JSW Cement Ltd.

•

jswcement.inBSE: 544480NSE: JSWCEMENT

Market Cap₹ 16,476 Cr.

Current Price

High / Low₹ 153 / 107

Stock P/E21.7

Book Value₹ 48

Price to Book2.30

Dividend Yield0.41 %

ROCE-4.2 %

ROE-18.5 %

Face Value₹ 10

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ABOUT

AI Sector View

AI GENERATED

Construction Materials

Buy

Construction materials remain supported by healthy building activity. Core industries cement growth accelerated to 13.1% YoY (2026-07), while finished steel consumption was 8.0% YoY (2026-06); steel output itself was softer at 2.9% YoY (2026-07). FPI positioning is still mildly negative at INR -497 crore over 3 months to 2026-08-31, but the fundamental demand backdrop remains constructive.

Confidence

69%

View full sector analysis →

PROS

Latest quarter profit grew 111.2% YoY, showing strong momentum
Operating margins have improved to 17.0% from 13.2%
Institutional investors have been accumulating - FII+DII up 6.0pp
Company generates healthy free cash flow

CONS

Company is loss-making at the operating / net level
Promoter holding has decreased over last 2 years: -28.0pp
Company has a low return on equity of -7.6% over last 3 years
Company has a low return on capital employed of 3.0%
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -3.68x)
Interest coverage is weak at -1.1x - earnings barely cover interest

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Construction MaterialsConstruction MaterialsCement & Construction Materials

Part ofNIFTY TOTAL MKT NIFTY 500 NIFTY SMLCAP 250

S.No.	Name
1.	ULTRACEMCO	10896.00	37.60	321082.42	2.20	2603.72	17.24	24648.20	15.85	13.25	20.35
2.	AMBUJACEM	396.05	22.49	98411.18	0.51	660.00	-31.93	9500.00	-7.67	6.24	16.78
3.	SHREECEM	22911.30	50.71	82665.68	0.65	531.12	-17.48	6233.13	18.03	10.61	20.41
4.	JKCEMENT	4989.80	40.78	38555.31	0.40	274.62	-15.31	4031.72	20.26	14.89	16.07
5.	DALBHARAT	1734.10	34.86	32525.81	0.52	192.00	-51.39	3890.00	6.99	8.15	20.69
6.	ACC	1257.80	12.37	23619.88	0.60	147.00	-60.84	5808.00	-4.59	11.60	7.90
7.	RAMCOCEM	865.45	31.71	20449.92	0.29	31.24	-63.06	2273.05	9.60	10.75	13.49
8.	JSWCEMENT	120.85	21.67	16476.27	0.41	153.43	111.23	1896.41	21.58	-4.21	16.41
9.	NUVOCO	335.15	31.01	11970.09	0.00	159.63	19.88	3128.71	8.91	7.11	18.16
10.	INDIACEM	351.65	117.82	10897.54	0.00	26.85	120.20	1019.42	-0.52	0.30	15.28
11.	STARCEMENT	191.50	20.94	7740.05	0.52	73.91	-24.71	942.89	3.39	8.42	20.63
12.	BIRLACORPN	836.25	11.63	6439.57	1.49	115.73	-3.21	2646.45	7.83	10.88	12.93

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	1,447	1,224	1,433	1,709	1,560	1,436	1,621	1,895	1,896
	1,247	1,099	1,284	1,469	1,237	1,169	1,336	1,530	1,793
Operating Profit	200	125	149	240	323	268	285	365	104
OPM %	13.81%	10.23%	10.37%	14.05%	20.69%	18.62%	17.58%	19.27%	5.47%
	24	27	28	21	-1,444	24	52	16	74
Interest	110	109	116	114	102	100	87	89	97
Depreciation	74	77	81	79	78	80	81	84	98
Profit before Tax	40	-34	-20	69	-1,302	111	170	209	190
Tax %	80.44%	-3.86%	-133.91%	86.36%	-4.98%	41.22%	31.65%	-70.28%	19.32%
Net Profit	0	0	0	0	-1,366	75	131	362	153
	-0.15	-0.65	-0.70	0.35	-13.75	0.71	1.06	2.77	1.20

