JSW Cement Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript JSW Cement Ltd filed with BSE on 19 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
JSW Cement reported consolidated revenue of Rs 1,896 crores for Q1 FY27, up 22% year-on-year, while operating EBITDA fell 7.5% year-on-year to Rs 299 crores due to fuel cost pressures and marketing investment in the newly launched North region. Total sales volume grew 15% year-on-year to 3.81 million tons, with cement volumes up 27% year-on-year including the North operations. Management discussed the ramp-up of North region utilization, GGBS volume weakness in the quarter, and capacity expansion plans including Nagaur, Punjab, Fujairah and Dolvi.
Numbers mentioned
Consolidated revenue: INR1,896 crores (Q1 FY27)
p. 5
“consolidated revenue was INR1,896 crores, that's an increase of 22% year-on-year and flat quarter-on-quarter”
Narinder Singh, page 5 of the filed PDF · View the filing
Consolidated operating EBITDA: INR299 crores (Q1 FY27)
p. 5
“Consolidated operating EBITDA was INR299 crores, that's lower by 7.5% year-on-year”
Narinder Singh, page 5 of the filed PDF · View the filing
Consolidated operating EBITDA per ton: INR784 per ton (Q1 FY27)
p. 5
“Consolidated operating EBITDA per ton was INR784 per ton for the quarter”
Narinder Singh, page 5 of the filed PDF · View the filing
PAT: INR153 crores (Q1 FY27)
p. 5
“PAT for the quarter was INR153 crores.”
Narinder Singh, page 5 of the filed PDF · View the filing
PBT: INR190 crores (Q1 FY27)
p. 5
“PBT was INR190 crores during the quarter, including positive contribution of about INR13 crores from the Fujairah operations”
Narinder Singh, page 5 of the filed PDF · View the filing
Total sales volume: 3.81 million tons (Q1 FY27)
p. 4
“our total sales volume in quarter 1 FY27 increased by 15% Y-o-Y to 3.81 million tons”
Nilesh Narwekar, page 4 of the filed PDF · View the filing
Cement volumes: 2.34 million tons (Q1 FY27)
p. 4
“cement volumes sold was 2.34 million tons, increased 27% Y-o-Y”
Nilesh Narwekar, page 4 of the filed PDF · View the filing
GGBS volume growth: 2.6% Y-o-Y (Q1 FY27)
p. 4
“GGBS volume growth was relatively muted at 2.6% Y-o-Y”
Nilesh Narwekar, page 4 of the filed PDF · View the filing
Cement realization: INR4,951 per ton (Q1 FY27)
p. 4
“cement realization for quarter one FY27 was INR4,951 per ton, increase of 6% Q-o-Q”
Nilesh Narwekar, page 4 of the filed PDF · View the filing
GGBS realization: INR3,807 per ton (Q1 FY27)
p. 4
“GGBS realization in quarter one FY27 was INR3,807 per ton, increase of 3.4% quarter-on-quarter”
Nilesh Narwekar, page 4 of the filed PDF · View the filing
North region marketing investment: INR33 crores (Q1 FY27)
p. 5
“substantial marketing investment of about INR33 crores made in North region during quarter one”
Narinder Singh, page 5 of the filed PDF · View the filing
Net debt: INR3,856 crores (as of June 2026)
p. 5
“net debt was INR3,856 crores at the end of June”
Narinder Singh, page 5 of the filed PDF · View the filing
Net debt to EBITDA: 2.95 times (as of June 2026)
p. 5
“Net debt to EBITDA stood at 2.95 times”
Narinder Singh, page 5 of the filed PDF · View the filing
Average cost of debt: 7.63% (Q1 FY27)
p. 5
“Average cost of debt for the quarter was stable quarter-on-quarter at 7.63%”
Narinder Singh, page 5 of the filed PDF · View the filing
Capex incurred: INR337 crores (Q1 FY27)
p. 5
“during the quarter, the company incurred capex of INR337 crores”
Narinder Singh, page 5 of the filed PDF · View the filing
Blended fuel cost: INR1.80 per Mcal (Q1 FY27)
p. 5
“Blended fuel cost for the quarter increased to INR1.80 per Mcal versus INR1.49 per Mcal in the previous quarter”
Narinder Singh, page 5 of the filed PDF · View the filing
North region capacity utilization: 55% average, 68% in June (Q1 FY27)
p. 4
“with an average utilization level of 55% in quarter one. The utilization rate touched almost 68% in June ‘26”
Nilesh Narwekar, page 4 of the filed PDF · View the filing
RMC revenue: INR180 crores (Q1 FY27)
p. 9
“In terms of revenue, for quarter one, we were around INR180 crores in terms of RMC revenues”
Nilesh Narwekar, page 9 of the filed PDF · View the filing
Overall cement capacity utilization: 61% (Q1 FY27)
p. 15
“overall for quarter one, we were at 61% for quarter one”
Nilesh Narwekar, page 15 of the filed PDF · View the filing
Clinker utilization including Nagaur: 61% (Q1 FY27)
p. 17
“It's at 61% including Nagaur in India. This between Nandyal, Shiva, and Nagaur, it's at 61%”
