JSW Cement
Book Building issueMainboardBSE₹3,600 Cr issue
+4.08%
Listing gain over issue price
Issue size
₹3,600 Cr
1 lot at cut-off
₹14,994
Lot size
102shares
Open
07 Aug 2025
Close
11 Aug 2025
Allotment
12 Aug 2025
Listing
14 Aug 2025
Listing performance
Issue price
₹147
Listed at
₹153
Listing-day close
₹146.07
Latest price
₹116.98
Close on 23 Oct 2026
Listing gain
+4.08%
Return since issue
-20.42%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 07 Aug 2025 – 11 Aug 2025
- Listing date
- 14 Aug 2025
- Face value
- ₹1 per share
- Issue price
- ₹147 per share
- Lot size
- 102 shares
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹3,600 Cr
- Market cap at offer price
- ₹20,041 Cr
- Promoter holding
- 78.61% → 72.33% pre-issue → post-issue
- ISIN
- INE718I01012
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- JM Financial Ltd.
- Registered office
- JSW Centre, Bandra Kurla Complex, Bandra (East), Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 7,34,69,386 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 102 shares per lot, in multiples, at ₹147
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 102 | ₹14,994 |
| Retail (max) | 13 | 1,326 | ₹1,94,922 |
| S-HNI (min) | 14 | 1,428 | ₹2,09,916 |
| S-HNI (max) | 66 | 6,732 | ₹9,89,604 |
| B-HNI (min) | 67 | 6,834 | ₹10,04,598 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
7,34,69,386
Anchor portion
₹1,080 Cr
at ₹147 per share
Valuation and performance
Valuation at offer price
₹147 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | −1.31 | −1.20 |
| Price to book (×) | 6.16 | — |
| Market cap | — | ₹20,041 Cr |
No price-to-earnings multiple is shown: the company reported a loss, and an earnings multiple struck on negative earnings would read as a cheap valuation while meaning the opposite.
Key performance indicators
Latest reported period
- Return on net worth
- −4.85%
- ROCE
- 7.05%
- Debt / equity
- 0.98
- PAT margin
- −2.77%
- EBITDA margin
- 13.78%
- NAV per share
- ₹23.85
- Price to book
- 6.16
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About JSW Cement
JSW Cement Limited is an Indian cement manufacturer incorporated in 2006, focused on manufacturing green cementitious products comprising blended cement (portland slag cement and portland composite cement) and ground granulated blast furnace slag, along with ordinary portland cement, clinker and allied cementitious products including ready-mix concrete, screened slag, construction chemicals and waterproofing compounds. The company sells to industrial and commercial building, rural housing, urban housing and infrastructure end-user sectors. The company operates limestone mines in India (Nandyal in Andhra Pradesh, two mines in Khatkurbahal in Odisha, and Kolkarhiya in Madhya Pradesh) and operates a joint venture mine in Fujairah, UAE. The company manufactures products at multiple integrated and grinding units across India. Revenue from operations for Fiscal 2025 was ₹58,130.71 million.
Company Analysis
from RHPJSW Cement Limited manufactures green cementitious products including blended cement (PSC and PCC), GGBS, OPC, clinker and allied cementitious products for industrial, commercial, rural and urban housing and infrastructure sectors.
JSW Cement Limited is an Indian cement manufacturer incorporated in 2006, focused on manufacturing green cementitious products comprising blended cement (portland slag cement and portland composite cement) and ground granulated blast furnace slag, along with ordinary portland cement, clinker and allied cementitious products including ready-mix concrete, screened slag, construction chemicals and waterproofing compounds. The company sells to industrial and commercial building, rural housing, urban housing and infrastructure end-user sectors. The company operates limestone mines in India (Nandyal in Andhra Pradesh, two mines in Khatkurbahal in Odisha, and Kolkarhiya in Madhya Pradesh) and operates a joint venture mine in Fujairah, UAE. The company manufactures products at multiple integrated and grinding units across India. Revenue from operations for Fiscal 2025 was ₹58,130.71 million.
