Key Financial Highlights for Q2 FY27

  • Total Volume Sold: 3.93 Million Tonnes, increased by 26% YoY from 3.11 Million Tonnes in Q2 FY26
  • Revenue: ₹1,912 Crore, increased by 33% YoY from ₹1,436 Crore in Q2 FY26
  • Operating EBITDA: ₹277.8 Crore, increased by 4% YoY, equating to ₹708 per MT
  • Profit after Tax: ₹77.6 Crore
  • Net Debt: ₹4,287 Crore as at September 30, 2026
  • Total EBITDA (including other income): ₹295.0 Crore

Volume Breakdown for Q2 FY27

  • Cement Volume: 2.29 Million Tonnes, increased by 39% YoY from 1.64 Million Tonnes in Q2 FY26
  • GGBS Volume: 1.47 Million Tonnes, increased by 7% YoY from 1.38 Million Tonnes in Q2 FY26

Operational Performance Details

Strong YoY volume growth driven by continued momentum in cement and GGBS across regions, supplemented by robust ramp-up of volumes in the North region. The Nagaur Integrated Unit achieved an average utilization rate of 75% in Q2 FY27 (second quarter of sales) and delivered positive operating EBITDA.

Consolidated Performance for H1 FY27 (Half Year Ended September 30, 2026)

  • Total Volume Sold: 7.73 Million Tonnes, increased by 20% YoY
  • Cement Volume: 4.63 Million Tonnes, increased by 33% YoY
  • GGBS Volume: 2.80 Million Tonnes, increased by 5% YoY
  • Revenue from Operations: ₹3,809 Crore, increased by 27% YoY
  • Operating EBITDA: ₹576.0 Crore, declined by 2% YoY
  • Operating EBITDA per ton: ₹745 per ton

Growth Strategy Update

  • Commissioned 1.0 MTPA grinding mill at Nagaur Integrated Unit, taking total cement grinding capacity to 3.5 MTPA with clinker capacity of 3.3 MTPA
  • Began work on additional 2.5 MTPA grinding capacity, which will take total grinding capacity at Nagaur to 6.0 MTPA
  • Commissioned WHRS, OLBC and AFR co-processing systems at Nagaur to enhance cost efficiency
  • Added 36 MW of wind capacity, taking total renewable capacity (including WHRS) to 167 MW as at September 30, 2026

Key Business Update: Scheme of Arrangement

During Q2 FY27, the Boards of JSW Cement Limited and its listed subsidiary Shiva Cement Limited approved a scheme of arrangement involving amalgamation of Shiva Cement with and into JSW Cement. This consolidation aims to create a single unified cement platform to unlock operational, financial, and management synergies.

Transaction Terms: JSW Cement will issue 5 equity shares of face value ₹10 for every 41 equity shares of face value ₹2 held in Shiva Cement to the shareholders of Shiva Cement (other than JSW Cement).

Approval Status: Subject to receipt of requisite regulatory approvals and respective companies' shareholders and creditors as required under applicable laws and/or directed by the Hon'ble NCLT.

Expected Timeline: Transaction expected to be completed within 12-14 months, subject to timely receipt of regulatory approvals.

Sustainability Updates and Recognitions

  • Received Climate Action Pioneers Award 2026 by GRIHA Council for decarbonizing cement manufacturing, circular economy principles, and sustainable construction
  • Received CII Award for Excellence in R&D 2026
  • Awarded for Sustainability Excellence by the Indian Chamber of Commerce

Company Capacity Overview

  • Cement grinding capacity: 25.10 MTPA
  • Clinkerisation capacity: 9.74 MTPA
  • Market share in GGBS sales: approximately 84%
  • Operations include nine plants in India: two integrated units, one clinker unit, and six grinding units across multiple states
  • Also operates a clinker unit through JSW Cement FZC joint venture in UAE