Ultratech Cement Ltd.
NSE: ULTRACEMCO
Basic Materials · Building Materials
₹11,050.00 last close on 23 Oct 2026 +0.84%
Research updated
JSW Cement Ltd.
NSE: JSWCEMENTBasic MaterialsBuilding Materials
- Last close
- ₹116.98
- Day change
- +₹2.29 (+2.00%)vs
- Market cap
- ₹15,490 crIndian rupees
- Research updated
- 2 reports
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About JSW Cement
JSW Cement Ltd. is a leading Indian manufacturer of cement and construction materials, recognized for its focus on sustainable, eco-friendly production practices. As part of the diversified JSW Group conglomerate, JSW Cement emphasizes the development of "green cement," employing technology that utilizes industrial byproducts such as fly ash and ground-granulated blast-furnace slag to reduce environmental impact and resource consumption. The company operates seven manufacturing plants across India with a total installed capacity exceeding 20 million tonnes per annum, serving the construction and infrastructure sectors nationwide. JSW Cement's offerings span cement, cementitious products, aggregates, concrete, and specialized construction chemicals, addressing the diverse needs of commercial, residential, and industrial projects. The firm aims to be a pioneer in zero-clinker cement technologies, contributing to the broader decarbonization efforts within India's construction industry. As a significant player in the non-energy minerals sector, JSW Cement Ltd. holds notable market relevance for its capacity, innovation, and role in advancing sustainable building practices in India.
- Sector
- Basic Materials
- Industry
- Building Materials
- Listing
- NSE: JSWCEMENT
- Next results
- Chief executive
- Mr. Nilesh Narwekar
- Employees
- 1,848
- Headquarters
- Mumbai, India
- ISIN
- INE718I01012
- Website
- jswcement.in
Public research · Report of
Business model & financial foundation
JSW Cement (NSE: JSWCEMENT), Cement and cement-related products: revenue of ₹6,512 crore in FY26 (+12.0% on FY25), an EBITDA margin of 19.0%, net profit of ₹-756.3 crore and net debt of ₹3,582 crore.
- Revenue, FY26 (₹ crore)
- 6,512
- consolidated
- Revenue growth, FY26
- +12.0%
- on FY25
- Net profit, FY26 (₹ crore)
- -756.3
- to owners
- Return on equity, FY26
- -17.0%
- on average equity
- Net debt, FY26 (₹ crore)
- 3,582
- Borrowings less defined cash excluding leases
- Market capitalisation (₹ crore)
- 15,490
- at the close of 17 Oct 2026
Company profile
| Item | Value |
|---|---|
| Legal name | JSW Cement Limited |
| Exchange and ticker | NSE: JSWCEMENT; BSE: 544480 |
| ISIN | INE718I01012 |
| Sector | Basic Materials |
| Industry | Cement and cement-related products |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Deloitte Haskins & Sells LLP |
| Market capitalisation | ₹15,490 crore (17 Oct 2026) |
| Shares outstanding | 122.12 crore shares (FY26) |
| Price | ₹114.7 (close, 17 Oct 2026) |
| 52-week range | ₹106.7 - ₹143.4 (to 17 Oct 2026) |
| Website | https://www.jswcement.in |
Corporate structure and shareholding
Parent: JSW Group.
| Entity | Holding | Business |
|---|---|---|
| Shiva Cement | 66.23% | Clinker and cement |
| JSW Green Cement | 100% | Ready-mix concrete and construction chemicals |
| Utkarsh Transport | 100% | Transport and property |
| Cemterra | 100% | Cement |
| JSW Cement Middleeast | 100% | Cement |
JSW Cement FZC is a 55.05% joint venture; consolidation excludes its sales and includes its profit share. One Platforms is a 13.56% JV.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 72.33% | 72.33% | 72.03% | 72.02% |
| Promoter holding pledged | 0.00% | 0.00% | 0.10% | 0.08% |
| Foreign institutions | 4.13% | 3.03% | 2.93% | 3.70% |
| Domestic institutions | 7.87% | 8.09% | 8.74% | 11.49% |
| of which mutual funds | 6.80% | 7.33% | 8.04% | 10.89% |
| Retail | 13.52% | 14.73% | 14.67% | 11.83% |
| Other | 2.13% | 1.82% | 1.62% | 0.95% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
JSW Cement sells cement and GGBS (ground granulated blast-furnace slag), using slag from JSW Steel; GGBS and slag-blended cement give it a structurally lower clinker need than peers. FY26 volume was 13.96 Mt (cement 7.73, GGBS 5.78) on consolidated revenue of 6,512.46 crore. Capacity: 24.10 MTPA grinding and 9.74 MTPA clinker after the Nagaur (Rajasthan) integrated unit was commissioned on 30 Mar 2026. Single operating segment. It controls slag access and a South/West/East distribution base; it does not control cement prices, imported fuel, or the slag pace of JSW Steel.
