JSW Cement Ltd

Q3 FY26Cement & Cement Products

JSW Cement Q3 FY26: Revenue ₹1,621 Cr, PAT ₹130.6 Cr

Q3 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹126

Market cap₹18.0K Cr

P/E27.6

Updated23 Aug 2026

Read4 min read

The short version

Future growth expectations for JSW Cement based on the presentation are: - Sales Volume Growth: - Total volume sold grew 12.1% YoY to 9.98 mn MT in 9M FY26. JSW Cement shows strong volume growth: 12.1% YoY increase in total volume for 9M FY26.

From JSW Cement Ltd's Q3 FY26 earnings-call transcript · updated 23 Aug 2026.

Revenue & Sales Performance

Future growth expectations for JSW Cement based on the presentation are: - **Sales Volume Growth:** - Total volume sold grew 12.1% YoY to 9.98 mn MT in 9M FY26. - Medium-term cement demand CAGR projected at 7.5-8.5% (FY26-FY30). - Revenue growth driven by robust sales volume increase (+14% YoY in Q3 FY26). - **Revenue Growth:** - Revenue from operations increased by 7.9% YoY in 9M FY26. - Q3 FY26 revenue up 13.2% YoY to Rs 1,621 crore, primarily due to volume growth. - **Financial Performance:** - Operating EBITDA grew 12.5% YoY in 9M FY26, with significant margin improvements in recent quarters. - Growth strategy includes expanding grinding capacity from 21.6 MTPA to ~41.85 MTPA by CY 2028, and new projects in UAE. - **Sector Outlook:**

2 more points management made on revenue & sales performance

Profitability & Margins

JSW Cement shows strong volume growth: 12.1% YoY increase in total volume for 9M FY26.
Revenue up 13.2% YoY in Q3 FY26, driven primarily by higher volumes.
Operating EBITDA improved by 31.5% YoY in Q3 FY26, with Rs 285.1 crore and Rs 802/MT EBITDA per ton.
On 9M FY26 basis, operating EBITDA rose 42.9% YoY to Rs 875.2 crore, with a 27.4% margin.
Adjusted Profit After Tax surged sharply from negative to Rs 130.6 crore in Q3 FY26.
Medium-term cement demand CAGR expected at 7.5-8.5% (FY26-FY30), supported by infrastructure and housing.
Company expanding grinding capacity and clinker capacity aiming for pan-India presence by CY 2028.

2 more points management made on profitability & margins

See what JSW Cement Ltd said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

Approved Expansion Program in India targeting capacity growth to ~41.85 MTPA by CY 2028, involving both greenfield and brownfield projects across Odisha, Rajasthan, Punjab, Karnataka, Maharashtra, Madhya Pradesh, and Uttar Pradesh.
Planned clinker capacity expansion of 9.74 MTPA and grinding capacity additions in multiple locations.
New project approval for a 1.65 MTPA Grinding Unit in Fujairah, UAE via a wholly owned or subsidiary entity, at a capital cost of USD 39 million.

2 more points management made on capital expenditure plans

Top-ranked in Cement & Cement Products

Ranked on what management guided this quarter

5x potential

1Grasim Inds₹2.2L Cr

Rev 1Mar 3

2BIGBLOC Const.₹567 Cr

Rev 2Mar 1

3₹1.3K Cr

Rev 3Mar 1

4₹3.3L Cr

Rev 3Mar 3

5₹81.3K Cr

Rev 3Mar 3

Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.

Fundraising & Capital Structure

In FY22, JSW Cement raised Rs 1,600 crore by issuing Compulsory Convertible Preference Shares (CCPS) to investors.
These CCPS were converted into equity shares in July 2025 prior to the IPO, resulting in a significant accounting adjustment but no further CCPS-related expense thereafter.
No explicit mention of new or planned fundraising via debt or equity in the Q3 FY26 presentation.
The company completed a Rs 1,600 crore primary issue as part of its IPO in FY26.
The company has ongoing capacity expansions, including a new 1.65 MTPA grinding unit in UAE at USD 39 million capital cost, suggesting potential capital needs but no stated new funding.

2 more points management made on fundraising & capital structure

See what JSW Cement Ltd said on fundraising & capital structure — free account, 30 seconds.

Order Book & Pipeline

The provided JSW Cement Investor Presentation (Feb 2026) does not contain specific details on the current or expected order book or pending orders for JSW Cement. The presentation primarily focuses on the following: - Financial performance (Q3 & 9M FY26), including revenue, EBITDA, net debt. - Operational highlights such as volumes sold, regional demand outlook, and sector growth. - Details on CCPS financial instruments and conversion.

2 more points management made on order book & pipeline

JSW Cement Ltd — Quarterly revenue & net profit

Revenue Net profit Net loss

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Reported quarterly figures (₹ Cr). Latest: revenue ₹1.9K Cr, net profit ₹362 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

Full financials →

What JSW Cement's management said in earlier quarters

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Frequently Asked Questions

What were JSW Cement Ltd Q3 FY26 results?

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?

Approved Expansion Program in India targeting capacity growth to ~41.85 MTPA by CY 2028, involving both greenfield and brownfield projects across Odisha, Rajasthan, Punjab, Karnataka, Maharashtra, Madhya Pradesh, and Uttar Pradesh.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.