JSWCEMENT
JSW Cement share price & financials
- Price
- ₹139.93
- Market cap
- ₹16.9k Cr
- Sector
- Construction Materials
- Calls analysed
- 3
JSW Cement Limited Q1 FY27
What went well
- Total sales volume grew 15% Y-o-Y to 3.81 million tons, with cement volumes up 27% Y-o-Y to 2.34 million tons.
- Consolidated revenue increased by 22% Y-o-Y to INR 1,896 crores.
- North region operations, newly started, saw approximately 11% Y-o-Y demand growth and reached 68% utilization by June '26.
What to watch
- Consolidated operating EBITDA declined by 7.5% Y-o-Y to INR 299 crores.
- Operating EBITDA per ton was INR 784, impacted by higher fuel and packing costs.
What JSW Cement Limited does
JSW Cement manufactures and sells cement, clinker and Ground Granulated Blast Furnace Slag (GGBS) — a cementitious substitute used mainly in ready-mix concrete (RMC) — from integrated, grinding and clinker units spread across South, West, East and North India, plus a clinker unit in Fujairah, UAE. It is part of the JSW Group and draws on group synergies, including long-term blast-furnace-slag supply contracts with JSW Steel plants, to feed its GGBS business. Cement and Shiva Cement (its East India subsidiary/brand) are sold through a network of channel partners and direct customers, while GGBS is sold to commercial RMC producers, EPC contractors, residential developers and government infrastructure agencies.
Segments
- Cement
- GGBS
- Clinker
- RMC
- Cement Grinding Capacity
- 24.10 MTPA across 8 units
- Clinker Capacity
- 9.74 MTPA across 4 units
- Geographic Presence
- South, West, East & North India, and UAE
- Limestone Reserves
- 13 mines with 1.3 billion+ MT reserves (Indian operations)
- Distribution Network
- 12,500+ channel partners and 7,500+ direct customers
- GGBS Market Position
- India's largest GGBS producer (~84% all-India market share, company estimate)
Guidance record · Q1 FY27
what the last two calls moved 20 tracked 0 delivered 1 missed 19 open- Annual Sales Volume missed said Q1 FY26 Promised: 15.5 million tons Q1 FY27: Target was for FY26, which has passed. Not mentioned.
- EBITDA per ton at risk said Q1 FY26 Promised: 1,150 to 1,200 Q1 FY27: Consolidated EBITDA/ton fell to ₹784. Even excluding the new North operations, it was ₹979, still significantly below the target range.
- Annual Capex on track said Q1 FY26 Promised: ₹2,000 crores Q1 FY27: Management reiterated the revised FY27 capex guidance of ₹2,300 crores. Incurred ₹337 crores in Q1 FY27.
All 20 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 21.5%, net profit up 111.2% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,224 | 1,433 | 1,709 | 1,560 | 1,436 +17% | 1,621 +13% | 1,895 +11% | 1,896 +22% |
| EBITDA | 84 | 116 | 240 | 323 | 268 +219% | 285 +146% | 365 +52% | 299 −7% |
| Net profit | -76 | -80 | 16 | -1,366 | 75 +199% | 131 +264% | 362 +2163% | 153 +111% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −19.7% 1Y
1Y: ₹148.01 on 10 Sept 2025 → ₹118.87. High ₹151.21 (18 Sept 2025), low ₹108.02 (3 Dec 2025).
How the price took the results
close before → close after
- Q1 FY27
- −0.8%
- 14 Aug
- Q4 FY26
- +5.4%
- 21 May
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 12.0% a year over 1 year, FY25 to FY26. Operating margin widened to 19.1%.
| Year ending | FY25 | FY26 |
|---|---|---|
| Revenue | ₹5.8k Cr | ₹6.5k Cr |
| Operating profit | ₹608 Cr | ₹1.2k Cr |
| Operating margin | 10.5% | 19.1% |
| Interest | ₹449 Cr | ₹378 Cr |
| Depreciation | ₹311 Cr | ₹323 Cr |
| Net profit | ₹-164 Cr | ₹-798 Cr |
| Net margin | -2.8% | -12.3% |
| Cash from operations | ₹737 Cr | ₹1.2k Cr |
| Free cash flow | ₹-409 Cr | ₹-791 Cr |
| ROCE | 5.0% | 11.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹986 Cr | ₹986 Cr | ₹986 Cr | ₹986 Cr | ₹1.3k Cr | ₹1.3k Cr |
| Reserves | ₹839 Cr | ₹1.1k Cr | ₹1.3k Cr | ₹1.5k Cr | ₹4.7k Cr | ₹5.2k Cr |
| Borrowings | ₹3.2k Cr | ₹4.6k Cr | ₹5.6k Cr | ₹6.3k Cr | ₹4.6k Cr | ₹4.5k Cr |
| Other liabilities | ₹1.9k Cr | ₹2.5k Cr | ₹2.2k Cr | ₹2.5k Cr | ₹3.5k Cr | ₹3.4k Cr |
| Total liabilities | ₹6.9k Cr | ₹9.2k Cr | ₹10.1k Cr | ₹11.2k Cr | ₹14.1k Cr | ₹14.4k Cr |
| Fixed assets | ₹4.2k Cr | ₹4.6k Cr | ₹4.6k Cr | ₹6.2k Cr | ₹6.8k Cr | ₹8.5k Cr |
| Capital work in progress | ₹294 Cr | ₹876 Cr | ₹1.6k Cr | ₹770 Cr | ₹1.8k Cr | ₹976 Cr |
| Investments | ₹354 Cr | ₹484 Cr | ₹714 Cr | ₹759 Cr | ₹357 Cr | ₹290 Cr |
| Other assets | ₹2.0k Cr | ₹3.3k Cr | ₹3.2k Cr | ₹3.5k Cr | ₹5.2k Cr | ₹4.6k Cr |
| Total assets | ₹6.9k Cr | ₹9.2k Cr | ₹10.1k Cr | ₹11.2k Cr | ₹14.1k Cr | ₹14.4k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Sep 2025, DIIs added +3.62 pp while the public trimmed −1.69 pp. The shareholder count shrank 6% to 4,42,995.
