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Prices as of 8 Oct 2026 close · Not investment advice

JSW Cement Limited

NSE: JSWCEMENTCement & Cement Products

Share price

₹112.97

+0.74% close of 8 Oct 2026

Market cap ₹15,149 CrP/E 19.2

Price-based ratios (P/B, dividend yield, EV/EBITDA) are as of 5 Oct 2026, the close above is 8 Oct 2026.

Business score

How strong the business is, in one number. The parts behind it are in Pro.

40

out of 100 · worked out 8 Oct 2026

Your ratios

The numbers you want to see first. Tap Edit to change them.

Market cap

₹15,149 Cr

P/E ratio

19.2

P/B ratio

2.4

ROCE

11.1%

ROE

14.7%

Dividend yield

0.5%

Price & valuation chart

How the share price and its valuation have moved. Hover over the chart to see any day. Prices as of the last close.

Prices as of 8 Oct 2026 close52-week high ₹142.2952-week low ₹108.02

Answers

Simple answers to the questions investors ask most, from the company's own numbers.

How fast it has been growing

Fewer than three years of filings — too early to judge growth.

Whether it grew faster than its sector

It grew 13.8% a year against a sector median of 8.5% — 5.4 percentage points faster.

Room to re-rate, or risk of de-rating

Too little price history yet to compare it with its own past.

Whether growth justifies the valuation

Priced at 0.3 times its growth rate, on earnings growth of 68%.

Profit growthPrice per ₹1 profitPer 1% growth
JSW Cement Limited — this one68%/yr19.2×₹0.28
UltraTech Cement17%/yr35.7×₹2.1
Grasim Industries Limited-10%/yr33.9×—
Ambuja Cements21%/yr17.9×₹0.85
Shree Cement10%/yr47.7×₹4.8
JK Cement33%/yr39.1×₹1.2

Compared with companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.

How it compares with its peers

Against companies the exchange files under the same label (Cement & Cement Products), it ranks 10 of 34 on returns, 7 of 31 on growth, 7 of 34 on margin. That grouping comes from the exchange's filing category, so some of them may not be real rivals.

What makes it hard to beat — and is that still true?

No durable advantage shows in the numbers: it earns 11.1% on capital, ahead of 71% of companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.

Whether its growth pays for itself

No — Over the last five years it made ₹4307 crore of cash from the business but spent ₹6725 crore on plant and equipment, ₹2418 crore more than it made; the gap was from shareholders — borrowings did not rise. It has not made a profit over 7 years.

Profit reality check

Is the profit real cash? Simple checks on the accounts. Facts only, not advice.

6 of 8 checks clear · 75%

Latest result · Q1 FY27

What the last results showed. Whether management kept its word is in Pro.

Volumes grew 15% and every May target was repeated, but next year's spending plan was trimmed

Announced 13 Aug 2026 · Consolidated · Unaudited

Revenue

₹1,896 Cr

Revenue vs last year

+21.6%

Revenue vs last quarter

+0.1%

Net profit

₹153 Cr

Profit vs last quarter

-57.6%

Net margin

8.1%

EPS

₹1.20

Earnings call transcript · 14 Aug 2026

Checklist before you investPRO

Points for and against, in one list.

Key numbers & peers

The main numbers grouped by topic, and how the company compares with similar ones.

Price

Market cap
₹15,149 Cr
Prev close
₹112.97
52w High
₹143
52w Low
₹107
Enterprise value
₹19,113 Cr
Beta
1.0
Price CAGR 1y
-20.0%
Price CAGR 3y
—
Price CAGR 5y
—
Price CAGR 10y
—

Ratios

Return on assets
-5.6%
PEG ratio
0.3
P/E ratio
19.2
P/B ratio
2.4
EV / EBITDA
15.7
Industry P/E
27.4
ROCE
11.1%
ROCE 5y average
8.4%
ROE
14.7%
Debt / Equity
0.7
Interest coverage
-1.1
Dividend yield
0.5%
ROE 3y average
7.0%
ROE last year
15.0%

