Key Financial Performance - Q4 FY26

Volume and Revenue:

  • Total Volume Sold: 3.99 million MT, an increase of 6.8% Year-over-Year (YoY).
  • Cement Volume Sold: 2.35 million MT, increased by 11.6% YoY.
  • GGBS Volume Sold: 1.57 million MT, increased by 5.4% YoY.
  • Revenue from Operations: ₹1,895 crore, increased by 10.9% YoY.
  • Cement realization increased by 4.8% Quarter-over-Quarter (QoQ); GGBS realization was stable QoQ.
  • Cement Trade ratio was 51%; Clinker factor was 51%.

Profitability:

  • Operating EBITDA: ₹365.0 crore, improved 45.9% YoY, equating to ₹916 per MT.
  • Operating EBITDA (adjusted for forex losses): ₹378.4 crore, equating to ₹950 per MT. This figure excludes ₹13.4 Crore of FX losses on long-term borrowings (net of FX gains on loans given and trade payables).
  • Profit After Tax (PAT): ₹361.7 crore. This includes a one-time benefit of a reduction in net deferred tax liabilities of ₹211.2 crore due to the adoption of the new tax regime from FY 2026–27.
  • Adjusted Profit After Tax (excluding fair value expense from CCPS): ₹361.7 crore for the quarter.

Key Financial Performance - Full Year FY26

  • Revenue: ₹6,512.5 crore, increased by 12.0% YoY.
  • Operating EBITDA: ₹1,240.3 crore, increased by 43.6% YoY.
  • Operating EBITDA (adjusted for forex losses): ₹1,253.7 crore, increased by 45.1% YoY.
  • Profit After Tax (PAT): (₹798.8) crore. This includes a non-cash fair value expense of ₹1,466.4 crore related to the conversion of CCPS.
  • Adjusted Profit After Tax (excluding the CCPS expense): ₹667.6 crore for the full year.

Capital Structure and Debt

  • Net Debt: ₹3,635 crore as of March 31, 2026.
  • Net Debt to TTM EBITDA: 2.72x.
  • Net Debt/Equity: 0.56x.
  • Cash & cash equivalents: ₹447 crore.

Corporate Action

  • The Board recommended a dividend of ₹0.50 per equity share of ₹10 each, subject to shareholder approval.

Operational and Strategic Updates

Expansion and New Projects:

  • Nagaur Integrated Unit (Rajasthan): Successfully commissioned in March 2026, marking the company's entry into North India. The unit has a 3.3 MTPA clinker capacity and a 2.5 MTPA cement grinding capacity. Kiln light up was achieved on February 17, 2026, and first cement was dispatched on March 19, 2026.
  • New Project Approval: Approved the setup of an additional 2.5 MTPA grinding capacity at Nagaur, Rajasthan, at a capital cost of ₹430 crore.
  • Fujairah, UAE: A 1.65 MTPA Grinding Unit is under development. The EPC contract has been awarded to Sinoma.
  • Mansa, Punjab: A 2.75 MTPA Grinding Unit is in the planning stage; Change in Land Use (CLU) has been obtained.
  • Shiva Cement: Commissioned a 1.0 MTPA grinding unit in Sambalpur in October 2025.

Other Updates:

  • The company was declared the Preferred Bidder for two limestone blocks in Umrangso, Dima Hasao District, Assam.
  • Launched a super-premium cement product in southern and eastern regions in July 2025.
  • Successfully listed on NSE and BSE in August 2025.

Business Segment Focus - GGBS

  • Detailed the advantages and application of Ground Granulated Blast Furnace Slag (GGBS) in Ready-Mix Concrete (RMC), highlighting its 42-45% OPC replacement potential.
  • Highlighted growth enablers for the GGBS business, including multi-year supply contracts with JSW Steel, co-location with steel plants, and R&D for new products like Microfine GGBS.
  • Showcased landmark projects using JSW GGBS, including the Mumbai Ahmedabad High Speed Rail and Mumbai Coastal Road.

Macroeconomic Context

The presentation included an analysis of macro factors impacting the economy and cement sector in FY27, including:

  • High crude oil prices (~$110/barrel) and INR depreciation (~₹94.5/$), increasing costs for pet coke, coal, diesel, and packaging.
  • A potential pause or hike in RBI interest rates, which could curb housing demand.
  • A forecast for a "below normal" monsoon in 2026, which may impact rural construction activity.
  • Government capex (Central + State + CPSE) grew 9% YoY for 11mFY26, identified as a key demand support for the sector.

Sustainability Initiatives

  • Reported a Thermal Substitution Rate (TSR) of 9.3% and a WHRS+RE contribution of 38% to power consumption.
  • Specific CO2 emission intensity of 468 kg/tcm.
  • Water intensity of 66 Litres/tcm.
  • Recognitions received include the British Safety Council Award (Shiva Cement), Golden Peacock Award for Innovation Management, and FICCI recognition for circular economy initiatives.

Forward-Looking Statements

The document contains standard forward-looking statements cautioning that actual results may differ materially due to factors like changes in demand, raw material prices, competition, and regulatory changes.