Credit ratingSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Credit Rating 8 Sep - India Ratings assigned IND AA-/Stable to proposed ₹5,000 million NCDs and affirmed bank facilities on 8 Sep 2026.
Source: Bse
JSW Cement Limited (JSWCEMENT)
Small CapMaterials stocks · Small cap · NSE
JSW Cement is among India's fastest-growing cement companies, part of the US$23 Bn JSW Group. It operates 24.1 MTPA grinding and 9.74 MTPA clinker capacity across multi-regional footprints. The company claims the lowest CO2 emission intensity in the industry and is India's largest manufacturer of GGBS.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result13 Aug, 08:34 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Materials P/E 28.8 (n=19)
Technical timing lens
Trend score and candlestick chart
32BearishSMA20 -6.6% / mo · MACD + · sector -3.8pp vs Nifty 500 (3M)
Stock trend: 38
Sector RS: 24
Sector 3M: -9.5% vs Nifty 500 -5.6%
Materials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
JSWCEMENTD candles · FIT view-8.4%Latest close ₹114.75 on 2026-10-21
Bar
-0.7%
RSI
46
MACD hist
0.77
52W pos
22%
2026-10-21O ₹115.60H ₹116.20L ₹112.70C ₹114.75Vol 9.3L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
JSWCEMENTNifty CommoditiesNifty 500
- JSWCEMENT
- -18.6%
- Nifty 500
- -6.5%
- Nifty Commodities
- -10.2%
- Vs Nifty 500
- -12.1 pp
Chart stats
21 Oct 2026- From 52W high
- -20.0%
- 52W range position
- 22%
- ATR (14)
- 2.5%
- Volume vs 20D
- 0.47x
- Avg traded value
- ₹20.8 Cr
- 20D price channel
- ₹109.6 - ₹119
₹143.4
₹106.7 - ₹143.4
₹2.9
Latest completed session
20-session average
19.8% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE53
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad22
Revenue +21.5% · PAT NDF YoY
Technical
Bearish32
Price trend and sector-relative-strength timing.
Valuation
Legacy model+52.3%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence68
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 22/100margin compression · Rev +22% YoY
Filed 13 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,896 Cr | +21.5% | +0.1% |
| EBITDA | ₹299 Cr | -7.4% | -18.1% |
| Operating margin | 16.0% | -500 bps | -300 bps |
| PAT | ₹153 Cr | NDF | -57.7% |
| PAT margin | 8.1% | +9563 bps | -1103 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 19.90
- P/B
- 2.40
- EV/EBITDA
- 12.96
- Market Cap
- 15733.00Cr
Profitability
- ROE
- 14.70%
- ROCE
- 11.10%
- ROA
- 5.01%
- Dividend Y
- 0.44%
Growth (CAGR)
- Revenue 5Y
- 11.00%
- EPS 5Y
- 19.00%
- Revenue 3Y
- 4.00%
- EPS 3Y
- 68.00%
Balance Sheet
- Debt/Equity
- 0.68
- Interest Coverage
- 3.26×
- Altman Z
- 2.63
- Book Value
- 48.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 3/5
- OCF
- 1170.00 Cr
- EPS TTM
- 5.57
Shareholding
- Promoter Hold
- 72.02%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 22%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 1,896+0.1% vs prev
Net Profit
₹ CrLatest: 153-57.7% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 46. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~7.1% over last month) — short-term momentum negative.
- RSI(14) at 46 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 20% off 52W high · 8% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
37
RS percentile
Stage 4 Downtrend
1M return
-1.4%
3M return
-18.6%
6M return
-8.4%
1Y return
-16.1%
RS 1D
+3
RS 20D
+12
Sector rank
#18
Industry rank
#22
Stage evidence
- Price is 8.6% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -0.8%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
lagging
Industry
improving
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 85.18+0.08%
RS vs Nifty 50085
Valuation & peers
U-Score 53 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 53 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Financial Turnaround
Fundamental score breakdown
U band · FAIR VALUEValuation10/30
Growth20/25
Quality9/20
Balance Sheet6/15
Cash Flow3/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
53
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
53/100 · legacy band FAIR VALUE
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 52.3%.
- Growth contributes 20/25 to the score.
Main drags
- Cash flow is weaker at 3/10; verify the latest quarterly trend.
- Valuation is weaker at 10/30; verify the latest quarterly trend.
- Balance sheet is weaker at 6/15; verify the latest quarterly trend.
