JSW Cement Q1 FY27 Revenue Up 21.6% YoY

JSW Cement – Investor Presentation Summary

Total Volume Sold: 3.81 million MT, increased by 15.0% YoY.
Cement Volume Sold: 2.34 million MT, increased by 26.5% YoY.
GGBS Volume Sold: 1.33 million MT, increased by 2.6% YoY.
Cement realization increased by 6.0% QoQ; GGBS realization increased by 3.4% on QoQ basis.
Cement Trade ratio of 51%; Clinker factor of 55%.
Key drivers of operational performance: Momentum in cement volumes in existing regions and robust ramp up of North operations.

Revenue: ₹ 1,896.4 crore.
Operating EBITDA: ₹ 298.6 crore.
PAT: ₹ 153.4 crore.
Operating EBITDA per ton: ₹ 784/MT.
Operating EBITDA (excluding North operations): ₹ 336 crore, equating to ₹ 979/MT.
YoY comparison: Revenue increased 21.6% YoY; Operating EBITDA slipped by 7.5% YoY.
Drivers of financial performance: Volume increase in Cement, improved realisation across products, and increased RMC revenues were offset by higher Power & Fuel and Other expenses.
Key Risks: Higher fuel cost, impact of Nagaur operations, and higher raw material cost in the RMC business.

Net Debt: ₹ 3,856 crore.
Cash & cash equivalent: ₹ 357 crore.
Net Debt/Equity: 0.57x.
Net Debt to TTM EBITDA: 2.95x.
Financial Health Insights: Net Debt reduced from ₹4,566 crore in Q1 FY26 to ₹3,856 crore in Q1 FY27.

Capital Expenditure: Expansion plans to grow capacity to ~43 MTPA and developing a pan-India presence.
Renewable Energy: Added 56 MW of Wind capacity in Q1 FY27, taking total renewable power capacity to 112 MW. Share of Green power increased from ~25% in Q4 FY26 to ~30% in Q1 FY27.
Investment Rationale: Focus on capacity expansion and reducing CO2 emission intensity.

Investments in Innovation: Key projects include Nagaur Integrated Unit (3.3 MTPA Clinker, 2.5 MTPA Cement Grinding), Fujairah UAE Grinding Unit (1.65 MTPA), Mansa Punjab Grinding Unit (2.75 MTPA), and Chlorine Bypass System at Nandyal.
Expected impact on growth: Aim to be top 3 paint company in India; targeting 800,000 KLPA capacity by FY31 (Note: This appears to be a JSW Group target, not specific to JSW Cement).
Strategic Rationale: Expanding into high-growth markets and securing resource base for future growth.

Macro/Industry Trends: Government Capex up 24% YoY to Rs 3.40 lakh Cr; Infrastructure and construction goods output grew 7.5%; capital goods output grew by 14.5%; RBI cuts FY27 GDP forecast to 6.6%; Brent crude hit ~$133/t in Q1 FY27; INR depreciation >7% YTD-2026; Below-normal monsoon 2026.
Impact on Company: Infra spend held up Q1 cement demand to 6-8% YoY; Imported pet coke, coal cost more in rupee terms; Risk to rural housing demand in East, Central India.

Strategic Outlook: Strong medium-term growth potential across product segments with broad-based demand. Strong tailwinds underpinning continued GGBS growth.
FY Guidance: Targeting to grow capacity to ~43 MTPA; Aiming for 30 GW generation and 40 GWh of energy storage capacity by 2030 (JSW Group target).
Risks and Opportunities: Changes in demand for cement, fluctuations in raw material and energy prices, competition, regulatory changes, environmental considerations.

Sustainability Performance: Scope 1 and Scope 2 GHG emissions intensity of 269 kg/tcm. Near-term target to reduce emission intensity by 32.9% by FY2034–35. JSW Cement has the lowest CO2 emission intensity within the Indian cement industry.
Awards: Vijayanagar Plant awarded 'GOLD AWARD' at Green Enviro Environment Award & Summit; JSW Cement received Global ESG Award 2026 (Diamond) in Circular Economy category; Recognized as 1st Runner-up by FICCI for Resource Efficiency and Circular Economy.
CSR Initiatives: CSR spend reached 6.6 lakh+ beneficiaries across education, rural development, livelihood, health, sanitation, and child protection.