| Peer | Why the dossier compares them |
|---|---|
| UltraTech Cement (ULTRACEMCO) | National scale and regional price leader |
| Ambuja Cements (AMBUJACEM) | Expansion-led national cement group |
| Shree Cement (SHREECEM) | Low-cost clinker and cement benchmark |
| Dalmia Bharat (DALBHARAT) | Blended cement and East/South footprint |
| JK Cement (JKCEMENT) | Capacity ramp and premium distribution |
| Nuvoco Vistas (NUVOCO) | Comparable mid-sized capacity and leverage |
| Ramco Cements (RAMCOCEM) | Southern pricing and expansion exposure |
Financial databook
| Profit and loss (₹ crore) | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue from operations | 5,680 | 6,028 | 5,813 | 6,512 |
| Cost of revenue (vendor classification) * | 1,754 | 1,517 | 1,668 | 1,838 |
| Other operating costs (vendor classification) * | 2,965 | 3,101 | 2,905 | 3,085 |
| EBITDA (vendor classification) * | 840.6 | 1,070 | 836.6 | 1,335 |
| EBIT * | 417.6 | 637.7 | 384.5 | -432.9 |
| Finance costs including lease interest | 292.8 | 434.7 | 450.2 | 378.0 |
| Profit/(loss) before tax after exceptional items | 124.8 | 224.4 | -43.6 | -781.2 |
| Total tax expense (credit negative) | 20.8 | 162.4 | 120.1 | 17.6 |
| Profit/(loss) for year including NCI | 104.0 | 62.0 | -163.8 | -798.8 |
| Diluted EPS (₹) | 1.03 | 0.90 | -1.16 | -6.19 |
| Materials, traded goods and inventory change | 1,318 | 1,459 | 1,631 | |
| Power and fuel expense | 990.3 | 846.9 | 911.3 | |
| Freight and handling expense | 1,437 | 1,396 | 1,511 | |
| Employee benefits expense | 299.4 | 369.5 | 341.8 | |
| Other expenses excluding power, fuel and freight | 860.2 | 883.1 | 877.0 | |
| Operating EBITDA from consolidated cost stack | 1,123 | 858.2 | 1,240 | |
| Other income | 86.5 | 101.6 | 152.4 | |
| Depreciation and amortisation | 278.3 | 310.3 | 322.2 | |
| Exceptional items (signed profit impact) | 0.00 | 0.00 | -1,504 | |
| FVTPL financial instruments net gain/(loss) | -141.3 | -144.5 | 0.00 | |
| Share of profit/(loss) of JVs and associate | -82.0 | -98.5 | 30.8 | |
| Profit/(loss) attributable to NCI | -27.8 | -49.7 | -42.5 | |
| Profit/(loss) attributable to owners of parent | 89.8 | -114.1 | -756.3 | |
| Expected credit loss on government incentives | -54.8 | -5.58 | -11.0 | |
| Captive consumption of cement expense credit | 5.77 | 23.5 | 28.4 |
| Balance sheet (₹ crore) | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Equity attributable to owners of parent | 2,241 | 2,465 | 2,353 | 6,550 |
| Borrowings incl maturities excluding leases | 5,641 | 5,836 | 6,167 | 4,082 |
| Cash equivalents, bank balances and current investments | 51.1 | 642.8 | 203.0 | 499.7 |
| Trade receivables | 710.8 | 782.8 | 781.8 | 853.8 |
| Inventories | 448.5 | 475.3 | 428.5 | 601.8 |
| Trade payables MSME plus other creditors | 1,084 | 1,222 | 1,238 | 1,439 |
| Net PP&E including right-of-use assets | 242.4 | 5,294 | 5,843 | 7,542 |
| Capital work-in-progress | 2,057 | 739.2 | 1,025 | 957.5 |
| Total assets | 10,219 | 11,319 | 12,004 | 14,535 |
| Non-controlling interests equity | -79.2 | 19.8 | -22.6 | |
| Lease liabilities current plus non-current | 418.0 | 396.0 | 382.8 | |
| Borrowings less defined cash excluding leases | 5,193 | 5,964 | 3,582 |
| Cash flow (₹ crore) | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Net cash generated from operating activities | -118.4 | 1,408 | 736.7 | 1,170 |
| Free cash flow (vendor definition) * | -980.6 | 475.5 | -415.0 | -791.3 |
| Cash purchase of PP&E, intangibles, CWIP and capital advances | -1,632 | -932.2 | -1,152 | -1,962 |
| Dividends paid (cash outflow) | n.d. | 0.00 | 0.00 |
| Other reported lines (₹ crore) | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Diluted weighted average equity shares | 133.09 | 100.05 | 98.64 | 122.12 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,224 | 1,433 | 1,709 | 1,560 | 1,436 | 1,621 | 1,895 | 1,896 |
