Operational Performance Q2 FY27

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

Financial Performance Q2 FY27

  • Revenue from Operations: ₹1,912.1 crore, increased by 33.1% YoY
  • Operating EBITDA: ₹277.8 crore, increased by 3.9% YoY, equating to ₹708/MT
  • Operating EBITDA (excluding North operations): ₹274.8 crore, equating to ₹821/MT
  • PAT: ₹77.6 crore
  • Other Income: ₹17.1 crore, decreased by 27.5% YoY
  • Depreciation: ₹99.8 crore, increased by 25.5% YoY
  • Finance Costs: ₹114.5 crore, increased by 14.2% YoY
  • Share of Profit from JV: ₹20.0 crore
  • PBT (before exceptional items): ₹100.8 crore, decreased by 16.9% YoY
  • Tax expense: ₹23.1 crore

H1 FY27 Financial Performance

  • Revenue: ₹3,808.5 crore, increased by 27.1% YoY
  • Operating EBITDA: ₹576.4 crore, decreased by 2.3% YoY
  • PAT: ₹231.1 crore
  • Adjusted Profit After Tax (PAT plus Fair value expense from financial instruments): ₹231.1 crore, increased by 31.8% YoY
  • H1 FY26 included exceptional items of ₹1,466.4 crores from conversion of financial instruments (CCPS) designated as FVTPL into Equity Shares prior to IPO

Debt Position as at 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 (part of JSW FZC JV)
  • East: 6.10 MTPA grinding, 1.32 MTPA clinker
  • North: 3.50 MTPA grinding, 3.30 MTPA clinker

Expansion Projects

  • Approved Expansion Plan: 43.3 MTPA grinding capacity, 13.0 MTPA clinker capacity
  • Organic Growth Options: 10.0 MTPA grinding capacity, 6.6 MTPA clinker capacity
  • North India (Phase 2 and 3): Two additional clinker lines of 3.3 MTPA each at Nagaur
  • Central India: 2nd clinker line in MP
  • New Sites: 5.0 MTPA grinding capacity, 3.3 MTPA clinker capacity
  • North East India: Assam
  • South/West India: Karnataka/west Maharashtra
  • Future Expansion Target: 68.3 MTPA grinding capacity, 29.5 MTPA clinker capacity

Key Project Commissioning

  • Nagaur Integrated Unit: Additional 1.0 MTPA grinding capacity commissioned on 6 Oct, 2026
  • Total cement grinding capacity at Nagaur Unit 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
  • 2.5 MTPA Cement Grinding Unit at Nagaur: Detailed engineering ongoing, contractors finalized
  • Post-commissioning, Nagaur Unit capacity will increase to 6.0 MTPA

Other Project Updates

  • 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
  • Proposed system to enable increased alternative fuel usage and Thermal Substitution Rate to ~25%
  • Plate work and structural fabrication work nearing completion
  • Equipment and structural erection work ongoing

Renewable Energy Capacity

  • Total green power capacity: 167 MW
  • Q2 FY27 additions: 36 MW Wind and 19 MW WHRS capacity
  • Specific installations:
  • Nandyal Integrated Unit: 32 MW wind capacity
  • Vijayanagar Grinding Unit: 4 MW wind capacity
  • Nagaur Integrated Unit: 19 MW WHRS capacity
  • 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

  • CO₂ emission intensity: 269 kg/tcm (lowest in Indian cement industry)
  • FY26 emission intensity was 52% lower than Indian peers and 50% lower than global peers
  • Near-term target to reduce emission intensity by 32.9% by FY2034-35 (vs. FY24 baseline)
  • Clean Energy Portfolio (RE+WHRS): Data not quantified in disclosure

Awards and Recognitions 2026

  • Climate Action Pioneers Award by GRIHA Council
  • Sustainability Excellence Award by Indian Chamber of Commerce
  • CII Award for Excellence in R&D (Materials, Chemicals and Textiles)
  • Bhamashah Award "Shiksha Vibhushan"
  • ESG Ratings:
  • CSA score: 86/100 (Ranked #1 globally in construction materials sector)
  • ESG rating score: 70/100 (Highest among listed cement companies in India)
  • EPD International Agency certifications for Portland Slag Cement, CHD, GGBS, Microfine GGBS, and Concrete

CSR Initiatives

  • Project Pahal: Empowering rural women through handloom skill development in Hatta
  • Healthcare and vision camps across 12 villages benefiting 1,150+ villagers
  • Udaan Scholarship Programme: ₹14.76 lakh awarded to 118 meritorious students across 27 villages
  • WCEF 2026 session at IIM Ahmedabad on circularity in construction value chain

Market Context

  • India is the 2nd largest cement consuming economy with low per capita consumption
  • Cement industry continues to consolidate with top players increasing capacity share
  • Cement demand growth expected to outpace capacity additions
  • Government programmes driving cement consumption:
  • Pradhan Mantri Awas Yojana (Rural & Urban)
  • PM GatiShakti NMP
  • Bharatmala Pariyojan
  • Sagarmala Programme
  • National Infrastructure Pipeline (₹145+ lakh crore)
  • Smart Cities Mission (100-city urban transformation)

Forward Looking Statements

The presentation contains forward-looking statements based on management's current expectations regarding projections of financial performance, business strategy, capital expenditures, market conditions, regulatory developments, and other factors affecting the cement industry. These statements are subject to risks and uncertainties that could cause actual results to differ materially.