JSWCEMENTNSEMay 21, 2026

JSW Cement Limited

6,424words
124turns
9analyst exchanges
5executives
Management on call
Nilesh Narwekar
CHIEF EXECUTIVE OFFICER
Narinder Singh Kahlon
DIRECTOR, FINANCE AND COMMERCIAL AND CHIEF FINANCIAL OFFICER
Hitendra Jariwala
CHIEF MARKETING OFFICER
Kunal Mukherjee
HEAD, INVESTOR RELATIONS
Vaibhav Agarwal
PHILLIPCAPITAL INDIA PRIVATE LIMITED
Key numbers — 40 extracted
rs,
agement. Such statements are subject to a number of risks, uncertainties and other important factors, which may cause the actual developments and results to differ materially from any management proje
3.3 million
f India. Very pleased to highlight that our integrated plant at Nagaur in Rajasthan comprising of 3.3 million ton of clinker and 2.5 million tons of grinding capacity started commercial operations in March 2
2.5 million
ght that our integrated plant at Nagaur in Rajasthan comprising of 3.3 million ton of clinker and 2.5 million tons of grinding capacity started commercial operations in March 2026. This plant is intended to
7%
hlights for quarter 4 FY '26. On volumes, our total sales volume in quarter 4 FY '26 increased by 7% Y-o-Y to 3.99 million tons. On a product level, cement volume sold was 2.35 million tons, increas
3.99 million
quarter 4 FY '26. On volumes, our total sales volume in quarter 4 FY '26 increased by 7% Y-o-Y to 3.99 million tons. On a product level, cement volume sold was 2.35 million tons, increased by 12% Y-o-Y. We
2.35 million
r 4 FY '26 increased by 7% Y-o-Y to 3.99 million tons. On a product level, cement volume sold was 2.35 million tons, increased by 12% Y-o-Y. We continue to deliver higher than industry growth rates. GGBS vo
12%
to 3.99 million tons. On a product level, cement volume sold was 2.35 million tons, increased by 12% Y-o-Y. We continue to deliver higher than industry growth rates. GGBS volume sold was 1.57 mill
1.57 million
ed by 12% Y-o-Y. We continue to deliver higher than industry growth rates. GGBS volume sold was 1.57 million tons, increased by 5.4% Y-o-Y. Slightly lower growth in this quarter than you would have seen in
5.4%
o deliver higher than industry growth rates. GGBS volume sold was 1.57 million tons, increased by 5.4% Y-o-Y. Slightly lower growth in this quarter than you would have seen in previous quarters, thoug
INR4,673
ection and getting back on track. On product ASP, 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.
4.8%
. On product ASP, 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. GGBS realization for qua
INR3,682
ith increases across all regions that we operate in. GGBS realization for quarter 4 FY '26 was at INR3,682 per ton, slight improvement on quarter-on-quarter basis. Within cement, the trade mix improved to
Guidance — 20 items
Vaibhav Agarwal
opening
“Such statements are subject to a number of risks, uncertainties and other important factors, which may cause the actual developments and results to differ materially from any management projection made on this call.”
Vaibhav Agarwal
opening
“I will now hand over the floor to the management of JSW Cement for their opening remarks, which will be thereafter followed by interactive Q&A.”
Nilesh Narwekar
opening
“JSW Cement has a proven track record of delivering very strong CAGR of capacity, volumes and earnings in the past decade, and our aim is to continue to deliver on this growth trajectory in the coming years as well.”
Nilesh Narwekar
opening
“The country's medium-term growth story remains intact, with RBI and other international agencies forecasting a strong growth in FY '27 and beyond.”
Nilesh Narwekar
opening
“The estimated investment for this project is INR430 crores, and this unit is expected to commission by quarter 4 of FY28.”
Narinder Singh
opening
“I'll summarize the performance for Q4 as well as FY26.”
Narinder Singh
opening
“The number is INR211 crores, consequent to the company's decision to adopt the new tax regime from FY27 onwards.”
Narinder Singh
opening
“Now moving to the FY26 financial performance.”
Narinder Singh
opening
“This includes capex, including maintenance capex of INR506 crores and INR1,962 crores, respectively, which was in line with the guidance we had given at the start of the year.”
Nilesh Narwekar
qa
“We're seeing the situation improving in May and normalizing, and we expect that to come back to normal.”
Risks & concerns — 5 flagged
To add to that, shortage of labour and impact of elections in some of our key states of Tamil Nadu, Kerala, West Bengal have played out.
— Nilesh Narwekar
Of course, inflationary pressure being one factor and the shortage of labour, with the labour migrating from the respective states back to their home states for the elections across 3 of our primary states of Tamil Nadu, Kerala and Bengal, which has impacted the volumes in April.
