JSW Cement Limited (JSWCEMENT)
₹114.71 +1.32% last close, 16 Oct
Q2 FY27 results
📅 Next results: 27 Oct 2026 (board meeting)JSW Cement Limited's board meets on 27 Oct 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, JSW Cement's revenue was ₹1,896 Cr (+21.6% year on year, +0.1% on the previous quarter), and net profit ₹153 Cr (against a loss a year earlier); the operating margin was 15.7%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹1,896 | +21.6% | +0.1% |
| Operating profit | ₹299 | -7.6% | -18.2% |
| Net profit | ₹153 | from loss | -57.6% |
| EPS (₹) | 1.20 | from loss | -55.9% |
| Operating margin | 15.7% | — | — |
JSWCEMENT delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 53.53% of the JSWCEMENT shares traded on NSE were taken to delivery, against the stock's own 20-session average of 56.12%. That is close to its usual level.
Delivery in the last 5 sessions: 53.5% · 67.7% · 48.5% · 49.0% · 53.5%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
JSW Cement has commissioned an additional 1.00 MTPA grinding unit at its Nagaur Integrated Plant in Rajasthan, taking its overall grinding capacity to 25.10 MTPA and Nagaur's plant capacity to 3.50 MTPA. The plant's clinkerisation capacity remains at 3.30 MTPA, while group total clinker capacity stands at 9.74 MTPA. Additionally, the company commissioned an Alternate Fuel Handling System and a Waste Heat Recovery System (WHRS) at the site during Q2 FY27. This expansion is aimed at strengthening regional supply into Rajasthan, Haryana, Punjab, and NCR.
- Commissioned 1.00 MTPA grinding unit at Nagaur, increasing total grinding capacity to 25.10 MTPA (a ~4.1% increase)
- Nagaur plant's cement grinding capacity expanded from 2.50 MTPA to 3.50 MTPA
- Total clinker manufacturing capacity stands at 9.74 MTPA, including JV JSW Cement FZC
- Commissioned Waste Heat Recovery System (WHRS) and Alternate Fuel Handling System during Q2 FY27 to reduce operating costs
JSW Cement Limited has commissioned an additional 1 MTPA cement grinding unit at its Nagaur facility in Rajasthan. This expansion increases the Nagaur plant's grinding capacity to 3.50 MTPA and the company's overall grinding capacity from 24.1 MTPA to 25.1 MTPA (a ~4.1% increase). The total clinker manufacturing capacity across operations, including JV JSW Cement FZC, stands at 9.74 MTPA. The commissioning strengthens the company's planned penetration into Northern India as it tracks toward a targeted 32 MTPA capacity by FY28.
- Commissioned an additional 1 MTPA grinding unit at Nagaur, Rajasthan
- Nagaur plant's total cement grinding capacity raised to 3.50 MTPA
- Overall company grinding capacity increased to 25.1 MTPA
- Total clinker manufacturing capacity stands at 9.74 MTPA (including JV JSW Cement FZC)
JSW Cement's Board has approved a Scheme of Arrangement to amalgamate its listed subsidiary, Shiva Cement Limited, to create a unified cement platform. Under the proposed swap ratio, Shiva Cement shareholders will receive 5 equity shares of JSW Cement (face value INR 10) for every 41 shares held (face value INR 2). The consolidation integrates Shiva Cement's clinker and 1.0 MTPA grinding capacity, supporting JSW Cement's total operational grinding capacity of 24.10 MTPA. The transaction is subject to regulatory and NCLT approvals and is targeted for completion in 12-14 months.
- Share swap ratio set at 5 equity shares of JSW Cement (FV INR 10) for every 41 equity shares of Shiva Cement (FV INR 2)
- Expected transaction completion timeline of 12-14 months, subject to NCLT and statutory clearances
- Consolidates Shiva Cement's clinker facility and 1.0 MTPA Sambalpur grinding unit into JSW Cement's 24.10 MTPA base
- Aims to unlock raw material synergies, lower financing costs, and eliminate inter-company guarantees
JSW Cement's board has approved a Scheme of Amalgamation to merge its 66.23%-owned subsidiary, Shiva Cement Limited (SCL), into itself. Eligible public shareholders of SCL will receive 5 equity shares of JSW Cement (face value Rs 10) for every 41 equity shares held in SCL (face value Rs 2). The transaction brings SCL's 1.32 MTPA clinker manufacturing facility at Sundargarh, Odisha, entirely under JSW Cement to enhance backward integration. JSW Cement's equity share count will marginally increase from 136.34 crore shares to 137.55 crore shares, diluting promoter holding slightly from 72.02% to 71.39%.
