JSW Cement Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript JSW Cement Ltd filed with BSE on 26 May 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 Q4 FY26 revenue of Rs 1,895 crores, up 11% year-on-year, with operating EBITDA of Rs 365 crores, up 46% year-on-year, and an operating EBITDA margin of 19.3%. The company commissioned its integrated Nagaur plant in Rajasthan in March 2026, marking its entry into North India, while flagging soft April demand due to inflationary pressures, labour shortages and elections in some states. Management also detailed capex plans, an additional 2.5 MTPA grinding capacity approval at Nagaur, and cost-saving progress across power, logistics and premiumization.
Numbers mentioned
Revenue: INR1,895 crores (Q4 FY26)
p. 5
“the revenue was INR1,895 crores. That's an increase of 11% year-on-year”
Narinder Singh, page 5 of the filed PDF · View the filing
Operating EBITDA: INR365 crores (Q4 FY26)
p. 5
“Our operating EBITDA during the quarter improved by 46% year-on-year and was INR365 crores, that's about INR916 per ton for Q4, an improvement of 36% over last year”
Narinder Singh, page 5 of the filed PDF · View the filing
Operating EBITDA margin: 19.3% (Q4 FY26)
p. 6
“Our operating EBITDA margin was 19.3% in Q4 '26, which is a jump of 460 bps versus the same quarter last year”
Narinder Singh, page 6 of the filed PDF · View the filing
Total EBITDA: INR386 crores (Q4 FY26)
p. 6
“Total EBITDA, including other income, was INR386 crores, an increase of 42% year-on-year”
Narinder Singh, page 6 of the filed PDF · View the filing
PBT: INR219 crores (Q4 FY26)
p. 6
“PBT was INR219 crores in the quarter, including positive contribution of INR6 crores from our Fujairah JV”
Narinder Singh, page 6 of the filed PDF · View the filing
PAT: INR362 crores (Q4 FY26)
p. 6
“PAT for the quarter was INR362 crores”
Narinder Singh, page 6 of the filed PDF · View the filing
Total sales volume: 3.99 million tons (Q4 FY26)
p. 4
“our total sales volume in quarter 4 FY '26 increased by 7% Y-o-Y to 3.99 million tons”
Nilesh Narwekar, page 4 of the filed PDF · View the filing
Cement volume: 2.35 million tons (Q4 FY26)
p. 4
“cement volume sold was 2.35 million tons, increased by 12% Y-o-Y”
Nilesh Narwekar, page 4 of the filed PDF · View the filing
GGBS volume: 1.57 million tons (Q4 FY26)
p. 4
“GGBS volume sold was 1.57 million tons, increased by 5.4% Y-o-Y”
Nilesh Narwekar, page 4 of the filed PDF · View the filing
Cement realization: INR4,673 per ton (Q4 FY26)
p. 5
“cement realizations for quarter 4 FY '26 was at INR4,673 per ton, increase of 4.8% quarter-on-quarter with increases across all regions that we operate in”
Nilesh Narwekar, page 5 of the filed PDF · View the filing
GGBS realization: INR3,682 per ton (Q4 FY26)
p. 5
“GGBS realization for quarter 4 FY '26 was at INR3,682 per ton, slight improvement on quarter-on-quarter basis”
Nilesh Narwekar, page 5 of the filed PDF · View the filing
CO2 emission intensity: 268 kgs CO2 per ton of cementitious products (FY26)
p. 5
“the number was 268 kgs of carbon dioxide per ton of cementitious products for FY '26”
Nilesh Narwekar, page 5 of the filed PDF · View the filing
FY26 sales volume: 13.96 million tons (FY26)
p. 6
“the sales volume increased by 11% year-on-year to 13.96 million tons with cement and GGBS volume increasing 9% and 12%, respectively”
Narinder Singh, page 6 of the filed PDF · View the filing
FY26 revenue: INR6,512 crores (FY26)
p. 6
“Revenue was INR6,512 crores, an increase of 12% year-on-year”
Narinder Singh, page 6 of the filed PDF · View the filing
FY26 operating EBITDA: INR1,240 crores (FY26)