Cement manufacturingIndustrial and commercial buildingRural housingUrban housingInfrastructure
Objects of the Issue
- Part financing the cost of establishing a new integrated cement unit at Nagaur, Rajasthan ₹8,000.00 million p.31
- Prepayment or repayment, in full or in part, of all or a portion of certain outstanding borrowings availed by our Company ₹5,200.00 million p.31
- General corporate purposes p.31
- Part financing the cost of establishing a new integrated cement unit at Nagaur, Rajasthan ₹8,000.00 million p.155
- Prepayment or repayment, in full or in part, of all or a portion of certain outstanding borrowings availed by our Company ₹5,200.00 million p.155
- General corporate purposes p.155
- Funding capex for the new Nagaur Project cement and clinker manufacturing plant ₹8,000.00 million p.151
- Repayment of borrowings ₹5,200.00 million p.168
- General corporate purposes Up to 25% of Gross Proceeds p.172
Issue Structure
- Total Issue
- ₹36,000 million
- Fresh Issue
- ₹16,000 million
- Offer for Sale
- ₹20,000 million
- Price Band
- [●] per Equity Share (Floor Price) to [●] per Equity Share (Cap Price)
- Lot Size
- [●] Equity Shares
- Face Value
- ₹10 each
Business Model
The company manufactures and sells cement and allied cementitious products to end-user sectors including industrial and commercial building, rural housing, urban housing and infrastructure. It operates limestone mines to secure raw materials for clinker production. The company uses a circular economy approach utilizing industrial by-products such as blast furnace slag, fly ash and other materials in cement manufacturing. Distribution occurs through trade channels and other channels.
Business Segments
Manufacturing and sale of blended cement (PSC and PCC), OPC, GGBS, clinker, RMC, screened slag, construction chemicals and waterproofing compounds
Manufacturing and sale of blended cement (PSC, PCC) and ground granulated blast furnace slag (GGBS)
Manufacturing of clinker at integrated and dedicated clinker units
Manufactures and sells ordinary portland cement (OPC) and portland pozzolana cement (PPC) through integrated clinker production and grinding operations
Manufacturing and sale of cement products for infrastructure, housing, and industrial construction
Manufacturing and sale of GGBS, a sustainable cement substitute used in construction
Manufacturing and sale of ready-mix concrete products
Manufactured using blast furnace slag, clinker and gypsum, including Portland Slag Cement (PSC), Portland Composite Cement (PCC), and Portland Pozzolona Cement (PPC)
Manufactured by inter-grinding gypsum and clinker, characterized by quick setting properties and quick strength development
Highly eco-friendly product produced entirely from blast furnace slag, a by-product of steel manufacturing process, used as replacement for OPC and fly ash in concrete manufacturing
Manufactured by burning limestone and clay together at high temperature, serves as intermediary product required in cement manufacturing process
Concrete product delivered in ready to use form, manufactured by blending cement, supplementary materials such as fly ash or GGBS, aggregates, water and admixtures
Manufactured by screening blast furnace slag, can be used as alternative to river sand and crushed rock fines
Range of construction chemicals including tile adhesives, grout, and mortar that act as supplementary products aiding in construction
Waterproofing compounds used to secure leakage and seepage prone locations and to make construction structures rain resistant
Manufacture and sale of ordinary portland cement, specialized cements (grey, white, pozzolana, blast furnace, silica varieties), clinker, and cement products including pipes, poles, slabs, blocks, and tiles.
Processing and manufacturing of GGBS, a cementitious material and key additive for blended cement production, including toll manufacturing services for related parties.
