JSW Cement earnings calls.

JSW Cement delivered a strong Q2 FY26 with 17% revenue growthCurrent reported value: 17% revenue growth. No comparable prior figure is available in the source record. to ₹1,436Current reported value: 1,436. No comparable prior figure is available in the source record. crore and 64% EBITDA growthCurrent reported value: 64% EBITDA growth. No comparable prior figure is available in the source record. to ₹268Current 268 crore vs previous available quarter 285 crore. crore, driven by 15% volume growth to 3.11 million tons significantly outpacing industry growth of 4-5%. EBITDA margin expanded 530bps YoYCurrent reported value: 530bps YoY. No comparable prior figure is available in the source record. to 18.6%Current 18.6% vs previous available quarter 17.6%., with EBITDA per ton reaching ₹860 versus ₹524 last year. The outperformance stems from operational leverage, lower raw material costs (no third-party slag procurement in Q2), and blended fuel cost reduction to ₹1.5/mcf. Cost savings of ₹200/ton already achieved with another ₹200 targeted through Q4 and FY27, primarily from renewable energy ramp-up. H1 performance was robust with 12% revenue growth and 49% EBITDA growth, though monsoon and GST-related demand disruptions caused H1 volume shortfall. Net debt reduced substantially from ₹4,566 crore to ₹3,231 crore post-IPO proceeds deployment. The Nagore integrated unit on track for early Q4 FY26 commissioningCurrent reported value: Nagore integrated unit on track for early Q4 FY26 commissioning. No comparable prior figure is available in the source record. will be a key FY27 margin driver. Management targets mid-teens volume growthCurrent reported value: mid-teens volume growth. No comparable prior figure is available in the source record. for FY26, though revenue guidance was withheld pending pricing clarity amid competitive capacity additions. Key risks include cement realization softness (down 5.2% sequentially), northward competitor expansions in North India, and input cost volatility.