— Nilesh Narwekar
So, during my introductory narrative that I put forward, I specifically mentioned about that there was a slag availability related challenge at Dolvi, which serves the western region for us.
— Nilesh Narwekar
Now whatever slowdown that we saw in Jan and Feb, we saw a recovery in March, and we expect this number to go positive going forward in this starting May.
— Nilesh Narwekar
Or do you still see some impact of that?
— Gaurav Jain
Q&A — 9 exchanges
Q
Congratulations on a good set of results. Sir, just wanted to know your thoughts on the industry demand as well as how we see our growth within that, especially in the context that a few of our peers have highlighted slowing demand conditions and we have a new plant in a new region. So how do we sort of build in industry growth and within that, our growth in particular?
Nilesh Narwekar
Yes. 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. Now specifically in April, the demand was a bit soft. Of course, inflationary pressure being one factor and the shortage of labour, with the labour migrating from the respective states back to their home states for the elections across 3 of our primary states of Tamil Nadu, Kerala and Bengal, which has impacted the volumes in April. We're seeing the situat
Q
My first question is on the GGBS. We saw around 5% Y-o-Y growth in this quarter. Just wanted to understand given that in quarter 4, there was a good buoyancy in the institutional business. It seems to have underperformed compared to the cement business. Any reason for the same, sir?
Nilesh Narwekar
Yes. So, during my introductory narrative that I put forward, I specifically mentioned about that 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. We tried to cover up through resourcing it from Vijayanagar plant, but we did lose some demand. Now, on top of it, what compounded the thing was, if you remember, there was a lot of pollution-related impact which happened with the closure of RMC plants during that window. And that's our direct customer in terms of GGBS. Now whatever slowdown th
Q
Sir thank you for taking my question. I have a couple. After the expansion that you've announced further in Rajasthan, which will take your capacity over 6. Where does the additional clinker for your Punjab plant gets sourced as and when the approvals and permissions come through in the Punjab plant? That's question number one?
Narinder Singh
Yes, should I answer or you? Please go ahead. I'll ask the second one. So you have a very valid question. See, the current 6 million that we are going to have in Rajasthan, that will consume the entire clinker, 3.3 million that's getting produced today in Rajasthan. So 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. But, of course, that's the only solution. Sure. That's clear. Sir, my second question. Just keep in mind that we have more than 600 million metric tonnes of limestone reserves
Q
Yes. Good evening, sir. My first question is on your cost savings. We talked about like 400 Rupees per ton like I think 1 year back or 1.5 year back. So how much of that is now realized and how do we stand there for the remaining savings?
Nilesh Narwekar
Yes. So 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%; I mean 25% more to be added across power cost, logistics and premiumization primarily. And within power cost, 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. And sir percentage, can you highlight numbers out of -- so basically, you're saying INR100 savings in FY27 and INR100 re
Q
Sir, could you share some housekeeping numbers what would be the RMC revenues in Q4? And what was the premium product sales share in Q4? And what would be the incentives that you are targeting for FY '27 flowing through revenues?
Narinder Singh
So RMC revenue during the quarter was INR184 crores and for the year it's about INR574 crores Rajesh Ravi Sorry, can u share the number? So for the year, RMC revenue is INR574-odd crores. And for the quarter, it was INR184 crores. Understood. Incentive accrued in this quarter through P&L? Incentive accrued is a very small number. It's only INR3.47 crores in the quarter. And for the Nagaur plant next year, what is the estimation on a full year basis? So Rajasthan, we have the incentive as approved by the state. It's going to be INR50 crores towards the capital subsidy and there will be some num
Q
Yes, hi. Sir, just one question from my side. On this pollution issue in some cities of Western India and subsequent closure of RMC unit, is that issue completely behind? Or do you still see some impact of that?
Hitendra Jariwala
This issue was mainly on account of the aggregate manufacturers and the RMC plant. So, it started off with Bombay, where it is well behind us now. Majority of the RMC plants, commercial plants as well as the dedicated plants, are all online and everything is behind us. Pune, which started in the last week of March and extended up to the end of April, even that is behind us now. And all the RMC plants across are up and running now. So, it is well behind us.
Q
Sir on the UAE grinding unit, just wanted to understand the flow like -- when this plant is operational, it will source the clinker from the JV clinker unit, which you have over there. Now what we understand that unit is selling approximately 1 million ton in open markets, which is not consolidated in our and the remaining around 1 million tons or something like that they ship to India, which is booked -- which is used in India. Is this understanding, correct? And how will this change when this grinding unit is operational?
