JSW Cement Q1 FY27 Earnings Call Transcript Released
JSW Cement's Q1 FY27 consolidated revenue grew 22% YoY to ₹1,896 crore. Total sales volume increased 15% YoY to 3.81 million tons. The company incurred ₹33 crore marketing investment in the North region, impacting EBITDA. Capex for the quarter was ₹337 crore. Capacity expansion and cost-saving measures are ongoing.
The announcement details Q1 FY27 financial performance, operational highlights, and future growth strategies, including capacity expansions and cost management. This information is material for investors and analysts tracking the company's performance and strategic direction.
The company reported strong revenue and volume growth, with positive commentary on demand outlook and ongoing capacity expansions. Despite some cost pressures impacting EBITDA, the overall outlook and operational progress are favorable.
JSW Cement Limited has released the transcript of its Q1 FY27 earnings conference call, which was held on August 14, 2026. The call featured management, including CEO Nilesh Narwekar and CFO Narinder Singh Kahlon, discussing the company's performance and outlook.
During the quarter ended June 30, 2026, JSW Cement reported a consolidated revenue of ₹1,896 crore, a 22% year-on-year increase. Consolidated operating EBITDA stood at ₹299 crore, a decrease of 7.5% year-on-year, attributed to increased fuel and packing costs, and significant marketing investments in the North region.
Total sales volume for Q1 FY27 rose by 15% year-on-year to 3.81 million tons, with cement volumes increasing by 27% to 2.34 million tons. Excluding North operations, volume growth was 8% year-on-year. The North region, where sales commenced this quarter, showed positive market reception with utilization levels reaching 55% and touching 68% in June.
The company highlighted strong demand outlook for infrastructure and large projects, supported by government capex, which grew by 24% year-on-year. Significant projects in the MMR, Pune, and South regions are expected to drive demand.
Capacity expansion remains a focus, with progress on WHRS, OLBC, and AFR systems at the Nagaur unit, expected to commission soon and reduce costs. An additional 1 million ton grinding capacity in Nagaur is slated for end of Q2 FY27. Renewable energy share increased to 30% with the addition of 56 MW wind capacity.
Financials showed a consolidated operating EBITDA per ton of ₹784. The company incurred capex of ₹337 crore in the quarter. Net debt stood at ₹3,856 crore, with a net debt to EBITDA ratio of 2.95 times. The average cost of debt was stable at 7.63%.
Management discussed plans for the North region, aiming for over 60% capacity utilization by year-end and expecting profitability improvements as cost-saving measures, including waste heat recovery and a shift to domestic fuel, come online. GGBS growth was muted in Q1 due to RMC closures and aggregate availability issues, but a robust project pipeline is expected to drive high single-digit growth for the segment for the year.
JSW Cement plans significant capex, with approximately ₹2,300 crore for the current fiscal year and ₹2,000 crore for the next, aiming to increase capacity to 43.5 million tons. The company aims to maintain a net debt to EBITDA below 3.0x.
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