- Share swap ratio of 5 JSW Cement shares (FV Rs 10) for every 41 Shiva Cement shares (FV Rs 2)
- JSW Cement holds 66.23% in Shiva Cement, which will be cancelled upon amalgamation
- Integrates Shiva Cement's 1.32 MTPA clinker manufacturing unit at Sundargarh, Odisha
- JSW Cement total equity shares to increase from 1,36,33,64,936 to 1,37,55,13,537 post-merger
- Appointed date for the scheme of arrangement is April 01, 2026
JSW Cement's board has approved a Scheme of Amalgamation to merge its 66.23%-owned subsidiary, Shiva Cement Limited (SCL), into itself. Eligible public shareholders of SCL will receive 5 equity shares of JSW Cement (face value Rs 10) for every 41 equity shares held in SCL (face value Rs 2). The transaction brings SCL's 1.32 MTPA clinker manufacturing facility at Sundargarh, Odisha, entirely under JSW Cement to enhance backward integration. JSW Cement's equity share count will marginally increase from 136.34 crore shares to 137.55 crore shares, diluting promoter holding slightly from 72.02% to 71.39%.
- Share swap ratio of 5 JSW Cement shares (FV Rs 10) for every 41 Shiva Cement shares (FV Rs 2)
- JSW Cement holds 66.23% in Shiva Cement, which will be cancelled upon amalgamation
- Integrates Shiva Cement's 1.32 MTPA clinker manufacturing unit at Sundargarh, Odisha
- JSW Cement total equity shares to increase from 1,36,33,64,936 to 1,37,55,13,537 post-merger
- Appointed date for the scheme of arrangement is April 01, 2026
JSW Cement has received a Show Cause Notice from the Additional Commissioner of Central Tax, Belagavi Audit Commissionerate, alleging short payment of GST due to incorrect classification for the period April 2022 to March 2024. The authority has proposed a total GST demand of ₹229.85 crore along with applicable interest and a 10% penalty (~₹22.99 crore) under Section 73 of the CGST Act, 2017. The principal demand represents approximately 3.6% of the company's TTM revenue of ₹6,399 crore. JSW Cement stated that it is in the process of filing a reply and does not foresee a material operational impact.
- Proposed GST demand of ₹229,85,36,623 (₹229.85 crore) covering April 2022 to March 2024
- Notice includes proposed 10% penalty under Section 73 plus applicable interest under Section 50
- Demand breakdown: IGST of ₹121.75 crore, CGST of ₹54.05 crore, and SGST of ₹54.05 crore
- Issued by Additional Commissioner of Central Tax, Belagavi Audit Commissionerate on September 24, 2026
JSW Cement Limited has informed the exchanges regarding its scheduled participation in two upcoming institutional investor conferences. The management will attend the 2026 Jefferies India Forum on September 18, 2026, in Gurgaon, followed by the PL Capital Mid & Small Cap Conference on September 29, 2026, in Mumbai. Both events will involve physical group and one-on-one meetings. The company confirmed that no Unpublished Price Sensitive Information (UPSI) will be shared during these interactions.
- Management to attend 2026 Jefferies India Forum in Gurgaon on 18th Sep 2026
- Scheduled participation in PL Capital Mid & Small Cap Conference in Mumbai on 29th Sep 2026
- Formats comprise both physical group and one-on-one meetings
- Explicit confirmation that no Unpublished Price Sensitive Information (UPSI) will be discussed
JSW Cement received a credit rating of 'IND AA-/Stable' from India Ratings and Research for its proposed ₹500 crore (₹5,000 million) Non-Convertible Debentures (NCDs). Simultaneously, the rating agency affirmed 'IND AA-/Stable/IND A1+' ratings on the company's ₹3,249 crore (₹32,490 million) bank loan facilities. The proposed ₹500 crore debenture issue represents approximately 4.5% of the company's current market capitalization of ₹11,193 crore. The ratings affirm stable access to credit markets as the company works toward expanding its grinding capacity to 32 MTPA by FY28.
