JSWCEMENT
Small CapJSW Cement Limited
Industrials
JSW Cement is among India's fastest-growing cement companies, part of the US$23 Bn JSW Group. It operates 24.1 MTPA grinding and 9.74 MTPA clinker capacity across multi-regional footprints. The company claims the lowest CO2 emission intensity in the industry and is India's largest manufacturer of GGBS.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is acceptable, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 90/100Rev +11% YoY · PAT +2163% YoY · margin expansion · +17% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,895 Cr | +10.9% | +16.9% |
| EBITDA | ₹365 Cr | +52.1% | +28.1% |
| Operating margin | 19.0% | +500 bps | +100 bps |
| PAT | ₹362 Cr | +2162.5% | +176.3% |
| PAT margin | 19.1% | +1816 bps | +1102 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Q4 FY26 saw robust YoY growth: Total Volume Sold +6.8%, Revenue +10.9%, Operating EBITDA +45.9% to ₹365 crore, and Operating EBITDA per ton +₹245 to ₹916/MT. FY26 also delivered strong growth across key metrics, driven by new capacity commissioning and improved realizations.
JSW Cement delivered strong Q4 and FY26 results, driven by volume growth, improved realizations, and operating leverage. The commissioning of new capacities in North and East India marks significant strategic expansion. While macro headwinds like rising input costs and potential demand slowdowns persist, the company's aggressive capacity expansion and focus on green products position it for continued growth, albeit with execution risks.
Diversified Product Mix (FY26)
Latest issuer-disclosed distribution across 3 reported categories.
Capacity Expansion
Targeting ~46.0 MTPA grinding capacity by CY2028+, up from 24.1 MTPA in FY26, through greenfield and brownfield projects.
Pan-India Presence
Entry into North India with the commissioning of the Nagaur Integrated Unit in March 2026 and a brand launch in Jaipur.
Green Cementitious Products
77% of total volume sold in FY26, with GGBS volume sold increasing 11.6% YoY in FY26.
Premium Product Launch
Launched super-premium cement in the southern and eastern regions in July 2025.
Nagaur Integrated Unit (North India)
Commissioned in March 2026, with 3.3 MTPA clinker capacity and 2.5 MTPA grinding capacity. Kiln light-up on Feb 17, 2026.
Shiva Cement Sambalpur Grinding Unit (East India)
1.0 MTPA grinding unit commissioned in October 2025, strengthening presence in Eastern India.
Nagaur Grinding Capacity Expansion
New project approved in Q4 FY26 for an additional 2.5 MTPA grinding capacity at Nagaur, Rajasthan, at a capital cost of ₹430 crore.
Mansa Grinding Unit (Punjab)
2.75 MTPA grinding unit, with CLU obtained, EC approval ongoing, and detailed engineering in progress.
Government Capex
Sustained central and state government infrastructure spending (Central +14.5% YoY, State +12% YoY in 11mFY26) supports cement demand.
Strong Medium-Term Demand Potential
CRISIL projects cement demand growth to outpace capacity additions (7.5-8.5% CAGR FY26-30), with broad-based demand across segments.
GGBS Demand Growth
GGBS demand is expected to grow faster than cement (9-10% CAGR FY26-30), driven by infrastructure and RMC industries.
Crude Oil & Energy Prices
Brent crude crossed $110/barrel, raising prices of pet coke, imported coal, diesel, and polypropylene packaging costs.
Rupee Depreciation
INR declined ~11% against the US dollar (to ~₹94.5/$ as of Apr’26), amplifying imported raw material costs.
RBI Interest Rates
A rate pause or potential hike curbs home loan affordability, slowing new housing launches and real estate demand.
Below-Normal Monsoon
IMD forecast for south-west monsoon is 'below normal' for 2026, which will impact construction activity across rural India.
Raw Material and Energy Price Volatility
Higher crude oil prices and rupee depreciation directly increase input costs for pet coke, coal, and logistics.
