JSW Cement Limited Announces Q4 FY26 & FY2026 Financial Results

Q4 FY26 Revenue of ₹1,895 crore, up by 11% YoY

Q4 FY26 Operating EBITDA of ₹365.0 crore, up by 46% YoY Q4 FY26 PAT of ₹361.7 Crore

Mumbai : JSW Cement Limited (the “Company”) today reported its consolidated financial results for the fourth quarter and year ended March 31, 2026.

Key Financial Highlights for Q4 FY26:

• Total Volume Sold increased to 3.99 Million Tonnes in Q4 FY26 from 3.73 Million Tonnes in Q4 FY25, marking a growth of 7% YoY

• Revenue: ₹1,895 Crore in Q4 FY26, 11% YoY increase compared to ₹1,709 Crore in Q4 FY25

• Operating EBITDA: ₹365.0 Crore, increased by 46% YoY, with an operating EBITDA margin of 19.3%

• Profit after Tax / Adjusted Profit after Tax1: ₹361.7 Crore

• Net debt: ₹3,635 Crore as at March 31, 2026

Key Financial Highlights for FY2026:

• Total Volume Sold of 13.96 Million Tonnes, up 11% YoY

• Revenue: increased by 12% YoY to ₹6,512 Crore

• Operating EBITDA: ₹1,240.3 Crore, representing a substantial increase of 44% YoY, with an operating EBITDA margin of 19.0%

• Adjusted Profit after Tax1: ₹667.6 Crore

• Dividend: Based on the Adjusted Profit after Tax1 of ₹667.6 Crore for the year, the Board has recommended a dividend of ₹0.5 per equity share of face value ₹10 each, subject to approval by the shareholders at the Annual General Meeting

Note: 1) Adjusted Profit After Tax = PAT plus Fair value expense from financial instruments (CCPS) designated as FVTPL.

The Company 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 ₹100 each were converted into 235,662,477 equity share of face value ₹10 each. Accordingly, the CCPS liability (which had a carrying value of

₹1,897.7 Crore 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 ₹1,466.4 crore during Q1 FY26 and FY2026. There was no expense on account of CCPS in Q4 FY26.

 

• July 2025: The Company launched super-premium cement in the Southern and Eastern regions

• August 2025: The Company successfully completed its IPO on the NSE and the BSE

• October 2025: Shiva Cement, the listed subsidiary of the Company, commissioned a

1.0 MTPA grinding unit located at Sambalpur, Odisha, thereby strengthening its market presence in eastern India

• March 2026: The Company commenced production at the state-of-the-art, greenfield, integrated cement plant located in the district of Nagaur in Rajasthan – its first facility in North India. This plant is equipped with a 3.3 MTPA clinkerisation unit and an initial cement grinding capacity of 2.5 MTPA

• March 2026: The Company was declared as the ‘Preferred Bidder’ for the Mining leases of the Sikilangso limestone blocks (Part A & Part B) located in Umrangso, Dima Hasao District, Assam

During the quarter, Total Volume Sold increased by 7% YoY to 3.99 Million Tonnes. Of this, cement volume sold was 2.35 Million Tonnes representing an increase of 12% YoY, versus

2.10 Million Tonnes in Q4 FY25. The volume sold of Ground Granulated Blast Furnace Slag (“GGBS”) was 1.57 Million Tonnes representing an increase of 5% YoY, versus 1.49 Million Tonnes in Q4 FY25.

Revenue from operations increased 11% YoY to ₹1,895 Crore, while operating EBITDA improved by 46% YoY to ₹365.0 Crore resulting in operating EBITDA per ton of ₹916 per ton in Q4 FY26. Operating EBITDA (adjusted for forex losses)2 for Q4 FY26 was ₹378.4 Crore, equating to ₹950 per ton.

Operating EBITDA margin was 19.3% in Q4 FY26, as against 14.6% in Q4 FY25. Total EBITDA (including other income) was ₹385.6 Crore in Q4 FY26.

Note: 2) Operating EBITDA (adjusted for forex losses) in Q4FY26 excludes ₹13.4 Crore of FX losses on long-term borrowings (net of FX gains on loans given and trade payables), on account of currency devaluation

During FY2026, Total volume sold increased by 11% YoY to 13.96 Million Tonnes. Of this, Cement volume sold was 7.73 Million Tonnes, representing an increase of 9% YoY, while the volume sold of GGBS was 5.78 Million Tonnes, representing a robust increase of 12% YoY.

 

Revenue from operations increased 12% YoY to ₹6,512 Crore, while operating EBITDA improved by 44% YoY to ₹1,240.3 Crore. Operating EBITDA per ton for FY26 stood at ₹888 per tonne. Total EBITDA (including other income) was ₹1,392.7 Crore in FY26.

Pursuant to the amendments introduced under the Finance Act, 2026, inter alia enabling prescribed treatment of brought-forward MAT credit to the companies under tax regime as per Section 115BAA of the Income-tax Act, 1961 ("New tax regime"), the Company basis its assessment has decided to exercise the option to adopt the New tax regime from financial year 2026–27 onwards. In view of the same, the resultant reduction in net deferred tax liabilities, consequent to the reduced tax rate in the New tax regime, of ₹ 211.21 crore has been recognised in Q4 FY26 and FY2026.

The Company continues to make progress on its expansion program to develop a pan India presence and reach 46.00 MTPA of grinding capacity along with 13.04 MTPA of clinker capacity.

The first phase of the Nagaur integrated unit in Rajasthan, comprising 3.3 MTPA clinker capacity and 2.5 MTPA grinding capacity was commissioned in Q4 FY26. Work on the WHRS and additional 1.0 MTPA grinding capacity at Nagaur are also nearing completion.

With a view to enhancing utilisation of the Nagaur clinker line, as well as with the strategic aim to make the Nagaur unit self-sufficient in terms of cement grinding capacity, the Board has approved the establishment of an additional 2.5 MTPA cement grinding capacity. Post expansion, total grinding capacity at the Nagaur unit will increase to 6.0 MTPA. The estimated investment for this project is ₹430 Crore.

During Q4 FY26 and FY2026, the company incurred capex (including maintenance capex) of

₹506 Crore and ₹1,962 Crore respectively.

• The Company continues to have lowest carbon dioxide emission intensity in the industry of 268 kg CO2 per ton of cementitious materials in FY2026

• Shiva Cement received the Distinction Award for Excellence in Safety Performance and Safety Practices from the British Safety Council

• JSW Cement’s Vijayanagar Unit was awarded the prestigious “Legend (Emerging)” award at the 20th Exceed Occupational Health, Safety & Security Awards

• JSW Cement was awarded Golden Peacock Award for Innovation Management, in recognition for excellence in fostering a culture of innovation and sustainable business transformation