Annual P&L

Annual revenue
₹6,501 Cr
Annual profit
-₹799 Cr
Operating margin
19.0%
Net profit margin
-12.3%
EBITDA margin
19.1%
Sales growth 3y
3.8%
Sales growth 5y
11.0%
Profit growth 3y
68.0%
Profit growth 5y
19.0%
EPS
₹-5.6
Sales growth TTM
16.0%
Profit growth TTM
1332.0%
Dividend payout
-89.0%

Quarter P&L

Sales latest quarter
₹1,896 Cr
Profit latest quarter
₹153 Cr
YoY quarterly sales growth
21.6%
YoY quarterly profit growth
—
OPM latest quarter
15.7%

Balance Sheet

Book Value
₹48.8
Face Value
₹10.0
Total debt
₹4,464 Cr
Total cash
₹500 Cr
Borrowings
₹4,464 Cr
Reserves / Equity
3.9

Cash Flow

Operating cash flow
₹1,170 Cr
Free cash flow
-₹791 Cr
FCF yield
-7.7%
Net cash flow
₹382 Cr

Shareholding

Promoter holding
72.0%
FII holding
3.7%
DII holding
11.5%
Public holding
11.8%

Peer comparison

CompanyPrice ₹P/EMkt cap ₹ CrDiv yield %Profit qtr ₹ CrProfit var %Sales qtr ₹ CrSales var %ROCE %
UltraTech Cem.10,878.2037.23,20,5582.222,603.715.824,648.215.812.7
Grasim Inds2,979.1035.32,02,7380.343,846.350.048,716.221.48.0
Ambuja Cements368.0019.491,2520.55660.0-29.89,500.0-7.75.6
Shree Cement21,946.1548.679,1830.67531.1-17.76,233.118.010.3
J K Cements4,991.9039.538,5720.40274.6-14.54,031.720.315.1
Dalmia BharatLtd1,674.0028.631,3990.54192.0-15.33,890.07.07.6
ACC1,182.0011.722,1900.63147.0-56.35,808.0-4.611.3
JSW Cement111.1019.215,1470.45153.4359.81,896.421.611.1
Median162.3228.12,8330.3340.6-22.7742.79.57.0

Competes with: ACC Limited, Ambuja Cements, Dalmia Bharat, Grasim Industries Limited, JK Cement, Shree Cement, UltraTech Cement

Quarterly results

Sales and profit for each of the last 13 quarters. Newest on the right. ₹ crore.

Consolidated · to 30 Jun 2026
Line itemJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales1,4471,2241,4331,7091,5601,4361,6211,8951,896
Expenses1,2791,1391,3171,4691,2371,1691,3361,5301,598
Material Cost362319386465444
Change in Inventories23-220.736.8425
Purchases of Stock-in-Trade1421272735
Employee Cost8184918698
Other Expenses757766831945997
Operating Profit16884116240323268285365299
OPM %126.898.09142119181916
Other Income24272828-1,44434672286
Exceptional items (within Other Income)-1,4660-34-4.440
Interest110109116114102100878997
Depreciation747781797880818498
Profit before tax8-75-5376-1,302121184215190
Tax %3942517953829-6819
Net Profit-24-76-8016-1,36675131362153
EPS in Rs-0.15-0.63-0.680.34-130.631.042.721.18
Diluted EPS in Rs-140.701.052.751.19

Profit & loss

Yearly sales, costs and profit for 12 years, plus the last 12 months (TTM). ₹ crore.

