JSW Cement (JSWCEMENT) Q3 25/26 earnings summary

Executive summary

• Achieved 14% YoY sales volume growth and 13.2% YoY revenue increase in Q3 FY26, with operating EBITDA up 32% YoY to ₹285.1 crore and PAT at ₹130.6 crore.

• GGBS business delivered strong volume growth and momentum; company is the largest GGBS producer with 84% market share in FY25.

• EBITDA per ton and PAT improved substantially YoY, supported by cost-saving initiatives and margin expansion.

• CapEx program remains efficient, leverage under control, and major expansions, including IPO and listing, are on track.

• Received a top ESG score (86/100) in the 2025 S&P Global Corporate Sustainability Assessment.

Financial highlights

• Q3 FY26 revenue: ₹1,621 crore (+13% YoY); operating EBITDA: ₹285.1 crore (+32% YoY); PAT: ₹130.6 crore.

• 9M FY26 revenue: ₹4,617 crore (+13% YoY); operating EBITDA: ₹875.2 crore (+43% YoY); adjusted PAT: ₹306 crore.

• Operating EBITDA margin for Q3 FY26: 17.6%; EBITDA per ton: ₹802.

• Net debt as of December 31, 2025: ₹3,557 crore; net debt/EBITDA at 2.9x; CRISIL upgraded long-term credit rating to AA-/Stable.

• Cement realization declined 3.9% QoQ; logistics and other costs per ton reduced YoY.

Outlook and guidance

• Healthy demand expected in Q4 FY26, with infrastructure and housing driving growth, especially in the South.

• Medium-term cement demand growth projected at 7.5–8.5% CAGR through FY30, led by infrastructure and housing.

• Volume growth guidance for next year is mid- to high-teens, excluding North expansion; North will be incremental.

• Pricing momentum in Q4 FY26 expected to remain stable to mildly positive, led by non-trade segment recovery.

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