JSW Cement
JSW Cement
ConstructionKey Fundamentals
SmallcapCementConstructionTapetide Score
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Key Insights
Strengths
2- Company has reduced debt.
- Company has delivered good profit growth of 18.7% CAGR over last 5 years
Weaknesses
3- 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
JSW Cement Ltd has a market capitalisation of about ₹15,443 crore and trades at a P/E of 21.8x and a P/B of 2.4x. Its FY26 consolidated revenue, per the company's FY26 directors' report, was ₹6,512 crore against ₹5,813 crore in FY25, with TTM profit growth of 1,332% coming off a low base. Return on equity improved to 15% last year from a 3-year average of about 7%, net debt stood at ₹3,557 crore as of December 31, 2025, and the stock is down 18% over one year.
- Profits are recovering sharply. TTM profit growth is 1,332%, 3-year profit CAGR is 68% and 5-year profit CAGR is 18.7%. The company swung to a ₹75 crore profit in Q2 FY26 on higher volumes.
- Return on equity has improved. Last year's ROE was 15%, roughly double the 3-year average of about 7% and above the 5-year average of 8%.
- Debt has come down. Net debt fell from ₹4,566 crore in June 2025 to ₹3,231 crore in September 2025, a drop of about ₹1,335 crore. Even at ₹3,557 crore in December 2025, it is still well below the June level.
- The balance sheet is stronger after the IPO. Net assets per share rose from ₹23.85 in FY25 to ₹53.64 in FY26, about 2.2 times higher. That gives more equity capacity to fund growth.
- Sales growth has picked up. TTM compounded sales growth is 16%, well above the 3-year CAGR of 4%. Consolidated revenue grew about 12% year on year, from ₹5,813 crore in FY25 to ₹6,512 crore in FY26.
- The valuation looks moderate compared with its earnings recovery. P/E is 21.8x and P/B is 2.4x, which is lower than many large Indian cement peers usually trade at, and the stock is 18% cheaper than a year ago.
- Sales have grown steadily over the longer term, with a 5-year CAGR of 11%. That points to capacity-led expansion in a sector that benefits from India's infrastructure and housing demand.
- Returns have been weak historically. The 3-year average ROE is only about 6.8% to 7% and the 5-year average is 8%, below the likely cost of equity. Last year's 15% has not yet been shown to last.
- Net debt is rising again. It went from ₹3,231 crore in September 2025 to ₹3,557 crore in December 2025, up about ₹326 crore in one quarter. That is roughly 23% of the ₹15,443 crore market cap.
- The company may be capitalising interest costs. If so, the reported profits, including the 1,332% TTM growth, could flatter underlying earnings while capital projects are under way.
- Medium-term sales growth has been slow. The 3-year sales CAGR is only 4%, and the 5-year CAGR of 11% is flagged as poor growth for a company in expansion mode.
- The stock has fallen 18% over the past year. It has no 3-year or longer listed price history to judge how it performs through a full cycle.
- The 1,332% TTM profit growth comes off a very low base. Absolute profitability is still thin: FY26 revenue of about ₹6,512 crore against a market cap of about ₹15,443 crore gives a price-to-sales ratio of roughly 2.4x.
- Shareholder payouts are small. The dividend yield is only 0.43%, so almost all of any return depends on share price gains.
- At 2.4x book value, the stock is priced for ROE staying close to last year's 15%. If returns fall back to the 3-year average of about 7%, that valuation would be hard to support.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- ₹229.85 Cr GST notice Sep 24
JSW Cement received a show cause notice alleging GST short payment of ₹229.85 crore, plus interest and penalty, covering April 2022 to March 2024. An adverse outcome could add a material one-time liability.
- Q1FY27 EBITDA falls 7% Sep 21
Higher power, fuel and packaging costs, along with elevated operating costs at the Nagaur plant, pushed consolidated EBITDA down 7% YoY to ₹299 crore in Q1FY27. Management expects Q2 costs to stay broadly similar to Q1, with relief only from Q3 onwards.
- Weak pricing, south oversupply Sep 21
Motilal Oswal flags near-term margin pressure across the sector from higher input costs and weak pricing. Oversupply in South India continues to keep pricing muted in JSW Cement's legacy market.
- Stock 20% below IPO price Sep 21
Shares trade near ₹117, about 20% below the ₹147 IPO issue price from August 2025. That reflects weak investor sentiment since listing.
- Motilal upgrades to Buy, ₹146 TP Sep 21
Motilal Oswal upgraded the stock from Neutral to Buy with a ₹146 target, implying 25% upside from ₹117 at 14x FY28E EV/EBITDA. The stock rose nearly 2% to an intraday high of ₹119.75 on BSE.
