JSWCEMENT - JSW Cement
📢 Recent Corporate Announcements
JSW Cement Limited has announced a scheduled group meeting and plant visit for analysts and institutional investors. The event is set to take place at the company's Vijayanagar plant in Karnataka on March 11 and 12, 2026. This disclosure is made in compliance with Regulation 30(6) of the SEBI (LODR) Regulations, 2015. Such visits are standard practice for listed entities to provide transparency regarding their operational infrastructure and manufacturing capabilities to the investment community.
- Scheduled group meeting and plant visit for institutional investors and analysts.
- The visit is planned for a two-day duration on March 11-12, 2026.
- The location of the site visit is the Vijayanagar plant in Karnataka.
- Disclosure submitted under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
JSW Cement Limited has announced the completion of the dispatch of Postal Ballot Notices to its shareholders as of February 27, 2026. This regulatory filing confirms compliance with SEBI (LODR) Regulations, 2015, regarding shareholder communications. The company has published advertisements in the Financial Express and Navshakti newspapers to notify the public. Investors should check the specific resolutions proposed in the notice to exercise their voting rights effectively.
- Completed dispatch of Postal Ballot Notice to all shareholders on February 27, 2026.
- Published newspaper advertisements in Financial Express (English) and Navshakti (Marathi).
- Compliance filing under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
- The notice and related documents are available on the company's official website for shareholder review.
JSW Cement has issued a postal ballot notice seeking shareholder approval for the re-appointment of Mr. Parth Jindal as Managing Director for a five-year term effective June 20, 2026. The company is also proposing the re-appointment of Mr. Pankaj Kulkarni as an Independent Director for a second five-year term starting April 1, 2026. The voting process will be conducted via remote e-voting from February 28 to March 29, 2026. These appointments aim to ensure leadership continuity and stability for the company's long-term strategic goals.
- Proposed re-appointment of Mr. Parth Jindal as Managing Director for a 5-year term from June 2026 to June 2031
- Proposed re-appointment of Mr. Pankaj Kulkarni as Independent Director for a second 5-year term starting April 2026
- Remote e-voting period scheduled to commence on February 28, 2026, and conclude on March 29, 2026
- Cut-off date for determining shareholder eligibility for voting is February 20, 2026
- Final results of the postal ballot will be announced on or before March 31, 2026
JSW Cement has outlined an aggressive growth roadmap to increase its grinding capacity from 21.60 MTPA to 41.85 MTPA by CY 2028. The company maintains a dominant 84% market share in the high-margin GGBS segment, which is projected to grow at 14-15% CAGR, significantly faster than the broader cement industry. Key upcoming milestones include the commissioning of the Nagaur Integrated Unit in Q4 FY26, marking its entry into the North Indian market. Financial strength is supported by a recent Rs 1,600 crore IPO primary issue and a strong corporate lineage within the US$ 23 billion JSW Group.
- Targeting a total grinding capacity of 41.85 MTPA by 2028, nearly doubling current levels.
- Dominates the Indian GGBS market with an 84% share and a 16.73% sales volume CAGR over the last decade.
- Nagaur Integrated Unit (3.30 MTPA Clinker) is 97% complete and expected to commission in Q4 FY26.
- Industry-leading sustainability profile with CO2 emissions at 258 kg/ton, which is 52% lower than the peer average.
- Expanding geographic footprint into North India with new projects in Rajasthan, Punjab, and Uttar Pradesh.
JSW Cement has officially released the transcript of its earnings conference call held on February 5, 2026. The call addressed the company's unaudited standalone and consolidated financial performance for the quarter ended December 31, 2025. This disclosure provides a detailed record of management's responses to analyst queries regarding market conditions and operational efficiency. The transcript is now available for public access on the company's investor relations website.
- Transcript covers the Q3 FY26 earnings call conducted on February 5, 2026.
- Focuses on unaudited standalone and consolidated results for the period ending December 31, 2025.
- Complies with SEBI Listing Obligations and Disclosure Requirements (LODR) Regulations.
- Provides detailed management commentary on the company's financial health and strategic direction.