Manufacture and sale of cement, ground granulated blast furnace slag and clinker
Logistic services dealing mainly in domestic transportation of goods
Manufacturing and sale of cement
Manufacturing and sale of granulated blast furnace slag
Manufacturing and sale of ready mix concrete
Manufacturing and sale of clinker
Sale of screen slag
Manufacturing and sale of cement products
Manufacturing and sale of ground granulated blast furnace slag, an eco-friendly product produced entirely from blast furnace slag (a by-product of the steel manufacturing process)
Ready mix concrete sales
Manufacturing and sale of clinker
SWOT Analysis
Strengths
- • Established mining operations with long-term lease agreements(p.47)
- • Significant limestone reserves across multiple operational and planned mines(p.47)
- • Diversified product portfolio including green cementitious products(p.30)
- • Growing demand for cement across multiple end-user sectors(p.30)
- • Dominant slag sourcing from JSW Steel - secured long-term supply(p.50)
- • Green cementitious products dominate sales (77.41% volume, 69.82% revenue)(p.49)
- • Capacity utilization optimization - JSW Cement FZC exceeding rated capacity(p.53)
- • Renewable and waste heat recovery power generation reducing fuel costs(p.51)
- • Rapid capacity growth outpacing industry - CAGR 12.42% (Fiscal 2023-2025)(p.81)
- • Proximity to limestone deposits and flat land for Nagaur Project(p.158)
- • Captive limestone mining capacity with long-term reserves(p.158)
- • Significant limestone reserves in mining blocks owned/leased(p.158)
- • Top 10 cement company with strong capacity growth(p.177)
- • Market leader in GGBS with 84% market share(p.177)
- • Lowest carbon emission intensity vs peers and global competitors(p.178)
- • Strong distribution network across India(p.178)
- • Rapid capacity expansion outpacing industry growth(p.177)
- • Strong long-term demand growth trajectory with 7.5-8.5% CAGR projected through FY30(p.216)
- • Sustained government infrastructure spending driving demand across flagship schemes(p.216)
- • JSW Cement's lowest CO2 emission intensity (258 kg/tonne in FY25) - 52% lower than peer average(p.271)
- • JSW Cement's highest waste usage ratio (64.36% in FY25) among peers, supporting sustainability(p.271)
- • JSW Cement's superior volume growth (16.73% CAGR FY15-25) among top peers(p.267)
- • Dominant GGBS market leadership with 84% share and strong product positioning(p.258)
- • Eastern and central regions offering high-growth potential with lower per capita consumption(p.229)
- • Comprehensive labour law compliance framework(p.336)
- • Established company history with stable incorporation(p.338)
- • Multiple manufacturing units across geographies(p.339)
- • Strong track record of capacity expansion and commissioning(p.339)
- • Extensive awards and recognition for environmental and safety excellence(p.339)
- • Recognized leadership in sustainability and ESG(p.340)
- • Experienced and diverse board composition(p.360)
- • Strong senior management with extensive industry experience(p.365)
- • Diversified product portfolio including cement, GGBS, RMC, and other cement-related products(p.473)
- • Significant geographic presence across multiple manufacturing locations(p.465)
- • Strong trade receivables collection with low credit risk profile(p.485)
- • Access to government incentives through state-level schemes(p.472)
Weaknesses
- • Significant dependence on JSW Steel Limited for blast furnace slag supply(p.37)
- • Declining profitability with substantial losses in recent fiscal year(p.35)
- • Ongoing litigation involving promoters and regulatory show cause notices(p.37)
- • Risks related to subsidiary construction project by distressed group company(p.37)
- • High financial leverage with total borrowings of ₹61,665.51 million(p.35)
- • Critical dependency on related party JSW Steel for 92.93% of slag supply(p.49)
- • Company incurred loss of ₹1,637.69 million in Fiscal 2025(p.58)