- Assigned 'IND AA-/Stable' rating to proposed Non-Convertible Debentures of ₹5,000 million (₹500 crore)
- Affirmed 'IND AA-/Stable/IND A1+' ratings on ₹32,490 million (₹3,249 crore) bank loan facilities
- Bank facilities include ₹13,888 million in proposed loans and ₹5,212 million across Canara Bank and Axis Bank term loans
- Fund-based working capital limits of ₹4,390 million maintained across Axis Bank, Kotak Mahindra Bank, and Indian Bank
JSW Cement has received a Show Cause Notice from the Joint Commissioner of State Tax, Jajpur, proposing an aggregate demand of ₹55.98 Cr for FY 2022-23. The demand includes ₹32.88 Cr in tax, ₹19.81 Cr in interest, and ₹3.29 Cr in penalties related to return reconciliations and input tax credit validations. The total demand accounts for ~0.87% of the company's TTM revenue (₹6,399 Cr). The company stated it has sufficient supporting records and is preparing to file a reply and contest the matter.
- Received Show Cause Notice from Joint Commissioner of State Tax, Jajpur on 29th August 2026 for FY 2022-23.
- Total proposed demand aggregates to ₹55,97,98,020 (~₹55.98 Cr).
- Demand breakdown: Tax of ₹32,87,84,279, Interest of ₹19,81,35,312, and Penalty of ₹3,28,78,429.
- Proposed demand represents ~0.87% of TTM revenue (₹6,399 Cr).
JSW Cement has released its corporate investor presentation for August 2026, summarizing its operational footprint and financial trajectory. The company reports an installed grinding capacity of 24.10 MTPA and clinker capacity of 9.74 MTPA, targeting an expansion to ~43 MTPA. In Q1 FY27, consolidated Net Debt stood at ₹3,856 crore with Net Debt/Equity at 0.57x, while PAT stood at ₹153.4 crore. JSW Cement also highlighted its dominant ~84% all-India market share in Ground Granulated Blast Furnace Slag (GGBS).
- Installed grinding capacity reached 24.10 MTPA across 8 units and clinker capacity reached 9.74 MTPA, with a roadmap to reach ~43 MTPA.
- Holds ~84% all-India market share in GGBS, representing 41% (5.78 MMT) of total sales volume in FY26.
- Consolidated Net Debt as of Q1 FY27 stood at ₹3,856 crore (Net Debt/Equity of 0.57x and Net Debt/TTM EBITDA of 2.95x).
- Reported Q1 FY27 PAT of ₹153.4 crore compared to an adjusted PAT of ₹100.0 crore in Q1 FY26.
JSW Cement Limited received a Show Cause Notice on August 25, 2026, from the Joint Commissioner, Haldia CGST & CX Commissionerate. The notice proposes a GST demand of ₹13,90,55,461 (along with applicable interest and equivalent penalty) under Section 74 of the CGST Act, alleging excess Input Tax Credit (ITC) availment in FY 2020-21. The disputed amount comprises ₹11.21 Cr IGST, ₹1.35 Cr CGST, and ₹1.35 Cr SGST. The company stated it is in the process of filing a reply and expects no material impact on its operations.
- Received Show Cause Notice on August 25, 2026, under Section 74 of the CGST Act 2017
- Total GST demand proposed is ₹13,90,55,461 plus applicable interest and equivalent penalty
- Tax demand consists of IGST of ₹11,21,33,691, CGST of ₹1,34,60,888, and SGST of ₹1,34,60,882
- Pertains to alleged unsupported excess Input Tax Credit (ITC) claims during FY 2020-21
JSW Cement Limited received a Show Cause Notice on August 20, 2026, from the Office of the Additional Commissioner, Central Tax (Audit), Guntur. The notice proposes a total GST demand of ₹81.03 Cr along with applicable interest and equivalent penalty under Section 74 of the CGST Act, 2017 for the period FY 2020-21 to FY 2022-23. The allegations pertain to post-sale discount deductions, Input Tax Credit (ITC) eligibility, SEZ supply proofs, and RCM compliances. The company is in the process of filing a reply and stated that there is no material impact on operations.