Interest Rate Sensitivity
RBI's monetary policy actions can directly impact housing demand, which accounts for ~60% of cement demand.
Monsoon Impact on Demand
A below-normal monsoon could significantly slow construction activity, particularly in rural areas.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is crucial for assessing annual growth and overall business trajectory. QoQ comparison is important for tracking sequential momentum, especially with new capacities like Nagaur and Sambalpur coming online, and for monitoring cost and realization trends in a dynamic market.
Total Volume Sold
Q4 FY26: 3.99 mn MT (+6.8% YoY, +12.1% QoQ). FY26: 13.96 mn MT (+10.6% YoY).
Revenue from Operations
Q4 FY26: ₹1,895 crore (+10.9% YoY, +16.9% QoQ). FY26: ₹6,512 crore (+12.0% YoY).
Operating EBITDA
Q4 FY26: ₹365.0 crore (+45.9% YoY, +28.1% QoQ). FY26: ₹1,240 crore (+43.6% YoY).
Operating EBITDA per ton
Q4 FY26: ₹916/MT (+₹245 YoY, +₹114 QoQ). FY26: ₹888/MT (+₹204 YoY).
Strategic Market Entry
Management reinforced the strategic importance of the North market with the Nagaur unit and Jaipur brand launch, articulating ambition and future roadmap.
Sustainability Focus
Company continues initiatives in resource efficiency, circular economy, and safety, receiving multiple awards for performance.
Dividend Recommendation
Board recommended a dividend of ₹0.50 per equity share of ₹10 each for FY26, subject to shareholder approval.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Operating EBITDA per ton | ₹916/MT (Q4 FY26) | Sustained improvement from operating leverage and pricing power, especially with new capacities ramping up. |
| Net Debt to TTM EBITDA | 2.72x (Mar 31, 2026) | Further deleveraging trend amidst ongoing significant capacity expansion capex. |
| Capacity Utilization & Ramp-up | Nagaur (3.3 MTPA clinker, 2.5 MTPA grinding) and Sambalpur (1.0 MTPA grinding) commissioned. | Timely ramp-up of utilization rates for new capacities and their contribution to overall volumes and profitability. |
| Logistics Cost per ton | ₹1,115/MT (Q4 FY26) | Efficiency improvements to mitigate cost increases driven by rising lead distances and fuel prices. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
54NeutralSMA20 +6.8% / mo
Technical chart
JSWCEMENTdaily · 3Y+3.5%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 50. Wait for confirmation.
- SMA20 rising (~1.9% over last month) — short-term momentum positive.
- RSI(14) at 50 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 11% off 52W high · 19% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 41.1%.
- Growth contributes 19/25 to the score.
Main drags
- Cash flow is weaker at 3/10; verify the latest quarterly trend.
- Quality is weaker at 8/20; verify the latest quarterly trend.
- Valuation is weaker at 13/30; verify the latest quarterly trend.
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 57th percentile of the scored universe and 53rd percentile within Industrials. Main check: cash conversion is weak at 55/100.
Healthy Trust Lite: Promoter holding is 72%.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Industrials: 53rd pctile, median 68 · Small: 62nd pctile, median 65
27 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 72%.
- ▸Promoter pledge is zero.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 26.50
- P/B
- 2.63
- EV/EBITDA
- 13.90
- Market Cap
- 17245.00Cr
Profitability
- ROE
- 14.60%
- ROCE
- 11.00%
- ROA
- -5.50%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 11.00%
- EPS 5Y
- 19.00%
- Revenue 3Y
- 4.00%
- EPS 3Y
- 68.00%
Balance Sheet
- Debt/Equity
- 0.68
- Interest Coverage
- 3.28×
- Altman Z
- 2.69
- Book Value
- 48.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 3/5
- OCF
- 1170.00 Cr
- EPS TTM
- -5.55
Shareholding
- Promoter Hold
- 72.04%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 35%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.