JSW Cement has announced its participation in two high-profile institutional investor conferences scheduled for February 2026. The management will attend the Axis Capital Flagship India Conference on February 10 and the Kotak Annual Flagship Investor Conference on February 26. Both events will take place in Mumbai and feature a mix of group and one-on-one physical meetings. The company has explicitly stated that no unpublished price-sensitive information (UPSI) will be shared during these interactions.
- Scheduled participation in Axis Capital's Flagship India Conference on February 10, 2026
- Scheduled participation in Kotak's 'Chasing Growth 2026' Investor Conference on February 26, 2026
- Meetings will be held physically in Mumbai involving both group and one-on-one formats
- Company confirms no Unpublished Price Sensitive Information (UPSI) will be disclosed
JSW Cement has officially released the audio recording of its earnings conference call held on February 5, 2026. The call focused on the company's unaudited standalone and consolidated financial results for the third quarter ended December 31, 2025. This disclosure is part of the company's regulatory compliance under SEBI Listing Obligations and Disclosure Requirements. Investors can access the recording on the company's website to hear management's detailed commentary on performance and future strategy.
- Audio recording of the Q3 FY26 results conference call is now available on the company's website.
- The conference call was conducted on February 5, 2026, at 10:00 AM IST.
- Discussion covered both standalone and consolidated financial results for the quarter ended December 31, 2025.
- The filing follows previous intimations made on January 28 and February 4, 2026.
JSW Cement reported a significant turnaround in Q3 FY26, posting a Net Profit of ₹149.46 crore compared to a loss of ₹2.72 crore in the previous year's corresponding quarter. Revenue from operations grew 8.6% YoY to ₹1,478.67 crore. The company announced a strategic international expansion with a 1.65 MTPA grinding unit in Fujairah, UAE, involving a capital expenditure of $39 million. While quarterly performance is strong, the 9-month cumulative result shows a net loss of ₹1,086.94 crore due to a massive exceptional item of ₹1,497.64 crore.
- Q3 FY26 Revenue from operations increased to ₹1,478.67 crore from ₹1,360.79 crore YoY.
- Reported a Net Profit of ₹149.46 crore in Q3 FY26 against a loss of ₹2.72 crore in Q3 FY25.
- Approved setting up a 1.65 MTPA Cement Grinding Unit in Fujairah, UAE, with a $39 million investment.
- Parth Jindal re-appointed as Managing Director for a new term effective June 20, 2026.
- 9-month FY26 bottom line impacted by a large exceptional loss of ₹1,497.64 crore.
JSW Cement reported a robust performance for Q3 FY26, with total sales volume growing 14% YoY to 3.56 million MT, primarily driven by a 17% surge in GGBS volumes. Revenue from operations increased by 13.2% to ₹1,621 crore, while operating EBITDA saw a significant jump of 31.5% to ₹285.1 crore, resulting in an EBITDA/MT of ₹802. The company is aggressively pursuing its expansion strategy, targeting a capacity of 41.85 MTPA by 2028, supported by a recent credit rating upgrade from CRISIL to AA-.
- Total sales volume grew 14% YoY to 3.56 million MT, with GGBS volumes rising 17% to 1.53 million MT.
- Operating EBITDA increased by 31.5% YoY to ₹285.1 crore, achieving an EBITDA/MT of ₹802.
- Revenue from operations rose 13.2% YoY to ₹1,621 crore with a reported PAT of ₹130.6 crore.
- CRISIL upgraded the long-term credit rating to AA-/Stable from A+/Stable during the quarter.
- Aggressive expansion target to reach 41.85 MTPA grinding capacity by CY 2028 from the current 21.60 MTPA.
JSW Cement reported a significant turnaround in Q3 FY26, posting a net profit of ₹149.46 crore compared to a loss of ₹2.72 crore in the same quarter last year. The company is embarking on international expansion by setting up a 1.65 MTPA grinding unit in Fujairah, UAE, with a total capital expenditure of USD 39 million. To fund this, the board has approved a corporate guarantee of up to USD 29.25 million for a foreign currency term loan. Leadership continuity is also secured with the re-appointment of Parth Jindal as Managing Director for a new term starting June 2026.
- Revenue from operations increased to ₹1,478.67 crore in Q3 FY26 from ₹1,360.79 crore in Q3 FY25.
- Net profit for the quarter stood at ₹149.46 crore, a sharp recovery from the ₹2.72 crore loss YoY.