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	1,415	1,717	2,722	2,928	3,862	4,669	5,837	6,028	5,813	6,512	6,849
	1,108	1,290	2,282	2,326	3,039	3,912	5,155	5,095	5,099	5,272	5,828
Operating Profit	306	427	441	602	822	756	681	933	714	1,240	1,021
OPM %	21.66%	24.87%	16.18%	20.56%	21.30%	16.20%	11.68%	15.48%	12.28%	19.04%	14.91%
	92	14	50	40	26	195	145	86	102	-1,352	166
Interest	134	195	237	268	291	315	310	435	450	378	373
Depreciation	54	81	116	145	179	238	373	278	310	322	342
Profit before Tax	210	164	137	230	379	397	125	224	-44	-781	680
Tax %	45.77%	4.07%	34.04%	32.84%	34.16%	41.36%	16.67%	72.36%	-275.25%	-2.25%	-1.54%
Net Profit	114	158	90	154	250	233	104	62	-164	-799	690
EPS	2.47	2.42	0.92	1.56	2.62	2.46	1.37	0.91	-1.16	-5.64	—
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-8.87%	—

COMPOUNDED SALES GROWTH

10 Years:: 18%
5 Years:: 11%
3 Years:: 4%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: —
3 Years:: —

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: -18%

RETURN ON EQUITY

10 Years:: 7%
5 Years:: -1%
3 Years:: -8%
Last Year:: -18%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	451	986	986	986	986	986	986	986	986	1,341
Minority Interest	0	24	13	3	-7	-19	-51	-79	20	-23
	87	264	363	533	798	1,098	1,226	1,385	1,215	5,101
	1,843	2,215	2,565	3,178	3,391	5,033	5,632	5,095	5,654	3,595
Trade Payables	342	506	728	788	914	1,083	1,084	1,222	1,238	1,439
	389	420	490	681	827	1,040	1,259	2,607	2,768	2,932
Total Liabilities	3,111	4,414	5,147	6,169	6,909	9,221	10,136	11,216	11,881	14,385
	1,510	2,637	3,079	3,293	4,224	4,573	4,645	6,189	6,785	8,480
Capital Work in Progress	651	453	391	916	289	872	1,575	739	1,025	958
	160	27	29	320	354	484	714	759	345	290
	158	229	280	459	349	460	448	475	428	602
	0	0	0	0	0	0	0	783	782	854
Cash & Bank	126	295	37	114	136	555	55	316	124	500
	507	773	1,331	1,067	1,557	2,277	2,698	1,955	2,393	2,703
Total Assets	3,111	4,414	5,147	6,169	6,909	9,221	10,136	11,216	11,881	14,385

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	285	458	478	767	839	408	760	1,408	737	1,170
Cash from Investing	-740	-1,000	-824	-765	-686	-1,530	-1,793	-1,120	-558	-1,649
Cash from Financing	599	741	125	119	-95	1,260	1,041	-221	-232	861
	108	169	-257	77	1	69	-99	67	-53	382

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Aug 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	100.00	100.00	100.00	100.00	72.33	72.33	72.33	72.03	72.02
	0.00	0.00	0.00	0.00	4.38	4.13	3.03	2.94	3.70
	0.00	0.00	0.00	0.00	4.77	7.86	8.08	8.72	11.47
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	0.00	0.00	0.00	0.00	18.51	15.65	16.56	16.32	12.81

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-08

Credit Rating- New

2026-09-08 - Please find attached disclosure of Credit rating pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015

2026-08-29

Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company

2026-08-29 - Please find attached disclosure Under Regulation 30 Of The Securities And Exchange Board Of India (Listing Obligations And Disclosure Requirements) Regulations, 2015

2026-08-28

Investor Presentation

2026-08-28 - JSW Cement Limited has informed the Exchange about Investor Presentation

2026-08-26

Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company

2026-08-26 - Please find attached the disclosure under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015

2026-08-21

Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company

2026-08-21 - Please find attached disclosure under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

2026-08-19

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-19 - Please find enclosed herewith Earnings Call Transcript for the Results Conference call held on 14th August, 2026.

2026-08-19

Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company

2026-08-19 - Please find attached intimation under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

2026-08-14

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-14 - JSW Cement Limited has informed the Exchange about Link of Recording

2026-08-13

Investor Presentation

2026-08-13 - JSW Cement Limited has informed the Exchange about Investor Presentation

News

Recent coverage and analyst commentary for JSWCEMENT

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JSW Cement Ltd.

