JSW Cement, a subsidiary of the diversified JSW Group, reported robust financial and operational performance for Q3 & 9M FY26. The company delivered double-digit growth in revenue and profit, demonstrating both operational efficiency and sustained demand momentum in India’s infrastructure-led economy.
JSW Cement Q3 FY26 Results: Financial Snapshot
| Particulars | Q3 FY25 | Q2 FY26 | Q3 FY26 | YoY Change (%) |
|---|---|---|---|---|
| Revenue from Operations | 1,432.7 | 1,436.0 | 1,621.2 | +13.2 |
| Operating EBITDA | 216.7 | 267.5 | 285.1 | +31.5 |
| EBITDA Margin (%) | 15.1 | 18.6 | 17.6 | +250 bps |
| PAT (Profit After Tax) | (80.2) | 95.5 | 130.6 | — |
| Operating EBITDA per tonne (INR) | 694 | 860 | 802 | — |
| Total Sales Volume (mn tonnes) | 3.12 | 3.11 | 3.56 | +14.0 |
| Cement Sales Volume (mn tonnes) | 1.77 | 1.64 | 1.89 | +6.8 |
| GGBS Sales Volume (mn tonnes) | 1.31 | 1.38 | 1.53 | +17.0 |
| Net Debt / EBITDA (x) | 3.89 | 2.80 | 2.90 | — |
JSW Cement 9M FY26 Results
| Particulars | 9M FY25 | 9M FY26 | Change (YoY) |
|---|---|---|---|
| Revenue from Operations | 4,103.7 | 4,617.5 | +12.5% |
| Operating EBITDA | 612.6 | 875.2 | +42.9% |
| PAT (Adjusted) | (39.5) | 306.0 | — |
| Total Volume Sold (mn tonnes) | 8.90 | 9.98 | +12.1% |
| EBITDA per tonne (INR) | 688 | 877 | — |
Growth and Expansion Roadmap
JSW Cement’s grinding capacity stands at 21.6 MTPA and clinker capacity at 6.44 MTPA, with an expansion target of 41.85 MTPA grinding and 13.04 MTPA clinker by CY2028.
Key project developments include:
- Nagaur Integrated Unit (Rajasthan): 3.3 MTPA clinker and 2.5 MTPA grinding unit nearing completion (97% civil, 90% erection). Commissioning expected in Q4 FY26.
- Mansa Grinding Unit (Punjab): 2.75 MTPA capacity under development; land-use permissions and engineering works underway.
- Renewable Energy Projects: Solar plants commissioned at Nandyal (4.8 MW) and Vijayanagar (3 MW) in late 2025.
- UAE Expansion: Approval for a 1.65 MTPA grinding unit at Fujairah, at an investment of USD 39 million, marking JSW Cement’s growing international footprint.
Macroeconomic Context and Sector Outlook
India’s cement industry continues to benefit from the government’s infrastructure and housing push. The RBI recently upgraded the FY26 GDP forecast to 7.3%, citing broad-based growth momentum.
- Central Capex (FY26 RE): INR 10.96 lakh crore, up 11% YoY
- State Capex + Grants: INR 11.4 lakh crore, up 28% YoY
- Cement demand CAGR (FY26–FY30): 7.5–8.5% (CRISIL estimate)
- GGBS demand CAGR: 9–10%, driven by sustainable RMC usage
JSW Cement’s diversified presence across South, West, and East India positions it to capitalize on these structural tailwinds, with the upcoming Nagaur and Mansa units extending reach into North India.
Sustainability Leadership
JSW Cement continues to lead the green transformation of India’s building materials sector:
- CO₂ Emission Intensity: 258 kg per tonne of cementitious material — 52% lower than India’s average (535 kg/ton) and 54% lower than the global average (562 kg/ton).
- Green Energy Share (RE + WHRS): 24.8% as of Q3 FY26.
- Clinker Factor: 52% — among the lowest in the industry.
- Green Cementitious Product Share: 77% of total volumes.
Final Words
JSW Cement Q3 & 9M FY26 results underscore the company’s operational resilience, cost discipline, and clear strategic vision. Despite modest price softness in cement, the company maintained healthy margins through efficiency gains and strong performance in its green product portfolio. With its low carbon footprint, pan-India capacity buildout, and steady deleveraging, JSW Cement is emerging as one of India’s most sustainably profitable cement manufacturers.
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