New Delhi: JSW Cement has laid out an aggressive, region-by-region expansion roadmap even as it posted a strong operating quarter, signalling confidence in infrastructure-led demand and its differentiated “green cement” mix.
In its February investor presentation to exchanges, the company said total volumes in Q3 FY26 climbed 14% YoY to 3.56 million tonnes, helping revenue rise 13.2% to ₹1,621 crore. Operating EBITDA jumped 31.5% YoY to ₹285.1 crore, translating into ₹802 per tonne, aided by operating leverage and logistics efficiencies, partly offset by softer cement realisations. Profit after tax stood at ₹130.6 crore for the quarter.
For the nine months to December, volumes grew 12.1% YoY to 9.98 million tonnes, while operating EBITDA surged 42.9% to ₹875.2 crore, underlining the operating leverage from scale-up and mix, the company said.
Capacity push, North entry: JSW Cement reiterated plans to expand grinding capacity from the current 21.6 mtpa to about 41.85 mtpa in phases, with projects across Odisha (Sambalpur), Rajasthan (Nagaur integrated unit), Punjab (Mansa), Karnataka (Vijayanagar phase-wise) and Maharashtra (Dolvi), marking a formal entry into North India. On clinker, the roadmap shows capacity stepping up from 6.44 mtpa to over 13 mtpa by CY2028+, supporting higher blended cement and GGBS output.
The company also disclosed approval for a 1.65 mtpa grinding unit in Fujairah, UAE, via a wholly owned arm, at a capital cost of about $39 million, broadening its export-facing footprint.
GGBS edge and ESG: JSW Cement continues to lean into ground granulated blast furnace slag (GGBS), where it claims leadership and structurally higher growth than ordinary cement, driven by ready-mix concrete and infrastructure use. Management highlighted its low CO₂ intensity—about 258 kg per tonne of cementitious material, materially below industry averages—as a competitive moat amid tightening sustainability norms.
Balance sheet and ratings: Net debt stood at ₹3,557 crore as of December 31, 2025, with net debt to TTM EBITDA at 2.90x. During the quarter, CRISIL upgraded the company’s long-term rating to AA-/Stable. JSW Cement also flagged the completion of the transfer of Vadraj Energy Gujarat to Nuvoco Vistas Corp. Ltd. for about ₹191.6 crore.
Outlook: With central and state capex remaining the key demand driver and regional demand expected to grow at mid-to-high single digits over FY26–30, JSW Cement is positioning its multi-regional footprint and blended product mix to capture share, even as pricing remains competitive in the near term.