# JSW Cement (JSWCEMENT) — Stock analysis

> Faxioms all-in-one stock review. Canonical page: https://faxioms.com/stocks/jswcement

## Current market snapshot

- Exchange: NSE
- Country: India
- Price: ₹123.4
- Change: +0.72%
- As of: 2026-11-06
- 1D return: +0.72%
- 5D return: +6.84%
- 1M return: +9.23%
- Latest complete quarter: fy27_q2

## Faxioms Analysis

_As of 2026-11-06_

### Technical Outlook

JSWCEMENT closed at ₹123.40 on 2026-11-06, exhibiting a sharp intraday expansion with a high of ₹127.15 and low of ₹119.46. This action coincided with extreme daily participation (volume ratio 25.69) and an upward anomaly (+6.3% range), yet the stock finished near its open, indicating significant selling pressure into strength. Technically, the daily trend is bullish, with price holding above the 20-period and 50-period EMAs and SMAs, while the Supertrend remains positive. However, this short-term structure conflicts with the monthly horizon, where the Supertrend is bearish and ADX (34.61) indicates established downward momentum. The stock trades near the upper end of its 20-day (+77.2%) and 50-day (+77.8%) ranges but sits in the middle of its 252-day range (+45.6%). Resistance is immediate at ₹124.26 and ₹124.41, while support lies at ₹123.16. Annualized volatility is elevated at +28.6%, and the stock remains in a -22.5% current drawdown from recent highs.

- Extreme daily participation on 2026-11-06 resulted in a wide ±6.3% intraday range but minimal net gain (+0.7%), signaling strong two-sided conflict between buyers and sellers.
- Daily trend structure is bullish (price above 20/50 EMA/SMA; Supertrend up), contrasting with a monthly bearish Supertrend and established downside momentum (ADX 34.61).
- Immediate resistance clusters at ₹124.26 and ₹124.41 (0.7–0.8% above); pivot support is located at ₹123.16 (-0.2% below).
- Confirmation requires closing above ₹124.41 to validate short-term breakout; invalidation occurs if price falls below ₹123.16, risking a retest of ₹121.41.

- Inside Bar
- Bearish Engulfing Reversal
- Harami

### News Context

JSW Cement reported unaudited consolidated revenue of ₹1,912.15 crore for the quarter ended September 30, 2026, with operating EBITDA at ₹278 crore and total volumes of 3.93 million tons. The company recorded a net loss attributable to owners of ₹7.72 crore, driven by exceptional items totaling ₹1,466.38 crore related to CCPS conversion valuation differences. On the operational front, the Nagaur plant achieved EBITDA breakeven in October alongside the commissioning of an additional 1 MTPA grinding capacity there. The Board also approved two major expansion projects: a ₹509 crore GGBS grinding system at Vijayanagar (commissioning by May 2028) and a ₹569 crore new grinding unit at Dolvi (commissioning by October 2028). Credit rating agency CRISIL reaffirmed JSW’s long-term bank facilities rating at 'Crisil AA-/Stable' on October 28, 2026. Management is scheduled to participate in institutional investor meetings on November 17, 18, and 26, explicitly stating that no unpublished price sensitive information will be shared. Market data as of November 6 shows the stock trading at ₹123.40, reflecting a year-to-date return of +2.6% but a significant current drawdown of -22.5% from its peak.

- Q2 FY27 consolidated revenue reached ₹1,912.15 crore with operating EBITDA of ₹278 crore; net loss of ₹7.72 crore was primarily due to ₹1,466.38 crore in exceptional items from CCPS conversion valuation differences.
- Nagaur plant achieved EBITDA breakeven in October 2026, coinciding with the commissioning of an additional 1 MTPA grinding capacity at the site.
- Board approved capacity expansions including a ₹509 crore GGBS grinding system at Vijayanagar (by May 2028) and a ₹569 crore grinding unit at Dolvi (by October 2028).
- CRISIL Ratings reaffirmed long-term credit rating at 'Crisil AA-/Stable' on October 28, 2026, maintaining coverage over ₹5,800 crore in long-term bank facilities.
- Stock closed at ₹123.40 on November 6, 2026, with a market cap of approximately ₹16,704 crore; technical indicators show a bullish daily trend but bearish weekly and monthly trends, with a current drawdown of -22.5%.

- Please note that the management of the Company shall be participating in the Institutional Investors group meetings as per the schedule mentioned in the attached intimation. |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates
- JSW Cement Limited has informed the Exchange about Transcript |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates
- JSW Cement Limited has informed the Exchange about Link of Recording |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates
- JSW Cement Limited has informed the Exchange about Credit Rating |SUBJECT: Credit Rating
- Please find attached the outcome of the Board of Directors of JSW Cement Limited in its meeting held today i.e. Tuesday, 27th October, 2026. |SUBJECT: Outcome of Board Meeting

### Official Filings

JSW Cement Limited reported unaudited consolidated revenue of ₹1,912.15 crore for the quarter ended September 30, 2026, a 33% year-on-year increase driven by a 26% rise in total volumes to 3.93 million tonnes. Operating EBITDA stood at ₹278 crore. The company recorded a net loss of ₹7.72 crore due to exceptional items totaling ₹1,466.38 crore related to CCPS conversion valuation differences. On October 27, 2026, the Board approved a scheme of arrangement to amalgamate listed subsidiary Shiva Cement into JSW Cement, with an exchange ratio of 5 JSW shares for every 41 Shiva shares; this requires NCLT approval and is expected to complete within 12–14 months. The Board also authorized two capacity additions: a 2.0 MTPA GGBS grinding system at Vijayanagar (₹509 crore investment) and a 2.0 MTPA grinding unit at Dolvi (₹569 crore investment), both targeting commissioning by late 2028. CRISIL Ratings reaffirmed the long-term bank facilities rating at 'Crisil AA-/Stable' on October 28, 2026.

