JSW Cement Q2 Results | Firm returns to net profit of ₹86 crore on higher sales volumes

JSW Cement Ltd, part of Sajjan Jindal-promoted diversified JSW Group, on Friday (November 7) reported a net profit of ₹86.4 crore for the second quarter of FY26, a turnaround from a net loss of ₹64.4 crore in the same period last year.

Revenue for Q2 FY26 grew 17.4% year-on-year to ₹1,436 crore from ₹1,223 crore in Q2 FY25. Earnings before interest, tax, depreciation, and amortisation (EBITDA) rose to ₹266.8 crore from ₹124.1 crore a year ago, while the EBITDA margin expanded to 18.6% from 10.1% in the corresponding quarter last year.

Operating EBITDA per tonne at ₹860 compared to ₹602 in Q2 FY25. Total EBITDA, including other income, increased 53% to ₹291.2 crore from ₹190.3 crore in Q2 FY25.

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The company's total volume sold increased 15% year-on-year to 3.11 million tonnes. Cement volume sold rose 7% to 1.64 million tonnes from 1.54 million tonnes in Q2 FY25, while the volume of Ground Granulated Blast Furnace Slag (GGBS) increased 21% to 1.38 million tonnes from 1.15 million tonnes a year ago.

For H1 FY26, JSW Cement sold a total volume of 6.42 million tonnes, up 11% year-on-year. Cement volume rose 8.5% to 3.49 million tonnes, while GGBS sales grew 12.5% to 2.68 million tonnes. Revenue from operations for H1 FY26 increased 12% to ₹2,996 crore, and operating EBITDA rose 49% to ₹590.2 crore, with operating EBITDA per ton at ₹919.

The company’s net debt as of September 30, 2025, stood at ₹3,231 crore, a reduction from ₹4,566 crore on June 30, 2025, primarily due to the receipt of IPO proceeds.

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JSW Cement continued progress on its expansion program to develop a pan-India presence, targeting 41.85 MTPA of grinding capacity and 13.04 MTPA of clinker capacity. A 1.0 MTPA grinding unit at Sambalpur, Odisha, was commissioned in September 2025, sourcing clinker from Shiva Cement, while slag and fly ash are locally available. The unit will serve markets in Western Odisha and parts of Jharkhand.

The first phase of the Nagaur integrated unit in Rajasthan, with 3.30 MTPA clinker capacity and 2.5 MTPA grinding capacity, is expected to be commissioned in early Q4 FY26.

Work on the WHRS and an additional 1.0 MTPA grinding capacity in Nagaur is progressing as planned, and regulatory approvals are in process for a 2.75 MTPA split grinding unit at Talwandi Sabo, Punjab. During Q2 FY26 and H1 FY26, the company incurred capex, including maintenance capex, of ₹509 crore and ₹964 crore, respectively.

Shares of JSW Cement Ltd ended at ₹128.00, down by ₹0.50, or 0.39%, on the BSE.

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