1. At a Glance – Blink and You’ll Miss the Irony
₹16,885 crore market cap. Stock at ₹124. Listed barely months ago. Promoter holding a comforting 72.3%. On paper, JSW Cement Limited looks like the poster child of “new-age green infrastructure plays.”
And yet… ROE is –4.81%, EPS is –₹11.3, and the P/E is a spicy 52.5×.
Q3 FY26 numbers looked heroic: revenue at ₹1,621 crore (up 13.2% YoY), PAT at ₹130.6 crore (up 341% QoQ). Twitter screamed turnaround. WhatsApp groups screamed multibagger. Balance sheet quietly coughed.
JSW Cement sells sustainability, scale, and speed. The market bought the story early. The financials are still catching up like a cement truck stuck behind an overloaded tractor.
So is this a genuine green giant warming up… or just IPO excitement wearing a carbon-neutral helmet?
2. Introduction – The Cement That Wants to Save the Planet
JSW Cement is not your boring “limestone + kiln + dust” story. It’s pitched as green cement, built on industrial by-products, GGBS dominance, and lower carbon emissions.
In a country where cement plants are often treated like mobile pollution generators, JSW Cement is saying: “Relax, we’re eco-friendly.”
And to be fair, the data backs part of that claim. CO₂ emission intensity of 258 kg/tonne in FY25 – 52% lower than Indian peers and 54% lower than global majors. That’s not marketing fluff; that’s structural.
But markets don’t run on carbon credits alone. They run on ROCE, cash flows, and debt discipline. And that’s where the story becomes… complicated.
Before we crown it the Tesla of cement, let’s actually see what’s inside the mixer.
3. Business Model – WTF Do They Even Do?
At its core, JSW Cement does four things:
- Blended Cement & OPC – The bread and butter.
- GGBS – The secret sauce.
- Clinker – The expensive, carbon-heavy backbone.
- Allied products – RMC, construction chemicals, screened slag.
The real flex? GGBS dominance.
JSW Cement commands an 84% market share in GGBS in FY25. That’s not leadership; that’s borderline monopoly behaviour (the polite kind).
Instead of burning more limestone, they recycle blast furnace slag from steel plants (hello, JSW Group synergy). Lower cost, lower emissions, decent margins.
Retail contributes ~53% of cement volumes, while the rest goes to infrastructure projects – highways, metros, dams, the usual nation-building suspects.
Translation for lazy investors:
JSW Cement is trying to be less smoky, more scalable, and deeply plugged into India’s infra boom.
But scale without profitability is just… volume with ego.
4. Financials Overview – The Q3 Pop vs Reality Check
Result Type Locked: Quarterly Results (Q3 FY26)
EPS treatment follows quarterly rules.
Quarterly Comparison Table (₹ crore)
| Metric | Latest Q3 FY26 | Q3 FY25 | Q2 FY26 | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 1,621 | 1,433 | 1,436 | 13.2% | 12.9% |
| EBITDA | 285 | 116 | 268 | 145.7% | 6.3% |
| PAT | 130.6 | -80 | 75 | NA | 74.1% |
| EPS (₹) | 1.04 | -0.68 | 0.63 | NA | 65.1% |
Yes, Q3 looks strong. EBITDA margins at 18%. Interest costs cooling. Profit back in black.
But step back. TTM
