JSW Cement Ltd
JSW Cement Ltd
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BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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45 extracted metrics + investor summaries across FY06–FY26.
Tapetide Score
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Technical Indicators
Key Insights
Strengths
1- Company has reduced debt.
Weaknesses
4- Stock is trading at 2.80 times its book value
- The company has delivered a poor sales growth of 11.0% over past five years.
- Company has a low return on equity of 6.80% over last 3 years.
- Company might be capitalizing the interest cost
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 3d agoJSW Cement Ltd has a market cap of ~Rs 17,969 Cr and trades at a negative P/E of -22.5x, indicating recent losses at the net level despite a sharp TTM profit recovery of 664%. The company has reduced debt but carries a low 3-year ROE of ~7% and modest 5-year sales CAGR of 11%, placing it in a transitional phase within the competitive Indian cement sector.
- TTM compounded profit growth of 664% signals a dramatic earnings turnaround from a low or loss-making base
- Last year ROE improved sharply to 15%, nearly double the 3-year average of 7%, suggesting improving capital efficiency
- Company has actively reduced debt, strengthening the balance sheet for future capacity expansion
- 3-year compounded profit CAGR of 68% shows a sustained recovery trajectory beyond just one quarter
- TTM sales growth of 12% indicates an acceleration over the 3-year sales CAGR of 4%, pointing to demand momentum
- 5-year compounded sales CAGR of 11% reflects steady topline expansion aligned with India's infrastructure build-out
- Dividend yield of 0.38% indicates the company has started returning cash to shareholders despite being in a growth/investment phase
- Negative P/E of -22.5x confirms the company is currently loss-making at the net profit level on a trailing basis
- 3-year ROE of only 7% and 5-year ROE of 8% indicate persistently low returns on shareholder capital
- Stock trades at 2.75x book value, a premium valuation for a company with sub-par profitability and negative earnings
- 5-year compounded sales growth of just 11% is below the industry average for cement companies during an infrastructure upcycle
- Potential capitalization of interest costs raises concerns about the true operating cost structure and reported profit quality
- 3-year compounded sales CAGR of only 4% shows a period of near-stagnant revenue growth in the recent past
- ROE and ROCE data are unavailable or null for recent periods, limiting visibility into current return generation
- Debt-to-equity ratio is undisclosed (null), making it difficult to assess the current leverage position despite claims of debt reduction
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 1d ago- USD 29.24M UAE expansion guarantee Jul 25
JSW Cement issued a corporate guarantee of USD 29.24 million for its UAE subsidiary to fund a new 1.65 MTPA cement grinding unit in Fujairah, signaling international capacity growth.
- ₹0.50 dividend approved at AGM Aug 1
Shareholders approved a ₹0.50 per share dividend and re-appointed Seshagiri Rao MVS at the 20th AGM held on July 31, 2026, with all resolutions passing with high support.
- Director re-appointments approved overwhelmingly Jul 13
Shareholders approved re-appointment of Nilesh Narwekar and Sumit Banerjee via postal ballot with over 97% and 99% votes in favour respectively, indicating strong governance confidence.
- ₹84 Cr block trade at ₹140.05 Jul 15
A block trade of approximately 60 lakh shares at ₹140.05 per share worth ₹84.03 crore was recorded on BSE, indicating significant institutional activity with no counterparty details disclosed.
- Investor meets in Aug 2026 Aug 6
JSW Cement will participate in institutional investor meetings in Mumbai and Hong Kong in August 2026, with no UPSI to be shared.
- Q4FY26 earnings call on Aug 14 Aug 6
JSW Cement will host an earnings conference call on August 14, 2026 to discuss Q4FY26 results with senior management presenting financial performance.
- JSW One Platforms IPO stake sale Jul 18
JSW Steel approved sale of shares worth ₹811 crore in JSW One Platforms IPO; JSW Cement acknowledged the announcement from its joint venture partner.
- BRSR filed for FY26 Jul 10
JSW Cement filed its Business Responsibility and Sustainability Report for FY26, with ESG performance assured by Bureau Veritas.
TL;DR: JSW Cement shows no material headwinds in recent news, with positives centered on international expansion via a USD 29.24M guarantee for a UAE grinding unit and steady shareholder returns through a ₹0.50 dividend. Governance signals are strong with near-unanimous director re-appointments. The upcoming Q4FY26 earnings call on Aug 14 will be the next key catalyst to watch for operational performance clarity.