Consolidated · to 31 Mar 2026
Line itemMar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales2,8973,8534,6345,8106,0025,8136,5126,849
Expenses2,2943,0243,8785,1475,1495,1695,2595,633
Material Cost1,532
Change in Inventories8.68
Purchases of Stock-in-Trade90
Employee Cost342
Other Expenses3,299
Operating Profit6038297566638536171,2421,216
OPM %2122161114111918
Other Income392019514585100-1,323209
Exceptional items (within Other Income)-1,504
Interest268291315310435450378373
Depreciation145179238373278310322342
Profit before tax230379398125224-44-781711
Tax %33344117722752
Net Profit15425023310462-164-799721
EPS in Rs1.562.532.481.390.91-1.12-5.555.57
Diluted EPS in Rs-6.19
Dividend Payout %000000-89

Compounded growth

Average yearly growth over different spans, as stored. A span can cross a demerger or an acquisition.

Compounded sales growth

10 years
—
5 years
11%
3 years
4%
TTM
16%

Compounded profit growth

10 years
—
5 years
19%
3 years
68%
TTM
1332%

Stock price CAGR

10 years
—
5 years
—
3 years
—
1 year
-20%

Return on equity

10 years
—
5 years
8%
3 years
7%
Last year
15%

Balance sheet

What the company owns and what it owes, at the end of each year. ₹ crore.

Consolidated
Line itemMar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital9869869869869869861,341
Reserves5408391,1441,3061,4781,3665,209
Borrowings2,9693,1894,6225,6416,2546,5634,464
Other Liabilities1,6751,8952,4682,2032,4982,9663,370
Minority Interest-23
Total Liabilities6,1696,9099,22110,13611,21611,88114,385
Fixed Assets3,2934,2244,5734,6456,1896,7858,480
CWIP9202948761,5917701,038976
Investments320354484714759345290
Other Assets1,6362,0363,2883,1863,4983,7144,639
Total Assets6,1696,9099,22110,13611,21611,88114,385

Cash flows

Real money coming in and going out each year — from the business, from investments and from loans. ₹ crore.

Consolidated
Line itemMar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity7237833396531,4087371,170
Cash from Investing Activity-765-686-1,530-1,808-1,120-558-1,649
Cash from Financing Activity119-951,2601,041-221-232861
Net Cash Flow77169-11467-53382
Free Cash Flow169170-715-979476-409-791

Ratios

How fast customers pay, how long stock sits, and how well capital earns — year by year.

Consolidated
Line itemMar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days53596045484948
Inventory Days261128143104132105132
Days Payable448334336253339305317
Cash Conversion Cycle-134-147-133-103-159-150-136
Working Capital Days-115-106-24-29-116-95-90
ROCE %151268511

Shareholding pattern

Who owns the company — founders (promoters), foreign funds, Indian funds and the public. In %.

Consolidated · to 30 Jun 2026
Line itemSep 2025Dec 2025Mar 2026Jun 2026
Promoters72727272
FIIs4.133.032.933.70
DIIs7.878.098.7411
Public14151512
Others2.131.821.620.95
No. of Shareholders4,70,5174,60,4304,42,0534,42,995

Price trend

The price as a Renko brick chart: small moves drop out so the bigger path stands out.

Change over 1 year -18.1% (₹137.98 → ₹112.97)Brick size ₹2.92 (fixed)Bricks 49
₹120₹130₹140₹113Dec '25Feb '26Apr '26Jun '26Aug '26Oct '26
Price moved up one brickPrice moved down one brickLast close ₹112.97 on 8 Oct 2026

Every brick is the same size, about one typical day's move. A new brick needs a full brick's move; turning the other way needs two. Bricks show where the price went, not where it will go.

Open interestPRO

Where option traders are positioned on this stock.

Industry numbers

The numbers that matter most in this industry, from the company's own filings.