- Announced a new 1.65 MTPA Cement Grinding Unit in Fujairah, UAE, involving USD 39 million in capex.
- Approved a corporate guarantee of USD 29.25 million to support debt financing for the UAE subsidiary.
- Parth Jindal re-appointed as Managing Director for a term effective from June 20, 2026.
JSW Cement reported a strong turnaround in Q3 FY26 with a standalone net profit of ₹149.46 crore, compared to a loss of ₹2.72 crore in the same period last year. The company is embarking on international expansion by setting up a 1.65 MTPA grinding unit in Fujairah, UAE, with an estimated capex of $39 million. The board also approved the re-appointment of Parth Jindal as Managing Director for a new term starting June 2026. While Q3 performance was robust, the nine-month results are weighed down by a significant exceptional loss of ₹1,497.64 crore.
- Standalone Q3 Net Profit stood at ₹149.46 crore vs a loss of ₹2.72 crore YoY.
- Revenue from operations increased to ₹1,478.67 crore in Q3 FY26 from ₹1,360.79 crore YoY.
- Approved $39 million (~₹325 crore) investment for a new 1.65 MTPA grinding unit in Fujairah, UAE.
- Parth Jindal re-appointed as Managing Director for a term starting June 20, 2026.
- Company to provide a corporate guarantee of up to $29.25 million for the UAE subsidiary's debt.
JSW Cement reported a strong turnaround in Q3 FY26 with a standalone net profit of ₹149.46 crore, compared to a loss of ₹2.72 crore in the same period last year. Revenue from operations grew 8.6% year-on-year to ₹1,478.67 crore, driven by improved operational efficiencies. The company also announced a strategic international expansion into the UAE with a 1.65 MTPA grinding unit in Fujairah involving a USD 39 million investment. Leadership continuity is secured with the re-appointment of Parth Jindal as Managing Director for a new term starting June 2026.
- Standalone Revenue for Q3 FY26 rose to ₹1,478.67 crore, up from ₹1,360.79 crore in Q3 FY25.
- Net Profit for the quarter reached ₹149.46 crore, marking a significant recovery from a loss of ₹2.72 crore YoY.
- Announced a new 1.65 MTPA Cement Grinding Unit in Fujairah, UAE, with a total capex of USD 39 million.
- Board approved a corporate guarantee of USD 29.25 million to facilitate debt funding for the UAE subsidiary.
- Parth Jindal re-appointed as Managing Director for a term starting June 20, 2026.
JSW Cement reported a strong operational recovery in Q3 FY26, with revenue from operations reaching ₹1,478.67 crore and a net profit of ₹149.46 crore, compared to a loss in the same quarter last year. The company is embarking on international expansion by setting up a 1.65 MTPA grinding unit in Fujairah, UAE, with a capital expenditure of approximately $39 million. Despite the quarterly profit, the nine-month performance remains in a net loss of ₹1,086.94 crore due to a massive exceptional item of ₹1,497.64 crore. The board also ensured leadership continuity by re-appointing Parth Jindal as Managing Director.
- Revenue from operations increased to ₹1,478.67 crore in Q3 FY26 from ₹1,360.79 crore YoY.
- Quarterly Net Profit stood at ₹149.46 crore, a significant turnaround from a loss of ₹2.72 crore in Q3 FY25.
- Announced a $39 million investment for a new 1.65 MTPA Cement Grinding Unit in Fujairah, UAE.
- Board approved a corporate guarantee of up to $29.25 million for the UAE subsidiary's term loan.
- Parth Jindal re-appointed as Managing Director effective June 20, 2026.
JSW Cement reported a strong turnaround in Q3 FY26 with a standalone net profit of ₹149.46 crore, compared to a loss of ₹2.72 crore in the same quarter last year. Revenue from operations grew 8.7% year-on-year to ₹1,478.67 crore. Despite the quarterly profit, the company faces a nine-month net loss of ₹1,086.94 crore primarily due to a massive exceptional item of ₹1,497.64 crore. Strategically, the board approved a $39 million international expansion to set up a 1.65 MTPA grinding unit in Fujairah, UAE.
- Standalone Q3 revenue increased to ₹1,478.67 crore from ₹1,360.79 crore YoY.
- Net profit for the quarter stood at ₹149.46 crore, reversing a year-ago loss.