p. 6
“Operating EBITDA, including the effect of rupee depreciation was INR1,240 crores, a 44% year-on-year jump, equating to INR888 a ton for the year”
Narinder Singh, page 6 of the filed PDF · View the filing
FY26 total EBITDA: INR1,393 crores (FY26)
p. 6
“Total EBITDA including other income was INR1,393 crores for the year”
Narinder Singh, page 6 of the filed PDF · View the filing
Adjusted PAT: INR668 crores (FY26)
p. 6
“the adjusted PAT was INR668 crores for the year”
Narinder Singh, page 6 of the filed PDF · View the filing
Dividend: INR0.50 per equity share (FY26)
p. 6
“the Board has recommended a dividend of INR0.50 per equity share of face value of INR10 each”
Narinder Singh, page 6 of the filed PDF · View the filing
Net debt: INR3,635 crores (as on 31 March 2026)
p. 7
“the net debt was INR3,635 crores as on 31st of March”
Narinder Singh, page 7 of the filed PDF · View the filing
RMC revenue: INR184 crores (Q4 FY26)
p. 11
“RMC revenue during the quarter was INR184 crores and for the year it's about INR574 crores”
Narinder Singh, page 11 of the filed PDF · View the filing
Total clinker production: 3.74 million tons (FY26)
p. 8
“Total clinker production within factories, Nandyal and Shiva, is 3.74 million.”
Narinder Singh, page 8 of the filed PDF · View the filing
Clinker sold in UAE: 2.59 million tons (FY26)
p. 9
“the total clinker that we sold there was about 2.59 million [for FY26]”
Narinder Singh, page 9 of the filed PDF · View the filing
Premium segment volume share: 52% (Q4 FY26)
p. 13
“our overall volume was about 52% during the quarter”
Narinder Singh, page 13 of the filed PDF · View the filing
Grey cement full year realization: 4,667 per ton (FY26)
p. 15
“4,667 per ton.”
Nilesh Narwekar, page 15 of the filed PDF · View the filing
GGBS full year realization: 3,683 per ton (FY26)
p. 15
“The full year GGBS realization is 3,683 per ton FY26.”
Nilesh Narwekar, page 15 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.
Nagaur additional grinding capacity commissioning — 2.5 MTPA additional grinding capacity · Q4 FY28
stated firmly by Nilesh Narwekar
p. 5
“The estimated investment for this project is INR430 crores, and this unit is expected to commission by quarter 4 of FY28.”
Nilesh Narwekar, page 5 of the filed PDF · View the filing
Volume growth (ex-North) — mid-teens to high-teens · FY27
stated firmly by Nilesh Narwekar
p. 7
“in FY27, what we forecasted is our performance would be in the mid-teens. That was the guidance that we had given, mid-teens to high-teens. And we maintain our stance on that.”
Nilesh Narwekar, page 7 of the filed PDF · View the filing
Nagaur plant utilization — 50% to 60% utilization · full year
stated firmly by Nilesh Narwekar
p. 7
“we maintain our guidance of 50% to 60% utilization for the full year of 2.5 million ton grinding capacity.”
Nilesh Narwekar, page 7 of the filed PDF · View the filing
Capex — INR2,300 crores · FY27
stated firmly by Narinder Singh
p. 8
“we intend to spend about INR2,300 crores in FY27 and about INR2,200 crores in FY28.”
Narinder Singh, page 8 of the filed PDF · View the filing
Cost savings realization — close to 75% of forecasted savings · FY27
stated firmly by Nilesh Narwekar
p. 10
“We expect in FY27 for that number to jump up to close to 75%”
Nilesh Narwekar, page 10 of the filed PDF · View the filing
Green energy capacity share — 63% and beyond
stated firmly by Nilesh Narwekar
p. 10
“it's primarily going to be our green energy capacity, which is going to take it up from the current numbers which you see probably for FY26 at around 24% all the way up to 63% and beyond.”