Quarterly Results
| Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Sales | 1,447 | 1,224 | 1,433 | 1,709 | 1,560 | 1,436 | 1,621 | 1,895 |
| Expenses | 1,279 | 1,139 | 1,317 | 1,469 | 1,237 | 1,169 | 1,336 | 1,530 |
| Operating Profit | 168 | 84 | 116 | 240 | 323 | 268 | 285 | 365 |
| OPM % | 12% | 7% | 8% | 14% | 21% | 19% | 18% | 19% |
| Other Income | 24 | 27 | 28 | 28 | -1,444 | 34 | 67 | 22 |
| Interest | 110 | 109 | 116 | 114 | 102 | 100 | 87 | 89 |
| Depreciation | 74 | 77 | 81 | 79 | 78 | 80 | 81 | 84 |
| PBT | 8 | -75 | -53 | 76 | -1,302 | 121 | 184 | 215 |
| Tax % | 394% | 2% | 51% | 79% | 5% | 38% | 29% | -68% |
| Net Profit | -24 | -76 | -80 | 16 | -1,366 | 75 | 131 | 362 |
| EPS in Rs | -0.15 | -0.63 | -0.68 | 0.34 | -13.31 | 0.63 | 1.04 | 2.72 |
Profit & Loss
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Sales | 2,897 | 3,853 | 4,634 | 5,810 | 6,002 | 5,785 | 6,501 |
| Expenses | 2,294 | 3,024 | 3,878 | 5,147 | 5,149 | 5,169 | 5,259 |
| Operating Profit | 603 | 829 | 756 | 663 | 853 | 617 | 1,242 |
| OPM % | 21% | 22% | 16% | 11% | 14% | 11% | 19% |
| Other Income | 39 | 20 | 195 | 145 | 85 | 100 | -1,323 |
| Interest | 268 | 291 | 315 | 310 | 435 | 450 | 378 |
| Depreciation | 145 | 179 | 238 | 373 | 278 | 310 | 322 |
| PBT | 230 | 379 | 398 | 125 | 224 | -44 | -781 |
| Tax % | 33% | 34% | 41% | 17% | 72% | 275% | 2% |
| Net Profit | 154 | 250 | 233 | 104 | 62 | -164 | -799 |
| EPS in Rs | 1.56 | 2.53 | 2.48 | 1.39 | 0.91 | -1.12 | -5.55 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | -89% |
Balance Sheet
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 986 | 986 | 986 | 986 | 986 | 986 | 1,341 |
| Reserves | 540 | 839 | 1,144 | 1,306 | 1,478 | 1,366 | 5,209 |
| Borrowings | 2,969 | 3,189 | 4,622 | 5,641 | 6,254 | 6,563 | 4,464 |
| Other Liabilities | 1,675 | 1,895 | 2,468 | 2,203 | 2,498 | 2,966 | 3,370 |
| Total Liabilities | 6,169 | 6,909 | 9,221 | 10,136 | 11,216 | 11,881 | 14,385 |
| Fixed Assets | 3,293 | 4,224 | 4,573 | 4,645 | 6,189 | 6,785 | 8,480 |
| CWIP | 920 | 294 | 876 | 1,591 | 770 | 1,038 | 976 |
| Investments | 320 | 354 | 484 | 714 | 759 | 345 | 290 |
| Other Assets | 1,636 | 2,036 | 3,288 | 3,186 | 3,498 | 3,714 | 4,639 |
| Total Assets | 6,169 | 6,909 | 9,221 | 10,136 | 11,216 | 11,881 | 14,385 |
Cash Flow
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Operating | 723 | 783 | 339 | 653 | 1,408 | 737 | 1,170 |
| Investing | -765 | -686 | -1,530 | -1,808 | -1,120 | -558 | -1,649 |
| Financing | 119 | -95 | 1,260 | 1,041 | -221 | -232 | 861 |
| Net Cash Flow | 77 | 1 | 69 | -114 | 67 | -53 | 382 |
| Free Cash Flow | 169 | 170 | -715 | -979 | 476 | -409 | -791 |
| CFO/OP | 127 | 101 | 54 | 115 | 177 | 125 | 95 |
Ratios
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 53 | 59 | 60 | 45 | 48 | 49 | 48 |
| Inventory Days | 261 | 128 | 143 | 104 | 132 | 105 | 132 |
| Days Payable | 448 | 334 | 336 | 253 | 339 | 305 | 317 |
| Cash Conversion Cycle | -134 | -147 | -133 | -103 | -159 | -150 | -136 |
| Working Capital Days | -115 | -106 | -24 | -29 | -116 | -95 | -90 |
| ROCE % | — | 15% | 12% | 6% | 8% | 5% | 11% |
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Company Information
JSW Cement is a leading Indian manufacturer of green cement, known for its sustainability and use in major infrastructure projects