JSW Cement (JSWCEMENT) Q3 25/26 earnings summary

Executive summary

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

• GGBS business delivered strong volume growth and momentum across customer groups, maintaining stable pricing due to long-term contracts.

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

• CapEx programs and green energy initiatives are progressing efficiently, with leverage under control and a credit rating upgrade to AA-/Stable from CRISIL.

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

Financial highlights

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

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

• Operating EBITDA margin for Q3 FY26: 17.6% (up 250 bps YoY); EBITDA per ton: INR 802.

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

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

Outlook and guidance

• Healthy demand expected in Q4 FY26, with improved pricing in January and stable-to-positive pricing momentum led by non-trade segment recovery.

• Volume growth guidance for next year is mid-to-high teens, 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, rural, and urban housing.

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

• Continued focus on renewable energy capacity additions.