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India
As of 18 Sept 2026, 03:30 pm
For Q1 FY27, JSW Cement reported revenue of ₹1,896.4 crore, an increase of 21.6% year-over-year. However, operating EBITDA declined by 7.5% year-over-year to ₹298.6 crore, attributed to higher fuel costs and operational impacts in the North region. Net profit for the quarter was ₹153.4 crore.
As of August 2026, JSW Cement reported total volume sales of 3.81 million MT, with cement volumes growing 26.5% year-over-year. The company added 56 MW of wind capacity, bringing its total renewable power capacity to 112 MW. The Nagaur Integrated Unit's OLBC system was expected to undergo trial runs in August 2026, and a 1.0 MTPA grinding unit was scheduled for commissioning in September 2026.
On September 8, 2026, India Ratings and Research affirmed the 'IND AA-/Stable/IND A1+' rating for JSW Cement Limited's existing bank loan facilities, which total ₹32,490 million. The agency also assigned a new 'IND AA-/Stable' rating to its proposed non-convertible debentures issue of ₹5,000 million.
On August 21, 2026, JSW Cement disclosed it received a Show Cause Notice from the Office of the Additional Commissioner, Central Tax (Audit), Guntur, alleging GST contraventions for fiscal years 2020-21 to 2022-23. The notice proposes a total tax demand of ₹81,03,42,387/- plus interest and penalties. The company stated there is no material impact on its financials and had not yet filed its reply as of the disclosure date.
As of September 18, 2026, JSW Cement's daily trend indicators suggest a bearish sentiment, with the closing price of ₹117.44 below the 20-day EMA (₹121.88) and 50-day EMA (₹126.03). The Supertrend direction is bearish at ₹123.18. However, the weekly trend shows a bullish Supertrend direction at ₹114.97.
As of 18 Sept 2026, 03:30 pm
Recent drawdown or price variability is high enough to warrant closer monitoring.
Primary driver: Price remains materially below a previous peak
The session opened materially below the previous close, indicating a sharp repricing at the open.
The price gap may increase short-term downside uncertainty and warrants review of the underlying context.
The session traded across a materially wider price range than usual.
Larger price swings can increase short-term uncertainty, especially if they continue.
The session traded across a materially wider price range than usual.
Larger price swings can increase short-term uncertainty, especially if they continue.
Latest complete financial results for Q1 FY2027 and comparative quarterly trends.
| Metric | Q1 FY2026-27(Latest) | Q4 FY2025-26 | Q3 FY2025-26 | Q2 FY2025-26 | Q1 FY2025-26 |
|---|---|---|---|---|---|
| Revenue From Operations | PEAK₹1,896.41 crore | ₹1,894.99 crore | ₹1,621.22 crore | ₹1,436.43 crore | ₹1,559.82 crore |
| Comprehensive Income For The Period | ₹182.66 crore | PEAK₹363.93 crore | ₹122.10 crore | ₹79.73 crore | -₹1,368.78 crore |
| Profit Before Exceptional Items And Tax | ₹177.44 crore | PEAK₹213.27 crore | ₹203.26 crore | ₹111.34 crore | ₹164.61 crore |
| Profit Before Tax | ₹177.44 crore | PEAK₹208.83 crore | ₹169.60 crore | ₹111.34 crore | -₹1,301.77 crore |
| Profit Loss For Period | ₹153.43 crore | PEAK₹361.65 crore | ₹130.62 crore | ₹75.36 crore | -₹1,366.41 crore |
| Tax Expense | ₹36.73 crore | -₹146.77 crore | ₹53.67 crore | ₹45.89 crore | PEAK₹64.77 crore |
Finance costs were ₹97.35 crore, up 9.6% from ₹88.80 crore in Q4 FY2025-26 and down 4.7% from ₹102.16 crore in Q1 FY2025-26. Other income was ₹73.78 crore in the quarter. Additional quarterly expense lines included cost of materials consumed at ₹443.72 crore, employee benefit expense at ₹97.72 crore, and depreciation, depletion and amortisation expense at ₹97.54 crore.
