JSW Cement Ltd

- 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. - Net debt reduced from Rs 4,088 crore in Q3 FY25 to Rs 3,557 crore in Q3 FY26. - Overall, no announced new fundraising plans through debt or equity beyond the recent IPO and prior CCPS conversion as of February 2026.

- 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. - Installation of renewable energy projects: 4.8 MW solar plant at Nandyal (started Nov’25) and 3.0 MW solar plant at Vijayanagar (started Dec’25), supporting sustainability goals. - The growth strategy focuses on creating a pan-India presence with capacity expansions, including the strategic investment in the UAE market.

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:** - Strong infrastructure-led demand with regional demand growth of 6-9.5% CAGR expected. - Growth supported by infrastructure, housing, industrial investments, and government capex.

- 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. - Financial leverage improving: Net Debt/EBITDA reduced to 2.90x as of Dec 31, 2025. - Positive outlook supported by demand growth projections, operational leverage, and ongoing capacity expansions.

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. - Sustainability scores and corporate lineage. - Market demand forecasts by region and sector through FY30. No explicit information or data on order book size, pending contracts, or expected future orders was provided in the report. For specific order book information, checking additional filings or disclosures beyond this investor presentation would be necessary.