- Volumes up 23-25% YoY Sep 21
Overall volumes grew an estimated 23-25% YoY in Jul-Aug, including the North plant, against industry growth of 10-12%. Management guides for high-teens volume growth in FY27.
- Nagaur North plant ramping up Sep 21
The Nagaur, Rajasthan plant commissioned in March averaged 55% utilisation in Q1FY27 and gives access to the better-priced North and Central markets. Variable costs per tonne should fall over the next six months as OLBC, AFR and WHRS become fully operational.
- 20% revenue/EBITDA CAGR estimated Sep 21
Motilal estimates revenue, EBITDA and PAT CAGRs of about 20%, 20% and 15% over FY26-28. A roughly 40% GGBS mix limits exposure to fuel-cost inflation.
- Shiva Cement merger approved Sep 29
The board approved the amalgamation of subsidiary Shiva Cement at a 5:41 share exchange ratio, which dilutes promoter holding to 71.39%. Completion is expected in 12-14 months, subject to NCLT and regulatory approvals.
- Outlook hinges on cost control Sep 22
A newspaper report ties near-term earnings to input-cost trends, margin performance and operational cost control. The report gives no specific figures or guidance.
TL;DR: JSW Cement is growing volumes much faster than the industry (23-25% YoY vs 10-12%), helped by the new Nagaur plant, and Motilal Oswal has upgraded it to Buy with 25% upside to ₹146. On the other side, Q1FY27 EBITDA fell 7% to ₹299 crore on cost pressure, a ₹229.85 crore GST notice is a fresh risk, and the stock is still about 20% below its IPO price. The trend looks to be improving on volumes, but margins remain under pressure through Q2. Whether the stock re-rates likely depends on cost relief from Q3FY27 as the North plant's efficiency measures kick in and the GST matter is resolved.
Quarterly Results
| Particulars | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,447 | 1,224 | 1,433 | 1,709 | 1,560 | 1,436 | 1,621 | 1,895 | 1,896 |
| Expenses | 1,279 | 1,139 | 1,317 | 1,469 | 1,237 | 1,169 | 1,336 | 1,530 | 1,598 |
| Operating Profit | 168 | 84 | 116 | 240 | 323 | 268 | 285 | 365 | 299 |
| OPM % | 12% | 7% | 8% | 14% | 21% | 19% | 18% | 19% | 16% |
| Other Income | 24 | 27 | 28 | 28 | -1,444 | 34 | 67 | 22 | 86 |
| Interest | 110 | 109 | 116 | 114 | 102 | 100 | 87 | 89 | 97 |
| Depreciation | 74 | 77 | 81 | 79 | 78 | 80 | 81 | 84 | 98 |
| PBT | 8 | -75 | -53 | 76 | -1,302 | 121 | 184 | 215 | 190 |
| Tax % | 394% | 2% | 51% | 79% | 5% | 38% | 29% | -68% | 19% |
| Net Profit | -24 | -76 | -80 | 16 | -1,366 | 75 | 131 | 362 | 153 |
| EPS in Rs | -0.15 | -0.63 | -0.68 | 0.34 | -13.31 | 0.63 | 1.04 | 2.72 | 1.18 |
Profit & Loss
| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|
| Sales | 2,897 | 3,853 | 4,634 | 5,810 | 6,002 | 5,785 | 6,501 | 6,849 |
| Expenses | 2,294 | 3,024 | 3,878 | 5,147 | 5,149 | 5,169 | 5,259 | 5,633 |
| Operating Profit | 603 | 829 | 756 | 663 | 853 | 617 | 1,242 | 1,216 |
| OPM % | 21% | 22% | 16% | 11% | 14% | 11% | 19% | 18% |
| Other Income | 39 | 20 | 195 | 145 | 85 | 100 | -1,323 | 209 |
| Interest | 268 | 291 | 315 | 310 | 435 | 450 | 378 | 373 |
| Depreciation | 145 | 179 | 238 | 373 | 278 | 310 | 322 | 342 |
| PBT | 230 | 379 | 398 | 125 | 224 | -44 | -781 | 711 |
| Tax % | 33% | 34% | 41% | 17% | 72% | 275% | 2% | — |
| Net Profit | 154 | 250 | 233 | 104 | 62 | -164 | -799 | 721 |
| EPS in Rs | 1.56 | 2.53 | 2.48 | 1.39 | 0.91 | -1.12 | -5.55 | 5.57 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | -89% | — |
Balance Sheet
| Particulars | 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
| Particulars | 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
| Particulars | 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% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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66 extracted metrics + investor summaries across FY06–FY27.
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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
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