JSW Cement Ltd
JSWCEMENT NSE
JSW Cement Ltd
CommoditiesNSE: JSWCEMENT BSE: 544480 Cement & Cement Products
Key Fundamentals
SmallcapCementConstructionMarket Cap
₹18,604 Cr
Volatility
Moderate
P/E Ratio
-22.8
EBITDA
₹-264 Cr
Debt to Equity
1.08
Book Value
₹48.21
52W High
₹162.15
52W Low
₹106.65
Technical Indicators
Key Insights
Strengths
1- Company has reduced debt.
Weaknesses
4- Stock is trading at 2.78 times its book value
- The company has delivered a poor sales growth of 11.1% over past five years.
- Company has a low return on equity of 6.78% over last 3 years.
- Company might be capitalizing the interest cost
Growth Rate
Revenue Growth
10.11% ↘
Net Income Growth
379.20% ↗
Cash Flow Change
-47.67% ↘
ROE
-365.38% ↘
ROCE
-45.01% ↘
EBITDA Margin (Avg.)
-128.66% ↘
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 3d agoAI opinion · based on fundamentals
Risk high
HOLD Worth holding, not adding Conviction 5/10
JSW Cement shows strong profit recovery with 663% TTM profit growth and 80% analyst buy ratings, but a negative PE of -22.3, low 3-year ROE of 6.78%, and poor 5-year sales CAGR of 11% suggest the turnaround is still unproven. At 2.71x book value, the stock prices in optimism that fundamentals have not yet justified.
Bull Case 8
- Compounded profit growth of 663% TTM signals a sharp earnings turnaround from a low base
- 80% of analysts (12 out of 15) rate the stock a Buy, reflecting strong Street conviction
- Last year ROE jumped to 15%, a significant improvement over the 3-year average of 7%
- TTM sales growth of 13% indicates improving demand traction and capacity utilization
- Company has reduced debt, strengthening balance sheet flexibility for future capex
- 3-year compounded profit CAGR of 68% shows sustained earnings momentum beyond just one quarter
- Market cap of Rs 18,011 Cr provides reasonable scale and liquidity for institutional participation
- Dividend yield of 0.38% provides token income while the growth story plays out
Bear Case 8
- Negative PE of -22.3 indicates the company is currently loss-making on a trailing basis
- 5-year sales CAGR of only 11% is below peers in a sector where volume growth drives operating leverage
- 3-year ROE of just 6.78% is well below cost of equity, destroying shareholder value
- Stock trades at 2.71x book value despite sub-par return ratios, leaving little margin of safety
- Possible interest cost capitalization raises red flags on true profitability and asset quality
- Only 6.67% sell ratings but 13.33% hold suggests not all analysts are fully convinced of the bull case
- 10-year growth data unavailable for key metrics like sales and profit CAGR, limiting long-term track record assessment
- Debt-to-equity ratio unavailable makes it difficult to fully assess leverage risk despite reported debt reduction
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 15h ago Positives 3
- Q4 PAT surges on tax benefit May 29
Q4 FY26 consolidated net profit jumped to ₹361.7 crore from ₹16.21 crore YoY, aided by a one-time tax benefit of ₹211.21 crore.
- Strong revenue and EBITDA growth May 29
Revenue from operations rose 10.9% YoY to ₹1,895 crore while operating EBITDA improved 45.9% to ₹365 crore in Q4 FY26.
- Nagaur capacity expansion approved May 29
Commercial production commenced at the Nagaur plant and an additional 2.5 MTPA grinding capacity was approved at a capex of ₹430 crore.
Neutral 1
- Postal ballot notice dispatched Jun 12
JSW Cement completed dispatch of its postal ballot notice to shareholders, published in Financial Express and Navshakti on June 12, 2026.
TL;DR: JSW Cement delivered a strong Q4 FY26 with robust revenue growth and a sharp EBITDA expansion, though headline PAT was flattered by a one-time ₹211 crore tax benefit. Capacity expansion at Nagaur signals confidence in future demand. No material headwinds emerged in recent news. The operational trend is improving, but investors should watch whether underlying profitability sustains without non-recurring items.
