JSW Cement, part of the INR 2 lakh crore JSW Group, reported robust performance for the quarter and half-year ended 30 September 2025. JSW Cement Q2 FY26 results showcased sustained growth momentum, operational efficiency, and an improved balance sheet position. The company’s strong financial results underscore its disciplined cost management and expansion-led growth strategy despite a soft pricing environment in the cement sector.
JSW Cement Q2 FY26 Financial Highlights
JSW Cement delivered a resilient set of numbers in Q2 FY26, driven by strong volume growth and margin expansion. The company reported Revenue from Operations of INR 1,436 crore, up 17.4% YoY, while operating EBITDA surged 64.2% YoY to INR 267.5 crore.
EBITDA margin improved to 18.6% from 13.3% in the same quarter last year.
Quarterly Financial Summary
| Particulars | Q2 FY25 | Q1 FY26 | Q2 FY26 | YoY Change | QoQ Change |
|---|---|---|---|---|---|
| Revenue from Operations | 1,223.7 | 1,560.0 | 1,436.4 | +17.4 | (7.9) |
| Total Volume Sold (MT) | 2.71 | 3.31 | 3.11 | +14.9 | (6.0) |
| – Cement Volume (MT) | 1.54 | 1.85 | 1.64 | +6.8 | (11.3) |
| – GGBS Volume (MT) | 1.15 | 1.30 | 1.38 | +20.6 | +6.4 |
| Operating EBITDA | 162.9 | 322.7 | 267.5 | +64.2 | (17.1) |
| EBITDA Margin (%) | 13.3 | 20.7 | 18.6 | ↑ 530 bps | ↓ 210 bps |
| PAT | (75.8) | — | 75.4 | Turnaround | — |
| Net Debt | 4,153 | 4,566 | 3,231 | ↓ 22.2 | ↓ 29.2 |
| Net Debt / Equity (x) | 0.98 | 1.04 | 0.53 | Improved | Improved |
| Net Debt / EBITDA (x) | 3.51 | 4.34 | 2.80 | Improved | Improved |
The company’s cement volumes rose 6.8% YoY, while GGBS volumes jumped 20.6% YoY — highlighting sustained demand from infrastructure and blended cement segments. EBITDA per tonne stood at INR 860, up from INR 602 in Q2 FY25, reflecting effective cost control and process efficiency.
JSW Cement H1 FY26 Financial Highlights
For the first half of FY26, JSW Cement continued its growth trajectory, delivering double-digit expansion in both revenue and profitability.
| Particulars | H1 FY25 | H1 FY26 | YoY Change |
|---|---|---|---|
| Revenue from Operations | 2,671.0 | 2,996.3 | +12.2 |
| Total Volume Sold (MT) | 5.78 | 6.42 | +11.1 |
| – Cement Volume (MT) | 3.22 | 3.49 | +8.5 |
| – GGBS Volume (MT) | 2.38 | 2.68 | +12.5 |
| Operating EBITDA | 395.9 | 590.2 | +49.1 |
| EBITDA Margin (%) | 14.8 | 19.7 | Improved |
| Adjusted PAT | (28.8) | 175.3 | Turnaround |
| Net Debt / EBITDA (x) | 3.51 | 2.80 (TTM) | Improved |
| Net Debt / Equity (x) | 0.98 | 0.53 | Improved |
JSW Cement H1 FY26 Operating EBITDA grew nearly 50% YoY, aided by lower raw material and power costs, improved capacity utilisation, and efficiency gains across plants.
JSW Cement Q2 FY26: Operational & Strategic Developments
- Sambalpur Grinding Unit (Odisha): Commissioned in September 2025, adding 1.0 MTPA capacity, increasing total consolidated grinding capacity to 21.6 MTPA. The new unit enhances market reach in Western Odisha and Jharkhand while optimising clinker utilisation at Shiva Cement.
- Nagaur Integrated Unit (Rajasthan): With 3.3 MTPA clinker and 2.5 MTPA grinding capacity, construction is 94% complete, and commissioning is expected in early Q4 FY26.
- Talwandi Sabo (Punjab) Grinding Unit: Work is progressing on the 2.75 MTPA plant; land-use permissions and topographical surveys are complete.
JSW Cement aims to reach 41.85 MTPA grinding capacity by CY2028, supported by both greenfield and brownfield expansions across India.
💹 Macroeconomic & Sector Outlook
India remains the world’s fastest-growing major economy, with GDP projected at 6.8% in FY26, supported by strong infrastructure spending and moderating inflation. The cement sector is forecast to grow at 7.5–8.5% CAGR (FY26–FY30), driven by rural housing, roads, and industrial investments.
Government-led capital expenditure (Centre and States combined) reached over 50% of the FY26 target by September 2025, signalling continued demand support for building materials.
💬 Analyst View
JSW Cement Q2 and H1 FY26 performance highlights its strategic agility — scaling capacity while improving margins and sustainability metrics. With its deleveraged balance sheet (Net Debt/Equity at 0.53x), cost-efficient green cement portfolio, and robust capex pipeline, the company is well positioned to capture incremental demand as India’s infrastructure and housing sectors expand.
Conclusion
JSW Cement Q2 and H1 FY26 results underscore its emergence as India’s fastest-growing and most sustainable cement manufacturer. Backed by JSW Group synergies, regional diversification, and ESG-driven innovation, the company’s trajectory points toward accelerated growth and improved profitability over the next three years — as it marches toward its 41.85 MTPA pan-India capacity target by CY2028.
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