JSW Cement LimitedQ1 FY27 Results & Financial Update
JSW Cement Limited: Q1 FY27 consolidated results and company financials – revenue ₹1,896.41 Cr, PAT ₹153.43 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore JSW Cement Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
During the quarter ended June 30, 2026, JSW Cement Limited reported consolidated revenue from operations of Rs. 1,896.41 crore, alongside other income of Rs. 73.78 crore, bringing total consolidated income to Rs. 1,970.19 crore.
Profit before share of profit from joint ventures and associates, exceptional items, and tax stood at Rs. 177.44 crore for the quarter. Factoring in a net share of profit from joint ventures and associates of Rs. 12.72 crore, profit before exceptional items and tax reached Rs. 190.16 crore.
The company recorded zero exceptional items during the current quarter, contrasting sharply with prior periods that experienced large adjustments from preference share conversions and legal disputes.
Total tax expenses for the period aggregated to Rs. 36.73 crore, comprising current tax of Rs. 20.37 crore and deferred tax of Rs. 16.36 crore.
Basic and diluted earnings per share (not annualized) for the quarter were recorded at Rs. 1.20 and Rs. 1.19 respectively, based on an equity share capital base of Rs. 1,350.35 crore.
Total comprehensive income for the quarter stood at Rs. 182.66 crore, incorporating other comprehensive income of Rs. 29.23 crore net of tax.
01 · Business model
What does JSW Cement do?
JSW Cement Limited operates as a prominent manufacturer of cement and cement-related products, functioning as an integrated enterprise within the building materials sector.
The company's primary revenue engine stems from the production and sale of various cement categories, supported by strategic manufacturing facilities and subsidiary operations including Shiva Cement Limited and specialized transport and green-cement entities.
The operating model relies on efficient distribution networks and heavy operational inputs such as raw materials, power, fuel, and freight logistics to serve regional and national construction markets.
The consolidated group structure encompasses multiple operating subsidiaries, joint ventures, and associate entities contributing to both core manufacturing and associated infrastructural support.
02 · Historical context
What shaped the business before this quarter
Previously, 160,000,000 Compulsory Convertible Preference Shares (CCPS) were converted into 235,662,477 equity shares, creating a major valuation difference recognized as an exceptional item in earlier reporting periods.
The company previously applied for Industrial Promotional Assistance for its Salboni Cement Plant under WBSSIS 2013, which faced rejections and subsequent legal challenges in the Calcutta High Court alongside the enactment of the Revocation Act in April 2025.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹1,896.41 Cr |
| Total income | ₹1,970.19 Cr |
| Profit before tax | ₹177.44 Cr |
| Profit after tax | ₹153.43 Cr |
| EPS | ₹1.19 |
Financial interpretation
What the reported numbers mean
Profit after tax represented 8.1% of reported quarterly operating revenue. This is a calculated net-profit-to-sales ratio, not a company-reported operating margin. It measures the outcome after expenses and tax; it does not, by itself, establish how margins changed versus another period.
Profit before tax was equivalent to 9.4% of quarterly operating revenue. The distinction between pre-tax and post-tax profit matters when interpreting earnings; neither ratio identifies an underlying cost driver without a properly matched comparative period.
Total income exceeded operating revenue by ₹73.78 crore. This is the disclosed difference between the two lines, not incremental sales. The distinction matters when assessing how much of the quarter’s reported income came from the operating top line.
Ratios above are calculated from the reported quarterly figures. They are analytical descriptions, not company-reported margin guidance or an investment recommendation.
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Generated Rs. 1,896.41 crore in revenue from operations during Q1 FY27, driven by core cement and cement-related product sales across consolidated entities.
Other income surged to Rs. 73.78 crore for the quarter, which includes a recognized gain of Rs. 55.21 crore arising from the dilution of the company's stake in one of its joint ventures under Ind AS 28.
