JSW Cement Ltd.

•

jswcement.inBSE: 544480NSE: JSWCEMENT

Market Cap₹ 16,476 Cr.

Current Price

High / Low₹ 153 / 107

Stock P/E22.1

Book Value₹ 52

Price to Book2.11

Dividend Yield0.41 %

ROCE-3.8 %

ROE-14.4 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2011 • Manufactured products: 64.9% • Traded Products: 35.1%

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 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

Construction MaterialsConstruction MaterialsCement & Construction Materials

Part ofNIFTY SMLCAP 250 NIFTY 500 NIFTY TOTAL MKT

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

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

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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Free 5nance Account

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

1,378

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%

-1,424

Interest

Depreciation

Profit before Tax

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

-3

-1,332

149

388

111

0.39

-0.03

0.70

-13.51

0.78

1.12

2.90

0.83

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%

225

130

157

164

-1,269

196

Interest

134

191

236

265

278

283

261

379

384

307

301

Depreciation

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

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%

-9.60%

—

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

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

771

791

Cash & Bank

121

292

457

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

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

-11

-87

-38

387

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