JSW Cement (JSWCEMENT) Q2 25/26 earnings summary

Executive summary

• Q2 FY26 sales volume grew 15% YoY to 3.11 million tons, with cement up 7% and GGBS up 21%; revenue rose 17% YoY to ₹1,436 crore, and operating EBITDA increased 64% YoY to ₹267.5 crore.

• PAT for Q2 FY26 was ₹75.4 crore, reflecting strong operational performance and improved leverage.

• Commissioned 1.0 MTPA Sambalpur grinding unit in Odisha, expanding consolidated grinding capacity.

• Completed IPO and listing in August 2025, with a one-time non-cash expense of ₹1,466.4 crore due to CCPS conversion.

• Company remains among the fastest-growing in its sector, focused on capacity expansion and sustainability.

Financial highlights

• Q2 FY26 revenue: ₹1,436 crore (up 17% YoY); H1 FY26 revenue: ₹2,996 crore (up 12% YoY).

• Q2 FY26 operating EBITDA: ₹267.5 crore (up 64% YoY), margin at 18.6%; PAT: ₹75.4 crore.

• H1 FY26 operating EBITDA: ₹590.2 crore (up 49% YoY); EBITDA per ton: ₹919.

• Net debt reduced to ₹3,231 crore as of September 30, 2025, from ₹4,566 crore in June.

• Net debt/EBITDA improved to 2.8x; net debt/equity at 0.53x; cash and equivalents at ₹958 crore.

Outlook and guidance

• Targeting mid-teen percentage volume growth for FY26 over FY25, despite H1 shortfall due to monsoon and GST changes.

• Expansion program underway to reach 41.85 MTPA grinding and 13.04 MTPA clinker capacity.

• Confident of achieving margin guidance of ₹1,100–1,200/ton once North operations commence in Q4.

• Green power share to rise from 21% to 63% by FY27; company maintains lowest CO2 emission intensity at 277 kg/ton.

• Medium-term cement demand CAGR forecasted at 7.5–8.5% through FY30, with infrastructure and housing as key drivers.