 crore at 31 March 2026, while total equity was ₹6,759.82 crore compared with ₹6,527.85 crore. Borrowings rose to ₹4,446.19 crore from ₹4,081.61 crore, and cash fell to ₹159.12 crore from ₹446.95 crore. Inventories were ₹687.21 crore, trade receivables were ₹889.24 crore and trade payables were ₹1,538.08 crore.

H1 FY27 operating cash flow was ₹418.03 crore, compared with ₹508.18 crore in H1 FY26. Investing cash flow was negative ₹797.27 crore against negative ₹1,160.22 crore, while financing cash flow was ₹91.41 crore against ₹1,244.35 crore. Capital expenditure was ₹821.19 crore, compared with ₹963.99 crore a year earlier.

How has JSW Cement done over the last 6 quarters?

Revenue increased in each of the last two quarters year on year and reached ₹1,912.15 crore in Q2 FY27. Profit had peaked at ₹361.65 crore in Q4 FY26 before falling to ₹153.43 crore in Q1 FY27 and ₹77.63 crore in Q2 FY27. EBITDA margin also moved down from 19.3% in Q4 FY26 to 15.7% in Q1 FY27 and 14.5% in Q2 FY27, after ranging between 17.6% and 20.7% in the preceding four quarters.

What else did the company announce?

The board approved the unaudited standalone and consolidated results for the quarter and half year ended 30 September 2026, along with the auditors’ limited review report. It approved a 2.0 MTPA GGBS grinding system at Vijayanagar and a 2.0 MTPA grinding unit at Dolvi, with approximate investments of ₹509 crore and ₹569 crore, respectively, financed through internal accruals and debt.

The board also approved a corporate guarantee of up to ₹60 crore in favour of IndusInd Bank for credit facilities not exceeding ₹60 crore to wholly owned subsidiary JSW Green Cement Private Limited. The filing stated that the facility would support capital expenditure and working-capital requirements under the subsidiary’s growth plan.

What did JSW Cement's management say?

Management said pet coke and imported coal pressured Q3 costs, while price increases and higher use of green power were expected to offset the pressure. It said Dolvi 2 MTPA work would start in January 2027, while Nagaur 2.5 MTPA was targeted for Q4 FY28. The risks identified by management included fuel and power costs, underutilisation of the North ramp, expansion funding and foreign-exchange losses from unhedged foreign debt.

Chief Executive Officer Nilesh Narwekar said, “We remain constructive on the demand outlook for the balance of the year, particularly as infrastructure execution and construction activity gather pace.” Chief Financial Officer Narinder Singh Kahlon said the company would continue to operate around 3x net debt to EBITDA for about a year and expected it to fall below 3x in coming years.

How did JSW Cement shares react?

After the filing appeared after market hours, the stock was down 0.4% after five minutes, 0.6% after 15 minutes and 0.4% after 30 minutes. On the reaction day, it closed 1.6% below its pre-results close; by the next day’s close, it remained 1.6% below that level, before rising to 4.3% above it by the fifth session. The Cement & Cement Products industry median moved 0.7% lower on the reaction day and 2.5% higher over five sessions.

Earlier reaction-day moves were 6.0% on 21 May 2026, 6.1% on 4 February 2026, negative 2.2% on 7 November 2025 and 3.8% on 2 September 2025; the stock also fell 0.8% on 13 August 2026. These figures describe past trading reactions and do not indicate a future share-price movement.

How did other Cement & Cement Products companies do?

Nineteen other Cement & Cement Products companies had filed for the quarter by 4 November 2026, and their median revenue growth was 11.0%. Sixteen peers grew revenue more slowly than JSW Cement, while three grew faster. Eight of the 19 peers reported higher profit.