JSW Cement Ltd(JSWCEMENT)

NSE: JSWCEMENTBSE: 544480

₹ 117.05+1.92%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 15,958 crNext results: 27 Oct 2026Website: www.jswcement.inUpdated: 24 Oct 2026

About

JSW Cement Ltd, part of the JSW Group, sells cement, GGBS, ready mix concrete and construction chemicals. Revenue from cement and related products, its single segment, was Rs 6,512.46 crore in FY26. After a new grinding unit at Nagaur was commissioned in October 2026, its installed grinding capacity is 25.10 MTPA, with 9.74 MTPA of clinker capacity.^[1][2][3]

Products and brands

Sells cement, GGBS, ready mix concrete and construction chemicals; cement and related products are reported as a single segment, all within India (Rs 6,512.46 crore in FY26 vs Rs 5,813.07 crore in FY25).^[2]
As of FY26, there were 16 products in the portfolio, 2 of them launched during the year.^[2]
Cement brands include PSC, JSW Concreel HD, JSW Power Pro, JSW COMPCEM, JSW Max Super Cement, JSW CHD Jalkavach, JSW CHD Waterguard, JSW CHD Raksha and OPC.^[2]
Cement volumes were 2.34 MT in Q1 FY27 (+26.5% YoY) and made up most of total volumes.^[4]
GGBS volumes were 5.78 MT in FY26 (+11.6% YoY).^[1]
Ready-mix concrete revenue was ₹180 crore in Q1 FY27, against a full-year FY27 target above ₹1,000 crore.^[4]
The clinker-to-cement factor was 51% in Q4 FY26, which management called among the lowest in the industry.^[1]

Plants, capacity and raw materials

Runs nine manufacturing facilities in India (two integrated units, one clinker unit, six grinding units), plus a clinker unit in Fujairah, UAE, through its JV JSW Cement FZC (FY26).^[2]
As of October 2026, installed grinding capacity is 25.10 MTPA and clinker capacity is 9.74 MTPA, up from 24.10 MTPA grinding at FY26 end and 20.60 MTPA in FY25.^[5][2]
Nagaur, Rajasthan integrated plant: 3.30 MTPA clinker and 3.50 MTPA grinding (2.50 MTPA commissioned in FY26 plus 1.00 MTPA commissioned in October 2026). It serves North India.^[5][2]
Sambalpur, Odisha: 1.00 MTPA grinding unit of Shiva Cement, commissioned in September 2025, targeting Western Odisha and Jharkhand.^[6][2]
GGBS is made at Dolvi and Vijayanagar. Slag shortages at Dolvi in Q4 FY26 meant supply had to be rerouted from Vijayanagar.^[1]
Blast furnace slag comes from JSW Steel under long-term sourcing arrangements (FY26).^[2]
Operates six limestone mines in India and one in Fujairah, and holds rights or letters of intent for seven other mines (FY26).^[2]
Secured the Sikilangsho limestone blocks in Assam for a proposed integrated plant in North-East India (FY26).^[2]

Key operating numbers

FY26 production was 13.58 MT (+9.7% YoY), with capacity utilisation of 64%.^[2]
Clinker capacity utilisation was 96% in FY26 across Nandyal, Shiva and FZC combined. The annual report also gives clinker utilisation of 98.70%.^[2]
Total volumes sold: 3.81 MT in Q1 FY27 (+15.0% YoY); 13.96 MT in FY26 (+10.6% YoY).^[4]
Cement realisation: ₹4,951/MT in Q1 FY27 (+6.0% QoQ, +1.2% YoY); ₹4,667/MT in FY26.^[4]
GGBS realisation: ₹3,807/MT in Q1 FY27 (+2.5% YoY); ₹3,683/MT in FY26.^[4]
Operating EBITDA per tonne: ₹784/MT in Q1 FY27 (₹979/MT excluding North operations); ₹888/MT in FY26, up ₹204/MT from FY25.^[4]
Average fuel cost rose to ₹1.80/MCal in Q1 FY27 from ₹1.49/MCal in Q4 FY26. Raw material plus power and fuel cost was ₹2,125/MT (+15.0% YoY).^[4]
Logistics cost was ₹1,091/MT in Q1 FY27 (-0.6% YoY). Lead distance fell to 273 km in Q3 FY26 from 281 km in Q3 FY25.^[4]

