JSW Cement Limited (JSWCEMENT) Q2 Results FY27 Preview: Date, Time, Expectations & Key Things To Watch

Q: Why did JSW Cement's EBITDA fall in Q1 FY27 despite strong revenue growth?

Operating EBITDA fell 7.5% YoY to Rs. 298.6 Cr (Rs. 784/MT; 15.7% margin) on higher Power & Fuel and Other expenses, even as revenue rose 21.6% YoY to Rs. 1,896.4 Cr. Excluding the newly commissioned Nagaur plant in the North, Operating EBITDA was Rs. 336 Cr, up 4% YoY at Rs. 979/MT.

Q: When will JSW Cement's North operations break even?

Management guided North EBITDA break-even in Q2 FY27, the quarter now being reported, at 55-60% utilization. The CFO said 'in the second quarter, we should be EBITDA break even', noting break-even requires higher utilization because limestone moves by road and WHRS is not yet running.

Q: How fast is JSW Cement's volume growth compared to the cement industry?

JSW Cement has consistently outgrown the industry: Q2 FY26 volumes rose 15% vs 4-5% industry growth, Q3 FY26 +14% vs ~7%, Q4 FY26 +12% vs 8%, and Q1 FY27 +8% excluding North. FY27 guidance is mid-to-high teens volume growth excluding North and high teens including North.

Q: What is JSW Cement's capacity expansion plan?

Grinding capacity stands at 25.10 MTPA after commissioning an additional 1.00 MTPA unit at Nagaur on October 6, 2026, and management has reaffirmed 43.5 MTPA by FY30, requiring about Rs. 7,500-7,600 Cr of capex. Key projects include Nagaur's further 2.5 MTPA line by FY28, the UAE (JSW FZC) 1.65 MTPA unit by end April 2027, and Dolvi and Vijayanagar expansions starting in FY27.

Q: What are the GST notices against JSW Cement about?

Four show cause notices received August 19-29, 2026 aggregate Rs. 161.19 Cr in proposed demands plus interest and penalty, mainly alleging excess or ineligible Input Tax Credit, RCM short payments, discount deductions and classification disputes. The company states there is no material impact and is filing replies and intends to contest the notices.

Cofacto Research Published October 22, 2026 6 min read

JSW Cement, one of India's fastest-growing cement makers with a strong GGBS franchise, reports Q2 FY 2026-2027 results with the sector caught between strong demand and a West Asia-driven fuel cost spike. The two big things this print will speak to are whether the North operations hit the guided EBITDA break-even this quarter, and how far power and fuel costs compress margins after the Q1 EBITDA/ton fell to Rs. 784/MT.

Quick Details

Results date	October 27, 2026
Quarter	Q2 FY 2026-2027
Previous quarter revenue	Rs. 1,896.4 Cr (+21.6% YoY)
Previous quarter PAT	Rs. 153.4 Cr
Previous quarter EBITDA margin	15.7%
Net debt (latest quarter)	Rs. 3,856 Cr
Market cap	Rs. 15,663.73 Cr
CMP	Rs. 114.69

JSW Cement Limited Q2 Results Date and Time

The board will meet on October 27, 2026 to approve the Q2/H1 FY27 financial results, per the board meeting intimation dated October 16, 2026. The trading window remained closed from October 1 to October 29, 2026.

A Q2/H1 FY27 results conference call is scheduled for October 28, 2026 at 10:30 a.m. IST, hosted by PhillipCapital. Speakers include CEO Nilesh Narwekar, CFO Narinder Singh Kahlon, CMO Hitendra Jariwala and IR Head Kunal Mukherjee.

What to expect from JSW Cement Limited's Q2 FY27 results

The single biggest item this quarter is the guided North operations EBITDA break-even 'in the second quarter' at 55-60% utilization — the swing between ex-North EBITDA of Rs. 979/MT and the consolidated Rs. 784/MT in Q1 FY27. Demand is running hot: ICI cement output rose 12.5% YoY in August 2026 and industry volumes grew 10.3% YoY over 5M FY27, against JSW Cement's guided mid-to-high-teens ex-North growth and a Q1 print of +26.5% cement volumes. The margin leg is the risk: pet coke's June relief to ~$130/MT reversed as the West Asia conflict re-escalated, Brent settled above $100/bbl on September 9, 2026, and the all-India Q2 trade price averaged Rs. 351/bag, Rs. 1/bag below Q1 — though the September recovery was led by South India (+Rs. 11/bag), JSW Cement's home region. Management's Rs. 100/ton FY27 savings program (power Rs. 69-70/ton, logistics Rs. 36/ton, premiumization Rs. 4/ton) and the Nagaur WHRS/alternate-fuel system commissioned during the quarter are the stated offsets to watch on the fuel-cost bridge. The call will also be probed on net debt/EBITDA at 2.95x against the <3.0x guardrail, and on whether the 'no material impact' stance holds on GST show cause notices that now aggregate over Rs. 390 Cr of proposed demands across 2026 SCNs.