1 when an audit qualification is filed as repetitive

0.00flag

2026-03-31

company capacity utilisation %

61.00pct

2026-06-30

the company's own unlisted debt securities in default at period end

0.00cr

2026-06-30

EBITDA per tonne, Rs

784inr_per_t

2026-06-30

the company's own loans / revolving facilities in default at period end (standalone filing)

0.00cr

2026-06-30

net debt from the filed balance sheet at the newest year end: Borrowings − Cash Equivalents − Investments (Current); negative = net cash

3,964inr_cr

2026-03-31

net debt as the company states it (net cash negative)

3,856inr_cr

2026-06-30

guarantees / comfort given for promoter, promoter group, directors and KMP

0.00cr

2026-03-31

loans outstanding to promoter, promoter group, directors and KMP (governance filing)

0.00cr

2026-03-31

security given for the borrowing of promoter, promoter group, directors and KMP

0.00cr

2026-03-31

FY revenue / permanent employees + workers, same basis (calc)

3,51,78,571inr

2026-03-31

volume growth %

15.00pct

2026-06-30

News

News and filings about JSW Cement Limited. Open one to see why it matters.

Supply chain

Who it buys from, sells to and competes with — as recorded in our map of company links.

Competes with

Uses as raw material

  • blast furnace slag / GGBS (from JSW Steel co-located units)
  • clinker
  • fly ash
  • gypsum
  • imported coal / petcoke (kiln fuel)
  • limestone
  • packing bags

Depends on the price of

  • cement
  • coal
  • fuel

About

What the company is, from our own records: where it sits, where it makes things, and what it is made of.

Sector
Construction Materials
Industry
Cement & Cement Products
Classification
Construction Materials › Cement & Cement Products
ISIN
INE718I01012

Plants

  • Dolvi Grinding Unit · Dolvi / Raigad, Maharashtra
  • Fujairah Clinker Unit · Fujairah, UAE
  • Jajpur Grinding Unit · Kalinganagar / Jajpur, Odisha
  • Nagaur Integrated Unit
  • Nandyal Integrated Unit · Nandyal / Kurnool district, Andhra Pradesh
  • Salboni Grinding Unit · Salboni / Paschim Medinipur, West Bengal
  • Salem Grinding Unit · Salem, Tamil Nadu
  • Shiva Cement / Kutra Clinker Unit · Kutra / Sundargarh, Odisha
  • Vijayanagar Grinding Unit · Bellary / Torangallu, Karnataka

News impact

Big market events that reach JSW Cement Limited, and how the effect spreads.

30 Sept, 14:13 IST · Market event · high impact

JSW Cement to merge with listed arm Shiva Cement

JSW Cement plans to merge its listed arm Shiva Cement, likely lifting Shiva Cement holders and mildly helping JSW Cement, with no real effect on same-name textile firms or big cement rivals.

Construction Materials

Who it hits first

  • JSW Cement, a cement maker, plans to absorb its listed arm Shiva Cement, which makes cement, into one company.
  • Shiva Cement holders face a repricing as the merger swap ratio will set what their shares convert into, though the ratio is not yet disclosed.
  • JSW Cement holders get a simpler group with one listed cement unit, but also take on Shiva Cement's weak balance sheet with negative book value.

Who may gain

  • Shiva Cement holders may gain if the swap offers a premium to the current price, as listed targets often do in mergers.
  • JSW Cement holders may gain modestly over time from lower listing costs and a single pool of cement assets.
  • Lawyers, bankers and advisers on the deal earn fees, but no operating customer gains cement demand from this paperwork merger.

Along the supply chain

Downstream

No direct downstream link — dealers and builders face the same cement supply and prices, since plants and output do not change on announcement.

Upstream

No direct supply-chain link — quarries, coal and freight suppliers to both cement plants see no volume change from a share merger.

Where demand moves

Business

No new cement is ordered or sold because of this merger — builders buy the same bags from the same plants; the only business change is internal, combining two balance sheets.

Capital

Money may rotate toward Shiva Cement shares on hopes of a merger premium, while JSW Cement shares see mild buying on simplification; big rivals see no fresh capital pull.

How it spreads across sectors

Construction Materials

Small consolidation signal as JSW folds its listed arm in-house; large makers like UltraTech and Ambuja see no demand shift.

