JSWCEMENT Q3 FY26 earnings call.
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Revenue
₹1,621 Cr
verified against source
Revenue YoY
13%
reported change
EBITDA
₹285 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
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What the record says.
JSW Cement delivered a strong Q3 FY26 with 14% YoY volume growth (3.56 MT total sales), significantly outperforming industry. Revenue grew 13% YoY to ₹1,621 crore with EBITDA of ₹285 crore (32% YoY growth), translating to ₹802/ton EBITDA. EBITDA margin expanded 250bps YoY to 17.6%, driven by cost optimization and operational efficiencies. Clinker utilization hit 96%, lead distance reduced by 10km to 273km, and RE share increased to 25% (from 21% in FY25). Management targets mid-to-high teens volume growth for FY27 excluding the Nagore capacity (3.6MT clinker + 2.5MT grinding, commissioning this quarter). UAE grinding facility (1.65MT, ~$39 million capex) scheduled for April 2027 to capture strong Gulf construction demand. Risks include pricing pressure from competitive capacity additions in North India over 12-15 months and potential raw material cost inflation as higher OPC mix and inter-plant movements added ₹81/ton sequentially in Q3.
Colored figures show movement against the previous available record.
Guidance to track
- Management targets 15-18% volume growth for FY27 from existing capacities, with the Nagore Phase 1 volumes (3.6MT clinker + 2.5MT grinding) to be incremental. GGBS expected to grow faster than cement segment.
- 3.6 MTP clinkerization unit with 2.5 MTP grinding capacity received CTO and is on track for commissioning this quarter. Phase 2 (additional 1 MTP grinding + WHRS) targeted before September 2026.
- Targeting 63% RE share in existing operations (excluding North) by March 2026, up from current 25%. Nagore operations will have significantly higher RE share. 127 MW of additional RE capacity planned.
- Total project capex of ₹7,300+ crore for all expansion projects (33.85 MTPA capacity by CY28). UAE grinding unit (1.65 MTPA, ~$39 million) to be commissioned April 2027. Punjab awaiting EC/CD with 15-18 month construction timeline.
Risks flagged
- Multiple large cement players have lined up capacity additions in North India (Rajasthan, Haryana, NCR) over next 12-15 months. While management believes demand will absorb new supply, analyst questioned whether competitive pressure could intensify pricing.
- Raw material and power/fuel costs increased ₹81/ton QoQ in Q3 due to higher OPC volumes, increased inter-plant raw material movement, and higher clinker cost in West region. Management guided this should partially reverse in Q4 with improved RE share.
- Company is running short of slag at Dolvi plant, requiring inter-plant movement from Vijayanagar to Salem, impacting margins. Next blast furnace expected within next few months to relieve this constraint.
- Analyst asked for update on pending cost savings (₹200/ton for cement, ₹35/ton for GGBS from IPO program). Management deflected, stating they would provide update next quarter, leaving investors without confirmation on cost program progress.
Key quotes
- JSW Cement remains among the fastest growing cement companies in India in terms of sales volumes. Our goal is to continue with this growth trajectory over the next few years as we build and ramp up our new capacities.
- We are targeting similar growth for cement and GGBS. In fact GGBS we are targeting a much higher growth because of the acceptance in larger market segments. We are expecting a higher growth in GGBS but yes cement we would like to get it in line with whatever we are doing as per the industry. We will definitely outperform the industry.
- We continue to have the lowest CO2 emission intensity in the cement industry with scope one and scope 2 emission intensity at 270 kg per ton of cementitious material in Q3.
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