JSW Cement Limited , a key player in the Indian cement industry, has announced its financial results for the second quarter of fiscal year 2026, showcasing robust growth across key metrics. The company's performance reflects a significant turnaround and strengthening market position in the cement sector.

Financial Highlights

JSW Cement reported a substantial increase in its key financial indicators for Q2 FY26:

The company's revenue growth was driven by a 15% year-on-year increase in total volume sold, reaching 3.11 Million Tonnes. Notably, the Ground Granulated Blast Furnace Slag (GGBS) segment showed impressive growth, with volumes increasing by 21% YoY to 1.38 Million Tonnes.

Operational Performance

JSW Cement's operational efficiency improved significantly, as evidenced by:

• Operating EBITDA margin expansion to 18.6% in Q2 FY26 from 13.3% in Q2 FY25
• Operating EBITDA per ton increased to ₹860 from ₹602 in the same period last year

Sustainability Focus

The company continues to maintain its position as an industry leader in sustainability:

• Lowest carbon dioxide emission intensity among peer cement manufacturers in India and globally
• Emission intensity of 277 kg CO2 per ton of cementitious materials in Q2 FY26

Expansion and Future Outlook

JSW Cement is actively pursuing its expansion strategy:

• Commissioned a 1.0 MTPA grinding unit at Sambalpur, Odisha in September 2025
• Progress on the Nagaur integrated unit in Rajasthan, with 3.30 MTPA clinker capacity and 2.5 MTPA grinding capacity expected to be operational in early Q4 FY26
• Ongoing work on Waste Heat Recovery System (WHRS) and additional grinding capacity in Nagaur
• Regulatory approvals in process for a 2.75 MTPA split grinding unit at Talwandi Sabo, Punjab

Capital Expenditure and Debt Management

The company reported:

• Capex of ₹509 crore in Q2 FY26 and ₹964 crore in H1 FY26
• Reduction in net debt to ₹3,231 crore as of September 30, 2025, down from ₹4,566 crore on June 30, 2025, primarily due to IPO proceeds

Recent Achievements

JSW Cement's commitment to excellence was recognized through several awards:

• CII National Award 2025 for Excellence in Energy Management for the Nandyal plant
• "Five Star Award" for 2023-24 from the Indian Bureau of Mines for the Limestone Mine in Nandyal
• Gold Award for Highest Thermal Substitution Rate (TSR) and Highest utilization of Alternative Raw materials in 2024-25 for Shiva Cement

The company's strong performance in Q2 FY26, coupled with its ongoing expansion plans and focus on sustainability, positions JSW Cement for continued growth in the Indian cement market. As the company progresses with its pan-India expansion strategy, it aims to further strengthen its market presence and operational efficiency in the coming quarters.

JSW Cement Limited , a prominent player in the Indian cement industry, has announced a significant change in its board composition following its recent Initial Public Offering (IPO) and subsequent listing on stock exchanges.

Board Restructuring Post-IPO

Utsav Baijal, who served as a Non-Executive Nominee Director on JSW Cement's Board of Directors, has tendered his resignation effective from the close of business hours on November 4, 2025. This move comes as a direct consequence of the company's transition to a publicly listed entity.

Details of the Resignation

Background of the Appointment

Baijal's appointment was originally made under a Shareholders Agreement dated July 27, 2021, involving:

• Adarsh Advisory Services Private Limited
• AP Asia Opportunistic Holdings Pte. Ltd.
• JSW Cement Limited

Transition Agreement

An Amendment and Waiver Agreement dated August 12, 2024, set the stage for this transition. This agreement involved:

• JSW Cement Limited
• Adarsh Advisory Services Private Limited
• Synergy Metals Investments Holding Limited
• AP Asia Opportunistic Holdings Pte. Ltd.
• State Bank of India

Following the company's IPO, the continued role of Baijal as a Nominee Director is no longer applicable under the terms of this agreement.

Impact on Board Committees

As a result of his resignation, Utsav Baijal will also cease to be a member of various Board Committees of JSW Cement Limited from the same date.

Regulatory Compliance

JSW Cement has made this announcement in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has submitted the necessary details to the stock exchanges as required under the regulatory framework.

This board restructuring marks a significant milestone in JSW Cement's corporate journey as it adapts to its new status as a publicly traded company. The move aligns the company's governance structure with its evolving shareholder base and regulatory requirements post-IPO.