- • Subsidiaries and JVs severely loss-making with eroded net worth(p.59)
- • Low grinding capacity utilization - only 62.89% despite ₹20.60 MMTPA installed(p.53)
- • High debt burden - Net Debt to Total Equity ratio 0.98x as of March 31, 2025(p.70)
- • Promoter litigation - SEBI show cause notices against Sajjan Jindal and promoter group entities(p.54)
- • Salem plant acquisition incomplete - still owned by JSW Steel, operations dependent on related party(p.78)
- • Sambalpur expansion dependent on BPSL in liquidation proceedings(p.49)
- • Operating loss in Fiscal 2025(p.110)
- • Negative earnings per share in recent period(p.111)
- • Significant losses from joint ventures and associates(p.110)
- • High finance costs limiting profitability(p.110)
- • Promoters hold dominant stake constraining other shareholders(p.100)
- • Negative profitability with loss in FY25(p.183)
- • High debt relative to operating capacity(p.183)
- • Significant capital commitments pending with high order book uncertainty(p.176)
- • Below-average capacity utilization in grinding segment(p.182)
- • Litigation from district authorities over land conversion(p.168)
- • JSW Cement's operating EBITDA margin (15.32% peer avg FY25) lower than peer average(p.270)
- • JSW Cement's net debt to EBITDA ratio (4.70x FY25) significantly higher than peer average (3.38x)(p.271)
- • JSW Cement's RoCE (7.87% FY25) lagging peer average (6.41%), indicating capital efficiency issues(p.271)
- • Lower clinker ratio (50.13% FY25) vs peers (66.43% FY24), affecting cost competitiveness(p.272)
- • JSW Cement's negative revenue growth (-3.57% FY25) amid peer growth of 2.25%(p.269)
- • Concentration of GGBS capacity in limited regions constrains market reach(p.256)
- • Dependence on JSW Steel for blast furnace slag supply(p.348)
- • Reliance on related party lessors for key plant locations(p.348)
- • Joint venture treated as subsidiary with operating losses(p.357)
- • Subsidiary Shiva Cement Limited with significant accumulated losses(p.352)
- • Cost overrun in Salboni project(p.340)
- • High debt levels with significant borrowing obligations(p.478)
- • Significant contingent liabilities from disputed tax claims(p.516)
- • Concentration of lease obligations with related parties(p.500)
- • High financing costs due to floating rate borrowings(p.484)
- • Large unabsorbed depreciation carrying forward reducing near-term tax benefits(p.454)
- • Multiple pending tax assessments with significant disputes(p.588)
- • Substantial GST and customs duty liabilities in dispute(p.588)
- • Major customs duty demand on coal imports(p.588)
- • Subsidiary mining operations subject to regulatory penalties(p.589)
- • Listed subsidiary has substantial pending tax assessments(p.590)
Opportunities
- • Capacity expansion through proposed Nagaur integrated cement unit(p.31)
- • Strong growth trajectory for GGBS products in green construction(p.30)
- • Expansion into additional limestone mining operations(p.47)
- • Debt reduction opportunity through IPO proceeds(p.31)
- • Pan-India footprint expansion - double grinding and clinker capacity(p.56)
- • Green cement demand tailwind - environmental regulations favoring slag-based products(p.49)
- • Infrastructure capex growth - 10% increase in core infrastructure capex expected in Fiscal 2026(p.75)
- • Regional capacity expansion into underpenetrated North and Central India markets(p.56)
- • Housing demand growth - rural housing PMAY momentum continuing (32-34% of cement demand)(p.75)
- • Capacity expansion through Nagaur greenfield project(p.158)
- • Debt reduction and improved financial flexibility(p.156)
- • Public market benefits from listing(p.155)
- • Large TAM expansion from urbanization and housing demand(p.210)
- • Government infrastructure and housing spending increase(p.214)
- • Expected cement demand CAGR of 7.5-8.5% to FY30(p.215)
- • Industry capex supporting market consolidation by large players(p.215)
