JSW Cement Q2 FY27 Call Transcript Released: Volumes Up 26%, Revenue Rises 33%
JSW Cement's Q2 FY27 results show a 26% YoY volume increase to 3.93 million tons and a 33% YoY revenue jump to ₹1,912 crores. Consolidated EBITDA was ₹278 crores. The company achieved EBITDA breakeven in its North region. Key capacity expansions and cost-saving initiatives are progressing, with significant capex of ₹483 crores in the quarter.
Significant year-on-year growth in volumes and revenue, coupled with strategic capacity expansions and cost-saving initiatives, are likely to have a material positive impact on the company's financial performance and market position.
The company reported strong volume growth, revenue increase, and achievement of EBITDA breakeven in a key region, indicating positive operational and financial performance.
JSW Cement Limited has released the transcript of its conference call held on October 28, 2026, to discuss the unaudited standalone and consolidated financial results for the quarter and half-year ended September 30, 2026. The call featured insights from CEO Mr. Nilesh Narwekar and CFO Mr. Narinder Singh Kahlon.
Despite a challenging external environment, JSW Cement reported robust performance in Q2 FY27. Total volumes surged by 26% year-on-year to 3.93 million tons. Cement volumes alone grew by approximately 40% year-on-year to 2.29 million metric tons, with strong momentum in both trade and B2B segments. Excluding North operations, cement volumes grew by around 13% year-on-year. GGBS volumes also saw a 7% year-on-year increase.
Consolidated revenue for the quarter increased by 33% year-on-year to ₹1,912 crores. Consolidated operating EBITDA stood at ₹278 crores, a 4% improvement year-on-year, with EBITDA per ton at ₹708. The company achieved EBITDA breakeven in its North region operations during this quarter.
Realizations for cement increased by 3% year-on-year to ₹4,781 per ton, although there was a 3% softening quarter-on-quarter. However, prices saw an increase in September and October. GGBS realizations were ₹3,749 per ton.
Capacity expansion and cost reduction initiatives are underway. The company commissioned a waste heat recovery system and an alternate fuel co-processing system at its Nagaur Integrated Unit. Additionally, 1 MTPA grinding capacity was commissioned at Nagaur, and overland belt conveyors were installed. These are expected to reduce costs significantly in the coming quarters. Green power share increased to 41% with the addition of 36 MW wind capacity.
The company incurred capex of ₹483 crores during the quarter and ₹820 crores in the first half of the year. Net debt stood at ₹4,287 crores, with a Net Debt to EBITDA ratio of 3.2x. The average cost of debt remained stable at 7.67%.
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