JSW Cement (JSWCEMENT) Q3 25/26 earnings summary

Executive summary

• Achieved 14% year-over-year sales volume growth and 13% revenue growth in Q3 FY26, with operating EBITDA up 32% to ₹285.1 crore and PAT at ₹130.6 crore.

• GGBS business delivered strong volume growth and momentum, with GGBS volume up 17% YoY.

• Completed IPO and listing on NSE and BSE in August 2025.

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

• CRISIL upgraded long-term credit rating to AA-/Stable.

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.

• Cement realization declined 3.9% QoQ; logistics cost per ton decreased 4.9% YoY.

Outlook and guidance

• Targeting mid- to high-teens volume growth for the next year, excluding North expansion; North will be incremental.

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

• Commissioning of Nagaur integrated unit (3.3 MTPA clinker, 2.5 MTPA grinding) expected in Q4 FY26; Punjab unit progressing.

• Continued focus on renewable energy capacity additions.

• Pricing momentum anticipated to remain stable to mildly positive, led by non-trade segment recovery.