Nilesh Narwekar, page 10 of the filed PDF · View the filing
UAE grinding unit commissioning — April 2027
stated conditionally by Narinder Singh
p. 12
“we are hoping by April’27 end that should be commissioned.”
Narinder Singh, page 12 of the filed PDF · View the filing
GGBS volume — around 7 million tons · FY27
stated firmly by Nilesh Narwekar
p. 16
“No, no. We hold on to our original guidance that was mentioned earlier.”
Nilesh Narwekar, page 16 of the filed PDF · View the filing
Total grinding capacity — 43.5 million tons · FY30
stated firmly by Narinder Singh
p. 16
“So we are just replacing Punjab, which was 2.75 with 2.5 of Rajasthan that's the only change.”
Narinder Singh, page 16 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 Q4 industry growth was 8% while their cement volume grew 12%, April demand was soft due to inflation and elections, and they expect normalization; FY27 volume growth guidance ex-North remains mid- to high-teens.
Answered by Nilesh Narwekar
Asked by Siddharth Mehrotra: What is the outlook for industry demand and JSW Cement's growth given peers flagging slowing demand and the new Northern plant?
p. 7
“specifically with respect to Q4, as I have mentioned, the industry growth in our markets was 8% Y-o-Y. And the cement volumes grew 12% in the same space, resulting, of course, in increasing market share in the geography that we operate.”
Nilesh Narwekar, page 7 of the filed PDF · View the filing
Management guided capex of INR2,300 crores in FY27 and INR2,200 crores in FY28, with INR2,400 crores already spent at Nagaur.
Answered by Narinder Singh
Asked by Siddharth Mehrotra: What is the capex guidance for the next few years and capex spent on Rajasthan to date?
p. 8
“we intend to spend about INR2,300 crores in FY27 and about INR2,200 crores in FY28. So this is the guidance we are giving as far as the capex is concerned. Answering your question on the amount that we have spent in Nagaur, we have already done about INR2,400 crores.”
Narinder Singh, page 8 of the filed PDF · View the filing
Management attributed it to a slag availability issue at Dolvi and RMC plant closures due to pollution concerns, with recovery expected from May.
Answered by Nilesh Narwekar
Asked by Harsh Mittal: Why did GGBS volume growth underperform cement in Q4?
p. 8
“there was a slag availability related challenge at Dolvi, which serves the western region for us. And around 1.2 lakh tons of volumes is what got impacted.”
Nilesh Narwekar, page 8 of the filed PDF · View the filing
Management said the current Rajasthan capacity will consume all available clinker, and a second line in Rajasthan may be considered once EC approvals for Punjab progress, though no decision has been taken yet.
Answered by Narinder Singh
Asked by Pulkit Patni: Where will additional clinker for the Punjab plant be sourced once approvals come through?
p. 9
“the moment we have the EC in place, we will probably have to start thinking on putting up a second line in Rajasthan. But that decision is not yet taken.”
Narinder Singh, page 9 of the filed PDF · View the filing
Management said over 50% of the targeted savings has been achieved, with about 25% more expected in FY27 across power, logistics and premiumization.
Answered by Nilesh Narwekar
Asked by Prateek Kumar: How much of the previously guided per-ton cost savings has been realized and what remains?
p. 10
“we have achieved about more than 50% of what we had forecasted across the various levers that we had mentioned. We expect in FY27 for that number to jump up to close to 75%”
Nilesh Narwekar, page 10 of the filed PDF · View the filing
Management said slag prices are governed by a 5-year contract with price discovery every 2.5 years and do not expect a windfall gain just because steel prices rose.
