JSW Cement Ltd.
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ABOUT
AI Sector View
AI GENERATEDConstruction Materials
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.
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
| 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 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
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 - 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 - JSW Cement Limited has informed the Exchange about Investor Presentation
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 - 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 - Please find enclosed herewith Earnings Call Transcript for the Results Conference call held on 14th August, 2026.
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 - JSW Cement Limited has informed the Exchange about Link of Recording
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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