JSW Cement Limited (JSWCEMENT) — Financial Results | 19 August 2026

Investor Takeaways

• Revenue grew 22% YoY to INR1,896 crores in Q1 FY27, driven by 15% volume growth and 6% QoQ ASP increase.
• PAT stood at INR153 crores with operating EBITDA of INR299 crores.
• Management highlighted strong infrastructure demand in North (11% YoY growth) and robust project pipelines including bullet train and metro projects.
• Capex plans include INR2,300 crores in FY26 and INR2,000 crores in FY27 toward expanding capacity from 24.1M to 43.5M tons.
• Targeting net debt/EBITDA below 3.0x by FY28-29 and green energy share at 63% by FY27.
• Rajasthan plant to achieve 60%+ full-year utilization; North operations to breakeven on EBITDA in Q2 FY27.

Overall Tone: Positive

Key Financial Highlights

What Changed

JSW Cement reported consolidated revenue of INR1,896 crores in Q1 FY27, up 22% YoY, driven by 15% volume growth to 3.81 million tons and a 6% QoQ ASP increase to INR4,951/ton. PAT stood at INR153 crores with operating EBITDA of INR299 crores. Management highlighted strong infrastructure demand in North (11% YoY growth) and robust project pipelines including bullet train and metro projects. Capex plans include INR2,300 crores in FY26 and INR2,000 crores in FY27 toward expanding capacity from 24.1M to 43.5M tons, targeting net debt/EBITDA below 3.0x by FY28-29. Green energy share is targeted at 63% by FY27, up from 49% by Q4 FY26. The company also noted Rajasthan plant to achieve 60%+ full-year utilization and North operations to breakeven on EBITDA in Q2 FY27.

Peer Comparison

JSW Cement's valuation metrics are not directly comparable to peers due to lack of available P/E, ROE, and ROCE data in the provided fundamentals. However, its peers show higher ROCE and P/E ratios, indicating varying capital efficiency and growth expectations across the sector.

Risks & Concerns

• No specific risks identified in this filing.

Quarterly Trend

Not available