JSW Cement Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2011 • Manufactured products: 64.9% • Traded Products: 35.1%
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 108.4% YoY, showing strong momentum
- Institutional investors have been accumulating - FII+DII up 6.0pp
- Company generates healthy free cash flow
- Company maintains a comfortable, low leverage position
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 -0.5% over last 3 years
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -7.75x)
- Company has a low return on capital employed of 4.9%
- 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
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| 1,378 | 1,169 | 1,361 | 1,598 | 1,445 | 1,322 | 1,479 | 1,749 | 1,738 | |
| 1,184 | 1,042 | 1,200 | 1,354 | 1,125 | 1,065 | 1,203 | 1,409 | 1,632 | |
| Operating Profit | 194 | 127 | 161 | 243 | 320 | 258 | 276 | 340 | 106 |
| OPM % | 14.10% | 10.89% | 11.82% | 15.22% | 22.16% | 19.48% | 18.65% | 19.44% | 6.11% |
| 41 | 40 | 42 | 40 | -1,424 | 44 | 75 | 37 | 41 | |
| Interest | 95 | 94 | 97 | 98 | 87 | 84 | 68 | 69 | 80 |
| Depreciation | 62 | 64 | 69 | 68 | 67 | 68 | 69 | 72 | 85 |
| Profit before Tax | 78 | 10 | 36 | 118 | -1,257 | 149 | 213 | 236 | 147 |
| Tax % | 50.66% | 133.20% | 107.46% | 41.20% | -5.98% | 35.52% | 29.97% | -64.21% | 24.34% |
| Net Profit | 38 | -3 | -3 | 69 | -1,332 | 96 | 149 | 388 | 111 |
| 0.39 | -0.03 | -0.03 | 0.70 | -13.51 | 0.78 | 1.12 | 2.90 | 0.83 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,415 | 1,596 | 2,647 | 2,761 | 3,417 | 4,099 | 4,771 | 5,795 | 5,505 | 5,995 | 6,288 | |
| 1,108 | 1,259 | 2,196 | 2,170 | 2,630 | 3,373 | 4,106 | 4,906 | 4,780 | 4,802 | 5,308 | |
| Operating Profit | 306 | 337 | 451 | 592 | 787 | 726 | 665 | 888 | 726 | 1,194 | 980 |
| OPM % | 21.66% | 21.12% | 17.03% | 21.43% | 23.04% | 17.72% | 13.93% | 15.33% | 13.18% | 19.91% | 15.58% |
| 92 | 33 | 66 | 55 | 41 | 225 | 130 | 157 | 164 | -1,269 | 196 | |
| Interest | 134 | 191 | 236 | 265 | 278 | 283 | 261 | 379 | 384 | 307 | 301 |
| Depreciation | 54 | 73 | 107 | 135 | 154 | 170 | 232 | 242 | 263 | 276 | 294 |
| Profit before Tax | 210 | 106 | 174 | 246 | 396 | 499 | 301 | 424 | 242 | -659 | 746 |
| Tax % | 45.76% | 14.59% | 31.73% | 34.26% | 34.87% | 34.94% | 17.13% | 47.86% | 57.97% | -6.10% | 0.11% |
| Net Profit | 114 | 91 | 118 | 162 | 258 | 324 | 250 | 221 | 102 | -699 | 745 |
| EPS | 2.53 | 1.46 | 1.20 | 1.64 | 2.61 | 3.29 | 2.50 | 2.24 | 1.03 | -5.21 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | -9.60% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 17%
- 5 Years:
- 12%
- 3 Years:
- 8%
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:
- 10%
- 5 Years:
- 5%
- 3 Years:
- -1%
- Last Year:
- -14%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| 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 |
| 92 | 185 | 304 | 455 | 721 | 1,081 | 1,318 | 1,607 | 1,719 | 5,652 | |
| 1,842 | 2,215 | 2,550 | 2,886 | 2,912 | 4,004 | 5,015 | 4,462 | 5,017 | 3,067 | |
| Trade Payables | 341 | 499 | 672 | 784 | 728 | 749 | 1,018 | 1,140 | 1,136 | 1,273 |
| 390 | 422 | 457 | 500 | 698 | 925 | 1,212 | 2,633 | 2,762 | 2,730 | |
| Total Liabilities | 3,115 | 4,307 | 4,969 | 5,612 | 6,046 | 7,745 | 9,550 | 10,828 | 11,620 | 14,063 |
| 1,510 | 2,277 | 2,706 | 2,930 | 3,206 | 3,292 | 4,344 | 4,984 | 5,484 | 7,100 | |
| Capital Work in Progress | 645 | 437 | 309 | 453 | 235 | 421 | 755 | 633 | 925 | 934 |
| 164 | 204 | 218 | 666 | 840 | 1,005 | 988 | 1,092 | 1,104 | 1,014 | |
| 158 | 212 | 254 | 403 | 259 | 327 | 406 | 429 | 356 | 508 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 771 | 771 | 791 | |
| Cash & Bank | 121 | 292 | 23 | 74 | 71 | 457 | 50 | 290 | 114 | 496 |
| 517 | 886 | 1,459 | 1,086 | 1,434 | 2,243 | 3,006 | 2,630 | 2,866 | 3,220 | |
| Total Assets | 3,115 | 4,307 | 4,969 | 5,612 | 6,046 | 7,745 | 9,550 | 10,828 | 11,620 | 14,063 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 275 | 359 | 386 | 883 | 800 | 340 | 892 | 1,089 | 785 | 1,037 | |
| Cash from Investing | -734 | -903 | -730 | -662 | -468 | -1,142 | -1,456 | -844 | -538 | -1,476 |
| Cash from Financing | 599 | 745 | 111 | -130 | -286 | 944 | 584 | -199 | -285 | 826 |
| 103 | 170 | -268 | 51 | -11 | 74 | -87 | 46 | -38 | 387 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| 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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