| Cost of revenue (vendor classification) * | 329.8 | 344.4 | 451.0 | 318.5 | 414.5 | 498.8 | 503.5 | |
| Other operating costs (vendor classification) * | 643.4 | 789.5 | 912.5 | 766.2 | 831.1 | 945.4 | 996.7 | |
| EBITDA (vendor classification) * | 148.4 | 209.6 | 278.3 | 301.1 | 385.9 | 391.7 | 385.1 | |
| EBIT * | 34.9 | 63.4 | 189.9 | 221.5 | 271.0 | 303.7 | 287.5 | |
| Finance costs including lease interest | 109.4 | 116.4 | 114.1 | 102.2 | 100.3 | 86.7 | 88.8 | 97.4 |
| Profit/(loss) before tax after exceptional items | -74.5 | -53.0 | 75.8 | -1,302 | 121.3 | 184.3 | 214.9 | 190.2 |
| Total tax expense (credit negative) | 1.30 | 27.2 | 59.5 | 64.8 | 45.9 | 53.7 | -146.8 | 36.7 |
| Profit/(loss) for period including NCI | -75.8 | -80.2 | 16.2 | -1,366 | 75.4 | 130.6 | 361.7 | 153.4 |
| Diluted EPS (not annualised) (₹) | -0.65 | -0.70 | 0.34 | -13.75 | 0.70 | 1.05 | 2.75 | 1.19 |
| Materials, traded goods and inventory change | 329.8 | 344.4 | 451.0 | 399.2 | 318.5 | 414.5 | 498.8 | 503.5 |
| Power and fuel expense | 168.9 | 211.3 | 238.3 | 212.4 | 225.8 | 236.5 | 236.7 | 305.3 |
| Freight and handling expense | 290.1 | 346.0 | 401.5 | 363.4 | 328.4 | 374.8 | 444.5 | 415.2 |
| Employee benefits expense | 88.6 | 85.1 | 95.8 | 81.3 | 84.2 | 90.6 | 85.8 | 97.7 |
| Other expenses excluding power, fuel and freight | 184.5 | 232.3 | 272.7 | 180.9 | 212.1 | 219.9 | 264.2 | 276.2 |
| Operating EBITDA from consolidated cost stack | 161.9 | 213.8 | 250.1 | 322.7 | 267.5 | 285.0 | 365.1 | 298.6 |
| Other income | 27.4 | 28.5 | 21.4 | 22.1 | 23.6 | 86.1 | 20.6 | 73.8 |
| Depreciation and amortisation | 76.8 | 81.0 | 78.5 | 77.9 | 79.5 | 81.2 | 83.6 | 97.5 |
| Exceptional items (signed profit impact) | 0.00 | 0.00 | 0.00 | -1,466 | 0.00 | -33.7 | -4.44 | 0.00 |
| FVTPL financial instruments net gain/(loss) | -36.8 | -65.2 | -9.97 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Share of profit/(loss) of JVs and associate | -40.9 | -32.7 | 6.81 | 0.13 | 9.91 | 14.7 | 6.05 | 12.7 |
| Profit/(loss) attributable to NCI | -11.4 | -11.4 | -18.0 | -10.2 | -11.1 | -11.5 | -9.68 | -7.21 |
| Profit/(loss) attributable to owners of parent | -64.4 | -68.8 | 34.2 | -1,356 | 86.4 | 142.1 | 371.3 | 160.6 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue growth | 6.1% | -3.6% | 12.0% | |
| EBITDA margin | 18.6% | 14.8% | 19.0% | |
| Net margin | 1.5% | -2.0% | -11.6% | |
| Return on equity | 3.8% | -4.7% | -17.0% | |
| Return on capital employed | 5.3% | 7.9% | 4.6% | -4.5% |
| Return on assets | 0.8% | -1.0% | -5.7% | |
| Net debt (₹ crore) | 5,193 | 5,964 | 3,582 | |
| Net debt / EBITDA | 4.62x | 6.95x | 2.89x | |
| Interest cover | 1.43x | 1.47x | 0.85x | -1.15x |
| Asset turnover | 0.56x | 0.56x | 0.50x | 0.49x |
| Receivable days | 46 | 47 | 49 | 48 |
| Inventory days (on revenue) | 29 | 29 | 27 | 34 |
| Payable days (on revenue) | 70 | 74 | 78 | 81 |
| Cash conversion | 15.7x | -6.46x | -1.55x | |
| Capex intensity | 28.7% | 15.5% | 19.8% | 30.1% |
| Free cash flow (₹ crore) | -1,751 | 475.5 | -415.0 | -791.3 |
| Dividend payout | -0.0% | -0.0% | ||
| EPS, diluted (₹) | 1.03 | 0.90 | -1.16 | -6.19 |
| Book value per share (₹) | 16.84 | 24.63 | 23.85 | 53.64 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA from consolidated cost stack) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Borrowings less defined cash excluding leases; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA from consolidated cost stack).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 2, information to 17 Oct 2026); market data at the close of 17 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
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- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
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The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on JSW Cement
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