JSW Cement Limited Earnings Summary — Q4 FY2026
JSW Cement Achieves Strong Operational Recovery in Q4 FY26 with 19% Margins and Significant Net Profit Surge
Quarterly Business Intelligence
AI Quarterly Scorecard™
Computed deterministically from the last 10 reported quarters.
Quarterly Business Momentum
- Revenue has increased for 4 consecutive quarters.
- Revenue of ₹1,896 Cr is 21.6% higher year-on-year.
- Revenue has compounded at 14.5% annualised over the last 10 quarters.
- Revenue is at its highest level in 10 quarters.
- Net profit of ₹161 Cr is 111.8% above the same quarter last year.
- Profit growth is outpacing revenue growth, pointing to positive operating leverage.
- Net profit has compounded at 369.4% annualised across the period.
- Operating margin stands at 15.7% in Q1 FY2027.
- Operating margin compressed by 495 bps year-on-year.
- Over the last two years operating margin has expanded by 412 bps.
- PBT margin is 10.0%.
- Expenses grew 29.2% against revenue growth of 21.6%.
- Operating profit of ₹299 Cr is 7.5% lower year-on-year.
- Operating leverage has been under pressure recently.
- 5 of the last 5 measured quarters delivered year-on-year revenue growth.
- Overall quarterly business momentum scores 58/100 (Healthy) on the latest 10 quarters.
- Business momentum remains positive heading into the next quarter.
Quarterly Financials
Last 10 Reported Quarters • All figures in ₹ Crore • Margins in %
| Metric | Trend | Latest Q1 FY2027 | Q4 FY2026 | Q3 FY2026 | Q2 FY2026 | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 | Q4 FY2018 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | Improving | 1,896 | 1,895 | 1,621 | 1,436 | 1,560 | 1,709 | 1,433 | 1,224 | 1,447 | — |
| Expenses | Improving | 1,598 | 1,530 | 1,336 | 1,169 | 1,237 | 1,469 | 1,317 | 1,139 | 1,279 | — |
| Operating Profit | Improving | 299 | 365 | 285 | 268 | 323 | 240 | 116 | 84 | 168 | — |
| Operating Margin | Improving | 15.7% | 19.3% | 17.6% | 18.6% | 20.7% | 14.1% | 8.1% | 6.9% | 11.6% | — |
| Other Income | Volatile | 87 | 22 | 67 | 34 | -1,444 | 28 | 28 | 27 | 24 | — |
| Interest | Stable | 97 | 89 | 87 | 100 | 102 | 114 | 116 | 109 | 110 | — |
| Depreciation | Improving | 98 | 84 | 81 | 80 | 78 | 79 | 81 | 77 | 74 | — |
| Profit Before Tax | Volatile | 190 | 215 | 184 | 121 | -1,302 | 76 | -53 | -75 | 8 | — |
| Tax | Volatile | 37 | -147 | 54 | 46 | 65 | 60 | 27 | 1 | 32 | — |
| Net Profit | Volatile | 161 | 371 | 142 | 86 | -1,356 | 34 | -69 | -64 | -15 | — |
| Net Margin | Volatile | 8.5% | 19.6% | 8.8% | 6.0% | -86.9% | 2.0% | -4.8% | -5.3% | -1.0% | — |
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.
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.”
Official Quarterly Documents
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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.