JSW Cement Ltd. share price target

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...