- Q2 FY27 Revenue: ₹1,912.15 crore (+33% YoY); Volume: 3.93 million tonnes (+26% YoY).
- Net Loss: ₹7.72 crore attributable to owners, impacted by ₹1,466.38 crore in exceptional items (CCPS conversion valuation differences).
- Amalgamation Proposal: Board approved merging Shiva Cement into JSW Cement (5:41 exchange ratio); pending NCLT approval, expected completion in 12–14 months.
- Capacity Expansion: Approved ₹509 crore (Vijayanagar GGBS) and ₹569 crore (Dolvi Grinding Unit) projects, commissioned by May/October 2028 respectively.

- [Please note that the management of the Company shall be participating in the Institutional Investors group meetings as per the schedule mentioned in the attached intimation. |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/JSWCL_03112026163645_SE_Intimation_Investor_Analayst_meeting_signed.pdf)
- [JSW Cement Limited has informed the Exchange about Transcript |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/JSWCL_02112026161705_SE_Intimation_with_Transcript_signed.pdf)
- [JSW Cement Limited has informed the Exchange about Link of Recording |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/JSWCL_28102026184318_SE_Intimation_Audio_Recording.pdf)
- [JSW Cement Limited has informed the Exchange about Credit Rating |SUBJECT: Credit Rating](https://nsearchives.nseindia.com/corporate/JSWCL_28102026190734_Intimation_of_Credit_rating_JSWCL_DSC.pdf)
- [Please find attached the outcome of the Board of Directors of JSW Cement Limited in its meeting held today i.e. Tuesday, 27th October, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/JSWCL_27102026183529_Outcome_with_Results_DSC.pdf)
- [This is to inform you that the Board of Directors of JSW Cement Limited has, in its meetingheld today i.e. Tuesday, 27th October, 2026 approved Capacity Addition of 2.0 MTPA GGBS grinding system at Vijayanagar (Karnataka) and 2.0 MTPA GU at Dolvi (Maharashtra) |SUBJECT: Capacity addition](https://nsearchives.nseindia.com/corporate/JSWCL_27102026184259_Outcome_with_Results_DSC.pdf)
- [This is to inform you that the Board of Directors of JSW Cement Limited has, in its meetingheld today i.e. Tuesday, 27th October, 2026, approved Issuance of Corporate Guarantee. |SUBJECT: Giving guarantees/indemnity/ becoming a surety for third party](https://nsearchives.nseindia.com/corporate/JSWCL_27102026184808_Outcome_with_Results_DSC.pdf)
- [Pursuant to Regulation 41 of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 and Regulation 32 of the SEBI (Listing Obligations and Disclosure equirements) Regulations, 2015, please find enclosed Monitoring Agency Report towards utilization of proceeds of the Initial Public Offer for the quarter ended 30th September, 2026, issued by Crisil Ratings Limited, Monitoring Agency. |SUBJECT: Monitoring Agency Report](https://nsearchives.nseindia.com/corporate/JSWCL_27102026185657_Monitoring_Agency_Report_DSC.pdf)
- [JSW Cement Limited has informed the Exchange regarding a press release dated October 27, 2026, titled "Please find attached Press Release dated 27th October, 2026.". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/JSWCL_27102026195531_Press_Release.pdf)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1747225_27102026080534_WEB.xml)

### Fundamentals

JSW Cement’s Q2 FY2026-27 results reveal a sharp divergence between top-line momentum and bottom-line profitability. Revenue from operations rose sequentially to ₹1,912 crore, supported by strong year-on-year sales growth of 33% in the quarter ended September 2026. However, expenses increased more rapidly to ₹1,849 crore, compressing margins and causing Profit Before Tax to fall sharply from ₹177 crore in Q1 to ₹80.7 crore in Q2. Net profit followed this trend, dropping from ₹153 crore to ₹77.6 crore, while EPS halved to ₹0.63.

Financial health shows mixed signals. While borrowings decreased significantly on an annual basis (from ₹6,563 crore in Mar 2025 to ₹4,464 crore in Mar 2026), short-term liquidity tightened considerably; cash and cash equivalents fell from ₹657 crore to ₹159 crore as of September 2026, coinciding with a rise in current borrowings to ₹1,212 crore. Operating cash flow improved to ₹1,170 crore in FY2026, but the Cash from Financing Activity swung positive to ₹861 crore, indicating reliance on external funding to support investing activities of ₹1,649 crore. Return on Capital Employed (ROCE) recovered to 11% in Mar 2026 from 5% the prior year, yet promoter holding remained stable at ~72%, suggesting no immediate change in insider conviction.

- Revenue grew to ₹1,912 crore in Q2 FY2026-27 (+33% YoY), but net profit halved sequentially to ₹77.6 crore due to rising expenses.
- Liquidity tightened: Cash reserves dropped to ₹159 crore (Sep 2026) while current borrowings rose to ₹1,212 crore.
- Long-term leverage improved: Total borrowings fell to ₹4,464 crore (Mar 2026) from ₹6,563 crore (Mar 2025).
- ROCE recovered to 11% in FY2026, up from 5% in FY2025, signaling better capital efficiency despite margin pressure.