Other comprehensive income was ₹29.23 crore, higher than the ₹2.28 crore reported in Q4 FY2025-26 and the negative readings in earlier quarters. Combined with profit for the period, comprehensive income for the quarter totaled ₹182.66 crore.
Revenue from operations reached its highest level in the latest five quarters, rising 21.6% year-on-year. Profit before exceptional items and tax fell from the previous quarter even though revenue was nearly flat. Profit for the period declined more sharply primarily because the previous quarter included a tax credit and the current quarter recorded a tax expense; no exceptional-item difference was recorded in the current quarter.
Exchange disclosures and regulatory announcements for JSW Cement.
JSW Cement Limited informed stock exchanges on September 15, 2026, that its management will participate in the 2026 Jefferies India Forum in Gurgaon on September 18, 2026, and the PL Capital Mid & Small Cap Conference 2026 in Mumbai on September 29, 2026, both as physical group and one-on-one meetings, with no unpublished price-sensitive information to be shared.
On September 8, 2026, India Ratings and Research affirmed the 'IND AA-/Stable/IND A1+' rating for JSW Cement Limited's existing bank loan facilities totaling INR 32,490 million and assigned a new 'IND AA-/Stable' rating to its proposed non-convertible debentures issue of INR 5,000 million. The company disclosed these actions via a regulatory filing with BSE and NSE under SEBI Listing Regulations, confirming the creditworthiness of both current debt and the upcoming capital raise.
JSW Cement Limited filed an investor presentation on August 28, 2026, disclosing Q1 FY27 financial results showing revenue of ₹1,896.4 crore (up 21.6% YoY) and a net profit of ₹153.4 crore, while operating EBITDA declined 7.5% YoY to ₹298.6 crore due to higher fuel costs and North region operational impacts. The company reported total volume sales of 3.81 million MT, with cement volumes rising 26.5% YoY, and announced the addition of 56 MW of wind capacity to reach a total renewable power capacity of 112 MW. Key project updates include expected trial runs for the Nagaur Integrated Unit's OLBC system in August 2026 and commissioning of a 1.0 MTPA grinding unit in September 2026, alongside a credit rating upgrade by India Ratings and Research from IND A+ to IND AA-.
On August 20, 2026, JSW Cement Limited received a Show Cause Notice from the Office of the Additional Commissioner, Central Tax (Audit), Guntur, alleging GST contraventions for the fiscal years 2020-21 to 2022-23. The notice proposes a total tax demand of Rs. 81,03,42,387/- along with applicable interest and penalties based on allegations including incorrect classification, excess Input Tax Credit availment, and non-payment under reverse charge mechanisms. While the company states there is no material impact on its financials, it has not yet filed its reply to the allegations as of the disclosure date of August 21, 2026.
On August 18, 2026, JSW Cement Limited received a Show Cause cum Demand Notice from the Joint Commissioner, Central Tax (Audit), Kolkata alleging GST contraventions regarding Input Tax Credit and short payments for fiscal years 2020-21 through 2023-24. The notice proposes a total GST demand of Rs. 10,26,58,291/- along with applicable interest and penalties under Section 74 of the CGST Act, 2017. While the company states there is no material impact on its financials, it is currently in the process of filing a reply to the allegations.
JSW Cement Limited reported Q1 FY27 consolidated revenue of INR 1,896 crores and a PAT of INR 153 crores, while consolidated operating EBITDA declined 7.5% year-on-year to INR 299 crores due to fuel cost pressures and INR 33 crores in marketing investments for its new North region operations. The company achieved total sales volumes of 3.81 million tons, a 15% year-on-year increase driven by a 27% rise in cement volumes, though the North segment recorded an operating loss of INR 40 crores with management projecting EBITDA break-even by September 2026. Management guided for high teens overall volume growth for FY27, full-year capex of approximately INR 2,300 crores, and a target net debt-to-EBITDA ratio below 3.0x by FY28-29.
JSW Cement Limited uploaded the audio recording of its results conference call, which was hosted on August 14, 2026, at 10:00 a.m. IST to discuss the unaudited standalone and consolidated financial results for the quarter and year ended June 30, 2026. The filing, dated August 14, 2026, and signed by Company Secretary Sneha Bindra, references prior intimations made on August 11, 2026, regarding the event.
