JSW Cement Reports Stellar FY26 Results with 46% Surge in Q4 Operating EBITDA
New Delhi, May 22, 2026: JSW Cement Limited has announced its consolidated financial results for the fourth quarter and full fiscal year ended March 31, 2026, delivering robust growth across key financial and operational metrics. Driven by strong volume growth and operational efficiencies, the company’s Q4 FY26 revenue rose 11% year-on-year (YoY) to ₹1,895 crore, up from ₹1,709 crore in Q4 FY25. Operating EBITDA for the final quarter surged 46% YoY to ₹365.0 crore, yielding a healthy operating EBITDA margin of 19.3% compared to 14.6% in the previous year’s corresponding quarter. Profit after tax (PAT) and adjusted PAT for Q4 FY26 stood at ₹361.7 crore, while net debt was reported at ₹3,635 crore as of March 31, 2026, the company said in a press release.
For the full fiscal year 2026, JSW Cement registered a 12% YoY increase in revenue from operations to ₹6,512 crore, alongside a substantial 44% YoY jump in operating EBITDA to ₹1,240.3 crore, translating to an operating EBITDA margin of 19.0% and an EBITDA per ton of ₹888. Adjusted PAT for FY2026 reached ₹667.6 crore. This figure accounts for a non-cash, exceptional fair value expense of ₹1,466.4 crore recognized during Q1 FY26 following the pre-IPO conversion of 160,000,000 Compulsorily Convertible Preference Shares (CCPS) into equity shares, prior to the company’s successful listing on the NSE and BSE on August 14, 2025. Backed by these adjusted full-year profits, the Board has recommended a dividend of ₹0.5 per equity share of face value ₹10 each, subject to shareholder approval. Additionally, the company recognized a ₹211.21 crore reduction in net deferred tax liabilities in Q4 FY26, following its strategic decision to adopt the “New tax regime” under Section 115BAA of the Income-tax Act, 1961, starting from FY2026–27.
Operationally, total sales volume grew 7% YoY to 3.99 million tonnes in Q4 FY26, bringing the full-year total to 13.96 million tonnes, an 11% increase over FY25. For the quarter, cement volumes grew 12% to 2.35 million tonnes, while Ground Granulated Blast Furnace Slag (GGBS) sales expanded 5% to 1.57 million tonnes. On a full-year basis, cement and GGBS volumes reached 7.73 million tonnes and 5.78 million tonnes, respectively. Looking ahead, JSW Cement continues to aggressively advance its pan-India expansion strategy, targeting 46.00 MTPA of grinding capacity and 13.04 MTPA of clinker capacity. The company incurred a total capex of ₹1,962 crore in FY2026, which included the successful commissioning of its first North Indian facility—a greenfield, integrated cement plant in Nagaur, Rajasthan—featuring a 3.3 MTPA clinkerisation unit and an initial 2.5 MTPA grinding capacity. To maximize this asset, the Board has approved an additional ₹430 crore investment to add 2.5 MTPA of grinding capacity at the Nagaur site, elevating its total grinding potential to 6.0 MTPA.
Alongside geographic expansion, the company achieved several commercial and sustainable milestones throughout the fiscal year. These include the launch of super-premium cement in Southern and Eastern regions in July 2025, the commissioning of a 1.0 MTPA grinding unit by subsidiary Shiva Cement in Odisha, and being declared the ‘Preferred Bidder’ for the Sikilangso limestone blocks in Assam in March 2026. On the ESG front, JSW Cement maintained the industry’s lowest carbon dioxide emission intensity at 268 kg CO2 per ton of cementitious materials for FY2026. The company’s focus on safety and innovation was also recognized through the British Safety Council’s Distinction Award for Shiva Cement, the “Legend (Emerging)” award at the 20th Exceed Occupational Health, Safety & Security Awards for its Vijayanagar Unit, and the Golden Peacock Award for Innovation Management.\
