JSW Cement Limited has released its Integrated Annual Report for FY 2025-26, reporting strong financial performance with revenue from operations rising 12% to ₹6,512 crore and Operating EBITDA surging 43.5% to ₹1,240 crore. The company delivered its highest-ever consolidated sales of 13.96 million tonnes, a 10.6% increase over the previous year, while Adjusted Profit After Tax stood at ₹667.60 crore. These results were driven by volume growth and a 16% reduction in finance costs to ₹377.96 crore following its IPO in August 2025. The Board has recommended a dividend of ₹0.50 per equity share of ₹10 each for the year ended March 31, 2026, subject to shareholder approval at the 20th Annual General Meeting (AGM) scheduled for Friday, July 31, 2026, at 12:00 Noon via Video Conferencing (VC) / Other Audio Visual Means (OAVM).

AGM and Report Access

The Notice of the AGM and the Integrated Annual Report are available electronically. Shareholders whose email addresses are not registered with the depositories or the company can access the report at https://www.jswcement.in/annual-report . The report is also available on the websites of BSE Limited, National Stock Exchange of India Limited, and the Registrar and Share Transfer Agent, KFin Technologies Limited.

FY 2025-26 Financial Performance

The company's EBITDA margin improved to 19.9% from 14.8% in the previous year, while Net Worth grew significantly by 175.16% to ₹6,527.85 crore. The Net Debt to TTM EBITDA ratio stood at 2.72x. The Adjusted Profit After Tax figure excludes a non-cash fair value expense of ₹1,466.38 crore related to the conversion of Compulsory Convertible Preference Shares (CCPS) into equity shares prior to the IPO. On a standalone basis, Total Income for FY 2025-26 stood at ₹6,228.74 crore, with standalone Operating EBITDA of ₹1,193.71 crore, up 37.77% YoY. Standalone Adjusted Profit After Tax stood at ₹767.71 crore, an increase of 204.21% over the previous year.

Production and Sales Performance

JSW Cement achieved record production and sales volumes during the year. Total production (Cement + GGBS) increased 9.7% to 13.58 MT, while clinker production grew 19.6% to 3.74 MT. Capacity utilisation stood at 64%, outperforming the industry's YoY volume growth of 6% across key operating markets. GGBS sales reached 5.78 million tonnes, growing 11.6% YoY, with the company maintaining an estimated all-India GGBS market share of approximately 84%.

Capacity Expansion and Strategic Developments

The company commissioned a greenfield integrated cement manufacturing facility at Nagaur, Rajasthan, with a clinkerisation capacity of 3.30 MTPA and an initial cement grinding capacity of 2.50 MTPA, marking its entry into the North India market. Shiva Cement commissioned a 1.0 MTPA grinding unit at Sambalpur, Odisha. Total installed grinding capacity reached 24.1 MTPA, and consolidated clinker capacity stood at 9.74 MTPA. The company incurred a capex of ₹1,947 crore during FY 2025-26 and targets a grinding capacity of 35.25 MTPA by CY 2028, with a long-term ambition of reaching 46.0 MTPA. The company also raised ₹1,600 crore through a fresh issue in its IPO in August 2025, with ₹520 crore utilised for debt repayment.

Sustainability and ESG Highlights

JSW Cement maintained its position as a low carbon-intensity producer with a Scope 1+2 CO2 emission intensity of 269 kg/tcm and a clinker factor of 51%. Green cementitious products accounted for 77% of total volumes sold. The company ranked 1st globally in the construction materials sector in S&P Global's Corporate Sustainability Assessment (CSA) and secured approval for two Carbon Capture & Utilisation (CCU) testbeds at Shiva and Nandyal plants. The company also received the Golden Peacock Innovation Management Award and was featured in the S&P Global Sustainability Yearbook for 2026. Credit ratings were upgraded during the year, with Crisil Ratings upgrading the long-term bank loan rating to Crisil AA-/Stable and short-term ratings to Crisil A1+.

Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE718I01012/5a941febb063482a.pdf

JSW Cement Limited has filed its Business Responsibility and Sustainability Report (BRSR) for the financial year 2025-26, disclosing its environmental, social, and governance (ESG) performance and material risks. The report, which forms part of the Integrated Annual Report, has undergone reasonable assurance by Bureau Veritas (India) Pvt. Ltd. The company identified climate change as a primary material risk, citing regulatory pressures and evolving market preferences toward low-carbon products as potential financial implications. To mitigate this, JSW Cement is targeting net-zero concrete by 2050 and has expanded its clean energy portfolio from 21.5% to 24% in FY26.

The filing was made pursuant to Regulation 34(2)(f) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The reporting boundary is consolidated, inclusive of subsidiaries Shiva Cement and JSW Green Cement Private Limited. The company reported a paid-up capital of ₹13,63,36,49,360 and stated that it does not export any products, with exports contributing 0% to total turnover.

Operational and Workforce Overview

JSW Cement operates 36 plants and 17 offices nationally, serving 24 states. The company’s product portfolio is dominated by Clinker and Cement, which accounts for 58.5% of total turnover, followed by GGBS at 33%. The workforce comprises 1,848 permanent employees and 2,710 workers. Women represent 5.46% of the permanent employee workforce and 6.20% of the worker workforce. The Board of Directors includes 13 members, with female representation at 15.38%.

Material Risks and Governance

The BRSR outlines several material issues, including climate change, human rights, biodiversity loss, and data privacy. Cybersecurity is flagged as a risk due to the potential for regulatory penalties and reputational harm. The company has established an enterprise-grade cybersecurity framework to address these concerns. Governance oversight is provided by the Board’s Sustainability Committee, which meets biannually to review sustainability and climate-related risks. The committee is chaired by an Independent Director.

Financial and Social Disclosures

The report details that 100% of inputs were sourced sustainably based on compliance with the suppliers' code of conduct. The company reported spending on well-being measures for employees and workers, though specific figures were not disclosed in the filing. JSW Cement also confirmed that it has zero liquid discharge systems at all unit locations and utilizes waste heat recovery systems. The company received a monetary penalty of ₹13,77,62,680 from the Additional Commissioner, CGST & C.X. Haldia Commissionerate for alleged suppression and excess Input Tax Credit claimed, against which no appeal has been preferred.

The Independent Assurance Statement by Bureau Veritas confirms that the BRSR Core parameters for FY 2025-26 are prepared in all material respects in line with applicable criteria. The assurance engagement covered operations in India, including subsidiaries, for the period from April 1, 2025, to March 31, 2026.