- Approved $39 million capex for a new 1.65 MTPA Cement Grinding Unit in Fujairah, UAE.
- Parth Jindal re-appointed as Managing Director for a new term effective June 20, 2026.
- Company to provide corporate guarantee up to $29.25 million for the UAE subsidiary's debt.
JSW Cement has announced the successful completion of its divestment of Algebra Endeavour Private Limited to Nuvoco Vistas Corporation Limited. The transaction involves the transfer of 100% of the securities of Algebra, which is the holding company of Vadraj Energy (Gujarat) Limited. This deal, originally initiated in November 2025, marks a significant exit for JSW Cement and its partner Alpha Alternatives. The completion of this sale is expected to streamline JSW Cement's portfolio and potentially improve its liquidity position.
- Completed the transfer of 100% securities of Algebra Endeavour Private Limited to Nuvoco Vistas Corporation.
- Algebra Endeavour is the holding company for Vadraj Energy (Gujarat) Limited, which owns power plants in Kutch and Surat.
- The transaction was finalized on February 3, 2026, following the initial agreement signed in November 2025.
- JSW Cement acted as a primary seller alongside Alpha Alternatives Holdings Private Limited.
- The divestment aligns with the company's strategy to optimize its asset base and focus on core cement operations.
Financial Performance
Revenue Growth by Segment
Consolidated revenue for H1 FY26 reached INR 2,996.3 Cr, representing a 12.2% YoY growth compared to INR 2,671.0 Cr in H1 FY25. Q2 FY26 revenue grew 17.4% YoY to INR 1,436.4 Cr. However, FY25 annual revenue saw a 3% decline to INR 6,643 Cr from INR 6,855 Cr in FY24 due to pricing pressures.
Geographic Revenue Split
Capacity is distributed across South India (11.0 MTPA or 51%), East India (6.1 MTPA or 28%), and West India (4.5 MTPA or 21%). The company is expanding into the North/Central region with a new integrated unit in Rajasthan to diversify its revenue base.
Profitability Margins
Adjusted Profit After Tax for H1 FY26 was INR 175.3 Cr, a significant improvement from a loss of INR 28.8 Cr in H1 FY25. Reported PAT for H1 FY26 was a loss of INR 1,291.1 Cr due to a one-time non-cash fair value expense of INR 1,466.4 Cr related to CCPS conversion. FY25 PAT margin was -4.8% (INR -318 Cr loss).
EBITDA Margin
Operating EBITDA margin improved to 19.7% in H1 FY26 (INR 590.2 Cr) from 14.8% in H1 FY25 (INR 395.9 Cr). EBITDA per ton increased 49.1% YoY to INR 919 in H1 FY26, driven by lower fuel costs and better operating leverage.
Capital Expenditure
The company has planned a sizeable capital expenditure of INR 6,000-6,500 Cr over fiscals 2026-2028 to increase grinding capacity from 21.6 MTPA to 32 MTPA. This includes greenfield and brownfield projects to enhance geographical reach.
Credit Rating & Borrowing
Ratings were upgraded in October 2025 to 'Crisil AA-/Stable' for long-term and 'Crisil A1+' for short-term facilities. Financial flexibility is bolstered by the INR 1,600 Cr fresh equity from the August 2025 IPO and group support.
Operational Drivers
Raw Materials
Key raw materials include Slag (sourced from JSW Steel), Clinker, and Coal. Slag is a primary input for Portland Slag Cement (PSC) and Ground Granulated Blast Furnace Slag (GGBS), which are the company's core sustainable products.
Import Sources
Slag is sourced domestically from JSW Steel plants in Vijayanagar (Karnataka) and Dolvi (Maharashtra). Coal is procured through centralized group arrangements, likely involving international imports for thermal requirements.
Key Suppliers
Primary suppliers are JSW Group entities: JSW Steel Ltd for slag, JSW Energy Ltd for power, and JSW Infrastructure Ltd for port services. This vertical integration ensures supply security and cost efficiencies.
Capacity Expansion
Current installed grinding capacity is 21.6 MTPA as of October 2025. It is expected to reach 24.1 MTPA by Q4 FY26 via the Rajasthan unit and scale to ~32 MTPA by fiscal 2028.