Narinder Singh
Your understanding is correct. Probably the numbers are a bit off; so like I stated earlier, we sold about 2.6 million tons in UAE out of that unit last year and probably 2 million odd tons is what would have got sold there itself. The remaining plus/minus has come to India. Now the production, that unit runs almost 100% plus every year since inception. So, it will still continue to produce about 2.6 million tons. Yes, sorry, sir, missed your last point. You mentioned around 2.6, they operate utilization and 0.6 odd was shipped to India or sold to India? Right. As we speak, see, that plant run
Q
Sir just last one thing. Can you please tell full year GGBS realization per ton and the grey cement realization per ton number?
Nilesh Narwekar
Yes. The full year GGBS realization is 3,683 per ton FY26. Sir, for grey cement? 4,667 per ton. Okay, thank you. Okay great.
Q
Sir, just one question. You said that in Punjab, there could be a delay in terms of the grinding expansion of what you are kind of envisaging in that market. So, is your Rajasthan announcement basically to compensate for that delay? Or what is the thought process there? Because how can one read that?
Nilesh Narwekar
Yes, you are right. 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. Hence collectively as a management unit, we believe this is the most prudent thing to do. It will be one unit, which is set it up here and ensuring it stacks up for the entire sale, and we have all the benefits of setting it up here at a much lesser capex plus it coming up 1 year in advance versus if you were to start setting it up there. So in all aspects, it does stack up more favourably. So
Speaking time
Narinder Singh
36
Nilesh Narwekar
18
Rajesh Ravi
13
Moderator
11
Prateek Kumar
8
Raghav Maheshwari
8
Vaibhav Agarwal
7
Harsh Mittal
7
Siddharth Mehrotra
6
Pulkit Patni
6
Opening remarks
Vaibhav Agarwal
Thank you, Danish, and good evening, everyone. On behalf of PhillipCapital India Private Limited, we welcome you to the Q4 and FY '26 call of JSW Cement Limited. On the call from JSW Cement, we have with us Mr. Nilesh Narwekar, Chief Executive Officer; Mr. Narinder Singh Kahlon, Director of Finance and Commercial and Chief Financial Officer; Mr. Hitendra Jariwala, Chief Marketing Officer; and Mr. Kunal Mukherjee, Head, Investor Relations. I would like to mention on behalf of JSW Cement Limited and its management that certain statements that may be made or discussed on this conference call may be forward-looking statements based on current management expectations and also something that relates to future expected business developments by JSW Cement management. Such statements are subject to a number of risks, uncertainties and other important factors, which may cause the actual developments and results to differ materially from any management projection made on this call. JSW Cement Lim
Kunal Mukherjee
Thank you, Vaibhav. Good evening to all, and welcome to the Q4 and FY '26 Earnings Call of JSW Cement. I trust all of you have had the chance to review the results, the press release and the investor presentation, which we uploaded a while back. With this, I will hand over the call to Mr. Nilesh Narwekar to take this forward.
Nilesh Narwekar
Thank you, Kunal, and good evening to all. I would like to start by looking back at FY '26, which has been a landmark year for JSW Cement. Needless to say, the company listed in August 2025, which in itself is a major milestone for what is one of the youngest cement companies in India. We are even more proud that we have delivered on the key promise regarding our entry into the northern part of India. Very pleased to highlight that our integrated plant at Nagaur in Rajasthan comprising of 3.3 million ton of clinker and 2.5 million tons of grinding capacity started commercial operations in March 2026. This plant is intended to serve as the company's launch pad into the northern part of India, which is Rajasthan and Haryana primarily. We are very encouraged by the response we have received from the dealers and the customers so far. JSW Cement has a proven track record of delivering very strong CAGR of capacity, volumes and earnings in the past decade, and our aim is to continue to delive
Narinder Singh
Thanks, Nilesh. Good evening. I'll summarize the performance for Q4 as well as FY26. Firstly, in terms of our Q4 '26 performance, the revenue was INR1,895 crores. That's an increase of 11% year-on-year. 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. This operating EBITDA improvement was driven by a combination of better volumes, improvement in cement realization as well as better control over both variable and fixed costs. Our operating EBITDA margin was 19.3% in Q4 '26, which is a jump of 460 bps versus the same quarter last year. Total EBITDA, including other income, was INR386 crores, an increase of 42% year-on-year. I would also like to highlight a few points in our Q4 '26 costs. First, as you all must be knowing, the rupee depreciated a lot against the dollar in Q4. And the sharp devaluation amounted to a net of INR13.4 crores. And adjusting for this, we have deli
← All transcriptsJSWCEMENT stock page →