JSW Cement posts ₹86 crore profit in Q2 on strong revenue and sales

The cement maker reversed its previous quarter loss, supported by a 17% rise in revenue and higher volumes, even as expansion projects continued across India

JSW Cement reported a consolidated profit of Rs 86.4 crore for the second quarter of FY26 (Q2FY26), compared to a loss of Rs 64.4 crore in the previous quarter, driven by higher revenue and sales volume.

 

The company’s revenue from operations rose 17.4 per cent year-on-year (Y-o-Y) to Rs 1,436.43 crore, supported by a 15 per cent increase in sales volume.

 

Despite the seasonally weak monsoon quarter, total sales volume stood at 3.11 million tonnes. Cement sales were 1.64 million tonnes, up 7 per cent Y-o-Y, while Ground Granulated Blast Furnace Slag (GGBS) sales rose 21 per cent Y-o-Y to 1.38 million tonnes. GGBS is a cementitious material used as a partial substitute for Ordinary Portland Cement (OPC) to produce stronger, more durable, and sustainable concrete.

 

 

What were the key operational highlights?

 

Operating earnings before interest, taxes, depreciation, and amortisation (Ebitda) rose 64 per cent Y-o-Y to Rs 267.5 crore, with an Ebitda margin of 18.6 per cent.

 

In the first half of FY26 (H1FY26), revenue grew 12.2 per cent Y-o-Y to Rs 2,996.25 crore, while the company reported a widened loss of Rs 1,269.7 crore compared to Rs 79.5 crore in H1FY25, largely due to an exceptional non-cash charge in Q1. Operating Ebitda for H1FY26 improved 49 per cent Y-o-Y to Rs 590.2 crore.

 

During H1FY26, total sales volume rose 11 per cent Y-o-Y to 6.42 million tonnes — with cement volumes at 3.49 million tonnes (up 8.5 per cent Y-o-Y) and GGBS volumes at 2.68 million tonnes (up 12.5 per cent Y-o-Y).

 

What is the company’s financial position and outlook?

 

As of September 30, 2025, JSW Cement’s net debt stood at Rs 3,231 crore, down from Rs 4,566 crore on June 30, primarily due to IPO proceeds.

 

“The company continues to make progress on its approved expansion programme to develop a pan-India presence and reach 41.85 million tonnes per annum (mtpa) of grinding capacity and 13.04 mtpa of clinker capacity,” JSW Cement said.

 

During Q2 and H1FY26, the company incurred capital expenditure (including maintenance capex) of Rs 509 crore and Rs 964 crore, respectively.

 

Sequentially, revenue declined 7.9 per cent, while the company had posted a loss of Rs 1,356.2 crore in Q1FY26.

 

How does JSW Cement’s growth compare with its peers?

 

Among peers, UltraTech Cement and Nuvoco Vistas reported 7 per cent and 2.4 per cent volume growth, respectively, while Shree Cement and Dalmia Bharat recorded 6.8 per cent and 2.9 per cent growth. ACC’s sales rose 16 per cent Y-o-Y, and Ambuja Cements’ sales grew 20 per cent.