Nilesh Narwekar, page 17 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
North region capacity utilization — 60% plus · by end of FY27
stated as an aspiration by Nilesh Narwekar
p. 6
“we should be closer to 60% plus by the end of the year in terms of our North operations”
Nilesh Narwekar, page 6 of the filed PDF · View the filing
GGBS volume growth — high single digits · FY27
stated conditionally by Nilesh Narwekar
p. 6
“we expect GGBS to be again in the high single digits in terms of growth for the year”
Nilesh Narwekar, page 6 of the filed PDF · View the filing
Overall company volume growth — high teens · FY27
stated firmly by Nilesh Narwekar
p. 7
“we expect to deliver high teens growth at an overall company basis if I was to include North also as a part of this”
Nilesh Narwekar, page 7 of the filed PDF · View the filing
North region EBITDA breakeven — EBITDA breakeven · Q2 FY27
stated firmly by Narinder Singh
p. 16
“in the second quarter, we should be EBITDA break even”
Narinder Singh, page 16 of the filed PDF · View the filing
Full year capex — INR2,300 crores · FY27
stated firmly by Narinder Singh
p. 9
“this year, this financial year, our we are going to spend about INR2,300 odd crores”
Narinder Singh, page 9 of the filed PDF · View the filing
Next year capex — INR2,000 crores · FY28
stated firmly by Narinder Singh
p. 9
“about INR2,000 crores in the next year”
Narinder Singh, page 9 of the filed PDF · View the filing
Total capacity expansion — 43.5 million tons · next few years
stated as an aspiration by Narinder Singh
p. 9
“our intention is to move from 24.1 million currently capacity to about 43.5 over the next few years”
Narinder Singh, page 9 of the filed PDF · View the filing
Net debt to EBITDA — below 3.0x
stated firmly by Narinder Singh
p. 9
“the internal guidance for us from the board is to keep it below 3.0x”
Narinder Singh, page 9 of the filed PDF · View the filing
Renewable energy share — 60% plus · Q3 FY27 onwards
stated firmly by Narinder Singh
p. 14
“Implemented, yes. Q3 onwards, yes.”
Narinder Singh, page 14 of the filed PDF · View the filing
RMC revenue — North of INR1,000 crores · FY27
stated as an aspiration by Narinder Singh
p. 16
“revenue we are targeting North of INR1,000 crores including this year, including the captive”
Narinder Singh, page 16 of the filed PDF · View the filing
Fujairah expansion commissioning — within 12 months
stated firmly by Narinder Singh
p. 17
“Fujairah we have done the groundbreaking last month, so that should be up and running within 12 months”
Narinder Singh, page 17 of the filed PDF · View the filing
Dolvi expansion commissioning — 15 months from start
stated firmly by Narinder Singh
p. 17
“Dolvi we are planning to start the work very soon. So that's 15 months from whenever we start.”
Narinder Singh, page 17 of the filed PDF · View the filing
Additional grinding capacity in North — 1 million ton · end of Q2 FY27
stated firmly by Nilesh Narwekar
p. 5
“The additional 1 million ton grinding capacity in Nagaur is also on track and is expected to be commissioned by end of Q2”
Nilesh Narwekar, page 5 of the filed PDF · View the filing
North incentive recognition — within two months
stated conditionally by Narinder Singh
p. 11
“we expect this to come within maybe two months”
Narinder Singh, page 11 of the filed PDF · View the filing
Total marketing expenditure at company level — INR130 crores · FY27
stated firmly by Narinder Singh
p. 15
“at company level, we will be doing about INR130 crores for the year”
Narinder Singh, page 15 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said the marketing spend was planned per the business plan and North should turn profitable, with utilization improving and cost benefits from new equipment kicking in from Q2.
Answered by Nilesh Narwekar
Asked by Prateek Kumar: What is behind the INR40 crore North operating loss and what full-year EBITDA outcome is expected for North?
p. 6
“Yes, we should be. As we had mentioned, in the first quarter we were close to 55% of capacity utilization, and we are holding ourselves for that.”
Nilesh Narwekar, page 6 of the filed PDF · View the filing
Management attributed the slowdown to RMC closures, aggregate availability issues, and OPC/slag mix cost, and expects improvement in coming quarters.
Answered by Nilesh Narwekar
Asked by Prateek Kumar: Why was GGBS growth slower this quarter and what is the outlook?
p. 6
“There were RMC closures in the West, there were aggregate availability issues in the South, and the low OPC/slag mix cost was a combination of these effects.”