### Bear Case

JSW Cement (NSE) exhibits a mixed technical posture as of 6 November 2026, with significant cautionary signals emerging from longer-term trends and volatility metrics. While the daily chart shows a bullish super-trend direction and positive momentum indicators (ADX 14 at 24.24, +DI 26.6), these are contradicted by the monthly and weekly timeframes, which both display bearish super-trend directions and weakening slope metrics (SMA 20 slope -3.4 on weekly). The stock is trading near immediate resistance levels at ₹124.26 and ₹124.41, just 0.70% and 0.82% above the closing price of ₹123.40, suggesting limited upside room in the short term without a decisive breakout.

Risk exposure remains elevated, evidenced by an annualized volatility of 28.6% and a current drawdown of -22.5%, approaching the maximum historical drawdown of -32.1%. Performance over intermediate horizons is negative, with returns of -7.0% over three months and -1.5% over six months. Although year-to-date performance is positive at +2.6%, the one-year return stands at -3.9%, indicating recent underperformance relative to the prior year's baseline. Retail investors should monitor the ability to sustain prices above the pivot support at ₹123.16 amidst this volatile environment.

- Longer-term trends are bearish: Monthly and weekly super-trends are down, with weekly SMA 20 slope at -3.4, contrasting with daily bullish signals.
- High volatility and drawdown risk: Annualized volatility is 28.6% with a current drawdown of -22.5%, nearing the all-time high of -32.1%.
- Constrained upside near resistance: Price at ₹123.40 faces tight resistance at ₹124.26 (0.70% away), limiting immediate gains.
- Negative medium-term returns: Three-month and six-month returns are -7.0% and -1.5% respectively, despite a YTD gain of +2.6%.

- [Please note that the management of the Company shall be participating in the Institutional Investors group meetings as per the schedule mentioned in the attached intimation. |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/JSWCL_03112026163645_SE_Intimation_Investor_Analayst_meeting_signed.pdf)
- [JSW Cement Limited has informed the Exchange about Transcript |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/JSWCL_02112026161705_SE_Intimation_with_Transcript_signed.pdf)
- [JSW Cement Limited has informed the Exchange about Link of Recording |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/JSWCL_28102026184318_SE_Intimation_Audio_Recording.pdf)
- [JSW Cement Limited has informed the Exchange about Credit Rating |SUBJECT: Credit Rating](https://nsearchives.nseindia.com/corporate/JSWCL_28102026190734_Intimation_of_Credit_rating_JSWCL_DSC.pdf)
- [Please find attached the outcome of the Board of Directors of JSW Cement Limited in its meeting held today i.e. Tuesday, 27th October, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/JSWCL_27102026183529_Outcome_with_Results_DSC.pdf)
- [This is to inform you that the Board of Directors of JSW Cement Limited has, in its meetingheld today i.e. Tuesday, 27th October, 2026 approved Capacity Addition of 2.0 MTPA GGBS grinding system at Vijayanagar (Karnataka) and 2.0 MTPA GU at Dolvi (Maharashtra) |SUBJECT: Capacity addition](https://nsearchives.nseindia.com/corporate/JSWCL_27102026184259_Outcome_with_Results_DSC.pdf)
- [This is to inform you that the Board of Directors of JSW Cement Limited has, in its meetingheld today i.e. Tuesday, 27th October, 2026, approved Issuance of Corporate Guarantee. |SUBJECT: Giving guarantees/indemnity/ becoming a surety for third party](https://nsearchives.nseindia.com/corporate/JSWCL_27102026184808_Outcome_with_Results_DSC.pdf)
- [Pursuant to Regulation 41 of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 and Regulation 32 of the SEBI (Listing Obligations and Disclosure equirements) Regulations, 2015, please find enclosed Monitoring Agency Report towards utilization of proceeds of the Initial Public Offer for the quarter ended 30th September, 2026, issued by Crisil Ratings Limited, Monitoring Agency. |SUBJECT: Monitoring Agency Report](https://nsearchives.nseindia.com/corporate/JSWCL_27102026185657_Monitoring_Agency_Report_DSC.pdf)
- [JSW Cement Limited has informed the Exchange regarding a press release dated October 27, 2026, titled "Please find attached Press Release dated 27th October, 2026.". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/JSWCL_27102026195531_Press_Release.pdf)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1747225_27102026080534_WEB.xml)

### FAQs

**What were JSW Cement's key financial results for Q2 and H1 FY27?**

For the quarter ended September 30, 2026, JSW Cement reported consolidated revenue of ₹1,912.15 crore and total volumes of 3.93 million tons. The company recorded a net loss attributable to owners of ₹7.72 crore, driven by exceptional items totaling ₹1,466.38 crore related to CCPS conversion valuation differences. Operating EBITDA stood at ₹278 crore.

**What capacity expansion projects has the Board approved?**

The Board authorized two major expansions: a ₹509 crore addition of a 2.0 MTPA GGBS grinding system at Vijayanagar (commissioning by May 2028) and a ₹569 crore new 2.0 MTPA grinding unit at Dolvi (commissioning by October 2028). Additionally, Nagaur achieved EBITDA breakeven with an additional 1 MTPA grinding capacity commissioned in October 2026.

**How is the stock performing technically as of November 6, 2026?**

As of November 6, 2026, the stock closed at ₹123.40. Daily trends show a bullish super-trend with strong upward momentum (ADX 24.24), while monthly and weekly trends remain bearish. The stock is trading near resistance levels at ₹124.26 and ₹124.41, with support at ₹123.16. It has gained +9.0% over the last month but remains down -3.9% year-on-year.

- [Please note that the management of the Company shall be participating in the Institutional Investors group meetings as per the schedule mentioned in the attached intimation. |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/JSWCL_03112026163645_SE_Intimation_Investor_Analayst_meeting_signed.pdf)
- [JSW Cement Limited has informed the Exchange about Transcript |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/JSWCL_02112026161705_SE_Intimation_with_Transcript_signed.pdf)
- [JSW Cement Limited has informed the Exchange about Link of Recording |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/JSWCL_28102026184318_SE_Intimation_Audio_Recording.pdf)
- [JSW Cement Limited has informed the Exchange about Credit Rating |SUBJECT: Credit Rating](https://nsearchives.nseindia.com/corporate/JSWCL_28102026190734_Intimation_of_Credit_rating_JSWCL_DSC.pdf)
- [Please find attached the outcome of the Board of Directors of JSW Cement Limited in its meeting held today i.e. Tuesday, 27th October, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/JSWCL_27102026183529_Outcome_with_Results_DSC.pdf)
- [This is to inform you that the Board of Directors of JSW Cement Limited has, in its meetingheld today i.e. Tuesday, 27th October, 2026 approved Capacity Addition of 2.0 MTPA GGBS grinding system at Vijayanagar (Karnataka) and 2.0 MTPA GU at Dolvi (Maharashtra) |SUBJECT: Capacity addition](https://nsearchives.nseindia.com/corporate/JSWCL_27102026184259_Outcome_with_Results_DSC.pdf)
- [This is to inform you that the Board of Directors of JSW Cement Limited has, in its meetingheld today i.e. Tuesday, 27th October, 2026, approved Issuance of Corporate Guarantee. |SUBJECT: Giving guarantees/indemnity/ becoming a surety for third party](https://nsearchives.nseindia.com/corporate/JSWCL_27102026184808_Outcome_with_Results_DSC.pdf)
- [Pursuant to Regulation 41 of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 and Regulation 32 of the SEBI (Listing Obligations and Disclosure equirements) Regulations, 2015, please find enclosed Monitoring Agency Report towards utilization of proceeds of the Initial Public Offer for the quarter ended 30th September, 2026, issued by Crisil Ratings Limited, Monitoring Agency. |SUBJECT: Monitoring Agency Report](https://nsearchives.nseindia.com/corporate/JSWCL_27102026185657_Monitoring_Agency_Report_DSC.pdf)
- [JSW Cement Limited has informed the Exchange regarding a press release dated October 27, 2026, titled "Please find attached Press Release dated 27th October, 2026.". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/JSWCL_27102026195531_Press_Release.pdf)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1747225_27102026080534_WEB.xml)
## Technical analytics

- As of: 2026-11-06
- Daily trend: Weak Uptrend
- Weekly trend: Weak Downtrend
- Pivot point: ₹123.16
- Risk regime: Price Risk Requires Attention

### Support levels
- 123.155
- 119.21187499999999
- 115.88062500000001

### Resistance levels
- 124.41
- 127.914375
- 136.4

### Return and range metrics

| Metric | Value |
| --- | --- |
| return_1 | +0.72% |
| return_10 | +5.49% |
| return_1m | +9.01% |
| return_1y | -3.89% |
| return_20 | +9.23% |
| return_3m | -6.95% |
| return_5 | +6.84% |
| return_6m | -1.48% |
| return_since_start | -15.52% |
| return_ytd | +2.64% |

### Risk and volatility metrics

| Metric | Value |
| --- | --- |
| state | elevated_risk |
| label | Price risk requires attention |
| summary | Recent drawdown or price variability is high enough to warrant closer monitoring. |
| maximum_drawdown | -32.14% |
| annualized_volatility | +28.64% |

## Quarterly financials

- Latest complete quarter: fy27_q2

# JSW Cement Limited FY2026-27 Q2: PBT Falls 55% QoQ

JSW Cement’s consolidated profit before tax fell 54.5% sequentially to ₹80.7 crore in FY2026-27 Q2, as expenses rose faster than revenue and finance costs increased. Revenue from operations edged up 0.8% QoQ to ₹1,912 crore and was 33.1% higher year on year, while PBT was down 27.5% YoY.

## Revenue and expenses

Revenue from operations was ₹1,912 crore in FY2026-27 Q2, compared with ₹1,896 crore in Q1 and ₹1,436 crore in FY2025-26 Q2. Total income declined 2.1% QoQ to ₹1,929 crore from ₹1,970 crore, while total expenses increased 3.1% to ₹1,849 crore from ₹1,793 crore. Expenses were 37.1% higher than the ₹1,349 crore reported in FY2025-26 Q2.

Q2 expenses included ₹447 crore for materials consumed, ₹46.7 crore for purchases of stock in trade, ₹100 crore in employee benefits and ₹99.8 crore in depreciation. The change in inventories was a credit of ₹58.9 crore, reducing reported expenses.

## Profitability and earnings

PBT fell to ₹80.7 crore from ₹177.4 crore in FY2026-27 Q1 and ₹111.3 crore in FY2025-26 Q2. Finance costs rose 17.6% QoQ to ₹114.5 crore from ₹97.4 crore.

