JSW Cement Ltd's Q2 FY27 numbers came in soft, with revenue of Rs. 1,912.15 Cr (+33.12% YoY) and PAT growth of +3.01% YoY. Here's a quick read of what worked, what to watch, and what management said.
Quick Details| Results date | October 27, 2026 |
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| Quarter | Q2 FY 2026-2027 |
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| Revenue (Q2) | Rs. 1,912.15 Cr (+33.12% YoY) |
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| PAT (Q2) | Rs. 77.63 Cr (+3.01% YoY) |
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| EBITDA margin | 14.53% (-409 bps YoY) |
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| EPS (Q2) | Rs. 0.63 (-11.27% YoY) |
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| Market cap | Rs. 15,891.44 Cr |
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| CMP | Rs. 116.61 |
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Quarter Snapshot
Revenue grew 33.12% YoY to Rs.1,912.15 Cr but a power and fuel cost spike (+69.82% YoY) drove Operating EBITDA margin down 409 bps to 14.53% and PBT down 16.91%. Net debt rose Rs.431.07 Cr QoQ to Rs.4,287.07 Cr, marginally breaching the <3.0x leverage guardrail, while the board approved 4.0 MTPA of new grinding capacity. The key forward watch items are the Q3 fuel-cost stabilization from domestic coal switching and the North break-even proof, neither yet visible in this filing.
Key Investment Insights
Key Positives
- Revenue grew 33.12% YoY to Rs.1,912.15 Cr; H1 FY27 revenue up 27.11% YoY to Rs.3,808.56 Cr
- Operating EBITDA grew 3.84% YoY to Rs.277.78 Cr despite the fuel cost spike
- Subsidiary layer added Rs.28.60 Cr to Operating EBITDA vs Rs.9.96 Cr a year ago, directionally consistent with the North ramp
- Share of JV/associate profit rose 102.22% YoY to Rs.20.04 Cr
- H1 CFO/PAT at 1.81x; effective tax rate normalized to 22.94%
- Q2 was a clean quarter with zero exceptional items; reported PAT equals normalized PAT at Rs.77.63 Cr
- Board approved 4.0 MTPA of new grinding capacity (Vijayanagar and Dolvi) with timelines and Rs.1,078 Cr combined outlay
Risk Factors
- Power and fuel expense rose 69.82% YoY and 25.58% QoQ, reaching 20.05% of revenue vs 15.7% in Q1
- Operating EBITDA margin compressed 409 bps YoY to 14.53%; PBT fell 16.91% YoY despite +33% revenue
- Net debt rose Rs.431.07 Cr QoQ to Rs.4,287.07 Cr; net debt/LTM EBITDA at ~3.01x is marginally above the <3.0x guardrail
- H1 capex of Rs.821.19 Cr is only 35.7% of the Rs.2,300 Cr FY27 guide, requiring a ~1.8x H2 step-up
- Standalone Operating EBITDA fell 3.25% YoY and standalone PAT fell 17.73% YoY; all consolidated EBITDA growth came from subsidiaries
- Freight and handling rose 30.38% YoY and other expenses rose 35.76% YoY, both outrunning revenue growth