JSW Cement Ltd
JSW Cement is a leading Indian manufacturer of green cement, known for its sustainability and use in major infrastructure projects
- Market Cap ₹ 17,052 Cr.
- Current Price ₹ 125
- High / Low ₹ 143 / 107
- Stock P/E 21.6
- Book Value ₹ 49.8
- Dividend Yield 0.40 %
- ROCE 11.1 %
- ROE 14.7 %
- Face Value ₹ 10.0
Pros
- Company has reduced debt.
- Company has delivered good profit growth of 18.7% CAGR over last 5 years
Cons
- Stock is trading at 2.51 times its book value
- The company has delivered a poor sales growth of 11.0% over past five years.
- Company has a low return on equity of 6.80% over last 3 years.
- Company might be capitalizing the interest cost
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|
| 2,897 | 3,853 | 4,634 | 5,810 | 6,002 | 5,785 | 6,501 | 7,325 | |
| Sales growth | +33% | +20% | +25% | +3% | -4% | +12% | +19% | |
| 2,294 | 3,024 | 3,878 | 5,147 | 5,149 | 5,169 | 5,259 | 6,098 | |
| Operating Profit | 603 | 829 | 756 | 663 | 853 | 617 | 1,242 | 1,226 |
| OPM % | 21% | 22% | 16% | 11% | 14% | 11% | 19% | 17% |
| 39 | 20 | 195 | 145 | 85 | 100 | -1,323 | 213 | |
| Interest | 268 | 291 | 315 | 310 | 435 | 450 | 378 | 387 |
| Depreciation | 145 | 179 | 238 | 373 | 278 | 310 | 322 | 362 |
| Profit before tax | 230 | 379 | 398 | 125 | 224 | -44 | -781 | 690 |
| Tax % | 33% | 34% | 41% | 17% | 72% | 275% | 2% | |
| 154 | 250 | 233 | 104 | 62 | -164 | -799 | 723 | |
| EPS in Rs | 1.56 | 2.53 | 2.48 | 1.39 | 0.91 | -1.12 | -5.55 | 5.57 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | -89% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 11% |
| 3 Years: | 4% |
| TTM: | 19% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 19% |
| 3 Years: | 68% |
| TTM: | 808% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | -1% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 8% |
| 3 Years: | 7% |
| Last Year: | 15% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 986 | 986 | 986 | 986 | 986 | 986 | 1,341 | 1,353 |
| Reserves | 540 | 839 | 1,144 | 1,306 | 1,478 | 1,366 | 5,209 | 5,444 |
| 2,969 | 3,189 | 4,622 | 5,641 | 6,254 | 6,563 | 4,464 | 4,811 | |
| 1,675 | 1,895 | 2,468 | 2,203 | 2,498 | 2,966 | 3,370 | 3,426 | |
| Total Liabilities | 6,169 | 6,909 | 9,221 | 10,136 | 11,216 | 11,881 | 14,385 | 15,034 |
| 3,293 | 4,224 | 4,573 | 4,645 | 6,189 | 6,785 | 8,480 | 8,736 | |
| CWIP | 920 | 294 | 876 | 1,591 | 770 | 1,038 | 976 | 1,056 |
| Investments | 320 | 354 | 484 | 714 | 759 | 345 | 290 | 387 |
| 1,636 | 2,036 | 3,288 | 3,186 | 3,498 | 3,714 | 4,639 | 4,855 | |
| Total Assets | 6,169 | 6,909 | 9,221 | 10,136 | 11,216 | 11,881 | 14,385 | 15,034 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| 723 | 783 | 339 | 653 | 1,408 | 737 | 1,170 | |
| -765 | -686 | -1,530 | -1,808 | -1,120 | -558 | -1,649 | |
| 119 | -95 | 1,260 | 1,041 | -221 | -232 | 861 | |
| Net Cash Flow | 77 | 1 | 69 | -114 | 67 | -53 | 382 |
| Free Cash Flow | 169 | 170 | -715 | -979 | 476 | -409 | -791 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 127% | 101% | 54% | 115% | 177% | 125% | 95% |
Ratios
Consolidated / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 53 | 59 | 60 | 45 | 48 | 49 | 48 |
| Inventory Days | 261 | 128 | 143 | 104 | 132 | 105 | 132 |
| Days Payable | 448 | 334 | 336 | 253 | 339 | 305 | 317 |
| Cash Conversion Cycle | -134 | -147 | -133 | -103 | -159 | -150 | -136 |
| Working Capital Days | -115 | -106 | -24 | -29 | -116 | -95 | -90 |
| ROCE % | 15% | 12% | 6% | 8% | 5% | 11% |
Insights
In beta| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cement Grinding Capacity MTPA |
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| Clinker Capacity MTPA |
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| GGBS Volume Sold mn MT |
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| Cement Volume Sold mn MT |
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| Clinker to Cement Ratio (Clinker Factor) % |
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| GGBS Realisation ₹/MT |
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| Grinding Capacity Utilization % |
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| Number of Dealers count |
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| Trade Share in Cement % |
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Extracted by Screener AI
Documents
Announcements
- Announcement under Regulation 30 (LODR)-Investor Presentation
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
- JSW Cement to attend three investor conferences in Mumbai on 17, 18 and 26 November 2026.
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Announcement under Regulation 30 (LODR)-Earnings Call Transcript
- Earnings Call Transcript for the Results Conference Call held on 28th October, 2026.
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Announcement under Regulation 30 (LODR)-Credit Rating
- CRISIL reaffirmed JSW Cement’s ratings: AA-/Stable for ₹5,800 crore long-term facilities, A1+ for short-term instruments.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
- Audio recording of 28 Oct 2026 results conference call uploaded for Q2 and half-year results.
Concalls
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Nov 2026Transcript PPT REC
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Oct 2026PPT
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Aug 2026Transcript PPT REC
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Aug 2026PPT
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May 2026Transcript PPT REC
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May 2026PPT
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Feb 2026Transcript PPT
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Feb 2026PPT
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Nov 2025Transcript PPT REC
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Nov 2025PPT
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Sep 2025Transcript PPT REC
Cement Manufacturer:[1]
The company is among the top 10 cement companies in India in terms of installed capacity and sales volume as of FY25 and is among the top 3 fastest growing cement manufacturing companies.