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 | 6,512 |
| Expenses | 2,294 | 3,024 | 3,878 | 5,147 | 5,149 | 5,169 | 5,272 |
| Operating Profit | 603 | 829 | 756 | 663 | 853 | 617 | 1,240 |
| OPM % | 21% | 22% | 16% | 11% | 14% | 11% | 19% |
| Other Income | 39 | 20 | 195 | 145 | 85 | 100 | -1,321 |
| 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% | -9% |
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 | 3,521 |
| Total Liabilities | 6,169 | 6,909 | 9,221 | 10,136 | 11,216 | 11,881 | 14,535 |
| Fixed Assets | 3,293 | 4,224 | 4,573 | 4,645 | 6,189 | 6,785 | 8,498 |
| CWIP | 920 | 294 | 876 | 1,591 | 770 | 1,038 | 958 |
| Investments | 320 | 354 | 484 | 714 | 759 | 345 | 290 |
| Other Assets | 1,636 | 2,036 | 3,288 | 3,186 | 3,498 | 3,714 | 4,789 |
| Total Assets | 6,169 | 6,909 | 9,221 | 10,136 | 11,216 | 11,881 | 14,535 |
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 | 135 |
| Days Payable | 448 | 334 | 336 | 253 | 339 | 305 | 322 |
| Cash Conversion Cycle | -134 | -147 | -133 | -103 | -159 | -150 | -140 |
| Working Capital Days | -115 | -106 | -24 | -29 | -116 | -95 | -90 |
| ROCE % | — | 15% | 12% | 6% | 8% | 5% | 11% |
Documents
1
Board Meeting Intimation for Consideration And Approval Of The Audited Standalone And Consolidated Financial Results Of The Company For The Quarter And Year Ended 31St March, 2026.
7 May - Board meeting on 18 May 2026 to approve audited standalone and consolidated FY2026 financial results. 7 May - Board meeting on 18 May 2026 to approve audited standalone and consolidated FY2026 financial results.
2
Announcement under Regulation 30 (LODR)-Credit Rating
7 May - JSW Cement received ESG rating 70, categorized as Aspiring, for FY2024-25. 7 May - JSW Cement received ESG rating 70, categorized as Aspiring, for FY2024-25.
3
Announcement under Regulation 30 (LODR)-Change in Directorate
22 Apr - Ms. Sutapa Banerjee ceased as Independent Director on 21 April 2026 after completing her second term. 22 Apr - Ms. Sutapa Banerjee ceased as Independent Director on 21 April 2026 after completing her second term.
4
Announcement under Regulation 30 (LODR)-Change in Directorate
11h - Ms. Sutapa Banerjee ceased as Independent Director on 21 April 2026 after completing her second term. 11h - Ms. Sutapa Banerjee ceased as Independent Director on 21 April 2026 after completing her second term.
5
Announcement under Regulation 30 (LODR)-Resignation of Director
14 Apr - Sudhir Maheshwari resigned as Non-Executive Non-Independent Director effective 14 April 2026, citing personal reasons. 14 Apr - Sudhir Maheshwari resigned as Non-Executive Non-Independent Director effective 14 April 2026, citing personal reasons.
Frequently Asked Questions about JSW Cement Ltd
What does JSW Cement Ltd do?
JSW Cement is a leading Indian manufacturer of green cement, known for its sustainability and use in major infrastructure projects
Where is JSW Cement Ltd (JSWCEMENT) listed?
JSW Cement Ltd is listed on the Indian stock exchanges. It is listed on NSE: JSWCEMENT and BSE: 544480. You can view its live share price, financials, and ratios on Tapetide.
Which sector does JSW Cement Ltd belong to?
JSW Cement Ltd operates in the Commodities sector within the Cement & Cement Products industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of JSW Cement Ltd?
JSW Cement Ltd has a market capitalisation of approximately ₹18604.48 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of JSW Cement Ltd?
The Price-to-Earnings (PE) ratio of JSW Cement Ltd is -22.80. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of JSW Cement Ltd?
Over the past 52 weeks, JSW Cement Ltd has traded between a low of ₹106.65 and a high of ₹162.15. This range helps investors understand the stock's price volatility and recent trading levels.
Does JSW Cement Ltd pay dividends?
Yes, JSW Cement Ltd has a dividend yield of 0.37%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
How can I research JSW Cement Ltd on Tapetide?
On Tapetide, you can view JSW Cement Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.
Company Information
JSW Cement is a leading Indian manufacturer of green cement, known for its sustainability and use in major infrastructure projects