JSW Cement (JSWCEMENT) Q1 26/27 earnings summary

Executive summary

• Q1 FY27 began with robust cement demand, especially in the North, driven by government CapEx and infrastructure projects, with total sales volume up 15% YoY to 3.81 million MT and cement volume up 26.5% YoY.

• Revenue from operations increased 21.6% YoY to ₹1,896.4 crore, supported by higher cement volumes and improved realizations.

• Operating EBITDA declined 7.5% YoY to ₹298.6 crore due to higher fuel, packing, and marketing costs.

• PAT for the quarter was ₹153.4 crore, with net debt at ₹3,856 crore and Net Debt/EBITDA at 2.95x.

• Long-term credit rating upgraded to IND AA- with a stable outlook.

Financial highlights

• Consolidated revenue for Q1 FY27 was ₹1,896.41 crore, up 21.6% YoY and flat sequentially.

• Operating EBITDA margin decreased to 15.7% from 20.7% YoY.

• PAT reached ₹153.4 crore; consolidated net profit attributable to owners was ₹160.64 crore.

• Net debt at quarter-end was ₹3,856 crore; Net Debt/EBITDA at 2.95x.

• Cement realization improved 6.0% QoQ; GGBS realization up 3.4% QoQ.

Outlook and guidance

• High teens volume growth expected for cement in FY27, including North region.

• Cement demand expected to grow at 7.5–8.5% CAGR through FY31, outpacing capacity additions.

• GGBS segment revised to high single-digit growth for the year, with optimism for improvement.

• North operations expected to break even at EBITDA level in Q2 and turn profitable as cost-saving initiatives take effect.

• Company has opted for the new tax regime from FY27, reducing deferred tax liabilities.