JSW Cement (JSWCEMENT) Q4 24/25 earnings summary

Executive summary

• FY25 delivered record combined cement, GGBS and clinker sales of 12.63 MT, while subdued demand and pricing pressure coincided with a consolidated net loss of ₹163.76 crore.

• Growth plans center on capacity expansion to 41.85 MTPA, a proposed IPO of up to ₹4,000 crore, and a low-carbon portfolio; no new capacity was commissioned during FY25.

Financial highlights

• Consolidated revenue from operations was ₹5,813.07 crore versus ₹6,028.10 crore in FY24; consolidated loss after tax was ₹163.76 crore versus profit of ₹62.02 crore.

• Consolidated operating cash flow was ₹736.74 crore, down from ₹1,407.70 crore in FY24; capital expenditure and advances for property and intangibles were ₹1,151.74 crore.

• Standalone revenue was ₹5,505.47 crore, down 5.0% YoY; standalone PAT was ₹101.91 crore, down from ₹220.92 crore.

Outlook and guidance

• Grinding capacity is targeted to rise from 20.6 MTPA to 41.85 MTPA, with clinker capacity planned to reach 13.04 MTPA; a longer-term goal is 50 MTPA grinding capacity by 2030.

• Nagaur’s 3.3 MTPA clinker and 3.5 MTPA grinding units, plus Sambalpur’s 1.0 MTPA grinding unit, are targeted for commissioning in FY26.

• The proposed IPO of up to ₹4,000 crore is intended to fund Nagaur, repay part of outstanding debt and support broader corporate objectives; listing was targeted for August 2025.