Raw Material Costs
Raw material costs are optimized through co-location with JSW Steel, which minimizes inward logistics for slag. Operating expenses for H1 FY26 were INR 2,406.1 Cr, up 10.2% YoY, trailing revenue growth and indicating improved efficiency.
Manufacturing Efficiency
Manufacturing efficiency is driven by the use of more efficient new units and an increasing share of blended cement. Lead distance for logistics was reduced to 283km in Q2 FY26, down 1.5% YoY, lowering freight costs.
Logistics & Distribution
Logistics costs are a major component; the company uses JSW Infrastructure for port-based movements and benefits from co-location of grinding units with JSW Steel plants to minimize slag transport costs.
Strategic Growth
Expected Growth Rate
12.96%
Growth Strategy
Growth will be achieved by expanding grinding capacity to 32 MTPA by FY28, entering the North and Central Indian markets (Rajasthan integrated unit), and leveraging the 'JSW' brand. The strategy focuses on being the leader in eco-friendly GGBS and PSC cement segments.
Products & Services
Portland Slag Cement (PSC), Ordinary Portland Cement (OPC), Concreel HD (CHD), Ground Granulated Blast Furnace Slag (GGBS), and Composite Cement (CPC).
Brand Portfolio
JSW Cement, Concreel HD (CHD).
New Products/Services
Expansion into the New Energy Vehicle (NEV) space via JSW MG Motor India (35% stake) and B2B e-commerce platforms are group-level diversifications that provide ecosystem support.
Market Expansion
Targeting a Pan-India presence by moving beyond South/East/West strongholds into Central and North India by FY28.
Market Share & Ranking
Identified as one of India's fastest-growing cement manufacturers with a current grinding capacity of 21.6 MTPA.
Strategic Alliances
Joint Venture JSW Cement FZC in the UAE for clinker production (2.31 MTPA capacity) and a commercial arrangement with Bhushan Power and Steel Limited for grinding units.
External Factors
Industry Trends
The industry is shifting toward green cement; JSW Cement is positioned as a leader in low CO2 emission intensity. The sector is seeing consolidation and aggressive capacity additions by top players.
Competitive Landscape
Competes with major Indian cement players; dynamics are driven by regional supply-demand balances and the ability to manage logistics costs.
Competitive Moat
The primary moat is the 'Group Synergy'—access to low-cost slag from JSW Steel and co-location benefits. This provides a sustainable cost advantage in the PSC and GGBS segments that competitors cannot easily replicate.
Macro Economic Sensitivity
Highly sensitive to infrastructure spending and GDP growth, as cement demand is directly linked to construction activity in roads, railways, and housing.
Consumer Behavior
Increasing adoption of GGBS by RMC players and government agencies for infrastructure projects due to regulatory certifications and sustainability mandates.
Geopolitical Risks
Exposure to international fuel prices (coal) and operations in the UAE (JSW Cement FZC) introduce global commodity and regional geopolitical risks.
Regulatory & Governance
Industry Regulations
Operations are subject to environmental pollution norms for cement plants and regulatory certifications for GGBS usage in public infrastructure like metros and airports.
Environmental Compliance
The company focuses on low CO2 intensity products (GGBS/PSC). Specific ESG compliance costs in INR are not disclosed, but sustainability is a core strategic pillar.
Taxation Policy Impact
Tax expense for H1 FY26 was INR 110.7 Cr on an adjusted basis. The company follows standard Indian corporate tax norms.
Risk Analysis
Key Uncertainties
Execution risk associated with the INR 6,500 Cr capacity expansion and the ability to ramp up utilization in new markets like Rajasthan.
Geographic Concentration Risk
Currently 51% of capacity is concentrated in South India (11.0 MTPA), making the company vulnerable to regional price wars or demand slumps in that belt.
Third Party Dependencies
Heavy reliance on JSW Steel for slag; any reduction in steel production would directly impact JSW Cement's raw material security for its blended cement portfolio.
Technology Obsolescence Risk
Low risk in core cement, but the company is proactively investing in R&D for microfine GGBS and digital transformation of its B2B sales platform.
Credit & Counterparty Risk
Receivables of 45-55 days indicate moderate credit risk from institutional clients, though the 'Strong' liquidity profile (INR 935 Cr cash) provides a buffer.