Key Financial Figures (Consolidated)

Q2 FY27 Performance (YoY Comparison):

  • Revenue from Operations: ₹1,912.1 crore (increased 33.1% from ₹1,436.4 crore in Q2 FY26)
  • Operating Expenses: ₹1,634.3 crore (increased 39.8% from ₹1,168.9 crore in Q2 FY26)
  • Operating EBITDA: ₹277.8 crore (increased 3.9% from ₹267.5 crore in Q2 FY26)
  • Operating EBITDA per ton: ₹708/MT
  • Operating EBITDA (excluding North operations): ₹274.8 crore (₹821/MT)
  • Other Income: ₹17.1 crore (decreased 27.5% from ₹23.6 crore in Q2 FY26)
  • Total EBITDA: ₹295.0 crore (increased 1.3% from ₹291.2 crore in Q2 FY26)
  • Depreciation: ₹99.8 crore (increased 25.5% from ₹79.5 crore in Q2 FY26)
  • Finance Costs: ₹114.5 crore (increased 14.2% from ₹100.3 crore in Q2 FY26)
  • Share of Profit from JV: ₹20.0 crore (increased from ₹9.9 crore in Q2 FY26)
  • PBT (before exceptional items): ₹100.8 crore (decreased 16.9% from ₹121.3 crore in Q2 FY26)
  • Tax Expense: ₹23.1 crore (decreased from ₹45.9 crore in Q2 FY26)
  • Profit After Tax: ₹77.6 crore (increased 3.0% from ₹75.4 crore in Q2 FY26)

H1 FY27 Performance (YoY Comparison):

  • Revenue from Operations: ₹3,808.5 crore (increased 27.1% from ₹2,996.3 crore in H1 FY26)
  • Operating Expenses: ₹3,232.2 crore (increased 34.3% from ₹2,406.1 crore in H1 FY26)
  • Operating EBITDA: ₹576.4 crore (decreased 2.3% from ₹590.2 crore in H1 FY26)
  • Other Income: ₹90.9 crore (increased 99.0% from ₹45.7 crore in H1 FY26)
  • Total EBITDA: ₹667.3 crore (increased 4.9% from ₹635.9 crore in H1 FY26)
  • Depreciation: ₹197.3 crore (increased 25.3% from ₹157.5 crore in H1 FY26)
  • Finance Costs: ₹211.8 crore (increased 4.6% from ₹202.4 crore in H1 FY26)
  • Share of Profit from JV: ₹32.8 crore (increased from ₹10.0 crore in H1 FY26)
  • PBT (before exceptional items): ₹290.9 crore (increased 1.7% from ₹286.0 crore in H1 FY26)
  • Exceptional items: H1 FY26 included ₹1,466.4 crores from conversion of financial instruments (CCPS)
  • PAT: ₹231.1 crore (compared to loss of ₹1,291.1 crore in H1 FY26)
  • Adjusted PAT (excluding exceptional items): ₹231.1 crore (increased 31.8% from ₹175.3 crore in H1 FY26)

Operational Metrics (Q2 FY27):

  • Total Volume Sold: 3.93 million MT (increased 26.1% YoY)
  • Cement Volume Sold: 2.29 million MT (increased 39.5% YoY)
  • GGBS Volume Sold: 1.47 million MT (increased 6.5% YoY)
  • Cement realization declined 3.4% QoQ
  • GGBS realization declined 1.5% QoQ
  • Cement Trade ratio: 52%
  • Clinker factor: 58%
  • Lead distance: 294 km (Q2 FY26: 283 km, Q1 FY27: 285 km)

Debt Position (as of September 30, 2026):

  • Net Debt: ₹4,287 crore (Q2 FY26: ₹3,231 crore; Q1 FY27: ₹3,856 crore)
  • Cash & cash equivalent: ₹159 crore (Q2 FY26: ₹958 crore; Q1 FY27: ₹357 crore)
  • Net Debt/Equity: 0.63x (Q2 FY26: 0.53x; Q1 FY27: 0.57x)
  • Net Debt/TTM EBITDA: 3.26x (Q2 FY26: 2.80x; Q1 FY27: 2.95x)

Capacity and Expansion Updates

Current Capacity:

  • Total Grinding Capacity: 25.10 MTPA
  • Total Clinker Capacity: 9.74 MTPA
  • Regional breakdown:
  • South: 11.00 MTPA grinding, 2.81 MTPA clinker
  • West: 4.50 MTPA grinding, 2.31 MTPA clinker (through JSW FZC JV)
  • East: 6.10 MTPA grinding, 1.32 MTPA clinker
  • North: 3.50 MTPA grinding, 3.30 MTPA clinker

Project Commissioning in Q2 FY27:

  • Nagaur Integrated Unit: Additional 1.0 MTPA grinding capacity commissioned on October 6, 2026
  • Total cement grinding capacity at Nagaur now stands at 3.5 MTPA
  • OLBC from limestone crusher to plant commissioned
  • AFR co-processing system commissioned
  • Complete WHRS system (AQC boiler, PH Boiler, STG, ACC system) commissioned

Ongoing Projects:

  • Nagaur: 2.5 MTPA Cement Grinding Unit (detailed engineering ongoing, contractors finalized)
  • Post-commissioning, Nagaur capacity will increase to 6.0 MTPA
  • Fujairah, UAE: 1.65 MTPA Cement Grinding Unit
  • Civil rebar binding work ongoing for mill block, cement silo and bag house building
  • Equipment manufacturing and steel structure fabrication ongoing
  • Nandyal Integrated Unit: Chlorine Bypass System
  • Plate work and structural fabrication nearing completion
  • Equipment and structural erection work ongoing
  • Expected to increase Thermal Substitution Rate to ~25%

Renewable Energy Additions in Q2 FY27:

  • Added 36 MW Wind capacity and 19 MW WHRS capacity
  • Total green power capacity now stands at 167 MW
  • Share of Green power increased from ~30% in Q1 FY27 to ~41% in Q2 FY27

Corporate Action

  • Scheme of Arrangement announced for amalgamation of listed subsidiary Shiva Cement with and into JSW Cement

Sustainability Performance

  • Scope 1 and Scope 2 GHG emissions intensity: 269 kg/tcm
  • Near-term target to reduce emission intensity by 32.9% by FY2034–35 (vs. FY24 baseline)
  • Company claims lowest CO₂ emission intensity in Indian cement industry
  • FY26 emission intensity reported as 52% lower than Indian peers and 50% lower than global peers

Awards and Recognitions (Q2 FY27):

  • Climate Action Pioneers Award 2026 by GRIHA Council
  • Sustainability Excellence Award by Indian Chamber of Commerce
  • CII Award for Excellence in R&D 2026
  • Featured in S&P Global Sustainability Yearbook 2026
  • Ranked #1 globally in construction materials sector by CSA score (86/100)
  • ESG rating score of 70/100 (highest among listed cement companies in India)

Corporate Social Responsibility Initiatives:

  • Project Pahal: Handloom skill development for rural women in Hatta
  • Healthcare and vision camps across 12 villages benefiting 1,150+ villagers
  • Udaan Scholarship Programme: ₹14.76 lakh awarded to 118 students
  • WCEF 2026 session hosted at IIM Ahmedabad on circularity in construction

Forward-looking Statements

Document contains forward-looking statements regarding financial performance, business strategy, capital expenditures, market conditions, and regulatory developments, subject to risks and uncertainties.

Signature

Sneha Bindra, Company Secretary & Compliance Officer

Date: October 27, 2026 (digitally signed at 19:58:51 +05'30')