JSW Cement Limited Announces Q3 FY26 Results, Revenue Up 13% YoY, PAT of ₹130.6 Cr

New Delhi, February 6, 2026: JSW Cement Limited has reported its consolidated financial results for the quarter ended December 31, 2025.

Key Highlights for Q3 FY26

• Total Volume Sold increased to 3.56 Million Tonnes in Q3 FY26 from 3.12 Million Tonnes in Q3 FY25, marking a growth of 14 per cent YoY
• Revenue: INR 1,621 Crore in Q3 FY26, a 13 per cent YoY increase compared to INR 1,433 Crore in Q3 FY25
• Operating EBITDA: INR 285.1 Crore, increased by 32 per cent YoY, with an operating EBITDA margin of 17.6 per cent
• Profit after Tax: INR 130.6 Crore
• Net debt: INR 3,557 Crore as at December 31, 2025. During Q3 FY26, the Company’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 per cent YoY to 3.56 Million Tonnes. Of this, Cement volume sold was 1.89 Million Tonnes representing an increase of 7 per cent YoY, versus 1.77 Million Tonnes in Q3 FY25. The volume sold of Ground Granulated Blast Furnace Slag (“GGBS”) was 1.53 Million Tonnes representing an increase of 17 per cent YoY, versus 1.31 Million Tonnes in Q3 FY25.

Revenue from operations increased 13 per cent YoY to INR 1,621 crore, while operating EBITDA improved by 32 per cent YoY to INR 285.1 crore. Operating EBITDA per ton was INR 802 in Q3 FY26 as against INR 694 in Q3 FY25. Operating EBITDA margin was 17.6 per cent in Q3 FY26, as against 15.1 per cent in Q3 FY25. Total EBITDA (including other income) was INR 371.2 crore in Q3 FY26, representing an increase of 51 per cent, versus INR 245.2 crore in Q3 FY25.

Consolidated Operational & Financial Performance for 9M FY26

During 9M FY26, total volume sold increased by 12 per cent YoY to 9.98 Million Tonnes. Of this, Cement volume sold was 5.38 Million Tonnes representing an increase of 8 per cent YoY while the volume sold of GGBS was 4.21 Million Tonnes representing an increase of 14 per cent YoY.

Revenue from operations increased 13 per cent YoY to INR 4,617 crore, while operating EBITDA improved by 43 per cent YoY to INR 875.2 crore. Operating EBITDA per ton for 9M FY26 stood at INR 877 per tonne.

IPO of the company and resulting impact on 9M FY26 financials

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 INR 100 each were converted into 235,662,477 equity share of face value INR 10 each. Accordingly, the CCPS liability (which had a carrying value of INR 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 INR 1,466.4 crore during Q1 FY26 and 9M FY26. There was no expense on account of CCPS in Q2 FY26 and Q3 FY26.

The company continues to have lowest carbon dioxide emission intensity in the industry, with emission intensity of 270 kg CO2 per ton of cementitious materials in Q3 FY26.

Capex Updates

The company continues to make progress on its approved expansion program 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 MTPA clinker capacity and 2.5 MTPA grinding capacity, is expected in Q4 FY26. Work on the WHRS and additional 1.0 MTPA grinding capacity in Nagaur are also progressing as per plan. Regulatory approvals are under process for the 2.75 MTPA split grinding unit at Mansa, Punjab. During Q3 FY26, the company commissioned 8MW 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, the company incurred capex (including maintenance capex) of INR 491 crore and INR 1,455 crore 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.