Answered by Narinder Singh
Asked by Rajesh Ravi: How are rising steel prices affecting GGBS costs, selling prices and margins?
p. 13
“there is not going to be any windfall just because steel prices are up.”
Narinder Singh, page 13 of the filed PDF · View the filing
Management said it should be considered a regular, recurring expense related to branding and hoardings, not strictly one-time.
Answered by Narinder Singh
Asked by Raghav Maheshwari: Is the INR23 crores spent on Nagaur promotion a one-time expense?
p. 13
“So Raghav, you can consider it onetime, but it is not one-time. It's going to be a regular expense because most of it has gone towards hoarding and branding, etcetera.”
Narinder Singh, page 13 of the filed PDF · View the filing
Management confirmed the Bombay and Pune RMC plant closures are behind them and all plants are operational again.
Answered by Hitendra Jariwala
Asked by Gaurav Jain: Is the pollution-related RMC plant closure issue in Western India fully resolved?
p. 14
“So, it is well behind us.”
Hitendra Jariwala, page 14 of the filed PDF · View the filing
Management said they have clinker tied up from a Japanese source at a fixed pre-war price through December, ensuring no supply issue.
Answered by Narinder Singh
Asked by Rajesh Ravi: Will there be any clinker availability issue at the UAE unit given the war situation?
p. 15
“as far as getting clinker for Dolvi unit till December of this year, I am sorted. We have enough clinker tied up from other sources at fixed price, and the fixed price is pre-war.”
Narinder Singh, page 15 of the filed PDF · View the filing
Management confirmed uncertainty in Punjab timelines led them to expand in Rajasthan instead, citing lower capex and faster commissioning.
Answered by Nilesh Narwekar
Asked by Vaibhav Agarwal: Is the Rajasthan grinding expansion meant to compensate for the Punjab delay?
p. 15
“Because of the uncertainty around the timelines for the Punjab grinding unit, and that would lead to suboptimal operations of the kiln, the clinkerization line impacting performance.”
Nilesh Narwekar, page 15 of the filed PDF · View the filing
Risks flagged
West Asia crisis creating packing bag, imported fuel and petrol/diesel cost pressures
p. 4
“the West Asia crisis brings with it certain issues for the cement industry, namely packing bags, imported fuel and more recently, the petrol and diesel costs have gone up.”
Nilesh Narwekar, page 4 of the filed PDF · View the filing
Near-term uncertainty for economic growth and cement demand outlook
p. 4
“This creates a near-term uncertainty for overall economic growth and for the demand outlook for cement industry as a whole.”
Nilesh Narwekar, page 4 of the filed PDF · View the filing
Soft April demand due to inflationary pressure, labour shortage and elections
p. 4
“The demand environment in April '26 has been relatively soft due to the inflationary pressures arising from the Middle East war situation.”
Nilesh Narwekar, page 4 of the filed PDF · View the filing
Slag availability challenge at Dolvi impacting GGBS volumes
p. 8
“there was a slag availability related challenge at Dolvi, which serves the western region for us. And around 1.2 lakh tons of volumes is what got impacted.”
Nilesh Narwekar, page 8 of the filed PDF · View the filing
RMC plant closures in Western region due to pollution concerns
p. 8
“there was a lot of pollution-related impact which happened with the closure of RMC plants during that window.”
Nilesh Narwekar, page 8 of the filed PDF · View the filing
Rupee depreciation increasing costs
p. 6
“the rupee depreciated a lot against the dollar in Q4. And the sharp devaluation amounted to a net of INR13.4 crores.”
Narinder Singh, page 6 of the filed PDF · View the filing
Delay in obtaining environmental clearance for Punjab plant
p. 9
“It's not going to come up by FY28, which we had intimated earlier, this would definitely get shifted.”
Narinder Singh, page 9 of the filed PDF · View the filing
War-related delay in UAE grinding unit commissioning
p. 12
“No, because of this war, it's delayed by a month.”
Narinder Singh, page 12 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.