JSW Cement Reports 17% Revenue Growth and 64% EBITDA Jump in Q2 FY26; Net Debt Drops by Rs 1,335 Crore Post IPO

JSW Cement Limited announced its consolidated financial results for the quarter and half year ended September 30, 2025 (Q2 FY26 and H1 FY26), reporting strong year-over-year growth in revenue and profitability, supported by its recent listing on the NSE and BSE on August 14, 2025.

In Q2 FY26, revenue from operations increased 17 per cent year-on-year to Rs 1,436 crore compared to Rs 1,224 crore in Q2 FY25. Operating EBITDA rose 64 per cent year-on-year to Rs 267.5 crore, with the EBITDA margin improving to 18.6 per cent from 13.3 per cent in the same period last year. Profit after Tax (PAT) stood at Rs 75.4 crore for the quarter.

Total volume sold during the quarter increased 15 per cent year-on-year to 3.11 million tonnes. Cement sales rose 7 per cent year-on-year to 1.64 million tonnes, while Ground Granulated Blast Furnace Slag (GGBS) sales grew 21 per cent year-on-year to 1.38 million tonnes. Operating EBITDA per tonne improved to Rs 860 from Rs 602 in Q2 FY25. The company maintained the industry’s lowest carbon dioxide emission intensity at 277 kg CO2 per tonne of cementitious material.

For H1 FY26, JSW Cement reported a 12 per cent year-on-year growth in revenue to Rs 2,996 crore and a 49 per cent rise in operating EBITDA to Rs 590.2 crore. Total volume sold grew 11 per cent year-on-year to 6.42 million tonnes.

The company’s net debt reduced to Rs 3,231 crore as of September 30, 2025, from Rs 4,566 crore on June 30, 2025, primarily due to IPO proceeds. A non-cash exceptional expense of Rs 1,466.38 crore was recognized during H1 FY26 due to the conversion of 160 million Compulsory Convertible Preference Shares (CCPS) into equity shares before the IPO. This adjustment reflects the valuation difference during conversion, and no similar expense is expected in the coming quarters.

JSW Cement continues its capacity expansion plan toward achieving 41.85 million tonnes per annum (MTPA). The 1.0 MTPA grinding unit at Sambalpur, Odisha, was commissioned in September 2025, strengthening its Eastern presence. The first phase of the Nagaur integrated unit in Rajasthan, comprising 3.30 MTPA clinker and 2.5 MTPA grinding capacity, is expected to be commissioned in early Q4 FY26. The company incurred Rs 964 crore in total capex during H1 FY26, including maintenance expenditure.

In legal developments, JSW Cement has filed a writ petition in the Calcutta High Court challenging the West Bengal government’s Revocation of West Bengal Incentive Schemes and Obligations in the Nature of Grants and Incentives Act, 2025. The company aims to recover Rs 339.87 crore related to Industrial Promotional Assistance for its Salboni Cement Plant.

The stock price is trading 25 per cent up from its 52-week low.

Disclaimer: The article is for informational purposes only and not investment advice.