Sector valuation model
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Primary lens
Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.
Secondary checks
Current margin versus 5-year average, balance sheet strength, commodity cycle.
Main risk check
A low trailing PE may mean peak-cycle earnings, not true cheapness.
PE
19.9
PB
2.4
EV/EBITDA
13.0
ROE
14.7%
ROCE
11.1%
FCF Yield
—
Debt/Equity
0.7
MoS
+52.3%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE.
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
53
Previous: 53
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+52.3%
Previous: +51.9%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
54
54
54
54
54
54
53
53
53
53
53
53
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹77.56
-47.9% MoS
Growth-justified P/E
43.2
Growth-justified Value
₹240.62
+52.3% MoS
PEG
0.65
Comparable companies
Peers
Business-comparable peers in Materials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
NUVOCO
Large
Nuvoco Vistas Corporation Limited
Cement
match 151
46
27.6
4.2%
+27%
FAIR VALUE
ACC
Large
ACC Limited
Cement
match 150
57
11.2
10.9%
+30%
FAIR VALUE
JKLAKSHMI
Micro
JK Lakshmi Cement Limited
Cement
match 148
50
15.4
10.7%
+63%
FAIR VALUE
BIRLACORPN
Micro
Birla Corporation Limited
Cement
match 148
48
11.1
7.8%
-101%
FAIR VALUE
INDIACEM
Large
The India Cements Limited
Cement
match 147
23
58.9
0.4%
-4362%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-06T07:55:56.324Z
Management commentary snapshot
Q4 FY26 saw robust YoY growth: Total Volume Sold +6.8%, Revenue +10.9%, Operating EBITDA +45.9% to ₹365 crore, and Operating EBITDA per ton +₹245 to ₹916/MT. FY26 also delivered strong growth across key metrics, driven by new capacity commissioning and improved realizations.
JSW Cement delivered strong Q4 and FY26 results, driven by volume growth, improved realizations, and operating leverage. The commissioning of new capacities in North and East India marks significant strategic expansion. While macro headwinds like rising input costs and potential demand slowdowns persist, the company's aggressive capacity expansion and focus on green products position it for continued growth, albeit with execution risks.
Current business mix
Diversified Product Mix (FY26)
Latest issuer-disclosed distribution across 3 reported categories.
Cement55.0%
GGBS41.0%
Clinker3.0%
Growth engines
Capacity Expansion
Targeting ~46.0 MTPA grinding capacity by CY2028+, up from 24.1 MTPA in FY26, through greenfield and brownfield projects.
Pan-India Presence
Entry into North India with the commissioning of the Nagaur Integrated Unit in March 2026 and a brand launch in Jaipur.
Green Cementitious Products
77% of total volume sold in FY26, with GGBS volume sold increasing 11.6% YoY in FY26.
Premium Product Launch
Launched super-premium cement in the southern and eastern regions in July 2025.
Capacity and execution
Nagaur Integrated Unit (North India)
Commissioned in March 2026, with 3.3 MTPA clinker capacity and 2.5 MTPA grinding capacity. Kiln light-up on Feb 17, 2026.
Shiva Cement Sambalpur Grinding Unit (East India)
1.0 MTPA grinding unit commissioned in October 2025, strengthening presence in Eastern India.
Nagaur Grinding Capacity Expansion
New project approved in Q4 FY26 for an additional 2.5 MTPA grinding capacity at Nagaur, Rajasthan, at a capital cost of ₹430 crore.
Mansa Grinding Unit (Punjab)
2.75 MTPA grinding unit, with CLU obtained, EC approval ongoing, and detailed engineering in progress.
Tailwinds
Government Capex
Sustained central and state government infrastructure spending (Central +14.5% YoY, State +12% YoY in 11mFY26) supports cement demand.
Strong Medium-Term Demand Potential
CRISIL projects cement demand growth to outpace capacity additions (7.5-8.5% CAGR FY26-30), with broad-based demand across segments.
GGBS Demand Growth
GGBS demand is expected to grow faster than cement (9-10% CAGR FY26-30), driven by infrastructure and RMC industries.
Headwinds
Crude Oil & Energy Prices
Brent crude crossed $110/barrel, raising prices of pet coke, imported coal, diesel, and polypropylene packaging costs.
Rupee Depreciation
INR declined ~11% against the US dollar (to ~₹94.5/$ as of Apr’26), amplifying imported raw material costs.
RBI Interest Rates
A rate pause or potential hike curbs home loan affordability, slowing new housing launches and real estate demand.