Nilesh Narwekar, page 6 of the filed PDF · View the filing
Management maintained the overall high-teens guidance without breaking down the components further.
Answered by Nilesh Narwekar
Asked by Shravan Shah: Does the high-teens cement growth guidance including North imply de-growth in the core ex-North business?
p. 8
“what we're giving you is an overall guidance including North and GGBS, we will deliver a high teens growth on an overall company basis.”
Nilesh Narwekar, page 8 of the filed PDF · View the filing
Management said North is early stage, expects breakeven around September, with a possible per-ton profitability gap versus South of INR600-700.
Answered by Narinder Singh
Asked by Sanjeev Kumar Singh: What is the profitability difference between North and South cement plants?
p. 9
“The difference can be in the range of probably INR600 to INR700 per ton.”
Narinder Singh, page 9 of the filed PDF · View the filing
Management confirmed the incentive has not been booked yet, pending eligibility certificate, expected within about two months.
Answered by Narinder Singh
Asked by Amit Murarka: Has the North region booked any capital subsidy incentive in Q1?
p. 11
“No, it's not booked yet.”
Narinder Singh, page 11 of the filed PDF · View the filing
Management confirmed the guidance was revised due to Q1 disruptions but expects stronger performance in subsequent quarters.
Answered by Nilesh Narwekar
Asked by Siddharth Mehrotra: Has the GGBS growth guidance been revised down from mid-teens to high single digits?
p. 12
“the Q1 was impacted because of what I explained to you earlier and with Q2, Q3, and Q4 stacking up favorably, yes, the revised would be what I shared with you, which is the high single-digits for GGBS.”
Nilesh Narwekar, page 12 of the filed PDF · View the filing
Management acknowledged slight delays related to land but said capacity would be available from September and 60%+ green energy share achieved from Q3.
Answered by Narinder Singh
Asked by Kunal Shah: Is JSW Cement behind schedule on its green energy share targets?
p. 14
“So slight delays that was more related to land, but that's all behind us now.”
Narinder Singh, page 14 of the filed PDF · View the filing
Management said the incentive will be routed through the P&L but the exact accounting treatment for the capital subsidy is still being worked out with auditors.
Answered by Narinder Singh
Asked by Rajesh Ravi: Will the North incentive flow through revenue, EBITDA, or directly to cash flow/balance sheet?
p. 15
“There's a bit complex accounting treatment, I understand, on the capital subsidy.”
Narinder Singh, page 15 of the filed PDF · View the filing
Management said there would be no miss on the capex target.
Answered by Narinder Singh
Asked by Rajesh Ravi: Is the FY27 capex guidance of INR2,300 crores at risk given the slower Q1 run rate?
p. 16
“No, no, no. The number would be close to INR2,300. So, there isn't going to be any miss.”
Narinder Singh, page 16 of the filed PDF · View the filing
Management confirmed the delay, citing prudence around maintaining company-wide capacity utilization.
Answered by Nilesh Narwekar
Asked by Raashi: Has the Vijayanagar Phase 1 expansion been delayed beyond CY28?
p. 17
“basically to keep in mind the utilization and be prudent about how we ensure the capacity utilization for the overall company is maintained.”
Nilesh Narwekar, page 17 of the filed PDF · View the filing
Risks flagged
West Asia crisis and state elections created uncertainty during the quarter
p. 3
“FY27 has started off on a strong note for the company despite the ongoing uncertainty around the West Asia crisis and the impact of state elections held early in the quarter.”
Nilesh Narwekar, page 3 of the filed PDF · View the filing
Labor migration and state elections affected demand in April and early May
p. 4
“demand in April and early parts of May was affected due to labor migration and state elections”
Nilesh Narwekar, page 4 of the filed PDF · View the filing
Elevated fuel prices increasing cost pressure
p. 4
“As fuel prices remain elevated, we are increasing our share of domestic fuel for the rest of the year.”
Nilesh Narwekar, page 4 of the filed PDF · View the filing
Cost pressures in fuel and packing reduced EBITDA despite higher realizations
p. 5
“Despite improvement in realizations, EBITDA declined mainly due to cost pressures in fuel and packing, plus the substantial marketing investment of about INR33 crores made in North region during quarter one.”
Narinder Singh, page 5 of the filed PDF · View the filing
RMC closures in the West and aggregate availability issues in the South affected GGBS demand
p. 6
“There were RMC closures in the West, there were aggregate availability issues in the South, and the low OPC/slag mix cost was a combination of these effects.”
Nilesh Narwekar, page 6 of the filed PDF · View the filing
External macro environment remains volatile
p. 4
“we continue to monitor the external environment, which remains volatile”
Nilesh Narwekar, page 4 of the filed PDF · View the filing
South cement market remains subdued
p. 9
“South is subdued, we saw the results for South companies. South is bit subdued at the moment”
Narinder Singh, page 9 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.