Textiles

No ripple — Shiva Mills and Shiva Texyarn share only a first name with Shiva Cement and make cloth, not cement.

When it plays out

Immediate

1–7 days: Shiva Cement shares reprice on merger hopes; JSW Cement steadies as investors wait for the swap ratio.

Medium term

1–6 months: shareholder and regulatory votes decide the merger; combined accounts show whether the simplification saved costs.

Short term

1–4 weeks: swap ratio and approvals timetable emerge; textile namesakes drift back as no link is confirmed.

Who it hits first

  • Mumbai steel prices jumped to a 4-year high, with flat steel for cars and appliances (HRC) at Rs 63,900 a tonne, up Rs 1,200, and smooth steel sheet (CRC) at Rs 73,500, up Rs 1,300.
  • Tata Steel, JSW Steel and Steel Authority of India, the big steelmakers, can charge more right away, so their sales and profits should rise.
  • Tata Motors, its truck and car units, Steel Strips Wheels and Voltas, which buy lots of steel, now face higher costs that squeeze their profits.

Who may gain

  • Tata Steel (steelmaker)
  • JSW Steel (steelmaker)
  • Steel Authority of India (government steelmaker)
  • Tata Power (power supplier to Tata Steel)
  • JSW Energy (power supplier to JSW Steel)
  • JSW Infrastructure (ports and transport for JSW Steel)

Along the supply chain

Downstream

Builders, car makers like Maruti and Mahindra, and home goods makers like Voltas pay more for steel wire and sheets, which may lift vehicle and appliance prices or cut their margins.

Upstream

Iron ore, coal and power providers such as NMDC, Coal India, Tata Power and JSW Energy should see steady orders as steel plants run hard to meet strong demand.

Where demand moves

Business

Car, truck and appliance makers need the same steel but must pay more, so cash moves from buyers like Tata Motors to sellers like Tata Steel.

Capital

Investors are likely to buy steelmaker shares on hopes of higher earnings and go careful on car and appliance shares until those firms can raise prices.

How it spreads across sectors

Automobile and Auto Components

Higher steel sheet costs squeeze car, truck and parts makers until they raise prices.

Capital Goods

Machine and truck builders pay more for steel inputs, pressuring margins.

Consumer Durables

Appliance makers like Voltas face higher sheet costs for AC units.

Power

Power sellers to steel plants see steady demand as mills run hard.

Steel

Higher HRC and CRC prices lift sales value and earnings for steelmakers.

Commodity angle

Commodity

steel

Move series

Steel

Note

Steel prices jumped 3.809% to 1280 USD per short ton with Mumbai HRC at Rs 63,900; the 95.22 bps margin hit was used for Tata Motors while steelmakers with null bps were judged on higher selling prices.

Shock

price

Unit

USD/short ton

When it plays out

Immediate

In 1-7 days steel shares firm on price news while car and appliance shares wobble on cost worries.

Medium term

In 1-6 months if demand stays strong steel profits hold, but if buyers cut back or raw costs jump the gains fade.

Short term

In 1-4 weeks steelmakers report better takings while buyers try to pass costs on or trim orders.

Dividends, splits & big trades

Money paid out, share splits and buybacks, and big buys or sells by funds and insiders.

Dividends

10 Jul 2026unspecified₹0.5

Splits, bonuses & buybacks

  • daily-prices repair: 2 rows from NSE's archive (replace 0, delete 1, insert 1), 2026-01-15..2026-02-01 (docs/flat_day_repair.md)1× · 15 Jan 2026

Bulk & block deals

DateWhoBought / soldSharesPrice
22 May 2026AP ASIA OPPORTUNISTIC HOLDINGS PTE. LTD.SELL4,28,18,002₹124.00

Documents

Annual reports, results presentations and earnings calls, straight from the source.

Facts from company filings and exchange data. Not investment advice: nothing here tells you to buy or sell.