Below-Normal Monsoon
IMD forecast for south-west monsoon is 'below normal' for 2026, which will impact construction activity across rural India.
Risk radar
Raw Material and Energy Price Volatility
Higher crude oil prices and rupee depreciation directly increase input costs for pet coke, coal, and logistics.
Interest Rate Sensitivity
RBI's monetary policy actions can directly impact housing demand, which accounts for ~60% of cement demand.
Monsoon Impact on Demand
A below-normal monsoon could significantly slow construction activity, particularly in rural areas.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
YoY comparison is crucial for assessing annual growth and overall business trajectory. QoQ comparison is important for tracking sequential momentum, especially with new capacities like Nagaur and Sambalpur coming online, and for monitoring cost and realization trends in a dynamic market.
Sector KPIs management disclosed
Total Volume Sold
Q4 FY26: 3.99 mn MT (+6.8% YoY, +12.1% QoQ). FY26: 13.96 mn MT (+10.6% YoY).
Revenue from Operations
Q4 FY26: ₹1,895 crore (+10.9% YoY, +16.9% QoQ). FY26: ₹6,512 crore (+12.0% YoY).
Operating EBITDA
Q4 FY26: ₹365.0 crore (+45.9% YoY, +28.1% QoQ). FY26: ₹1,240 crore (+43.6% YoY).
Operating EBITDA per ton
Q4 FY26: ₹916/MT (+₹245 YoY, +₹114 QoQ). FY26: ₹888/MT (+₹204 YoY).
Management forward view
Strategic Market Entry
Management reinforced the strategic importance of the North market with the Nagaur unit and Jaipur brand launch, articulating ambition and future roadmap.
Sustainability Focus
Company continues initiatives in resource efficiency, circular economy, and safety, receiving multiple awards for performance.
Dividend Recommendation
Board recommended a dividend of ₹0.50 per equity share of ₹10 each for FY26, subject to shareholder approval.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Operating EBITDA per ton | ₹916/MT (Q4 FY26) | Sustained improvement from operating leverage and pricing power, especially with new capacities ramping up. |
| Net Debt to TTM EBITDA | 2.72x (Mar 31, 2026) | Further deleveraging trend amidst ongoing significant capacity expansion capex. |
| Capacity Utilization & Ramp-up | Nagaur (3.3 MTPA clinker, 2.5 MTPA grinding) and Sambalpur (1.0 MTPA grinding) commissioned. | Timely ramp-up of utilization rates for new capacities and their contribution to overall volumes and profitability. |
| Logistics Cost per ton | ₹1,115/MT (Q4 FY26) | Efficiency improvements to mitigate cost increases driven by rising lead distances and fuel prices. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
68Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 56th percentile of the scored universe and 32nd percentile within Materials. Main check: cash conversion is weak at 55/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
28 docs text-extracted · 3 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
56th percentile
overall median 67 · Materials: 32nd pctile, median 70 · Small: 60th pctile, median 66
Evidence depth
Financial-only
28 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
55
watch · profit to cash conversion
Balance sheet
65
acceptable · leverage and solvency
Discipline
68
acceptable · capital discipline
Results
67
acceptable · quarterly consistency
Trust positives
- ▸Promoter holding is 72%.
- ▸Promoter pledge is zero.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching JSW Cement Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 29 Sep - Boards approved merger of Shiva Cement into JSW Cement; shareholders to get 5 shares per 41, completion in 12-14 months.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Scheme of Arrangement 29 Sep - Board approved merger of Shiva Cement into JSW Cement; 5:41 share swap, subject to shareholder and NCLT approvals.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 15 Sep - Intimation of Analyst / Institutional Investors Meeting(s) Pursuant to Regulation 30 of the Listing Regulations.
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Annual reportJul 2026
Jul 2026 · Notice Convening The 20Th Annual General Meeting (AGM) Of JSW Cement Limited. 9 Jul - Filed FY2025-26 integrated annual report and notice for 20th AGM on 31 July 2026.
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 14 Jul - Ind-Ra upgraded long-term ratings on ₹3,249 crore facilities to IND AA-; short-term rating affirmed.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 10 Jul - Newspaper Publication regarding Notice of the 20th Annual General Meeting (AGM) and information on E-Voting of the Company.
Source: Bse
Annual report
Reg. 34 (1) Annual Report. 9 Jul
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 12 Jun - Copies of Newspaper advertisement pertaining to Postal Ballot Notice.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.