| Revenue growth | Consolidated revenue +33% YoY, +0.8% QoQ; volume-led, price-diluted. |
|---|---|
| Margins | Consolidated EBITDA/t ₹708; North breakeven; fuel inflation pressures H2 margins. |
| Demand visibility | Infra-led demand robust; October trending fairly positive across regions. |
| Management confidence | Balanced: constructive demand, but acknowledges fuel pressure and price-taker status. |
Growth
Volume +26% YoY to 3.93 MT; cement realization +3% YoY and -3% QoQ. Ex-North EBITDA only +3% YoY.
Outlook
North EBITDA ₹650-700/t in Q4 FY27; FY27 capex ~₹2,200-2,300 Cr; Nagaur cost cut ₹550-600/t.
Risks
Fuel cost rising ₹1.84→₹2.10/MCal (~₹90/t); net debt/EBITDA 3.2x; payables ~80 days.
Last quarter's promises, checked
Delivered
- Guided North EBITDA breakeven in Q2 FY27 → marginally EBITDA-positive (= BEAT)
- Guided Nagaur 1 MTPA grinding and OLBC commissioning by end-Q2 → commissioned (= BEAT)
- Guided high-teens FY27 volume growth → Q2 volume +26% YoY, quarter only (= BEAT)
Partly delivered
- Guided FY27 capex ~₹2,300 Cr, 'no miss' → H1 ₹820 Cr, FY now ₹2,200-2,300 Cr (= PARTIAL)
- Guided GGBS high-single-digit FY27 growth → Q2 +7% YoY after Q1 +2.6% (= PARTIAL)
Missed
- Guided Q2 fuel roughly flat at ₹1.80/Mcal → ₹2.10/Mcal (= MISS)
- Guided net debt/EBITDA below 3.0x → 3.2x (= MISS)
- Guided Nagaur incentive booking in ~2 months → still awaiting certificate (= MISS)
Earnings Call Transcript filed with BSE, NSE: JSWCEMENT. Summary written with AI assistance from the document.
JSW Cement Ltd: key numbers
- Share price
- ₹123.00
- Market cap
- ₹16,769 Cr
- Revenue (annual)
- ₹6,512 Cr
- Net profit (annual)
- ₹-756.3 Cr
- P/E (TTM)
- 22.1×Sector 33.1×
- Promoter holding
- 72.02%+0.00% QoQ
- FII holding
- 4.59%Current quarter
Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.
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- Key figure
- Net profit ₹77.6 Cr · +2.9% YoY
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