JSW Cement Q2 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹15,749 Cr
- P/E
- 19.96
- ROE
- 14.67%
- PEG
- 0.30
- Price to sales
- 2.29
- Debt to equity
- 0.68
- 52W high / low
- ₹142 / ₹108
- Sales growth (5Y)
- 11.03%
- EBITDA margin
- 17.76%
- Net profit margin
- 10.61%
- Promoter holding
- 72.02%
- Sales (last year)
- ₹6,849 Cr
JSW Cement is a leading Indian manufacturer of green cement, known for its sustainability and use in major infrastructure projects
Guidance scorecard · Q2 FY27 call
What JSW Cement Ltd's management guided
and where it ranks in Cement & Cement Products
Cement & Cement Products
RevenueQ1 FY27 call
10–20%- JSW Cement expects high teens volume growth overall for FY27, including North operations.
- Excluding North, cement volume growth was 8% in Q1.
- GGBS segment is expected to grow in the high single digits for FY27.
- The growth outlook for GGBS depends strongly on capex and infrastructure growth, with positive prospects continuing into FY28.
- North operations are scaling rapidly, aiming for 60%+ utilization by year-end and EBITDA break-even in Q2 FY27.
- Residential and infrastructure projects in multiple regions (Mumbai, Pune, Chennai, Hyderabad, Karnataka, etc.) support strong demand.
2 more points from JSW Cement Ltd's call on revenue
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MarginsQ1 FY27 call
FlatSee what JSW Cement Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- JSW Cement plans a capex of INR 2,300 crores for FY27 and around INR 2,000 crores for FY28.
- The company aims to expand capacity from 24.1 million tons currently to about 43.5 million tons over the next few years, requiring a total capex of INR 7,500 - 7,600 crores.
- Green energy capacity to reach 60%+ implementation by Q3 FY27.
- Capex includes investments in waste heat recovery system (WHRS), overland belt conveyor (OLBC), and alternate fuel/biomass co-processing (AFR).
FundraisingQ1 FY27 call
See what JSW Cement Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
Rising- JSW Cement has received approvals for over 29 large infrastructure projects in Q1 FY27.
- The project pipeline for infrastructure and large projects remains robust.
- Strong residential activity in Pune, Hyderabad, Bangalore, Mumbai, and suburbs supports non-trade cement and GGBS business.
- Overall, the orderbook and impending demand from infrastructure and residential projects remain healthy and positive for growth.
Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Cement & Cement Products
on management's own guidance
- BIGBLOC Const.Good growth2
- Strong growth1
- J K Cements LtdGood growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Cement & Cement Products companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Flat | ₹1.99L Cr | 34.6 | |
| 2 | BIGBLOC Const. | 20–40% | Up 2%+ | ₹613 Cr | 364.4 |
| 3 | J K Cements Ltd | 20–40% | Flat | ₹37,843 Cr | 38.8 |
| 4 | 10–20% | Up 2%+ | ₹1,289 Cr | — | |
| 5 | 10–20% | Flat | ₹3.21L Cr | 37.3 | |
| 6 | 10–20% | Flat | ₹83,058 Cr | 50.9 |
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Pro shows every company guiding 40%+ revenue growth →Full Cement & Cement Products rankingJSW Cement Ltd announcements
All announcements →- Capex / expansionNotableJSW Cement Limited reports standalone and consolidated financials for H1 Sept 2026
- Capex / expansionNotableJSW Cement Limited reports Q2 and H1 FY27 standalone and consolidated results
- Acquisition / mergerNotableJSW Cement Limited reports Q2 & H1 FY27 results with revenue growth and scheme approval
- Financial resultsNotableJSW Cement reports half-year results to Sep 30, 2026 and approves two capacity additions
- Capex / expansionNotableJSW Cement commissions additional 1.00 MTPA grinding unit at Nagaur, Rajasthan
Financials of JSW Cement Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
JSW Cement Ltd
Shareholding breakup across reporting periods.
| Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|
| Promoters + | 72.34% | 72.34% | 72.04% | 72.02% | 72.02% |
| FIIs + | 4.13% | 3.03% | 2.93% | 3.70% | 4.59% |
| DIIs + | 7.87% | 8.09% | 8.74% | 11.49% | 12.27% |
| Public + | 13.52% | 14.73% | 14.67% | 11.83% | 10.32% |
| Others + | 2.13% | 1.82% | 1.62% | 0.95% | 0.78% |
| No. of Shareholders | 4,70,517 | 4,60,430 | 4,42,053 | 4,42,995 | 4,51,635 |
Financials of JSW Cement Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 1,447 | 1,224 | 1,433 | 1,709 | 1,560 | 1,436 | 1,621 | 1,895 | 1,896 | 1,912 |
| Expenses + | 1,279 | 1,139 | 1,317 | 1,469 | 1,237 | 1,169 | 1,336 | 1,530 | 1,598 | 1,634 |
| Operating Profit | 168 | 84 | 116 | 240 | 323 | 268 | 285 | 365 | 299 | 278 |
| OPM % | 12% | 7% | 8% | 14% | 21% | 19% | 18% | 19% | 16% | 15% |
| Other Income + | 24 | 27 | 28 | 28 | -1,444 | 34 | 67 | 22 | 86 | 37 |
| Interest | 110 | 109 | 116 | 114 | 102 | 100 | 87 | 89 | 97 | 114 |
| Depreciation | 74 | 77 | 81 | 79 | 78 | 80 | 81 | 84 | 98 | 100 |
| Profit before tax | 8 | -75 | -53 | 76 | -1,302 | 121 | 184 | 215 | 190 | 101 |
| Tax % | 394% | 2% | 51% | 79% | 5% | 38% | 29% | -68% | 19% | 23% |
| Net Profit + | -24 | -76 | -80 | 16 | -1,366 | 75 | 131 | 362 | 153 | 78 |
| EPS in Rs | -0.15 | -0.63 | -0.68 | 0.34 | -13.31 | 0.63 | 1.04 | 2.72 | 1.18 | 0.63 |
Financials of JSW Cement Ltd
Profit & Loss
Annual income statement trend
| 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 | 7,325 |
| Expenses + | 2,294 | 3,024 | 3,878 | 5,147 | 5,149 | 5,169 | 5,259 | 6,098 |
| Operating Profit | 603 | 829 | 756 | 663 | 853 | 617 | 1,242 | 1,226 |
| OPM % | 21% | 22% | 16% | 11% | 14% | 11% | 19% | 17% |
| Other Income + | 39 | 20 | 195 | 145 | 85 | 100 | -1,323 | 213 |
| Interest | 268 | 291 | 315 | 310 | 435 | 450 | 378 | 387 |
| Depreciation | 145 | 179 | 238 | 373 | 278 | 310 | 322 | 362 |
| Profit before tax | 230 | 379 | 398 | 125 | 224 | -44 | -781 | 690 |
| Tax % | 33% | 34% | 41% | 17% | 72% | 275% | 2% | |
| Net Profit + | 154 | 250 | 233 | 104 | 62 | -164 | -799 | 723 |
| EPS in Rs | 1.56 | 2.53 | 2.48 | 1.39 | 0.91 | -1.12 | -5.55 | 5.57 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | -89% |
Financials of JSW Cement Ltd
Balance Sheet
Capital structure and asset base
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 986 | 986 | 986 | 986 | 986 | 986 | 1,341 | 1,353 |
| Reserves | 540 | 839 | 1,144 | 1,306 | 1,478 | 1,366 | 5,209 | 5,444 |
| Borrowings + | 2,969 | 3,189 | 4,622 | 5,641 | 6,254 | 6,563 | 4,464 | 4,811 |
| Other Liabilities + | 1,675 | 1,895 | 2,468 | 2,203 | 2,498 | 2,966 | 3,370 | 3,426 |
| Total Liabilities | 6,169 | 6,909 | 9,221 | 10,136 | 11,216 | 11,881 | 14,385 | 15,034 |
| Fixed Assets + | 3,293 | 4,224 | 4,573 | 4,645 | 6,189 | 6,785 | 8,480 | 8,736 |
| CWIP | 920 | 294 | 876 | 1,591 | 770 | 1,038 | 976 | 1,056 |
| Investments | 320 | 354 | 484 | 714 | 759 | 345 | 290 | 387 |
| Other Assets + | 1,636 | 2,036 | 3,288 | 3,186 | 3,498 | 3,714 | 4,639 | 4,855 |
| Total Assets | 6,169 | 6,909 | 9,221 | 10,136 | 11,216 | 11,881 | 14,385 | 15,034 |
Financials of JSW Cement Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 723 | 783 | 339 | 653 | 1,408 | 737 | 1,170 |
| Cash from Investing Activity + | -765 | -686 | -1,530 | -1,808 | -1,120 | -558 | -1,649 |
| Cash from Financing Activity + | 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/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 127% | 101% | 54% | 115% | 177% | 125% | 95% |
Financials of JSW Cement Ltd
Ratios
Working capital efficiency and return ratios
| 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% |
Guidance history
How JSW Cement Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 10–20% | Flat | Planned | — | Rising |
| Q4 FY26 call → | 20–40% | Flat | Planned | — | — |
| Q3 FY26 call → | 10–20% | Flat | Planned | Planned | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
21 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −15.3% | 42% |
| Last 6 months | −5.4% | 44% |
| Last 3 months | −11.8% | 36% |
The price is 27.2% below its all-time high of ₹159.17 (3 Sept 2025). Stocks more than 20% below their peak have their score halved, so 42 became 21.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For JSW Cement Ltd: 0.4 × 42 + 0.4 × 44 + 0.2 × 36 = 42, halved to 21 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What JSW Cement Ltd's management said in earlier quarters
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