Tax expense was ₹23.1 crore, compared with ₹36.7 crore in Q1. Profit from continuing operations declined to ₹57.6 crore from ₹140.7 crore. A ₹20.0 crore share of profit from associates and joint ventures contributed to profit for the period of ₹77.6 crore, down from ₹153.4 crore in Q1. Profit attributable to owners of the parent was ₹85.4 crore, while non-controlling interests recorded a loss of ₹7.7 crore.

Basic and diluted EPS from continuing operations were both ₹0.63, versus ₹1.20 and ₹1.19, respectively, in Q1. Comprehensive income fell to ₹60.5 crore from ₹182.7 crore in Q1; other comprehensive income, net of tax, was negative ₹17.2 crore.

## Operating performance

Management reported Q2 FY27 total volume sold of 3.93 million tonnes, up 26% year on year. Cement volume rose 39.5% to 2.29 million tonnes and GGBS volume increased 6.5% to 1.47 million tonnes. Operating EBITDA was ₹277.8 crore, or ₹708 per tonne. Management also reported average utilisation of 75% and positive operating EBITDA at the Nagaur integrated unit in its second quarter of sales from that plant. Cement realisation declined 3.4% QoQ and GGBS realisation fell 1.5%.

## Assets and investment

At 30 September 2026, property, plant and equipment stood at ₹7,393 crore, up from ₹7,153 crore at 31 March 2026 and ₹5,483 crore at 30 September 2025. Capital work in progress was ₹1,056 crore, compared with ₹958 crore at 31 March 2026 and ₹1,772 crore a year earlier.

Total assets were ₹15,034 crore at 30 September 2026, against ₹14,535 crore at 31 March 2026. The increase in property, plant and equipment alongside lower capital work in progress year on year marks a shift in the composition of reported asset balances.

## Funding and working capital

Cash and cash equivalents stood at ₹159 crore at 30 September 2026, down from ₹447 crore at 31 March 2026 and ₹657 crore at 30 September 2025. Other bank balances were ₹54 crore, compared with ₹53 crore at 31 March 2026 and ₹363 crore a year earlier.

Current borrowings were ₹1,212 crore and noncurrent borrowings ₹3,235 crore at 30 September 2026, compared with ₹990 crore and ₹3,092 crore, respectively, at 31 March 2026. Total equity was ₹6,760 crore, including ₹6,797 crore attributable to owners of the parent and negative ₹37 crore of non-controlling interest; total equity was ₹6,528 crore at 31 March 2026.

Trade receivables increased to ₹889 crore from ₹854 crore at 31 March 2026, and inventories rose to ₹687 crore from ₹602 crore. Trade payables were ₹1,538 crore, up from ₹1,439 crore at the previous financial year-end.

## Key Takeaway

Revenue grew modestly QoQ, but higher expenses and finance costs coincided with a 54.5% fall in PBT and a decline in EPS. Lower cash and higher borrowings at 30 September 2026, alongside increased property, plant and equipment, leave funding and investment balances important to monitor.

### Ratios

## Shareholding pattern

- Quarter: FY2027-Q1
- As of: 2026-06-30
- Promoter holding: +72.02%
- FII holding: +3.70%
- DII holding: +11.49%
- Mutual fund holding: +10.89%
- Retail holding: +5.78%
- Promoter pledged: +0.00%

### Major reported shareholders

- ADARSH ADVISORY SERVICES PVT LTD — +63.90% (Bodies Corporate)
- SBI INFRASTRUCTURE FUND — +4.52%
- SIDDESHWARI TRADEX PRIVATE LIMITED — +3.42% (Bodies Corporate)
- SYNERGY METALS INVESTMENTS HOLDING LIMITED — +3.36%
- VIRTUOUS TRADECORP PRIVATE LIMITED — +1.95% (Bodies Corporate)
- NIPPON LIFE INDIA TRUSTEE LTD-A/C NIPPON INDIA NIF — +1.58%
- JSL LIMITED — +1.47% (Bodies Corporate)
- ICICI PRUDENTIAL QUALITY FUND — +1.44%
- EVERBEST CONSULTANCY SERVICES PRIVATE LIMITED — +0.54% (Bodies Corporate)
- PARTH JINDAL — +0.26%

## Official filings

- 2026-11-03 — Generic Announcement: JSW Cement Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/JSWCL_03112026163645_SE_Intimation_Investor_Analayst_meeting_signed.pdf)
- 2026-11-02 — Generic Announcement: JSW Cement Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/JSWCL_02112026161705_SE_Intimation_with_Transcript_signed.pdf)
- 2026-10-28 — Generic Announcement: JSW Cement Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/JSWCL_28102026184318_SE_Intimation_Audio_Recording.pdf)
- 2026-10-28 — Credit Rating Update: JSW Cement Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/JSWCL_28102026190734_Intimation_of_Credit_rating_JSWCL_DSC.pdf)
- 2026-10-27 — Generic Announcement: JSW Cement Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/JSWCL_27102026183529_Outcome_with_Results_DSC.pdf)
- 2026-10-27 — Generic Announcement: JSW Cement Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/JSWCL_27102026184259_Outcome_with_Results_DSC.pdf)
- 2026-10-27 — Generic Announcement: JSW Cement Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/JSWCL_27102026184808_Outcome_with_Results_DSC.pdf)
- 2026-10-27 — Generic Announcement: JSW Cement Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/JSWCL_27102026185657_Monitoring_Agency_Report_DSC.pdf)
- 2026-10-27 — Press Release: JSW Cement Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/JSWCL_27102026195531_Press_Release.pdf)
- 2026-10-27 — Financial Results Filing: JSW Cement Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1747225_27102026080534_WEB.xml)
- 2026-10-27 — Financial Results Filing: JSW Cement Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1747227_27102026080653_WEB.xml)
- 2026-10-27 — Earnings Presentation: JSW Cement Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/JSWCL_27102026201155_Investor_Presentation.pdf)
- 2026-10-21 — Shareholding Disclosure: JSW Cement Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SHP_1743380_21102026063448_WEB.xml)
- 2026-10-19 — Generic Announcement: JSW Cement Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/JSWCL_19102026113235_Investor_Call.pdf)
- 2026-10-17 — Litigation Disclosure: JSW Cement Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/JSWCL_17102026190654_SE_Intimation_-_Odisha_Matter.pdf)
- 2026-10-16 — Generic Announcement: JSW Cement Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_24286_WebXMLFile_20261016_124046138.xml)
- 2026-10-16 — Board Meeting Notice: JSW Cement Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_24286_WebXMLFile_20261016_124046138.xml)
- 2026-10-16 — Board Meeting Notice: JSW Cement Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/JSWCL_16102026124624_Prior_Intimation.pdf)
- 2026-10-12 — Generic Announcement: JSW Cement Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/JSWCL_12102026191058_Intimation_Reg_74_5__final.pdf)
- 2026-10-06 — Generic Announcement: JSW Cement Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/JSWCL_06102026165208_SE_Intimation_Final_DSC.pdf)
- 2026-10-06 — Press Release: JSW Cement Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/JSWCL_06102026174930_PRESS_RELEASE.pdf)
- 2026-09-30 — Generic Announcement: JSW Cement Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CLOSURE_TRADING_WINDOW_24286_WebXMLFile_20260930_160420463.xml)
- 2026-09-30 — Generic Announcement: JSW Cement Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/JSWCL_30092026160823_Letter_to_Stock_Exchange_Trading_window_closure__1_.pdf)
- 2026-09-30 — Generic Announcement: JSW Cement Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/REG30_Restructuring_24286_WebXMLFile_20260930_172053263.xml)
- 2026-09-29 — Generic Announcement: JSW Cement Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/JSWCL_29092026191654_JCL_Post_BM_Intimation_signed.pdf)

## News and market events

- 2026-10-29 — MONEYCONTROL: **Buy JSW Cement; target of Rs 140: Motilal Oswal** — Motilal Oswal has issued a 'Buy' recommendation for JSW Cement with a price target of Rs 140. — [Source](https://www.moneycontrol.com/news/business/buy-jsw-cement-target-of-rs-140-motilal-oswal-14063385.html)
- 2026-10-29 — MONEYCONTROL: **Buy JSW Cement; target of Rs 133: Prabhudas Lilladher** — Brokerage firm Prabhudas Lilladher has issued a 'Buy' recommendation for JSW Cement with a price target of Rs 133. — [Source](https://www.moneycontrol.com/news/business/stocks/buy-jsw-cement-target-of-rs-133-prabhudas-lilladher-14063227.html)
- 2026-10-27 — CNBC-TV18: **Stocks to Watch for October 28: Jio Platforms, TATA Capital, Infosys, AWL Agri and more** — From Tata Capital, AWL Agri Business and Vedanta Iron & Steel reporting their Q2 results to Jio Platforms making its market debut tomorrow, here are the stocks to watch in Wednesday’s trading session. — [Source](https://www.cnbctv18.com/photos/market/stocks-to-watch-for-october-28-jio-platforms-listing-price-tata-capital-infosys-awl-agri-and-more-20020516.htm)
- 2026-10-27 — CNBC-TV18: **JSW Cement Q2 profit falls 1.3% to ₹85 crore as margin shrinks; approves ₹1,078 crore expansion** — JSW Cement’s revenue rose 33.1% year-on-year to ₹1,912 crore in Q2 FY27, while EBITDA increased 3.8% to ₹278 crore. The company approved capacity expansions at Vijayanagar and Dolvi. — [Source](https://www.cnbctv18.com/market/earnings/jsw-cement-q2-profit-falls-1-3-to-rs85-crore-as-margin-shrinks-approves-rs1078-crore-expansion-20020611.htm)
- 2026-10-27 — The Hindu: **JSW Cement net down a tad, plans ₹1,078 crore capex** — JSW Cement reports flat Q2 net, higher revenue; plans ₹1,078 crore capex to expand Vijayanagar and Dolvi capacity by 2028. — [Source](https://www.thehindubusinessline.com/companies/jsw-cement-net-down-a-tad-plans-1078-crore-capex/article71631917.ece)
- 2026-10-06 — CNBC-TV18: **Stocks to watch for October 7: Titan, Godrej Consumer, Mphasis, HCLTech and more** — From Utkarsh Small Finance BankLtd reporting total disbursements of ₹3,525 crore for the quarter ended September 30, 2026 to Titan reporting 22% YoY growth in its domestic business and 97% growth in international business in Q2; these are stocks to track ahead of Wednesday trading session. — [Source](https://www.cnbctv18.com/photos/market/stocks-to-watch-for-october-7-titan-godrej-consumer-mphasis-hcltech-and-more-20005963.htm)
- 2026-10-06 — CNBC-TV18: **JSW Cement commissions 1 MTPA grinding unit in Rajasthan, total capacity hits 25.1 MTPA** — The company said the plant’s total cement grinding capacity has increased to 3.50 MTPA following the commissioning of the additional unit. — [Source](https://www.cnbctv18.com/market/stocks/jsw-cement-share-price-commissions-1-mtpa-grinding-unit-in-rajasthan-total-capacity-hits-25-1-mtpa-20005873.htm)
- 2026-10-01 — BUSINESS: **Stocks to watch: RIL, NSE, HDFC Bank, IRFC, Infosys, Cupid, Blue Dart, OMCs** — Stocks to watch today: Reliance Industries, NSE, HDFC Bank, IRFC, Infosys, Cupid, Blue Dart, OMCs, STL Networks, RBL Bank, among others will be in focus today — [Source](https://www.business-standard.com/markets/news/stocks-to-watch-ril-nse-hdfc-bank-irfc-infosys-cupid-blue-dart-omcs-126100100107_1.html)
- 2026-09-30 — The Hindu: **JSW Cement to merge with listed arm Shiva Cement; board approves 5:41 swap ratio** — JSW Cement to merge with Shiva Cement to form a unified platform, unlocking synergies and simplifying the group’s structure. — [Source](https://www.thehindubusinessline.com/companies/jsw-cement-to-merge-with-listed-arm-shiva-cement-board-approves-541-swap-ratio/article71527326.ece)
- 2026-09-30 — The Hindu: **Shiva Cement to merge with parent JSW Cement** — JSW Cement plans to merge Shiva Cement, issuing shares to Shiva shareholders, unlocking synergies and creating a larger, more liquid listed entity. — [Source](https://www.thehindu.com/business/shiva-cement-to-merge-with-parent-jsw-cement/article71527473.ece)
- 2026-09-30 — Economic Times: **JSW Cement to merge with listed arm Shiva Cement; board approves 5:41 swap ratio** — JSW Cement has decided to merge with its subsidiary Shiva Cement to form a unified cement platform. This merger aims to unlock operational and financial synergies, enhancing backward integration and reducing external procurement. Additionally, it is expected to streamline the corporate structure and improve management efficiency while eliminating inter-company guarantees. — [Source](https://economictimes.indiatimes.com/industry/indl-goods/svs/cement/jsw-cement-to-merge-with-listed-arm-shiva-cement-board-approves-541-swap-ratio/articleshow/134584860.cms)
- 2026-09-30 — Economic Times: **Stocks in news: Tata Steel, KPI Green Energy, NLC India, Poonawalla Fincorp and Cummins India** — Indian equity benchmarks faced a decline as both the Nifty 50 and BSE Sensex hit six-month lows. The Nifty 50 saw a drop of 64.05 points, or 0.28%, closing at 22,716.20. Notably, Tata Steel announced a favorable tax order and made significant investments in its subsidiary. Other companies including Poonawalla Fincorp and Cummins India reported various corporate developments affecting their market positions. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/stocks-in-news-tata-steel-kpi-green-energy-nlc-india-poonawalla-fincorp-and-cummins-india/articleshow/134571657.cms)
- 2026-09-30 — The Hindu: **20 stocks to hog the limelight in Wednesday’s trade, including Tata Steel, Time Technoplast, Shiva Cement/JSW Cement, KPI Energy, Exide Industries, Ganesh Benzoplast, and Power Mech Projects** — Broad gains in metals, energy, and engineering amid strategic deals, acquisitions, and large-scale EPC orders — [Source](https://www.thehindubusinessline.com/markets/20-stocks-to-hog-the-limelight-in-wednesdays-trade-including-tata-steel-time-technoplast-shiva-cementjsw-cement-kpi-energy-exide-industries-ganesh-benzoplast-and-power-mech-projects/article71526558.ece)