What drove margins
Freight and handling expenses constituted the single largest cost line at Rs. 415.19 crore for the quarter.
Power and fuel expenses represented a substantial operational outlay of Rs. 305.29 crore.
Cost of raw materials consumed stood at Rs. 443.72 crore, alongside purchases of stock-in-trade of Rs. 34.90 crore and a positive inventory change of Rs. 24.86 crore.
Employee benefits expense was recorded at Rs. 97.72 crore, finance costs at Rs. 97.35 crore, depreciation and amortization at Rs. 97.54 crore, and other expenses at Rs. 276.18 crore.
05 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
The group operates in a single segment of providing cement and cement-related products, and hence no separate segment disclosure is required under Ind AS 108.
06 · Strategy & new businesses
How the company is trying to change its growth mix
During the quarter, the company diluted its stake in one of its joint ventures, resulting in a recognized gain of Rs. 55.21 crore classified under other income.
07 · Reported developments
What changed operationally
The quarter remained free of the massive exceptional charges that weighed on prior comparative periods, allowing operating profitability to flow cleanly to a reported PAT of Rs. 153.43 crore.
08 · Pressure points & risks
What is not going smoothly
The company carries a cumulative provision for expected credit loss of Rs. 49.18 crore as of June 30, 2026, relating to government incentive receivables in West Bengal following legislative revocations.
09 · Items worth noticing
The line items that can distort a quick read
Unlike previous quarters which saw major exceptional charges like CCPS conversion adjustments and incentive provisions, Q1 FY27 recorded zero exceptional items.
10 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Capital allocation & funding
The Board of Directors approved raising funds up to Rs. 500 crore through the issuance of rated and listed Non-Convertible Debentures on a private placement basis, authorizing the Finance Committee to finalize terms.
11 · Beyond the numbers
What changed beyond the numbers
Reported update
Subsidiary and Joint Venture Review Coverage
The consolidated financial results include unreviewed interim results of 4 subsidiaries reflecting total revenue of Rs. 331.58 crore and net loss after tax of Rs. 20.54 crore, alongside unreviewed results of 1 joint venture and 1 associate.
12 · Key Q&A
The quarter, answered directly
What does JSW Cement do?
JSW Cement Limited operates as a prominent manufacturer of cement and cement-related products, functioning as an integrated enterprise within the building materials sector.
What is the clearest takeaway from Q1 FY27?
During the quarter ended June 30, 2026, JSW Cement Limited reported consolidated revenue from operations of Rs. 1,896.41 crore, alongside other income of Rs. 73.78 crore, bringing total consolidated income to Rs. 1,970.19 crore.
What drove revenue or demand?
Generated Rs. 1,896.41 crore in revenue from operations during Q1 FY27, driven by core cement and cement-related product sales across consolidated entities.
What mattered most for margins or profitability?
Freight and handling expenses constituted the single largest cost line at Rs. 415.19 crore for the quarter.
What changed operationally beyond the headline numbers?
During the quarter, the company diluted its stake in one of its joint ventures, resulting in a recognized gain of Rs. 55.21 crore classified under other income.
What are the main pressure points disclosed for the quarter?
The company carries a cumulative provision for expected credit loss of Rs. 49.18 crore as of June 30, 2026, relating to government incentive receivables in West Bengal following legislative revocations.
13 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
Starting point
Build your own next-quarter scenario
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Example: enter 10 for 10% revenue growth. Enter -100 for a 1 percentage-point margin decline.
Scenario output
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The calculator holds the selected margin basis constant except for the basis-point adjustment you enter. It does not estimate tax, finance cost, dilution, working capital, valuation or share price.
14 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Non-Convertible Debenture Issuance: Monitor the execution and final terms of the approved fund-raising initiative of up to Rs. 500 crore via NCDs.
- 02
West Bengal Incentive Litigation: Track legal proceedings and writ petitions in the Calcutta High Court regarding the recovery of outstanding incentive claim balances.
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