- Total proposed GST demand is ₹81,03,42,387, plus applicable interest and equivalent penalty.
- Breakdown comprises IGST of ₹48,26,82,179, CGST of ₹16,38,30,104, and APGST of ₹16,38,30,104.
- Notice covers audit observations across FY 2020-21 to FY 2022-23 under Section 74 of the CGST Act.
- Key disputes involve Section 15 discount treatments, Section 16/17 ITC availment, and reverse charge mechanisms.
JSW Cement reported a 22% YoY increase in Q1 FY27 consolidated revenue to ₹1,896 crore, supported by a 15% YoY volume growth to 3.81 million tons. Operating EBITDA fell 7.5% YoY to ₹299 crore (EBITDA/t at ₹784) owing to higher fuel costs and initial North India market entry investments of ~₹33 crore. PAT for the quarter stood at ₹153 crore. Management reiterated its full-year FY27 capex guidance of ₹2,300 crore (~35.9% of TTM revenue) to support capacity expansion across Nagaur, Fujairah, and Dolvi.
- Consolidated revenue rose 22% YoY to ₹1,896 crore, while operating EBITDA reached ₹299 crore (-7.5% YoY) with ₹784/ton.
- Total sales volume increased 15% YoY to 3.81 million tons, driven by a 27% YoY surge in cement volumes to 2.34 million tons.
- Reiterated full-year FY27 capex target of ₹2,300 crore, having spent ₹337 crore in Q1 FY27.
- Nagaur integrated plant achieved 55% average utilization in Q1 (68% in June 2026), with ₹2,400–2,500 crore incurred out of ₹3,500 crore capex.
JSW Cement Limited has received a Show Cause cum Demand Notice from the Joint Commissioner, Central Tax (Audit), Kolkata on August 18, 2026. The notice proposes a total GST demand of ₹10,26,58,291 (IGST: ₹3.89 Cr, CGST: ₹3.19 Cr, SGST: ₹3.19 Cr) along with applicable interest and equivalent penalty under Section 74 of the CGST Act. The allegations relate to input tax credit (ITC) availment mismatches and reverse charge short payments between FY 2020-21 and FY 2023-24. The total demand represents ~0.16% of the company's TTM revenue of ₹6,399 Cr, and management has stated there is no material financial impact.
- Total GST demand proposed is ₹10,26,58,291 along with applicable interest and equivalent penalty
- Demand breakdown: IGST of ₹3,89,43,279, CGST of ₹3,18,57,509, and SGST of ₹3,18,57,503
- Pertains to ITC discrepancies, GSTR-3B vs GSTR-2A mismatches, and RCM short payments for FY21 to FY24
- Company is in the process of filing a formal reply to contest the show cause notice
JSW Cement has made the audio recording of its Q1 FY27 results conference call available to the public, following the management meeting held on August 14, 2026. The company reported a revenue of ₹1,896.41 crore and a net profit of ₹153.43 crore for the quarter ended June 2026, showing a recovery from the net loss of ₹1,126.36 crore in FY26. The discussion likely covered the company's progress toward its 32 MTPA grinding capacity target by FY28. This filing is a standard regulatory requirement under SEBI LODR Regulations.
- Conference call held on August 14, 2026, at 10:00 a.m. IST to discuss Q1 FY27 results.
- Q1 FY27 revenue reported at ₹1,896.41 crore, representing approximately 30% of TTM revenue.
- Net profit for the quarter stood at ₹153.43 crore, compared to a TTM PAT of ₹-973 crore.
- Management is targeting a capacity expansion from 21.6 MTPA to 32 MTPA by FY28.
- Recording is accessible via the company's official website as per Regulation 30 and 46(2).
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.
