Board Meeting Details

The Board of Directors meeting was held on Thursday, 13th August, 2026, commencing at 2:30 p.m. and concluding at 5:40 p.m.

Key Decisions Approved

1. Financial Results Approval

  • Approved unaudited Standalone and Consolidated Financial Results for the quarter ended 30th June, 2026
  • Statutory Auditors' Limited Review Report dated 30th June, 2026 was taken on record

2. Fundraising Approval

  • Approved raising funds up to ₹500 crores through issuance of rated and listed Non-Convertible Debentures on private placement basis
  • Authorized the Finance Committee to decide on all matters relating to the issuance, including finalization and approval of detailed terms of issue

Standalone Financial Performance (₹ crore)

Quarter Ended 30.06.2026 (Unaudited)

  • Revenue from operations: ₹1,737.89
  • Other income: ₹41.13
  • Total income: ₹1,779.02
  • Total expenses: ₹1,631.77
  • Profit before exceptional items and tax: ₹147.25
  • Exceptional items: Nil
  • Profit before tax: ₹147.25
  • Tax expense: ₹35.84 (Current tax: ₹19.26, Deferred tax: ₹16.58)
  • Profit for the period: ₹111.41
  • Other comprehensive income: ₹27.72
  • Total comprehensive income: ₹139.13
  • Basic EPS: ₹0.83 (not annualized)
  • Diluted EPS: ₹0.82 (not annualized)
  • Paid-up Equity Share Capital: ₹1,350.35 crore (Face value ₹10 each)

Comparative Figures

  • Quarter Ended 31.03.2026: Profit ₹388.27 crore
  • Quarter Ended 30.06.2025: Loss ₹(1,332.34) crore
  • Year Ended 31.03.2026: Loss ₹(698.67) crore

Consolidated Financial Scope

The consolidated results include:

  • Parent: JSW Cement Limited
  • Subsidiaries: Shiva Cement Limited, Utkarsh Transport Private Limited, JSW Green Cement Private Limited, Cemterra Enterprise Private Limited, JSW Cement Middleeast L.L.C SPC
  • Joint Venture: JSW One Platforms Limited (Consolidated), JSW Cement FZC
  • Associate: JSW Renewable Energy (Cement) Limited

Auditor's Review Qualifications

Deloitte Haskins & Sells LLP issued limited review reports for both standalone and consolidated results. For consolidated results:

  • Did not review interim financial results of 4 subsidiaries reflecting total revenue of ₹331.58 crores and net loss of ₹20.54 crores for Q1 FY27
  • Consolidated results include Group's share of profit after tax of ₹12.72 crores from 1 joint venture and 1 associate not reviewed by them
  • One subsidiary with immaterial results (revenue Nil, loss ₹8,931) was not audited

Exceptional Items Notes

a) Labour Codes Impact

  • Government notified Labour Codes on November 21, 2025
  • Reassessed estimated liability for past service cost at ₹24.65 crores as at March 31, 2026
  • Excess provision of ₹6.61 crores recognized in earlier quarters reversed in Q4 FY26

b) CCPS Conversion Impact

  • 160,000,000 CCPS converted into 235,662,477 equity shares of face value ₹10 each at premium of ₹132.75 per share
  • Valuation difference of ₹1,466.38 crore between conversion value and carrying value recognized as exceptional item in Q1 FY25 and FY26

c) West Bengal Incentive Scheme

  • Applied for Industrial Promotional Assistance under WBSSIS 2013 for Salboni Cement Plant
  • Final Registration Certificate initially rejected by DIC, challenged in Calcutta High Court
  • West Bengal government enacted Revocation Act, 2025 retrospectively annulling all grants under state incentive schemes from 1993-2021
  • Company filed writ petition challenging the Act, believes it has good case to recover outstanding claim of ₹339.87 crore as on March 31, 2026
  • Additional provision of ₹11.02 crores recognized using Expected Credit Loss methodology in Q4 FY26
  • Total provision for expected credit loss carried as on June 30, 2026: ₹49.18 crore

Other Significant Items

Gain on Joint Venture Dilution

  • Recognized gain of ₹55.21 crore from dilution of stake in one joint venture, classified under Other Income

Tax Regime Change

  • Adopted new tax regime under Section 115BAA of Income-tax Act, 1961 from FY 2026-27 onwards
  • Resultant reduction in net deferred tax liabilities of ₹218.92 crore recognized in previous quarter and year ended March 31, 2026

Segment Information

  • Company operates in single segment of providing cement and cement related products
  • No separate segment disclosure required under Ind AS 108