Recent market and company developments associated with JSW Cement.
Happy Friday! Theranautilus is set to begin human trials of its nanorobot-based dental tech soon. This and more in todays ETtech Morning Dispatch.
Through the public issue, the JSW Group company is expected to raise Rs 1,300-1,500 crore in fresh capital, sources said. Backed by JSW Steel and JSW Cement, the company is targeting a listing in the first quarter of next fiscal 2028, the people said.
JSW Group halts Odisha battery plant plans due to LFP technology constraints, seeking a technology partner for production.
JSW Cement faces a Rs 81.03-crore GST demand, plus interest and an equal penalty, over alleged tax violations between FY21 and FY23. The company is preparing a detailed formal reply.
Prabhudas Lilladher, Accumulate, JSW Cement, Recommendations
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Cement companies enjoyed higher realizations in Q1FY27, but rising fuel and raw material costs squeezed margins, while new capacity could keep pricing under pressure.
Rajesh Ravi, Senior VP-Institutional Research at HDFC Securities, remains bearish on The Ramco Cements due to weak pricing in South India, slower capex and balance-sheet concerns. He prefers UltraTech Cement and JK Cement, while seeing upside potential in Ambuja Cements if capex execution improves and margins recover.
Comprehensive Section Breakdown for JSW Cement
Strategic Vision: Indian cement manufacturer and part of a diversified conglomerate.
• Benefits from operational synergies within the JSW Group.
• Recognized among the fastest-growing cement companies in India.
• Largest manufacturer of GGBS in India.
JSW Cement Limited reported revenue from operations of ₹1,896.41 crore for the first quarter of FY2026-27 ended June 30, 2026. Revenue rose 21.6% from the same quarter last year and was slightly above the immediately preceding quarter. Profit before exceptional items and tax declined sequentially, and profit for the period fell more sharply as the tax line swung from a credit in the prior quarter to an expense in the current quarter.
Revenue from operations was ₹1,896.41 crore, up from ₹1,559.82 crore in Q1 FY2025-26 and marginally above ₹1,894.99 crore in Q4 FY2025-26. It was the highest revenue among the five consecutive quarters reported.
Profit before exceptional items and tax was ₹177.44 crore, down 16.8% from ₹213.27 crore in Q4 FY2025-26. The decline occurred even though revenue was nearly flat from the previous quarter. On a year-on-year basis, profit before exceptional items and tax rose 7.8% from ₹164.61 crore.
Profit before tax was also ₹177.44 crore, compared with ₹208.83 crore in Q4. Profit for the period was ₹153.43 crore, versus ₹361.65 crore in Q4 and a loss of ₹1,366.41 crore in Q1 last year.
In the current quarter, profit before tax and profit before exceptional items and tax were identical at ₹177.44 crore, meaning no exceptional-item difference was recorded. In Q1 FY2025-26, profit before tax was -₹1,301.77 crore while profit before exceptional items and tax was ₹164.61 crore, reflecting a large exceptional loss.
The tax line moved from a credit of ₹146.77 crore in Q4 FY2025-26 to an expense of ₹36.73 crore in Q1 FY2026-27, a swing of ₹183.50 crore. This tax swing accounted for approximately 88% of the ₹208.22 crore sequential decline in profit for the period. Reported tax expense represented about 20.7% of reported profit before tax.
Category: Manufacturing
Manufactures and supplies blended cements like PSC, PCC, and PPC, as well as GGBS, OPC, and clinker.
Category: Manufacturing
Provides a range of allied cementitious products including ready mix concrete (RMC), screened slag, construction chemicals, and waterproofing compounds.
Core Thesis: Operational synergies within the JSW Group provide advantages in sourcing raw materials and power.
• Group Synergies: Benefits from sourcing key raw materials like blast furnace slag from JSW Steel Limited and power from JSW Energy Limited. • Expanded Operational Footprint: Expanded operations across southern, western, and eastern regions of India, with a presence in the UAE. • Capacity Expansion: Significant installed grinding and clinker capacity across multiple regions in India, including through partnerships.