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Name

ULTRACEMCO

10896.00

37.60

321082.42

2.20

2603.72

17.24

24648.20

15.85

13.25

20.35

AMBUJACEM

396.05

22.49

98411.18

0.51

660.00

-31.93

9500.00

-7.67

6.24

16.78

SHREECEM

22911.30

50.71

82665.68

0.65

531.12

-17.48

6233.13

18.03

10.61

20.41

JKCEMENT

4989.80

40.78

38555.31

0.40

274.62

-15.31

4031.72

20.26

14.89

16.07

DALBHARAT

1734.10

34.86

32525.81

0.52

192.00

-51.39

3890.00

6.99

8.15

20.69

ACC

1257.80

12.37

23619.88

0.60

147.00

-60.84

5808.00

-4.59

11.60

7.90

RAMCOCEM

865.45

31.71

20449.92

0.29

31.24

-63.06

2273.05

9.60

10.75

13.49

JSWCEMENT

120.85

21.67

16476.27

0.41

153.43

111.23

1896.41

21.58

-4.21

16.41

NUVOCO

335.15

31.01

11970.09

0.00

159.63

19.88

3128.71

8.91

7.11

18.16

INDIACEM

351.65

117.82

10897.54

0.00

26.85

120.20

1019.42

-0.52

0.30

15.28

STARCEMENT

191.50

20.94

7740.05

0.52

73.91

-24.71

942.89

3.39

8.42

20.63

BIRLACORPN

836.25

11.63

6439.57

1.49

115.73

-3.21

2646.45

7.83

10.88

12.93

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

1,447

1,224

1,433

1,709

1,560

1,436

1,621

1,895

1,896

1,247

1,099

1,284

1,469

1,237

1,169

1,336

1,530

1,793

Operating Profit

200

125

149

240

323

268

285

365

104

OPM %

13.81%

10.23%

10.37%

14.05%

20.69%

18.62%

17.58%

19.27%

5.47%

-1,444

Interest

110

109

116

114

102

100

Depreciation

Profit before Tax

-34

-20

-1,302

111

170

209

190

Tax %

80.44%

-3.86%

-133.91%

86.36%

-4.98%

41.22%

31.65%

-70.28%

19.32%

Net Profit

-1,366

131

362

153

-0.15

-0.65

-0.70

0.35

-13.75

0.71

1.06

2.77

1.20

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

1,415

1,717

2,722

2,928

3,862

4,669

5,837

6,028

5,813

6,512

6,849

1,108

1,290

2,282

2,326

3,039

3,912

5,155

5,095

5,099

5,272

5,828

Operating Profit

306

427

441

602

822

756

681

933

714

1,240

1,021

OPM %

21.66%

24.87%

16.18%

20.56%

21.30%

16.20%

11.68%

15.48%

12.28%

19.04%

14.91%

195

145

102

-1,352

166

Interest

134

195

237

268

291

315

310

435

450

378

373

Depreciation

116

145

179

238

373

278

310

322

342

Profit before Tax

210

164

137

230

379

397

125

224

-44

-781

680

Tax %

45.77%

4.07%

34.04%

32.84%

34.16%

41.36%

16.67%

72.36%

-275.25%

-2.25%

-1.54%

Net Profit

114

158

154

250

233

104

-164

-799

690

EPS

2.47

2.42

0.92

1.56

2.62

2.46

1.37

0.91

-1.16

-5.64

—

Dividend Payout %

0.00%

-8.87%

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

451

986

1,341

Minority Interest

-7

-19

-51

-79

-23

264

363

533

798

1,098

1,226

1,385

1,215

5,101

1,843

2,215

2,565

3,178

3,391

5,033

5,632

5,095

5,654

3,595

Trade Payables

342

506

728

788

914

1,083

1,084

1,222

1,238

1,439

389

420

490

681

827

1,040

1,259

2,607

2,768

2,932

Total Liabilities

3,111

4,414

5,147

6,169

6,909

9,221

10,136

11,216

11,881

14,385

1,510

2,637

3,079

3,293

4,224

4,573

4,645

6,189

6,785

8,480

Capital Work in Progress

651

453

391

916

289

872

1,575

739

1,025

958

160

320

354

484

714

759

345

290

158

229

280

459

349

460

448

475

428

602

783

782

854

Cash & Bank

126

295

114

136

555

316

124

500

507

773

1,331

1,067

1,557

2,277

2,698

1,955

2,393

2,703

Total Assets

3,111

4,414

5,147

6,169

6,909

9,221

10,136

11,216

11,881

14,385

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

285

458

478

767

839

408

760

1,408

737

1,170

Cash from Investing

-740

-1,000

-824

-765

-686

-1,530

-1,793

-1,120

-558

-1,649

Cash from Financing

599

741

125

119

-95

1,260

1,041

-221

-232

861

108

169

-257

-99

-53

382

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Aug 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

100.00

72.33

72.03

72.02

0.00

4.38

4.13

3.03

2.94

3.70

0.00

4.77

7.86

8.08

8.72

11.47

Government

0.00

18.51

15.65

16.56

16.32

12.81

JSW Cement Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI

JSW Cement Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI