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JSW Cement

JSWCEMENT NSE
₹121.79 −0.18 (−0.15%)
P/E
21.87
View as Markdown
MCP
Close 4 Nov 2026 ₹121.79 −6.61 −5.15% 1Y
Start ₹128.40

Key Fundamentals

SmallcapCement & Cement ProductsConstruction Materials

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
11.10%
Debt to Equity
0.68
EPS (TTM)
₹5.57
Book Value
₹49.93
Market Cap
—
P/E (TTM)
21.87
P/B
2.44
ROE
14.70%
Dividend Yield
0.41%
EBITDA
₹1,393 Cr
52W High
₹143.40
52W Low
₹106.65
Day Range
₹120.75 – ₹122.76
Volume
9,48,034

Peer Comparison

Commodities › Construction › Cement › Cement & Cement Products

JSW Cement peer comparison
UltraTech Cement
₹11,816.0039.56₹3,46,219 Cr4.732.05%11.10%12.70%₹95,572 Cr₹8,834 Cr
Grasim Industries
₹3,138.0037.92₹2,11,790 Cr2.050.32%4.98%8.01%₹1,84,029 Cr₹11,261 Cr
Ambuja Cements
₹375.9521.09₹92,920 Cr1.570.54%8.85%5.61%₹39,867 Cr₹5,222 Cr
Shree Cement
₹24,175.0053.51₹86,846 Cr3.660.63%7.51%10.30%₹21,896 Cr₹1,637 Cr
JK Cement
₹5,076.3041.48₹39,409 Cr5.340.39%15.60%15.10%₹14,401 Cr₹939 Cr
Dalmia Bharat
₹1,407.0028.29₹26,437 Cr1.480.29%6.11%7.59%₹15,058 Cr₹953 Cr
ACC
₹1,185.3011.66₹22,384 Cr1.080.64%10.90%11.20%₹25,442 Cr₹1,908 Cr
JSW Cement (this company)
₹121.7921.87₹16,681 Cr2.440.41%14.70%11.10%₹6,849 Cr₹721 Cr
Median 8 companies₹2,272.5033.11₹63,128 Cr2.250.48%9.88%10.70%₹23,669 Cr₹1,773 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

52 Average

Data confidence 100/100

Category scores

Quality
41
Weak
Returns, margins, earnings quality 22% weight
Valuation
50
Average
Cheap vs sector & own history 24% weight
Growth
56
Good
Sales & profit trajectory 9% weight
Financial Health
24
Poor
Solvency, leverage, coverage 9% weight
Momentum
43
Weak
Trend strength, vol-adjusted 12% weight
Ownership
82
Strong
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

2
  • Company has reduced debt.
  • Company has delivered good profit growth of 18.7% CAGR over last 5 years

Weaknesses

3
  • The company has delivered a poor sales growth of 11.0% over past five years.
  • Company has a low return on equity of 6.80% over last 3 years.
  • Company might be capitalizing the interest cost

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBullish748
OscillatorsBearish342
Moving AveragesStrong Bullish406

Key readings

RSI (14)
64.91
Neutral
MACD (12,26,9)
0.80
Bullish
SMA (50)
117.80
Bullish
SMA (200)
123.87
Bearish

As of

Analyst Rating

Based on 17 analysts
BUY94%

16 of 17 analysts rate Buy, 0 Hold, 1 Sell.

As of

BUY
16
94%
HOLD
0
0%
SELL
1
6%

Growth Rate

From the financial statements below. 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
5Y+11.03%
3Y+3.82%
1Y+12.38%
TTM+15.56%

Net profit

Net profit growth by window
5YTurned to loss
3YTurned to loss
1YLoss widened by ₹635 Cr
TTMTurned to profit

Operating cash flow

Operating cash flow growth by window
5Y+8.36%
3Y+21.46%
1Y+58.75%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
5Y−2.42 pp
3Y+7.69 pp
1Y+8.43 pp
TTM+4.89 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2020₹2,897 Cr
Mar 2021₹3,853 Cr
Mar 2022₹4,634 Cr
Mar 2023₹5,810 Cr
Mar 2024₹6,002 Cr
Mar 2025₹5,785 Cr
Mar 2026₹6,501 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2020₹154 Cr
Mar 2021₹250 Cr
Mar 2022₹233 Cr
Mar 2023₹104 Cr
Mar 2024₹62.00 Cr
Mar 2025−₹164 Cr
Mar 2026−₹799 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹392 Cr +24.3% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 2 Nov 2026
AI opinion · based on fundamentals
Risk high

JSW Cement Ltd trades at ₹119.96 as of 2026-11-02 with a market cap of ₹15,788 Cr and a P/E (TTM) of 21.54. The company shows strong recent profit growth (TTM profit growth of 1,332%) but carries a negative ROE of -12.24% and negative ROCE of -3.82%, reflecting a period of balance-sheet stress even as operating momentum appears to be recovering.

