JSW Cement (JSWCEMENT) Q4 25/26 earnings summary

Executive summary

• Achieved a landmark year with successful IPO and listing in August 2025, and commercial launch of the Nagaur plant in March 2026, expanding into North India.

• Total volume sold in FY26 was 13.96 mn MT, up 10.6% YoY, with revenue from operations rising 12% to ₹6,512 crore.

• Operating EBITDA grew 43.6% to ₹1,240 crore, with EBITDA per ton up to ₹888.

• Launched super-premium cement in southern and eastern regions in July 2025.

• Audited standalone and consolidated financial results for FY26 were approved, with unmodified opinions from Deloitte Haskins & Sells LLP.

Financial highlights

• Q4 FY26 revenue rose 11% YoY to ₹1,895 crore; operating EBITDA up 46% YoY to ₹365 crore.

• PAT for Q4 FY26 was ₹362 crore, including a one-time deferred tax benefit of ₹211 crore.

• FY26 consolidated revenue was ₹6,512.46 crore, with consolidated net profit at ₹361.65 crore.

• Board recommended a dividend of ₹0.50 per share for FY26, subject to AGM approval.

• Exceptional items included a one-time gain of ₹1,466.38 crore from CCPS conversion.

Outlook and guidance

• Expect mid-teens to high-teens volume growth in FY27, excluding North India; North plant utilization guided at 50-60% for the year.

• CapEx guidance: ₹2,300 crore for FY27 and ₹2,200 crore for FY28.

• Capacity guidance to reach 43.5 million tons by FY30 remains intact, with minor adjustments due to Punjab project delay.

• Medium-term cement demand expected to grow at 7.5–8.5% CAGR through FY30, outpacing capacity additions.

• Company to adopt the new tax regime under Section 115BAA from FY27, reducing deferred tax liabilities.