JSW Cement announced its audited standalone and consolidated financial results for the quarter and year ended March 31, 2026. The company reported a consolidated revenue from operations of ₹1,895 crore for the quarter, compared to ₹1,709 crore in the corresponding period of the previous year. Consolidated net profit for the quarter stood at ₹361.7 crore, a significant increase from ₹16.21 crore in the same period last year. The profit included a one-time benefit of ₹211.21 crore due to a reduction in net deferred tax liabilities following the decision to adopt the New tax regime from FY 2026–27 onwards.

Financial Performance Highlights

The company's operational performance improved, with operating EBITDA rising 46% year-on-year to ₹365.0 crore. The EBITDA margin expanded to 19.3% from 14.6% in the year-ago period, reflecting improved cost efficiencies. For the full financial year, the company reported a total revenue of ₹6,512 crore and an adjusted profit after tax of ₹667.6 crore. Total volume sold for the year increased by 11% YoY to 13.96 Million Tonnes.

The table below summarises JSW Cement's key financial metrics for the quarter:

Operational and Capacity Updates

Total volume sold in Q4 FY26 reached 3.99 million tonnes, an increase of 7% YoY. This included 2.35 million tonnes of cement, up 12% YoY, and 1.57 million tonnes of GGBS, up 5% YoY. The company commenced commercial production at its integrated cement plant in Nagaur, Rajasthan, during the quarter, which has a cement grinding capacity of 2.50 MTPA and clinker capacity of 3.30 MTPA. Additionally, the board approved an additional cement grinding capacity of 2.5 MTPA at the Nagaur facility, requiring an investment of ₹430 Crore.

Dividend and Debt Position

The board recommended a dividend of ₹0.50 per equity share of ₹10 each for the financial year ended March 31, 2026, subject to shareholder approval. As of March 31, 2026, the company reported a net debt of ₹3,635 crore, with a net debt to EBITDA ratio of 2.72x.

JSW Cement Limited has disclosed the receipt of a Demand-cum-Show Cause Notice from the Office of the Additional Commissioner Central Tax (Audit), Patna. The notice was issued on May 15, 2026, under Section 74 of the CGST Act, 2017. The company has informed the stock exchanges that it is in the process of filing a reply to the said matter.

Nature of Allegations

The Show Cause Notice covers multiple alleged tax irregularities spanning fiscal years FY 2020-21 to FY 2022-23. The key allegations outlined in the notice include unreconciled tax liability between books of accounts and GSTR-9, deemed supply discrepancies, and the treatment of trade discounts. The department also contends that the company availed excess Input Tax Credit (ITC) compared to GSTR-2A and failed to discharge Reverse Charge Mechanism (RCM) liability. Other issues cited include delays in filing GSTR-3B, differences between GSTR-1 and GSTR-3B declarations, and ITC claimed on wrong place of supply.

Proposed Financial Demand

The Show Cause Notice proposes a GST demand aggregating to approximately Rs. 7,55,84,148, in addition to applicable interest and penalty. The demand has been raised invoking the provisions of Section 9, Section 16, Section 37, Section 39, and Section 47 of the CGST Act, 2017, and the Rules thereunder.

Company Response

JSW Cement has stated that it is in the process of filing a reply to the Show Cause Notice. The disclosure was made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The information has also been uploaded on the company's website at www.jswcement.in .