JSW Cement
JSW Cement
ConstructionKey Fundamentals
SmallcapCementConstructionTapetide Score
Data-driven rating, 0–100. How it works →
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
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2h agoJSW Cement Ltd trades at a market cap of ₹16,366 Cr with a P/E of 22.8x and P/B of 2.5x. The company has shown dramatic profit improvement with TTM profit growth of 1,332% and a 68% 3-year compounded profit CAGR, while sales growth has been moderate at 11% over 5 years. ROE has improved sharply from a 3-year average of 7% to 15% in the last year, though the stock has declined 20% over the past year.
- TTM compounded profit growth stands at an extraordinary 1,332%, indicating a significant earnings inflection point
- 3-year compounded profit CAGR of 68% demonstrates sustained earnings momentum beyond a single quarter
- ROE has doubled from a 3-year average of 7% to 15% in the last year, signaling improving capital efficiency
- Company has actively reduced debt, strengthening the balance sheet and lowering financial risk
- 5-year profit CAGR of 18.7% reflects consistent long-term earnings compounding
- TTM sales growth of 16% marks an acceleration from the 3-year sales CAGR of 4%, suggesting demand recovery
- P/E of 22.8x is reasonable relative to the profit growth trajectory for a cement company in India's infrastructure-driven economy
- Dividend yield of 0.41% indicates the company has begun returning cash to shareholders while still in a growth phase
- Stock price has declined 20% over the past 1 year, reflecting negative market sentiment despite improving fundamentals
- 5-year compounded sales growth of only 11% is below peers in the Indian cement sector, suggesting limited volume or pricing power
- 3-year average ROE of just 7% indicates historically poor returns on shareholder equity despite recent improvement
- Company might be capitalizing interest costs, which would artificially inflate reported profits and understate true operating expenses
- 3-year compounded sales CAGR of only 4% points to a prolonged period of near-stagnant revenue growth
- P/B ratio of 2.5x means investors are paying a meaningful premium over book value for a company with historically low ROE of 6.8% over 3 years
- 5-year compounded profit CAGR of 19% is significantly lower than the recent 68% 3-year figure, raising questions about the sustainability of the current profit surge
- Limited long-term track record data — 10-year growth figures for sales, profit, ROE, and stock CAGR are unavailable, making it difficult to assess through-cycle performance
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago- ₹81 Cr GST demand FY21-23 Aug 21
Guntur tax authorities issued a show cause notice proposing ₹81.03 crore GST demand covering FY21-FY23. Company states no material impact and is filing a reply.
- ₹55.98 Cr GST notice FY23 Aug 29
Jajpur GST authority issued a show cause notice for ₹55.98 crore including tax, interest, and penalty for alleged tax shortfall in FY23.
- Multiple smaller GST notices Aug 26
Two additional GST notices totalling ₹24.17 crore — ₹13.90 crore from Haldia CGST for excess ITC in FY21 and ₹10.27 crore from Kolkata for ineligible ITC and short payments across FY21-FY24.
- EBITDA margin contracts sharply Aug 17
Q1 FY27 EBITDA declined 7% YoY to ₹3.0 billion, missing estimates by 6%. OPM contracted 4.9 pp YoY to ~16% and EBITDA/tonne fell 20% YoY to ₹784, driven by Nagaur plant losses and weaker GGBS mix.
- Rising leverage concerns Aug 17
Motilal Oswal estimates net debt-to-EBITDA to increase to 3.6x by FY28 from 2.9x in FY26 as capacity expansion continues.
- Strong volume growth at 15% Aug 17
Overall volumes grew 15% YoY to 3.81 million tonnes in Q1 FY27, led by 26% cement growth to 2.34 MT driven by Nagaur plant ramp-up.
- PAT turns positive, beats estimates Aug 28
PAT turned positive at ₹153.4 crore versus a loss last year. Adjusted PAT of ₹1.2 billion beat estimates by ~17% aided by higher JV profit share.
- Revenue grows 22% YoY Aug 28
Q1 FY27 revenue rose 21.6% YoY to ₹1,896.4 crore. Cement NSR improved 6% QoQ to ₹4,951/tonne and blended NSR rose 5% QoQ to ₹4,977/tonne.
- Renewable capacity up 56 MW Aug 28
Renewable energy capacity expanded by 56 MW to reach 112 MW, supporting long-term cost reduction and ESG positioning.
- Jefferies maintains buy rating Aug 17
Jefferies retains a buy rating on JSW Cement. Prabhudas Lilladher maintains Accumulate with ₹139 target, expecting EBITDA/volume CAGR of 24%/17% over FY26-28E.
- Mixed analyst ratings post Q1 Aug 17
Motilal Oswal assigned Neutral with ₹146 target at 14x FY28E EV/EBITDA. Citi lowered target to ₹160 from ₹165 while Prabhudas Lilladher set Accumulate at ₹139.
- Nagaur breakeven guided Sep 2026 Aug 17
Management targets EBITDA breakeven at the new Nagaur plant by September 2026 as utilisation ramps up, which is key to margin recovery.
TL;DR: JSW Cement delivered strong top-line and volume growth in Q1 FY27 with revenue up 22% and volumes up 15%, but profitability is under pressure with EBITDA margins contracting nearly 5 pp due to Nagaur plant ramp-up costs. A cluster of GST notices totalling ~₹161 crore across multiple jurisdictions adds regulatory overhang, though the company calls them non-material. The trend is mixed — volume momentum and PAT recovery are encouraging, but margin expansion hinges on Nagaur achieving breakeven by September 2026, and rising leverage (3.6x net debt/EBITDA by FY28) warrants monitoring.
Quarterly Results
| Particulars | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,447 | 1,224 | 1,433 | 1,709 | 1,560 | 1,436 | 1,621 | 1,895 | 1,896 |
| Expenses | 1,279 | 1,139 | 1,317 | 1,469 | 1,237 | 1,169 | 1,336 | 1,530 | 1,598 |
| Operating Profit | 168 | 84 | 116 | 240 | 323 | 268 | 285 | 365 | 299 |
| OPM % | 12% | 7% | 8% | 14% | 21% | 19% | 18% | 19% | 16% |
| Other Income | 24 | 27 | 28 | 28 | -1,444 | 34 | 67 | 22 | 86 |
| Interest | 110 | 109 | 116 | 114 | 102 | 100 | 87 | 89 | 97 |
| Depreciation | 74 | 77 | 81 | 79 | 78 | 80 | 81 | 84 | 98 |
| PBT | 8 | -75 | -53 | 76 | -1,302 | 121 | 184 | 215 | 190 |
| Tax % | 394% | 2% | 51% | 79% | 5% | 38% | 29% | -68% | 19% |
| Net Profit | -24 | -76 | -80 | 16 | -1,366 | 75 | 131 | 362 | 153 |
| EPS in Rs | -0.15 | -0.63 | -0.68 | 0.34 | -13.31 | 0.63 | 1.04 | 2.72 | 1.18 |
Profit & Loss
| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|
| 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 in Rs | 1.56 | 2.53 | 2.48 | 1.39 | 0.91 | -1.12 | -5.55 | 5.57 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | -89% | — |
Balance Sheet
| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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
| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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
| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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66 extracted metrics + investor summaries across FY06–FY26.
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Company Information
JSW Cement is a leading Indian manufacturer of green cement, known for its sustainability and use in major infrastructure projects
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