JSW Cement Ltd Q1 FY26 Results & Concall Highlights: Revenue, Margins & Order Book
Published 7 Aug 2026 | Cement & Cement Products | Market Cap: ₹18.0K Cr
JSW Cement expects cement demand in India to grow at 6.5% to 7.5% in FY26, driven by healthy monsoon and increased government infrastructure spending. JSW Cement aims to increase EBITDA per ton to INR1,150-1,200 sustainably as it moves into attractive geographies (Page 11).
From JSW Cement Ltd's Q1 FY26 earnings-call transcript · updated 23 Aug 2026.
Price
₹126
Market Cap
₹18.0K Cr
P/E Ratio
27.6
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JSW Cement Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹1.9K Cr, net profit ₹362 Cr.
Full financials →📊 Revenue & Sales Performance
📈 Profitability & Margins
- →JSW Cement aims to increase EBITDA per ton to INR1,150-1,200 sustainably as it moves into attractive geographies (Page 11).
- →The company targets cost reductions of around INR400 per ton over the next 1.5 to 2 years, with approximately half already achieved; key levers include renewable power, alternate fuel usage, lead distance optimization, and operating leverage (Page 11).
- →Cement volumes grew 7.8% YoY in Q1 FY26, outpacing industry growth (~3%), and are expected to continue outperforming in FY26 (Page 3).
- →Planned capacity expansions (grinding capacity to 41.85 MTPA by 2028) support volume growth and margin expansion (Page 4, 13).
- →Clinker utilization expected to rise with new integrated plants, with first-year utilization at Nagaur projected at 55%-60% (Page 15).
- →Incentives and operational efficiencies are likely to improve profitability further (Page 6, 13).
🏗️ Capital Expenditure Plans
- →FY26 capex is expected around INR 2,000 crores, including commissioning of:
- → - 1 million ton grinding capacity at Sambalpur.
- → - Integrated unit at Nagaur (2.5 million ton grinding, 3.3 million ton clinkerization).
- →FY27 planned capex also around INR 2,000 crores; expansions include:
- → - Additional 1 million ton capacity at Nagaur (by April 2027).
- → - Talwandi Sabo unit (by June 2027).
- →Capacity goals:
- → - Targeting 34 MTPA capacity by CY 2028 with grinding expansions at Vijayanagar (2 million) and Dolvi (4 million by 2028).
- →Strategic investments:
- → - Fujairah clinker capacity currently a JV with financial investors, expected to become a full subsidiary over time.
- →Incentives:
- → - Expected capital subsidies and SGST incentives across Nagaur (Rajasthan), Punjab, MP, and UP plants.
💰 Fundraising & Capital Structure
- →No explicit mention of current or planned new fundraising through debt or equity during the call.
- →Net debt stands at INR 4,566 crores at quarter-end, with INR 520 crores scheduled for repayment in Q2 using IPO proceeds.
- →The company targets improving net debt to EBITDA ratio to between 2x to 2.5x in the next few years.
- →Capital expenditure guidance includes INR 2,000 crores planned for FY26 and a similar amount expected in FY27.
- →No discussion on raising additional equity or debt to fund capex or operations was mentioned.
- →Existing focus is on debt repayment and maintaining leverage within targeted limits.
📋 Order Book & Pipeline
Key Metrics
Frequently Asked Questions
What were JSW Cement Ltd Q1 FY26 results?
JSW Cement expects cement demand in India to grow at 6.5% to 7.5% in FY26, driven by healthy monsoon and increased government infrastructure spending. JSW Cement aims to increase EBITDA per ton to INR1,150-1,200 sustainably as it moves into attractive geographies (Page 11).
What is JSW Cement Ltd share price analysis?
JSW Cement Ltd currently shows a neutral. The stock trades at a P/E of 27.6 with a market cap of ₹18,002 Cr. Investors should review the full earnings analysis for detailed insights.
Is JSW Cement Ltd planning capital expenditure?
FY26 capex is expected around INR 2,000 crores, including commissioning of: - 1 million ton grinding capacity at Sambalpur.
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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.