CONSTRUCTION MATERIALS · NSE/BSE: JSWCEMENT

JSW Cement Limited Earnings Summary — Q4 FY2026

Sentiment: Positive
AI-generated summary
Generated 2026-06-23

JSW Cement Achieves Strong Operational Recovery in Q4 FY26 with 19% Margins and Significant Net Profit Surge

Net Profit
₹362 Cr
YoY 2162.50%
QoQ 176.34%
Prior: ₹16.0 Cr
Revenue
₹1895 Cr
YoY 10.88%
QoQ 16.90%
Prior: ₹1709 Cr
Operating Margin
19%
YoY 35.71%
QoQ 5.56%
Prior: 14%
Dividend Yield
Payout remained 0% or negative in annual disclosures
Net Debt / Equity
0.68
YoY -65.48%
Prior: 1.97

Key Takeaways

  • Revenue for the quarter hit a high of ₹1,895 Cr, marking strong 17% sequential growth.
  • Operating Profitability rebounded sharply to 19% from 14% in the same quarter last year.
  • A massive equity infusion occurred in Mar 2026, increasing equity capital and reserves significantly.
  • Interest expenses declined to ₹89 Cr in Q4 from previous highs, indicating debt repayment benefits.
  • Despite a strong Q4, the company faced a large annual loss due to an anomalous ₹1,321 Cr negative 'Other Income' figure.
  • Net Profit of ₹362 Cr in Q4 is the strongest quarterly performance in over two fiscal years.
  • Free Cash Flow remains under pressure due to high Capex totaling over ₹1,900 Cr for the full year.
  • The balance sheet was substantially deleveraged with borrowings falling from ₹6,563 Cr to ₹4,464 Cr.

Management Guidance

Management is focused on achieving a 'top 5' position in the Indian market through capacity expansion and maintaining its leadership in 'green' cement.

Sentiment Shift

Improving

While annual figures were dragged by a non-operating 'Other Income' hit, the standalone Q4 results show robust operational recovery and a much stronger capital structure.

Operationally Strong
Deleveraging
Expansionary
Volatile Earnings

Outlook

The outlook remains optimistic for operational growth driven by high demand for eco-friendly cement, supported by a significantly strengthened balance sheet post-equity infusion.

From the Annual Report (Key Quotes)

JSW Cement continues to scale as one of the fastest-growing cement companies in India.

Operating engine remains robust with margins recovering to 19% in Mar 2026.

Strategic presence in Eastern and Southern India provides a competitive logistic advantage.

Earnings Call Transcript — Q4 FY2026

Open original
JSW Centre
Opp. MMRDA Ground,
Bandra Kurla Complex,
Bandra (East), Mumbai - 400 051.
Tel : +91-22-4286 1000 Fax : 26502001
Website : [www.jswcement.in](http://www.jswcement.in/)
CIN :– L26957MH2006PLC160839

Date: 26.05.2026

BSE Limited
Phiroze Jeejeebhoy Towers,
Dalal Street, Fort,
Mumbai 400 001,
Maharashtra, India
Scrip Code: 544480

National Stock Exchange of India Limited
Exchange Plaza, C-1, Block G,
Bandra Kurla Complex, Bandra (E),
Mumbai - 400 051
Maharashtra, India
Symbol: JSWCEMENT

Ref.: Regulation 30 and 46 and other applicable provisions of the Securities and
Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015.

Dear Sir/Madam,

th
This is further to the intimations done by the Company on 14 May, 2026, 18th May 2026 and
st
21 May 2026 with respect to the Result Conference Call hosted by the Management of our
st
Company on Thursday, 21 May, 2026 at 05:15 p.m. (Indian Standard Time) to discuss the
Audited Standalone and Consolidated Financial Results of the Company for the quarter and
st
year ended 31 March, 2026.

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Please find enclosed herewith the transcript of the aforesaid results conference call and the
same has been uploaded on our website at [https://www.jswcement.in/financial-results-data.php](https://www.jswcement.in/financial-results-data.php).

Kindly take the same on record.

Thanking you,

Yours sincerely,
For JSW Cement Limited

Digitally signed

Sneha Bindra
Company Secretary and Compliance Officer
Membership No. 29721

* * *

# JSW Cement Limited Q4 and FY '26 Earnings Conference Call

# May 21, 2026

## MANAGEMENT: MR. NILESH NARWEKAR – CHIEF EXECUTIVE OFFICER

## MR. NARINDER SINGH KAHLON – DIRECTOR, FINANCE

### AND COMMERCIAL AND CHIEF FINANCIAL OFFICER

## MR. HITENDRA JARIWALA – CHIEF MARKETING OFFICER

## MR. KUNAL MUKHERJEE – HEAD, INVESTOR RELATIONS

## MODERATOR: MR. VAIBHAV AGARWAL – PHILLIPCAPITAL INDIA PRIVATE LIMITED

### Page 1 of 15

* * *

Moderator:

Ladies and gentlemen, good day, and welcome to JSW Cement Limited Q4 and FY '26
Earnings Conference Call for the Quarter and Year ended 31st March 2026, hosted by
PhillipCapital India Private Limited. As a reminder, all participant lines will be in the listenonly mode and there will be an opportunity for you to ask questions after the presentation
concludes. Should you need assistance during the conference call, please signal an operator by
pressing star then zero on your touchtone phone. Please note that this conference is being
recorded.

I now hand the conference over to Mr. Vaibhav Agarwal from PhillipCapital India Private
Limited. Thank you, and over to you, sir.

Vaibhav Agarwal:

Thank you, Danish, and good evening, everyone. On behalf of PhillipCapital India Private
Limited, we welcome you to the Q4 and FY '26 call of JSW Cement Limited. On the call from
JSW Cement, we have with us Mr. Nilesh Narwekar, Chief Executive Officer; Mr. Narinder
Singh Kahlon, Director of Finance and Commercial and Chief Financial Officer; Mr. Hitendra
Jariwala, Chief Marketing Officer; and Mr. Kunal Mukherjee, Head, Investor Relations.

I would like to mention on behalf of JSW Cement Limited and its management that certain
statements that may be made or discussed on this conference call may be forward-looking
statements based on current management expectations and also something that relates to future
expected business developments by JSW Cement management.

JSW Cement Limited and the management of the company assumes no obligation to publicly
update or alter these forward-looking statements, whether as a result of any new business
development, information or future event or otherwise. Also, participants can download a copy
of JSW Cement's Q4 and FY '26 results presentation from the company website or stock
exchanges.

With this, I will hand over the call to Mr. Nilesh Narwekar to take this forward.

I will now hand over the floor to the management o

Source: NSE — Latest Concall Transcript

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This summary is AI-generated from JSW Cement Limited's latest quarterly filing and earnings call. For informational purposes only — not investment advice.

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