JSW Cement Limited report its consolidated financial results for the quarter ended December 31, 2025:
Key highlights for Q3 FY26
- Total volume sold increased to 3.56 million t in Q3 FY26 from 3.12 million t in Q3 FY25, marking a growth of 14% YoY
- Revenue: US$177.3 million in Q3 FY26, a 13% y/y increase compared to US$156.7 million in Q3 FY25
- Operating EBITDA: US$31.2 million, increased by 32% y/y, with an operating EBITDA margin of 17.6%
- Profit after tax: US$14.3 million
- Net debt: US$390 million as at December 31, 2025. During Q3 FY26, JSW Cement’s long term credit rating was upgraded to AA-/Stable from A+/Stable by CRISIL
Consolidated operational & financial performance for Q3 FY26
During the quarter, total volume sold increased by 14% y/y to 3.56 million t. Of this, cement volume sold was 1.89 million t representing an increase of 7% y/y, versus 1.77 million t in Q3 FY25. The volume sold of ground granulated blast furnace slag was 1.53 million t representing an increase of 17% y/y, versus 1.31 million t in Q3 FY25.
Revenue from operations increased 13% y/y to US$177.3 million, while operating EBITDA improved by 32% y/y to US$31.2 million. Operating EBITDA per t was US$87.2 in Q3 FY26 as against US$75.6 in Q3 FY25. Operating EBITDA margin was 17.6% in Q3 FY26, as against 15.1% in Q3 FY25. Total EBITDA (including other income) was US$45.5 million in Q3 FY26, representing an increase of 51%, versus US$30.1 million in Q3 FY25.
Consolidated operational & financial performance for 9M FY26.
During 9M FY26, total volume sold increased by 12% y/y to 9.98 million t. Of this, cement volume sold was 5.38 million t representing an increase of 8% y/y while the volume sold of GGBS was 4.21 million t representing an increase of 14% y/y.
Revenue from operations increased 13% y/y to US$504.9 million, while operating EBITDA improved by 43% y/y to US$95.6 million. Operating EBITDA per t for 9M FY26 stood at US$95.9 per t.
IPO of the company and resulting impact on 9M FY26 financials
JSW Cement successfully completed its listing on the NSE and the BSE on August 14, 2025. On 24 July 2025, prior to the IPO, 160 000 000 CCPS of face value US$1.11 each were converted into 235 662 477 equity share of face value US$0.11 each. Accordingly, the CCPS liability (which had a carrying value of US$208.2 million as at 31 March 2025) was fair-valued as on 30 June 2025 based on the above conversion terms, resulting in a non-cash, exceptional expense (fair value expense arising from financial instruments (CCPS) designated as FVTPL) of US$160.8 million during Q1 FY26 and 9M FY26. There was no expense on account of CCPS in Q2 FY26 and Q3 FY26.
JSW Cement continues to have lowest carbon dioxide emission intensity in the industry, with emission intensity of 270 kg CO2 per t of cementitious materials in Q3 FY26.
Capex updates:
JSW Cement continues to make progress on its approved expansion programme to develop a pan India presence and reach 41.85 MTPA of grinding capacity along with 13.04 MTPA of clinker capacity.
Commissioning of the first phase of the Nagaur integrated unit in Rajasthan, comprising 3.3 million tpy clinker capacity and 2.5 million tpy grinding capacity, is expected in Q4 FY26. Work on the WHRS and additional 1 million tpy grinding capacity in Nagaur are also progressing as per plan. Regulatory approvals are under process for the 2.75 million tpy split grinding unit at Mansa, Punjab. During Q3 FY26, JSW Cement commissioned 8 MW of solar capacity under captive route and remains on track to add further renewable power capacity in the coming quarters.
During Q3 FY26 and 9M FY26, JSW Cement incurred capex (including maintenance capex) of US$53.7 million and US$159.9 million respectively.
Awards & achievements:
- JSW Cement’s Dolvi Unit received the National Award for Excellence in Energy Management 2025 from CII.
- JSW Cement’s Vijayanagar Unit received the Exceed Environment Award 2025 in the Legend (Emerging) Category for Water Management in Cement sector.
- JSW Cement received among the highest scores of 86/100 in the global cement sector in the 2025 S&P Global Corporate Sustainability Assessment (CSA), demonstrating robust ESG performance against one of the most respected global sustainability benchmarks.
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