JSW Cement slips 4% ahead of results, hits all-time low on heavy volumes

Shares of JSW Cement hit a record low of ₹129, and traded at a 12 per cent discount compared to issue price of ₹147 per share.

Share price of JSW Cement today

 

Share of JSW Cement hit an all-time low of ₹129, as they slipped 4.4 per cent on the BSE in Thursday’s intra-day trade amid heavy volumes ahead of the September quarter (Q2FY26) results on Friday.

 

The stock price of the cement & cement products company dropped below its previous low of ₹133.60 touched on October 24, 2025. Currently, JSW Cement trades 12 per cent lower as against its issue price of ₹147 per share. The company made its stock market debut on August 14, 2025. It had hit a 52-week high of ₹162.20 on September 4, 2025.

 

At 02:30 PM; JSW Cement was quoting 4 per cent lower at ₹129.40, as compared to 0.04 per cent decline in the BSE Sensex. The average trading volumes at the counter more-than-doubled with a combined 2.18 million equity shares changing hands on the NSE and BSE.

 

JSW Cement Q2 results

 

The meeting of the board of directors of the JSW Cement is scheduled on Friday, November 7, 2025 to consider and approve the unaudited standalone and consolidated financial results of the company for the quarter and half year ended September 30, 2025.

 

JSW Cement’s earnings before interest, tax, depreciation and amortisation (Ebitda) per tonne improved to ₹975 in the first quarter of fiscal 2026, as against ₹757 in corresponding quarter of previous fiscal, as cement prices rebounded. Going forward, Ebitda per tonne is likely to sustain over ₹925 supported by investments in green energy and efficiency-improvement projects, growing share of blended cement (including ground granulated blast furnace slag, etc, according to analysts.

 

Crisil Ratings view on JSW Cement

 

On October 29, 2025, Crisil Ratings upgraded its ratings on the bank facilities, short-term debt programme and commercial paper programme of JSW Cement (JSWCL) to ‘Crisil AA-/Stable/Crisil A1+’ from ‘Crisil A+/Stable/Crisil A1’.

 

The rating agency said the rating upgrade reflects the expected improvement in financial risk profile of the company as evident from declining leverage trajectory despite sizeable capital expenditure (capex) plans and enhanced financial flexibility backed by the recently concluded initial public offering (IPO).

 

JSWCL had an installed capacity of 21.6 million tonnes per annum (MTPA) as on October 15, 2025, which is expected to further increase to 24.1 MTPA by the fourth quarter of fiscal 2026 by commissioning of an integrated unit in Rajasthan. Further, the company is expected to grow its capacity to ~32 MTPA by fiscal 2028 end through planned and announced greenfield and brownfield projects. These projects will enhance geographical diversity and further strengthen the business risk profile of the company.

 

Profitability was impacted in fiscal 2025, with consolidated Ebitda per tonne moderating to ₹664 from ₹886 in fiscal 2024 amid industry wide subdued pricing. However, with improvement in pricing, expectation of better demand, higher contribution from new more-efficient units, increasing contribution of blended cement in overall mix and cost saving measures undertaken, Ebitda per tonne is expected to improve to more than ₹925 from fiscal 2026 onwards, the rating agency said.

 

However, capacity addition in the cement industry tends to be sporadic because of the long gestation period involved in setting up a facility and with numerous players adding capacity during the peak of a cycle. This has led to unfavourable price cycles for the sector in the past, last witnessed in fiscal 2025. 

 

Increase in pet coke prices during fiscals 2022 and 2023 impacted the profitability of several cement players. Realisations and profitability are also affected by demand, supply, offtake and other regional factors, Crisil Rating said.