- 2026-09-29 — CNBC-TV18: **JSW Cement approves merger with Shiva Cement; shareholders to get 5 shares for every 41** — Shares of JSW Cement Ltd ended at ₹112.75, up by ₹0.20, or 0.18%, on the BSE. — [Source](https://www.cnbctv18.com/market/stocks/jsw-cement-share-price-approves-merger-with-shiva-cement-shareholders-to-get-5-shares-for-every-41-20001438.htm)
- 2026-09-26 — IANSLIVE.IN: **JSW One Platforms' promoters face 340 tax matters and 3 criminal proceedings, shows DRHP** — New Delhi, Sep 26 (IANS) JSW One Platforms' draft red herring prospectus (DRHP) showed that the company is involved in five tax-related matters, while its promoters are facing 340 tax matters and three criminal proceedings, with litigation involving promoters amounting to over Rs 138.9 billion. — [Source](https://ianslive.in/jsw-one-platforms-promoters-face-340-tax-matters-and-3-criminal-proceedings-shows-drhp--20260926175910)
- 2026-09-26 — MONEYCONTROL: **JSW One Platforms plans Rs 3,054 crore IPO, files draft papers with SEBI** — JSW One Platforms, JSW One IPO, Rs 3,054 Crore IPO, B2B Platform, SEBI IPO, latest IPO — [Source](https://www.moneycontrol.com/news/business/ipo/jsw-one-platforms-plans-rs-3-054-crore-ipo-files-draft-papers-with-sebi-14038814.html)
- 2026-09-26 — Economic Times: **JSW One IPO: JSW One files DRHP for Rs 3,054-crore IPO - The Economic Times** — In a significant move, JSW One Platforms has filed its draft red herring prospectus in preparation for an initial public offering that could garner up to Rs 3,054 crore. This total is made up of fresh equity and an offer for sale. The firm aims to leverage these funds to bolster its financial and technological capabilities. — [Source](https://economictimes.indiatimes.com/tech/startups/jsw-one-files-drhp-for-rs-3054-crore-ipo/articleshow/134497432.cms)
- 2026-09-26 — Economic Times: **JSW One Platforms Seeks ₹3,054 Crore IPO to Boost B2B Services** — JSW One Platforms has filed for a ₹3,054 crore IPO to enhance its technology-driven B2B platform for manufacturing and construction sectors, with a fresh equity issue and an Offer for Sale from major shareholders. — [Source](https://economictimes.indiatimes.com/markets/ipos/fpos/jsw-one-platforms-files-draft-papers-for-rs-3054-crore-ipo/articleshow/134498412.cms)
- 2026-09-26 — The Hindu: **JSW One Platforms files draft papers for ₹3,054 crore IPO** — The proposed IPO comprises a fresh issue of equity shares worth up to ₹1,300 crore and an Offer for Sale of shares worth up to ₹1,754.01 crore — [Source](https://www.thehindu.com/business/markets/jsw-one-platforms-files-draft-papers-for-3054-crore-ipo/article71511448.ece)
- 2026-09-25 — The Hindu: **JSW One Platforms moves SEBI for ₹3,054-cr IPO** — The offer comprises a fresh issue worth ₹1,300 crore and an offer-for-sale of ₹1,754 crore — [Source](https://www.thehindubusinessline.com/markets/jsw-one-platforms-moves-sebi-for-3054-cr-ipo/article71509523.ece)
- 2026-09-25 — BUSINESSTODAY: **Sajjan Jindal-backed JSW One Platforms filed DRHP with SEBI to launch IPO; key details** — JSW One Platforms, JSW One Platforms IPO, JSW One Platforms IPO news, JSW One Platforms IPO drhp, JSW One Platforms DRHP, Sajjan Jindal, Jindal Group, upcoming IPOs — [Source](https://www.businesstoday.in/markets/ipo-corner/story/sajjan-jindal-backed-jsw-one-platforms-filed-drhp-with-sebi-to-launch-ipo-key-details-557844-2026-09-25)
- 2026-09-25 — FREEPRESSJOURNAL.IN: **JSW One Platforms Eyes ₹3,054 Crore IPO, Fresh Issue Of ₹1,300 Crore Planned** — JSW One Platforms files IPO papers for up to Rs 3,054 crore, including a Rs 1,300 crore fresh issue, as revenue jumps nearly 45 percent in FY26. — [Source](https://www.freepressjournal.in/business/jsw-one-platforms-eyes-3054-crore-ipo-fresh-issue-of-1300-crore-planned)
- 2026-09-25 — MONEYCONTROL: **Buzzing Stocks: ESDS Software slips 5% despite 14% profit jump; JSW Cement falls on ₹230 crore GST notice** — Buzzing Stocks — [Source](https://www.moneycontrol.com/news/business/markets/buzzing-stocks-esds-software-slips-5-despite-14-profit-jump-jsw-cement-falls-on-230-crore-gst-notice-14037854.html)
- 2026-09-25 — BUSINESSTODAY: **GIFT Nifty down 20 points; ESDS, Waaree, LTTS, Nykaa, Purple Style Labs among top stocks in focus** — GIFT Nifty down 20 points; ESDS, Waaree, LTTS, Nykaa, Purple Style Labs among top stocks in focus — [Source](https://www.businesstoday.in/markets/stocks/story/gift-nifty-down-20-points-esds-waaree-ltts-nykaa-puple-style-labs-among-top-stocks-in-focus-557709-2026-09-25)
- 2026-09-25 — Economic Times: **Stocks in news: Waaree Energies, PB Fintech, Lemon Tree Hotels and Dr Lal PathLabs** — Indian equity markets saw significant declines, with the NSE Nifty 50 index dropping by over 380 points. PB Fintech experienced a sharp 36% plunge after regulatory changes. Waaree Energies expanded into the specialty gases business to supply semiconductor manufacturers. Dr Lal PathLabs approved the acquisition of a majority stake in SN Genelab Private Ltd. Several companies, including JSW Cement, faced regulatory scrutiny amid ongoing market fluctuations. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/stocks-in-news-waaree-energies-pb-fintech-lemon-tree-hotels-and-dr-lal-pathlabs/articleshow/134467817.cms)

## Business profile

**Strategic vision:** Indian cement manufacturer and part of a diversified conglomerate.

### Business segments
- **Cement Manufacturing:** Manufactures and supplies blended cements like PSC, PCC, and PPC, as well as GGBS, OPC, and clinker.
- **Allied Construction Products:** Provides a range of allied cementitious products including ready mix concrete (RMC), screened slag, construction chemicals, and waterproofing compounds.

### Competitive strengths
- Benefits from operational synergies within the JSW Group.
- Recognized among the fastest-growing cement companies in India.
- Largest manufacturer of GGBS in India.

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## Freshness and sources

- Data as of: 2026-11-06
- Source: Faxioms public stock analysis API

Canonical: https://faxioms.com/stocks/jswcement
Markdown representation: https://faxioms.com/stocks/jswcement?render=md