- • India's low per capita cement consumption vs global peers(p.211)
- • Nagaur project expected to add 7.5 MTPA capacity(p.151)
- • GGBS demand projected to grow 14-15% CAGR to 11.9-12.5 MT by FY30 from 6.2 MT in FY25(p.256)
- • RMC demand to grow 9-10% CAGR to 195-200 million cubic meters by FY30(p.262)
- • Eastern region cement demand to grow at 8.5-9.5% CAGR (FY26-30), highest among all regions(p.229)
- • Blended cement adoption rising with PSC and composite cement share expanding(p.218)
- • Government target of 25% alternative fuel use by 2030 creating expansion opportunities(p.247)
- • Central region to log 7.5-8.5% CAGR (FY26-30) with focus on housing and infrastructure(p.230)
- • Purvodaya scheme announced for eastern regions to drive growth via expressways and infrastructure(p.229)
- • Expansion through strategic acquisitions and greenfield projects(p.339)
- • Access to slag supply through JSW Steel relationship and diversification into GGBS(p.347)
- • Growth in sustainable cement products and circular economy(p.340)
- • International expansion through UAE joint venture(p.339)
- • Expansion of manufacturing capacity with new Nagaur project coming online(p.466)
- • Growth in value-added products like Ready Mix Concrete with increasing demand(p.473)
- • Monetization of renewable energy investments through associate company(p.491)
- • Strategic joint ventures expanding market reach and distribution(p.493)
Threats
- • Dependence on uninterrupted power and fuel availability(p.37)
- • Loss of limestone mining rights through government pre-emption or termination(p.48)
- • Regulatory and licensing risks impacting mining operations(p.48)
- • Plant utilization risk from market fluctuations and competition(p.37)
- • Exposure to royalty rate increases by state governments(p.48)
- • JSW Cement FZC deconsolidation affecting financial comparability(p.37)
- • Blast furnace slag sourcing risk - loss of related party suppliers could disrupt 92.93% of input(p.49)
- • Intense competition from consolidated large players holding 58% market share(p.81)
- • Monsoon seasonality reducing demand in Q1 (June-Sept average 22.9% of annual volume)(p.79)
- • High freight costs at 24-27% of total cost of sales vulnerable to logistics inflation(p.68)
- • Coal and pet coke price volatility - power/fuel costs 30-32% of total cost of sales(p.69)
- • South India capacity underutilization - only ~60% utilization; sector demand muted in Fiscal 2025(p.54)
- • Regulatory approvals delay risk - environmental clearances pending for 4 expansion projects(p.80)
- • Cement price softening pressure - expected ~2-4% CAGR vs. cost pressures limiting growth(p.81)
- • Government incentive withdrawal risk - West Bengal revoked industrial incentive schemes retrospectively(p.74)
- • Credit rating downgrade risk - floating rate borrowings exposed to interest rate hikes(p.71)
- • Mining risk - exploration and extraction challenges including weather, accidents(p.82)
- • Foreign investor restrictions on share transfers(p.98)
- • Difficulty enforcing foreign judgments against Indian company(p.98)
- • Foreign currency borrowing constraints(p.99)
- • Global financial instability impact on Indian markets(p.99)
- • Inflation pressure on operating costs(p.99)
- • Post-listing trading restrictions under surveillance measures(p.99)
- • Offer price may not reflect post-listing market value(p.100)
- • New capacity additions increasing competitive intensity(p.215)
- • Slowdown in government capex moderating demand(p.215)
- • Commodity price volatility affecting input costs(p.88)
- • Geopolitical risks and US tariff uncertainty impacting growth(p.207)
- • Nagaur project execution and approval delays(p.168)
- • Raw material and freight cost pressures(p.183)
- • Power and fuel costs (30-32% of COGS) remain volatile and subject to geopolitical risks(p.278)
- • Limestone mining costs escalating due to mandatory auctions and higher premiums(p.225)
