JSW Cement (JSWCEMENT) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 sales volume rose 26.1% YoY to 3.93 million MT and consolidated revenue increased 33.1% to ₹1,912.15 crore; operating EBITDA grew 3.9% to ₹277.8 crore.

• North operations reached EBITDA breakeven; capacity additions at Nagaur and higher green-power capacity supported expansion.

Financial highlights

• Consolidated Q2 revenue was ₹1,912.15 crore and net profit ₹77.63 crore; standalone revenue was ₹1,763.46 crore and net profit ₹78.93 crore.

• Consolidated operating EBITDA was ₹277.8 crore, up 3.9% YoY; EBITDA including other income was ₹295 crore.

• Q2 operating EBITDA per ton fell to ₹708 from ₹860 YoY, and margin declined to 14.5% from 18.6%.

• Consolidated PBT was ₹100.74 crore, including nearly ₹20 crore from Fujairah; PAT was ₹77.63 crore.

• H1 FY27 consolidated revenue rose 27.1% to ₹3,808.56 crore and adjusted PAT was ₹231.1 crore, up 31.8% YoY.

Outlook and guidance

• FY27 cement volume growth guidance is in the high teens YoY; GGBS growth guidance remains high single digits.

• Approved expansions are expected to raise grinding capacity from 25.1 MTPA to 43.3 MTPA; identified potential takes it to 68.3 MTPA.

• Nagaur’s 3.5 MTPA capacity includes a 1.0 MTPA unit commissioned Oct. 6, 2026; a further 2.5 MTPA unit is in engineering.

• Q4 North EBITDA is expected near ₹650–700 per ton; Nagaur cost reductions of ₹550–600 per ton are expected from OLBC, WHRS and AFR.

• FY27 and FY28 CapEx plans are ₹2,300 crore and ₹2,000 crore; remaining investment to reach 43.5 MTPA is ₹7,500 crore.