JSW Cement Ltd. share price target

JSW Cement’s (JSWC) 1QFY27 revenue grew 22% YoY to INR19.0b. However, EBITDA declined ~7% YoY to INR3.0b (6% miss, led by higher-than-estimated opex/t).

Volume momentum led by North ramp up drive cement volumes ~27% YoY (excl. North ~8% YoY); GGBS subdued at ~3% YoY

We interacted with the management of JSW Cement (JSWC) to understand the current demand trend, progress on the company’s expansion plans and recently commissioned capacities, Ground Granulated Blast Furnace Slag (GGBS business) growth and future opportunities, prevailing cost trends, and key cost reduction measures.

JSW Cement (JSWCEMEN) delivered a strong operating performance in Q4FY26, aided by higher cement NSR and healthy cement volume growth. Total sales volumes grew 5.8% YoY, driven by strong cement volume growth of 12% YoY, while GGBS volumes were impacted due to temporary slag availability issues at the Dolvi unit. Cement NSR improved 4.8% QoQ, mainly led by price hikes in East and West along with higher trade share. On the cost front, lower power & fuel costs, reduction in certain raw material costs and operating leverage benefits were partially offset by higher logistics costs due to increased lead distance (slag) and incremental expenses related to North...

Growth trajectory very robust with volume growth at ~17% CAGR over FY15-FY25; momentum to grow only stronger with capacity addition

Capex for FY26/27/28 expected to be Rs23bn/20bn/20bn respectively. Q3FY26, aided by robust 17% YoY GGBS volume growth and 7% in cement. trade prices. P&F costs declined on increase in RE share and operational efficiencies, other expenses declined sharply led by strong operating leverage and lower branding spend while RM costs were elevated due to higher OPC mix,...

JSW Cement’s (JSWC) 3QFY26 performance was above our estimates, driven by higher-than-estimated volume/realization and lower-than-estimated opex/t. EBITDA increased ~33% YoY to INR2.9b (~16% beat).

JSW Cement’s (JSWC) 2QFY26 EBITDA was above our estimates, driven by higher volume and lower opex/t vs. our estimates.

JSW Cement’s (JSWC) 1QFY26 revenue/EBITDA increased ~8%/39% YoY to INR15.6b/INR3.2b. EBITDA/t surged ~29% YoY/45% QoQ to INR975. OPM was up 4.6pp YoY at ~21%.

JSW Cement, the building materials arm of the JSW Group, is one of India’s fastest-growing and most sustainability-focused cement manufacturers.

IPO NOTE

JSW Cement Ltd (JCL), part of the multinational conglomerate JSW Group, is amongst the 10 largest cement companies in India in terms of installed capacity and sales volume as of Mar'25. As of Mar'25, the company has an...