Bull Case 7
  • TTM profit growth of 1,332% signals a sharp earnings recovery, suggesting the company may be turning a corner on profitability.
  • 3-year compounded profit growth of 68% demonstrates a sustained upward trajectory in earnings over a meaningful period.
  • Debt-to-equity ratio stands at 0.68, a manageable level for a capital-intensive cement business, and the company has been actively reducing debt.
  • 5-year compounded profit CAGR of 19% indicates the company has grown earnings at a healthy pace over a longer horizon.
  • TTM revenue growth of 16% shows improving top-line momentum compared to the 5-year compounded sales growth of 11%.
  • Last-year ROE of 15% is a notable improvement over the 3-year average ROE of 7%, pointing to better capital efficiency in the most recent period.
  • The stock is trading at ₹119.96, down roughly 16% from its 52-week high of ₹143.40, which may provide a more favourable entry valuation for those who are constructive on the turnaround thesis.
Bear Case 7
  • Reported ROE of -12.24% and ROCE of -3.82% as of 2026-11-02 indicate the company is currently destroying shareholder value on a trailing basis.
  • 5-year compounded sales growth of only 11% is poor for a cement company operating in a high-infrastructure-spend environment in India.
  • Possible capitalisation of interest costs could be flattering reported profits and understating true operating expenses, raising earnings-quality concerns.
  • 3-year average ROE of just 7% and 5-year average ROE of 8% suggest structurally low returns on equity capital over extended periods.
  • The stock has delivered a 1-year return of -20%, significantly underperforming the broader market and reflecting weak investor sentiment.
  • Price-to-book ratio of 2.4 is not inexpensive given the negative trailing returns on equity and capital employed, implying the market is pricing in a recovery that is not yet fully visible in financials.
  • 3-year compounded sales growth of just 4% highlights a prolonged period of near-stagnant revenue, raising questions about volume growth and pricing power.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

9h ago

TL;DR: JSW Cement is delivering strong volume growth (cement volumes +40% YoY) and aggressive capacity expansion toward 25+ MTPA, but profitability is under pressure with EBITDA margins contracting over 400bps and per-tonne earnings declining 18% YoY. Rising leverage at 3.7x net debt-to-EBITDA is a key risk as capex continues. The trend is volume-led growth at the expense of near-term margins, with the trajectory improving if Nagaur ramp-up reaches the targeted ₹650-700 EBITDA per tonne by Q4FY27 and new capacity additions come online through FY28.

Headwinds 4
  • EBITDA margin contracts 410bps YoY Oct 27

    EBITDA margin fell to 14.5% from 18.6% YoY in Q2FY27, with EBITDA per tonne declining ~18% YoY to ₹707 due to higher fuel, lead distance and diesel costs.

  • Net debt leverage rising Oct 29

    Net debt-to-EBITDA ratio estimated to increase to 3.7x by FY27/FY28 versus 2.9x in FY26, reflecting ongoing expansion capex and elevated leverage.

  • Nagaur plant dragging profitability Oct 29

    Nagaur plant ramp-up costs weighed on margins; ex-Nagaur EBITDA per tonne was ₹821 versus blended ₹707. Plant only achieved EBITDA breakeven in Q2FY27.

Positives 4
  • Revenue surges 33% YoY Oct 27

    Q2FY27 revenue rose ~33% YoY to ₹1,912 crore (₹19.1 billion), driven by robust volume growth with cement volumes up 40% and total volumes up 26% YoY.

  • ₹1,078 crore capacity expansion approved Oct 27

    Board approved 2 MTPA GGBS grinding at Vijayanagar (₹509 crore, May 2028) and 2 MTPA grinding mill at Dolvi (₹569 crore, Oct 2028).

  • Nagaur unit commissioned, 25.1 MTPA Oct 6

    Commissioned additional 1 MTPA grinding unit at Nagaur, raising total installed grinding capacity to 25.10 MTPA with waste heat recovery and alternate fuel systems.

Neutral 2
  • Three investor conferences in Nov Nov 3

    JSW Cement management will attend three investor conferences in Mumbai on November 17, 18, and 26, 2026, with no UPSI to be shared.

  • ₹60 crore guarantee for subsidiary Oct 27

    Board approved a corporate guarantee of up to ₹60 crore for credit facilities to wholly owned subsidiary JSW Green Cement Private Limited for capex and working capital.

