JSW Cement Q1 FY27: Revenue Rises 21.6% as Cement Volumes Grow 26.5%

BY ADMIN • FILED 28 Aug 2026, 6:32 PM

JSW Cement Limited has highlighted strong volume growth, improving realisations and an aggressive capacity expansion plan in its August 2026 Investor Presentation. The company is expanding its pan-India footprint while focusing on GGBS leadership, renewable energy and operational efficiency.

Q1 FY27 Volume Growth

JSW Cement reported total volume sold of 3.81 million tonnes (MMT) in Q1 FY27, up 15% year-on-year. Cement volumes increased strongly by 26.5% YoY to 2.34 MMT, while GGBS volumes rose 2.6% to 1.33 MMT. Growth was supported by momentum in existing markets and the ramp-up of the company’s North India operations.

Revenue Growth

Revenue from operations increased 21.6% YoY to ₹1,896.4 crore in Q1 FY27 from ₹1,559.8 crore in Q1 FY26. The increase was driven by higher cement volumes, improved realisations across products and higher RMC revenues. Revenue was broadly stable sequentially compared with ₹1,895 crore in Q4 FY26.

Cement Realisations Improve

Cement realisation increased 6% QoQ to ₹4,951 per tonne in Q1 FY27 from ₹4,673 per tonne in Q4 FY26. GGBS realisation also improved 3.4% QoQ to ₹3,807 per tonne. Better realisations provided support to revenue and partly offset the impact of higher input costs during the quarter.

EBITDA Under Pressure

Operating EBITDA declined 7.5% YoY to ₹298.6 crore, while operating EBITDA margin fell to 15.7% from 20.7% in Q1 FY26. Operating EBITDA per tonne declined to ₹784 from ₹974. Higher power and fuel costs, North India ramp-up costs and increased other expenses were the main pressures. Excluding North operations, operating EBITDA increased 4% YoY to ₹336 crore, or ₹979 per tonne.

Higher Power and Fuel Costs

Combined raw material, power and fuel costs increased to ₹2,125 per tonne in Q1 FY27 from ₹1,847 per tonne a year earlier and ₹1,845 per tonne in Q4 FY26. Average fuel consumption cost increased to ₹1.80 per MCal from ₹1.49 per MCal in the previous quarter. Input-cost trends will therefore remain an important monitorable for margins in the coming quarters.

Logistics Efficiency Improves

Logistics cost declined 2.2% QoQ and 0.6% YoY to ₹1,091 per tonne. The company attributed the improvement to logistics efficiencies, savings from direct dispatches and a reduction in lead distance. Lead distance stood at 285 km in Q1 FY27 compared with 289 km in Q4 FY26.

PAT Turns Positive

JSW Cement reported PAT of ₹153.4 crore in Q1 FY27, compared with a reported loss of ₹1,366.4 crore in Q1 FY26. The previous year’s result included a large exceptional impact related to the conversion of financial instruments before the IPO. Adjusted PAT, which excludes the relevant fair-value impact, increased from ₹100 crore to ₹153.4 crore.

North India Operations Ramp Up

North India is becoming an important growth driver for JSW Cement. Average utilisation of the North region stood at 55% in Q1 FY27, with monthly utilisation improving from 37% in April to 68% in June. Investors will closely watch whether further ramp-up improves utilisation and profitability while reducing the current drag on consolidated margins.

Capacity Expansion

JSW Cement currently has 24.1 MTPA of grinding capacity and 9.74 MTPA of clinker capacity. The approved expansion plan is expected to take grinding capacity to 43.3 MTPA and clinker capacity to 13 MTPA. Including potential future projects, the company’s roadmap indicates potential grinding capacity of 68.3 MTPA, significantly expanding its national footprint.

Nagaur Project

The Nagaur Integrated Unit in Rajasthan is a key project in the company’s expansion programme, comprising 3.3 MTPA clinker capacity and planned cement grinding capacity of 1 MTPA and 2.5 MTPA. The 1 MTPA grinding unit has completed civil works, with commissioning expected in September 2026, while other project components are progressing.

Punjab and UAE Expansion

JSW Cement is also progressing with a 2.75 MTPA grinding unit at Mansa, Punjab, where environmental approvals are being pursued and engineering work is progressing. In Fujairah, UAE, the company is developing a 1.65 MTPA grinding unit, with land lease and environmental approvals completed.

GGBS Leadership

GGBS remains a major competitive strength for JSW Cement. The company estimates its FY26 domestic GGBS market share at approximately 84%, while GGBS volumes increased from 1.38 MMT in FY16 to 5.78 MMT in FY26, representing around 15% CAGR. The company expects GGBS demand to grow faster than cement demand as its use in ready-mix concrete and infrastructure expands.

Renewable Energy Expansion

JSW Cement added 56 MW of wind capacity in Q1 FY27, taking total renewable power capacity to 112 MW. The company has also set targets for further growth in green power, supporting its strategy to reduce energy costs and carbon emissions. The share of green power increased from approximately 25% in Q4 FY26 to around 30% in Q1 FY27.

Debt Position

Consolidated net debt stood at ₹3,856 crore as of June 30, 2026, compared with ₹3,635 crore at the end of FY26. Net debt-to-equity was 0.57x, while net debt-to-TTM EBITDA stood at 2.95x. With significant capacity expansion planned, debt levels, cash generation and capital expenditure will remain important factors for investors to monitor.

Cement Industry Outlook

JSW Cement expects Indian cement demand to grow at approximately 7.5%-8.5% CAGR between FY26 and FY31, ahead of estimated supply growth of around 5.8%. Infrastructure, rural and urban housing and industrial and commercial construction are expected to support demand, with infrastructure demand projected to grow at 8.5%-9.5% CAGR.

Sustainability

JSW Cement continues to focus on reducing its carbon footprint and increasing the use of green cementitious products. The company reported FY26 Scope 1 and Scope 2 GHG emission intensity of 269 kg/tcm and has set a target to reduce emission intensity by 32.9% by FY2034-35 compared with FY24. Green cementitious products accounted for 77% of total volume sold in FY26.

Investor Takeaway

JSW Cement’s Q1 FY27 performance shows strong volume and revenue growth but continued pressure on operating margins from higher energy costs and the ramp-up of North India operations. The company’s large expansion pipeline, GGBS leadership, improving utilisation and renewable-energy investments provide long-term growth opportunities, while investors should closely monitor cement realisations, EBITDA per tonne, fuel costs, capacity utilisation, capital expenditure and net debt as the expansion progresses.

Source: JSW Cement Investor Presentation – August 2026.

Disclaimer: This article is based on information disclosed by JSW Cement Limited and is intended only for informational and educational purposes. It should not be considered investment advice or a recommendation to buy or sell any security.