JSW Cement Ltd announces Q2 FY26 Financial Results

JSW Cement Limited (the "Company") today reported its consolidated financial results for the quarter ended September 30, 2025.

Key Highlights for Q2 FY26:

- Total Volume Sold increased to 3.11 Million Tonnes in Q2 FY26 from 2.71 Million Tonnes in Q2 FY25, marking a growth of 15% YoY

- Revenue: ₹1,436 Crore in Q2 FY26, a 17% YoY increase compared to ₹1,224 Crore in Q2 FY25

- Operating EBITDA: ₹267.5 Crore, increased by 64% YoY, with an operating EBITDA margin of 18.6%

- Profit after Tax: ₹75.4 Crore

- Net debt: ₹3,231 Crore as at September 30, 2025

Consolidated Operational & Financial Performance for Q2 FY26:

During the quarter, Total volume sold increased by 15% YoY to 3.11 Million Tonnes. Of this, Cement volume sold was 1.64 Million Tonnes representing an increase of 7% YoY, versus 1.54 Million Tonnes in Q2 FY25. The volume sold of Ground Granulated Blast Furnace Slag ("GGBS") was 1.38 Million Tonnes representing an increase of 21% YoY, versus 1.15 Million Tonnes in Q2 FY25.

Revenue from operations increased 17% YoY to ₹1,436 Crore, while operating EBITDA improved significantly by 64% YoY to ₹267.5 Crore. Operating EBITDA per ton was ₹860 in Q2 FY26 as against ₹602 in Q2 FY25. Operating EBITDA margin was 18.6% in Q2 FY26, as against 13.3% in Q2 FY25. Total EBITDA (including other income) was ₹291.2 Crore in Q2 FY26, representing an increase of 53%, versus ₹190.3 Crore in Q2 FY25.

Consolidated Operational & Financial Performance for H1 FY26:

During H1 FY26, Total volume sold increased by 11% YoY to 6.42 Million Tonnes. Of this, Cement volume sold was 3.49 Million Tonnes representing an increase of 8.5% YoY while the volume sold of GGBS was 2.68 Million Tonnes representing an increase of 12.5% YoY.

Revenue from operations increased 12% YoY to ₹2,996 Crore, while operating EBITDA improved by 49% YoY to ₹590.2 Crore. Operating EBITDA per ton for H1 FY26 stood at ₹919 per tonne.

IPO of the company and resulting impact on FY26 financials

The Company successfully completed its listing on the NSE and the BSE on August 14, 2025. On 24 July 2025, prior to the IPO, 160,000,000 CCPS of face value ₹100 each were converted into 235,662,477 equity share of face value ₹10 each. Accordingly, the CCPS liability (which had a carrying value of ₹1,897.7 Crore as at 31 March 2025) was fair-valued as on 30 June 2025 based on the above conversion terms, resulting in a non-cash, exceptional expense (Fair value expense arising from financial instruments (CCPS) designated as FVTPL) of ₹1,466.4 crore during Q1 FY26. There will be no further expense on account of CCPS in subsequent quarters.

The net debt as at September 30, 2025 was ₹3,231 Crore, marking a significant reduction as against ₹4,566 Crore on June 30, 2025, primarily due to receipt of the IPO proceeds.

The Company continues to have lowest carbon dioxide emission intensity in the industry, with emission intensity of 277 kg CO2 per ton of cementitious materials in Q2 FY26.

Capex Updates:

The Company continues to make progress on its approved expansion program to develop a pan India presence and reach 41.85 MTPA of grinding capacity along with 13.04 MTPA of clinker capacity.

The 1.0 MTPA grinding unit at Sambalpur, Odisha was commissioned in September 2025. This unit will source its clinker requirement from Shiva Cement, while other key raw materials such as slag and fly ash are available in the vicinity of plant. The Sambalpur unit will enhance the Company's presence in the Eastern region, by servicing the markets of Western Odisha and parts of Jharkhand.

Work on the first phase of the Nagaur integrated unit in Rajasthan, comprising 3.30 MTPA clinker capacity and 2.5 MTPA grinding capacity is expected to be commissioned in early Q4 FY26. Work on the WHRS and additional 1.0 MTPA grinding capacity in Nagaur are also progressing as per plan. Regulatory approvals are under process for the 2.75 MTPA split grinding unit at Talwandi Sabo, Punjab.

During Q2 FY26 and H1 FY26, the company incurred capex (including maintenance capex) of ₹509 Crore and ₹964 Crore respectively.

Shares of JSW Cement Limited was last trading in BSE at Rs. 127.55 as compared to the previous close of Rs. 128.50. The total number of shares traded during the day was 162735 in over 3460 trades.

The stock hit an intraday high of Rs. 128.75 and intraday low of 125.10. The net turnover during the day was Rs. 20696926.00.

Source : Equity Bulls

Keywords

JSWCement INE718I01012 CementProducts Q2FY26 H1FY26 ResultUpdate