- Promoters
- 72.0%
- FIIs
- 3.7%
- DIIs
- 11.5%
- Public
- 11.8%
- Others
- 0.9%
Since Sep 2025
- DIIs +3.62 pp
- Public −1.69 pp
- Others −1.18 pp
How it drifted, 4 quarters
Over this window DIIs went from 7.9% to 11.5% — +3.6 pp.
Ownership split by quarter, oldest first. Sep '25: Promoters 72.3%, FIIs 4.1%, DIIs 7.9%, Public 13.5%, Others 2.1%.Dec '25: Promoters 72.3%, FIIs 3.0%, DIIs 8.1%, Public 14.7%, Others 1.8%.Mar '26: Promoters 72.0%, FIIs 2.9%, DIIs 8.7%, Public 14.7%, Others 1.6%.Jun '26: Promoters 72.0%, FIIs 3.7%, DIIs 11.5%, Public 11.8%, Others 0.9%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- SBI Infrastructure Fund Mutual fund newly disclosed 4.52% held
- Nippon Life India Trustee Ltd-A/C Nippon India Nif Mutual fund newly disclosed 1.58% held
- ICICI Prudential Quality Fund Mutual fund newly disclosed 1.44% held
The same filing shows 1 holder trimming and 3 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of JSW Cement Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Adarsh Advisory Services Private Limited | 63.90% | unchanged |
| SBI Infrastructure Fund Mutual fund | 4.52% | newly disclosed |
| Siddeshwari Tradex Private Limited | 3.42% | unchanged |
| Synergy Metals Investments Holding Limited | 3.36% | −0.07 pp |
| Virtuous Tradecorp Private Limited | 1.95% | unchanged |
| Nippon Life India Trustee Ltd-A/C Nippon India Nif Mutual fund | 1.58% | newly disclosed |
| JSL Limited | 1.47% | unchanged |
| ICICI Prudential Quality Fund Mutual fund | 1.44% | newly disclosed |
| Everbest Consultancy Services Private Limited | 0.54% | unchanged |
| Parth Jindal | 0.26% | unchanged |
| Anushree Parth Jindal | 0.09% | unchanged |
| Saket Kanoria | 0.06% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in JSWCEMENT
Filings to Aug 2026
0 new, 5 added, 2 trimmed, 1 sold out — net −16.65 L shares (−1.7%).
- Held by funds
- ₹1.2k Cr
- 23 schemes
- Biggest holder
- Nippon India Small Cap Fund
- ₹255 Cr · 0.3% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹255 Cr | held | Aug '25 |
| SBI MultiCap Fund SBI Mutual Fund | ₹252 Cr | held | Aug '25 |
| SBI ELSS Tax Saver Fund SBI Mutual Fund | ₹146 Cr | held | Aug '25 |
| SBI Flexicap Fund SBI Mutual Fund | ₹107 Cr | −2.08 L | Aug '25 |
| SBI ESG Exclusionary Strategy Fund SBI Mutual Fund | ₹101 Cr | held | Jun '26 |
| Nippon India Power & Infra Fund Nippon India Mutual Fund | ₹80 Cr | held | Aug '25 |
| SBI Infrastructure Fund SBI Mutual Fund | ₹63 Cr | held | Aug '25 |
| SBI Retirement Benefit Fund - Aggressive Plan SBI Mutual Fund | ₹59 Cr | held | May '26 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
5 added, 2 trimmed — net −16.65 L shares (−1.7%)
- Funds are sitting on
- -1%
- vs est. average cost
- Held by funds
- ₹1.2k Cr
- 23 schemes · ≈ 7.8% of the company
- Biggest holder
- Nippon India Small Cap Fund
- ₹255 Cr · 0.3% of that fund
Shares held by these funds +50%
Aug '25 9.67 cr shares Jul '26
All earnings calls (3)
Read the Q1 FY27 call →Learn to analyse JSW Cement Limited
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