- • Industry consolidation intensifying competition with top 5 players controlling 62% capacity(p.265)
- • Capacity additions of 245-255 MTPA (FY26-30) likely to create oversupply pressures(p.224)
- • Raw material costs (limestone, fly ash, slag) subject to supply chain disruptions(p.242)
- • Limited slag availability concentrated in eastern region constrains GGBS expansion(p.242)
- • Demand moderation in south (only 2% growth FY25) and regulatory pressures(p.230)
- • Complex and evolving labour law landscape with multiple regulatory frameworks(p.337)
- • Regulatory changes and consolidation of labour codes(p.337)
- • Incomplete implementation of new occupational safety and working conditions regulations(p.337)
- • Potential environmental clearance delays for acquisitions(p.346)
- • Exposure to cyclical cement industry demand fluctuations(p.472)
- • Significant working capital requirements and liquidity constraints(p.470)
- • Regulatory risks from changing tax and environmental compliance requirements(p.516)
- • Foreign exchange risk on USD-denominated borrowings and trade payables(p.489)
- • Commodity price volatility particularly for coal and raw materials(p.490)
- • Dependence on limited number of major customers for significant portion of revenue(p.485)
- • Regulatory scrutiny regarding environmental clearances and compliance(p.595)
- • Promoter group subject to SEBI investigation for securities law violations(p.593)
- • Related group company involved in insolvency proceedings with Supreme Court review(p.595)
- • Group company electricity tax dispute involving substantial amounts(p.596)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Adarsh Advisory Services Private Limited | Corporate Promoter | 69.44% | [●] |
| Parth Jindal | Individual Promoter | 0.29% | [●] |
| Sajjan Jindal | Individual Promoter | 0.02% | [●] |
| Sangita Jindal | Individual Promoter | 0.02% | [●] |
| Sajjan Jindal Family Trust | Promoter Trust | — | [●] |
| Adarsh Advisory Services Private Limited | Promoter | 69.44% | — |
| Parth Jindal | Promoter | 0.29% | — |
| Sajjan Jindal | Promoter | 0.02% | — |
| Sangita Jindal | Promoter | 0.02% | — |
| Synergy Metals Investments Holding Limited | Promoter Group | — | — |
| AP Asia Opportunistic Holdings Pte. Ltd. | Promoter Group | — | — |
| State Bank of India | Shareholder | — | — |
| Sajjan Jindal | Promoter | — | — |
| Parth Jindal | Promoter | — | — |
| Adarsh Advisory Services Private Limited | Promoter | 69.44% | — |
| Parth Jindal | Promoter | 0.29% | — |
| Sajjan Jindal | Promoter | 0.02% | — |
| Sangita Jindal | Promoter | 0.02% | — |
| Sajjan Jindal Family Trust | Promoter | 0.00% | — |
| Sajjan Jindal | Individual Promoter | — | — |
| Parth Jindal | Individual Promoter | — | — |
| Sangita Jindal | Individual Promoter | — | — |
| Adarsh Advisory Services Private Limited | Holding Company/Promoter | 89.58% | 85.50% |
| Sajjan Jindal Family Trust | Ultimate Holding | — | — |
| Parth Jindal | Promoter | 0.36% | 0.35% |
| Sajjan Jindal | Promoter | 0.03% | 0.03% |
| Sangita Jindal | Promoter | 0.03% | 0.03% |
| Siddeshwari Tradex Private Limited | Promoter Group | 4.73% | 4.58% |
| JSL Limited | Promoter Group | 2.03% | 1.97% |
| Virtuous Tradecorp Private Limited | Promoter Group | 2.70% | 2.61% |
Leadership
Seshagiri Rao Venkata Satya Metlapalli · Chairman and Non-Executive Director
Nilesh Narwekar · CEO and Whole-time Director
Parth Jindal · Managing Director
Narinder Singh Kahlon · Director – Finance & Commercial and Chief Financial Officer
Sneha Bindra · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
JSW Cement IPO FAQs
What is the lot size of JSW Cement IPO?
The minimum lot size of JSW Cement IPO is 102 shares. One lot costs ₹14,994 at the cut-off price.
When does JSW Cement IPO open and close?
JSW Cement IPO opened for subscription on 07 Aug 2025 and closed on 11 Aug 2025.
What is the listing date of JSW Cement IPO?
JSW Cement IPO listed on 14 Aug 2025.