Quarterly Results

₹ Cr
JSWCEMENT quarterly results, ₹ crore
Particulars Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
1,447
1,224
1,433
1,709
1,560
1,436
1,621
1,895
1,896
1,912
Expenses
1,279
1,139
1,317
1,469
1,237
1,169
1,336
1,530
1,598
1,634
Operating Profit
168
84
116
240
323
268
285
365
299
278
OPM %
12%
7%
8%
14%
21%
19%
18%
19%
16%
15%
Other Income
24
27
28
28
−1,444
34
67
22
86
37
Interest
110
109
116
114
102
100
87
89
97
114
Depreciation
74
77
81
79
78
80
81
84
98
100
PBT
8
−75
−53
76
−1,302
121
184
215
190
101
Tax %
394%
2%
51%
79%
5%
38%
29%
−68%
19%
23%
Net Profit
−24
−76
−80
16
−1,366
75
131
362
153
78
EPS (₹)
−0.15
−0.63
−0.68
0.34
−13.31
0.63
1.04
2.72
1.18
—

Sep 2026: from the results filed on 27 Oct 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
JSWCEMENT profit and loss, annual, ₹ crore
Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
2,897
3,853
4,634
5,810
6,002
5,785
6,501
6,849
Expenses
2,294
3,024
3,878
5,147
5,149
5,169
5,259
5,633
Operating Profit
603
829
756
663
853
617
1,242
1,216
OPM %
21%
22%
16%
11%
14%
11%
19%
18%
Other Income
39
20
195
145
85
100
−1,323
209
Interest
268
291
315
310
435
450
378
373
Depreciation
145
179
238
373
278
310
322
342
PBT
230
379
398
125
224
−44
−781
711
Tax %
33%
34%
41%
17%
72%
275%
2%
—
Net Profit
154
250
233
104
62
−164
−799
721
EPS (₹)
1.56
2.53
2.48
1.39
0.91
−1.12
−5.55
5.57
Div. Payout %
0%
0%
0%
0%
0%
0%
Not meaningful for this period: the ratio divides by a base close to zero, so it is left blank rather than shown as a very large number.
—

Balance Sheet

₹ Cr
JSWCEMENT balance sheet, annual, ₹ crore
Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
986
986
986
986
986
986
1,341
Reserves
540
839
1,144
1,306
1,478
1,366
5,209
Borrowings
2,969
3,189
4,622
5,641
6,254
6,563
4,464
Other Liabilities
1,675
1,895
2,468
2,203
2,498
2,966
3,370
Total Liabilities
6,169
6,909
9,221
10,136
11,216
11,881
14,385
Fixed Assets
3,293
4,224
4,573
4,645
6,189
6,785
8,480
CWIP
920
294
876
1,591
770
1,038
976
Investments
320
354
484
714
759
345
290
Other Assets
1,636
2,036
3,288
3,186
3,498
3,714
4,639
Total Assets
6,169
6,909
9,221
10,136
11,216
11,881
14,385

Cash Flow

₹ Cr
JSWCEMENT cash flow, annual, ₹ crore
Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
723
783
339
653
1,408
737
1,170
Investing
−765
−686
−1,530
−1,808
−1,120
−558
−1,649
Financing
119
−95
1,260
1,041
−221
−232
861
Net Cash Flow
77
1
69
−114
67
−53
382
Free Cash Flow
169
170
−715
−979
476
−409
−791
CFO/OP
127
101
54
115
177
125
95

Ratios

JSWCEMENT financial ratios, annual
Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
53
59
60
45
48
49
48
Inventory Days
261
128
143
104
132
105
132
Days Payable
448
334
336
253
339
305
317
Cash Conversion Cycle
−134
−147
−133
−103
−159
−150
−136
Working Capital Days
−115
−106
−24
−29
−116
−95
−90
ROCE %
—
15%
12%
6%
8%
5%
11%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view JSW Cement insights

67 extracted metrics across FY06–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 72.02%
  • DIIs 12.28%
  • Public 10.33%
  • FIIs 4.59%

0.08% of promoter holding pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about JSW Cement

What does JSW Cement Ltd do?
JSW Cement is a leading Indian manufacturer of green cement, known for its sustainability and use in major infrastructure projects
Where is JSW Cement Ltd (JSWCEMENT) listed?
JSW Cement Ltd trades as JSWCEMENT on the NSE and under code 544480 on the BSE.
Which sector does JSW Cement Ltd belong to?
JSW Cement Ltd is classified under the Construction sector, in the Cement industry.
What is the PE ratio of JSW Cement Ltd?
JSW Cement Ltd trades at a PE ratio of 21.87 as of 4 Nov 2026, on earnings per share of ₹5.57, against a book value of ₹49.93 per share.
What is the 52-week high and low of JSW Cement Ltd?
Over the last 52 weeks JSW Cement Ltd has traded between ₹106.65 and ₹143.4 as of 4 Nov 2026.
Does JSW Cement Ltd pay dividends?
JSW Cement Ltd has a dividend yield of 0.41%.
What is the Return on Equity (ROE) of JSW Cement Ltd?
JSW Cement Ltd reported a return on equity of 14.70%. Its debt-to-equity ratio is 0.68.

Company Information

JSW Cement is a leading Indian manufacturer of green cement, known for its sustainability and use in major infrastructure projects

Website jswcement.in
Listed 14 Aug 2025
Face Value ₹10

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