JSW Cement Reports 17% Rise in Revenue; Company Eyes 41.8 MTPA Capacity by 2028

10 Nov 2025 , 10:51 AM

JSW Cement Ltd. reported a strong turnaround in the September quarter of FY26, helped by higher volumes, cost efficiency, and improved operating leverage. The company’s performance outpaced the broader industry trend during the quarter.

The cement maker posted a net profit of ₹75.36 crore, recovering from a net loss of ₹75.82 crore in the same quarter last year. The improvement came on the back of better capacity utilization and easing input costs.

Revenue Growth and Margin Movement

JSW Cement’s consolidated revenue increased 17.4% year-on-year to ₹1,436.43 crore, compared with ₹1,223.71 crore in Q2FY25. The rise in revenue was supported by stronger demand from both retail and infrastructure segments.

The company’s adjusted EBITDA jumped 114% to ₹267.52 crore from ₹162 crore a year ago, driven by operating leverage and lower raw material expenses. During the base quarter, the company had recorded a fair-value loss of ₹36.75 crore on financial instruments, which has been factored out for comparison.

Sales volumes grew 15% to 3.11 million tonnes, against 2.71 million tonnes in the previous year. Gross margins improved to 77.8% from 73.1% in Q2FY25. Despite these gains, margins softened sequentially as cement realizations declined. The EBITDA margin stood at 18.6%, higher than last year’s 13.2% but lower than 20.7% in the previous quarter.

Cost Control and Financial Strength

The company benefited from lower raw material costs after it reduced its dependence on third-party slag purchases during Q1FY26. Employee benefit expenses dropped 5% to ₹84.2 crore, while finance costs were down 8% to ₹100 crore.

JSW Cement also strengthened its balance sheet, bringing down net debt to ₹3,231 crore as of September 30, 2025, compared with ₹4,566 crore at the end of June 2025. The decline came mainly from the proceeds raised through its recent initial public offering (IPO).

Capacity Expansion and Growth Plans

On the capex front, JSW Cement said its Nagaur integrated unit (IU) in Rajasthan, with a capacity of 3.5 million tonnes per annum (mtpa) and 3.3 mtpa of clinker, is on track for commissioning by early Q4FY26.

Once operational, the Nagaur plant will enhance JSW Cement’s reach in northern India and help diversify its regional portfolio. Looking ahead, the company aims to build a pan-India presence, targeting a total grinding capacity of 41.85 mtpa compared to 21.6 mtpa currently. In the medium term, JSW Cement plans to achieve around 34 mtpa by 2028.

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