JSW Cement (JSWCEMENT) Q1 25/26 earnings summary

Executive summary

• Q1 FY26 marked the first quarterly earnings call as a listed company, with results and a press release shared in advance.

• Achieved total sales volume of 3.31 mn MT in Q1 FY26, up 7.8% YoY, with cement volume up 10% and GGBS volume up 5%.

• Revenue from operations rose 7.8% YoY to Rs 1,559.8 crore, driven by higher volumes and improved cement realisation.

• Operating EBITDA reached Rs 322.7 crore, up 38.5% YoY, marking the highest first-quarter EBITDA in company history.

• Adjusted PAT for the quarter was INR 100 crore, excluding a non-cash fair value expense of INR 1,466 crore related to CCPS.

Financial highlights

• Revenue for Q1 FY26 was INR 1,560 crore, up 8% YoY.

• Operating EBITDA reached INR 323 crore, a 39% YoY increase, with EBITDA margin at 20.7%, up 4.6 percentage points YoY.

• EBITDA per ton for Q1 FY26 was INR 974.

• Net debt stood at INR 4,566 crore, with net debt/EBITDA at 4.32x (TTM) and 4.34x as of June 30, 2025.

• CapEx for Q1 was INR 456 crore; full-year CapEx expected at INR 2,000 crore.

Outlook and guidance

• Targeting full-year sales volume above 15.5 million tons.

• Margin guidance of INR 1,150-1,200 per ton, with further cost reduction initiatives expected to improve margins.

• Additional INR 200/ton in cost savings targeted over the next 1-2 years, mainly from renewable power, AFR, logistics, and operating leverage.

• Cement demand in India is expected to grow 6.5%-7.5% in FY26, supported by stable GDP growth, declining inflation, and government infrastructure spending.

• GGBS volume and price guidance maintained, with conscious strategy to keep prices stable and drive penetration.