Key Things To Watch

North EBITDA break-even proof: This is the quarter management guided for North break-even.

North EBITDA break-even guided 'by September / in Q2 FY27' at 55-60% utilization — this print confirms delivery or not
Progress closing the Rs. 600-700/ton profitability gap vs South plants
North region incentive eligibility certificate due ~2 months from the August 2026 call (around Sep-Oct 2026)

Power & fuel cost bridge: Fuel was the Q1 margin culprit and the external backdrop worsened.

Q2 fuel cost vs the Rs. 1.80/MCal Q1 spike (from Rs. 1.49/MCal in Q4 FY26); RM+P&F cost rose 15.0% YoY to Rs. 2,125/MT in Q1
Quantum of the domestic-coal switch management pointed to for a potential Q3 decrease
Contribution of the Nagaur WHRS and Alternate Fuel Handling System commissioned during the quarter, which management expects will 'substantially reduce production costs'

Performance vs Guidance Tracking

FY27 volume growth — mid-to-high teens ex-North / high teens incl North — Q1 ran at +15.0% total
Operating EBITDA/ton — Rs. 1,100/ton incl North (FY26 framing) — Q1 FY27 printed Rs. 784/MT
Cost savings — balance Rs. 200/ton flowing from Q4 FY26 into FY27; ~Rs. 100/ton in FY27 (Rs. 69-70 power, Rs. 36 logistics, Rs. 4 premiumization)
Green energy — 60%+ share by end FY27; full renewable implementation by September 2026
Capex — Rs. 2,300 Cr FY27 run-rate
Nagaur — 60% utilization by year-end FY27; additional 2.5 MTPA line by FY28
UAE grinding unit — operational by end April 2027 (revised from April 2027)
Net debt/EBITDA <3.0x and net debt <Rs. 5,000 Cr (open-ended) — 2.95x and Rs. 3,856 Cr at Q1 FY27
GGBS — high single digit growth (revised down) / 6.5-7 mn MT annual target
FY26 volume target of 15.5 mn MT — missed at 13.96 mn MT actual

Strategic execution and capex updates

Shiva Cement amalgamation progress — swap ratio 5:41, completion expected in 12-14 months subject to NCLT/SEBI/shareholder approvals
Deployment of the Rs. 500 Cr NCD program approved August 13, 2026; Ind-Ra assigned IND AA-/Stable to the proposed NCDs
Grinding capacity now 25.10 MTPA after the 1.00 MTPA Nagaur unit commissioned October 6, 2026; Punjab-to-Rajasthan swap status and Punjab EC; Dolvi/Vijayanagar start timings; central region plant announcement 'coming quarters'

GST notices and incentive receivable

Four GST show cause notices received August 19-29, 2026 aggregate Rs. 161.19 Cr in proposed demands plus interest and penalty; company states no material impact and is filing replies
West Bengal incentive claims of Rs. 339.87 Cr outstanding with an expected credit loss provision of Rs. 49.18 Cr as of June 30, 2026

Frequently Asked Questions

Why did JSW Cement's EBITDA fall in Q1 FY27 despite strong revenue growth?

Operating EBITDA fell 7.5% YoY to Rs. 298.6 Cr (Rs. 784/MT; 15.7% margin) on higher Power & Fuel and Other expenses, even as revenue rose 21.6% YoY to Rs. 1,896.4 Cr. Excluding the newly commissioned Nagaur plant in the North, Operating EBITDA was Rs. 336 Cr, up 4% YoY at Rs. 979/MT.

When will JSW Cement's North operations break even?

Management guided North EBITDA break-even in Q2 FY27, the quarter now being reported, at 55-60% utilization. The CFO said 'in the second quarter, we should be EBITDA break even', noting break-even requires higher utilization because limestone moves by road and WHRS is not yet running.

How fast is JSW Cement's volume growth compared to the cement industry?

JSW Cement has consistently outgrown the industry: Q2 FY26 volumes rose 15% vs 4-5% industry growth, Q3 FY26 +14% vs ~7%, Q4 FY26 +12% vs 8%, and Q1 FY27 +8% excluding North. FY27 guidance is mid-to-high teens volume growth excluding North and high teens including North.

What is JSW Cement's capacity expansion plan?

Grinding capacity stands at 25.10 MTPA after commissioning an additional 1.00 MTPA unit at Nagaur on October 6, 2026, and management has reaffirmed 43.5 MTPA by FY30, requiring about Rs. 7,500-7,600 Cr of capex. Key projects include Nagaur's further 2.5 MTPA line by FY28, the UAE (JSW FZC) 1.65 MTPA unit by end April 2027, and Dolvi and Vijayanagar expansions starting in FY27.

What are the GST notices against JSW Cement about?

Four show cause notices received August 19-29, 2026 aggregate Rs. 161.19 Cr in proposed demands plus interest and penalty, mainly alleging excess or ineligible Input Tax Credit, RCM short payments, discount deductions and classification disputes. The company states there is no material impact and is filing replies and intends to contest the notices.