Customers and distribution

As of FY26, the network has over 12,500 channel partners and over 7,500 direct customers.^[2]
As of FY26, it has a marketing presence in 17 states in India and a presence in the UAE.^[2]
Its existing plants serve South, West and East India. North India (Rajasthan, Haryana, Punjab, NCR) was added from March 2026 through Nagaur.^[1]
Nagaur's North operations averaged 55% utilisation in Q1 FY27, their first full quarter of sales, and reached 68% in June 2026.^[4]
Trade sales were 51% of cement sales in Q4 FY26, up from 47% in Q3 FY26.^[1]
Cement volume in existing markets grew 11.6% YoY in Q4 FY26 vs ~8% industry growth. Excluding North, growth was 8% YoY in Q1 FY27 vs 6% for the industry.^[1][4]

Expansion and capex

Grinding capacity target: 35.25 MTPA by 2028 and 46 MTPA longer term, with 13.04 MTPA of clinker. An FY30 milestone of 43.5 MTPA was reaffirmed.^[2][1]
Planned expansions: Vijayanagar to 8.0 MTPA, Dolvi from 4.5 MTPA to 8.5 MTPA, and Nagaur to 6.0 MTPA (FY26 annual report).^[2]
An additional 2.5 MTPA grinding unit at Nagaur was approved at ₹430 crore. The mill package went to Loesche, and the target is Q4 FY28.^[4]
Construction of the 4 MT Dolvi grinding expansion is due to start soon, with commissioning about 15 months after the start.^[4]
Fujairah, UAE: 1.65 MTPA grinding unit, costing USD 39 million, through the new wholly owned subsidiary JSW Cement Middleeast L.L.C - SPC. Ground was broken in July 2026, and commercial operation is expected in FY 2027-28.^[4][2]
Capex was ₹1,947 crore in FY26. Guidance is ~₹2,300 crore for FY27 and ~₹2,000 crore for FY28, with Net Debt/EBITDA kept below 3.0x.^[2][4]
The ready-mix concrete network is to grow from 15 to 50 plants across all regions, including North.^[4]

Cost and energy initiatives

Green power (renewables plus WHRS) reached 30% in Q1 FY27, up from ~25% in Q4 FY26, after 56 MW of wind was added at Dolvi (32 MW) and Vijayanagar (24 MW).^[4]
FY27 renewable target is 224 MW (Solar 21 MW, Wind 92 MW, WHRS 111 MW), aiming for a green power share above 60% from Q3 FY27.^[4]
A 7 MW solar addition at Jajpur is planned for FY 26-27 under a PPA with JSW Energy.^[2]
Over 50% of a ₹400/tonne cost-reduction roadmap was delivered by end-FY26. About ₹100/tonne more is targeted in FY27 and about ₹100/tonne in FY28.^[1]
Nagaur's WHRS STG is synchronised with the AQC boiler. PH boiler synchronisation and AFR co-processing were scheduled for August 2026.^[4]
The Nandyal chlorine bypass (civil works 60% complete in Q1 FY27) is expected to raise the thermal substitution rate to ~25% by end-FY27.^[4]

Recent developments

6 October 2026: a 1.00 MTPA grinding unit was commissioned at Nagaur, Rajasthan, taking installed grinding capacity to 25.10 MTPA.^[5]
29 September 2026: the board approved merging Shiva Cement into JSW Cement at 5 JSW Cement shares (₹10 face value) for every 41 Shiva Cement shares (₹2 face value). Completion is expected in 12-14 months, subject to approvals.^[7]
Q1 FY27: India Ratings upgraded the company's long-term rating to IND AA- (Stable) from IND A+.^[4]
Of the ₹1,600 crore in net IPO proceeds, ₹321.34 crore was unutilised as of the FY26 annual report, including ₹174.20 crore earmarked for Nagaur.^[2]
July 2025: CCPS issued in FY22 converted to equity at the IPO, leading to a one-time non-cash fair-value charge of ₹1,466.4 crore in Q1 FY26.^[6]
Q3 FY25: sold its non-core Gujarat power plant, Vadraj Energy Gujarat Ltd., to Nuvoco Vistas Corp. for ₹191.63 crore.^[8]

Market Cap

₹15,958 Cr

High / Low

₹143 / 107

Stock P/E

21.0

Price / Book

2.4

Book Value

₹48

EPS

₹-5.5

No. of Shares

136.34 Cr

ROCE

10.1%

ROE

-11.6%

OPM

16.1%

Debt / Equity

0.62

Sales

₹6,512 Cr

Net Profit

₹-799 Cr

Promoter holding

72.0%

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