JSW Cement Limited has successfully concluded its postal ballot process, with shareholders overwhelmingly approving the reappointment of Sudhir Maheshwari as a Non-Executive, Non-Independent Director. The voting results, announced on December 30, 2025, demonstrate strong shareholder support for the board restructuring.

Postal Ballot Results

The remote e-voting process concluded on December 27, 2025, at 5:00 PM (IST), with shareholders casting their votes electronically through the National Securities Depository Limited (NSDL) platform.

Director Appointment Details

Sudhir Maheshwari, holding Director Identification Number (DIN) 02376365, has been reappointed to the company's Board of Directors following his earlier resignation in October 2025.

Shareholder Participation Analysis

The postal ballot witnessed significant participation across different shareholder categories, with total shareholders on record date being 4,66,464 as of November 21, 2025.

Regulatory Compliance and Scrutinizer Report

The postal ballot process was conducted in accordance with Section 108 of the Companies Act, 2013, and Regulation 30 and 44(3) of the SEBI Listing Regulations. Meghana Mhatre & Associates, practicing Company Secretaries, served as the scrutinizer for the voting process.

The scrutinizer's report confirmed that the ordinary resolution was passed with the requisite majority under the provisions of the Companies Act. The company has completed all necessary regulatory compliances, including filing e-forms with the Registrar of Companies and making required disclosures to stock exchanges.

Background and Significance

This reappointment comes after Maheshwari's resignation from the board in October 2025, which was linked to JSW Cement's IPO and subsequent listing requirements. The successful postal ballot indicates the company's commitment to maintaining experienced leadership while adhering to post-IPO governance structures.

The overwhelming shareholder support, particularly the unanimous backing from promoters and strong approval from public shareholders, reflects confidence in the director's capabilities and the company's governance approach.

Key Highlights

• Total volume sales reached 3.11 million MT in Q2 FY26, up 14.9% year-on-year
• Revenue increased by 17.4% to Rs 1,436.40 crore
• Operating EBITDA improved by 64.2% to Rs 267.50 crore
• New 1.0 MTPA grinding unit commissioned in Sambalpur, Odisha

Financial Performance

JSW Cement 's financial performance in Q2 FY26 demonstrates robust growth and improved profitability:

The company's revenue growth was primarily driven by increased volume sales and improved cement realization. The significant jump in operating EBITDA reflects the company's focus on cost reduction initiatives and operational efficiencies.

Volume Growth and Product Mix

JSW Cement reported impressive volume growth across its product categories:

• Cement volume sold: 1.64 million MT, up 6.8% YoY
• GGBS (Ground Granulated Blast-furnace Slag) volume sold: 1.38 million MT, up 20.6% YoY

The company maintained a healthy cement trade ratio of 52% and a blended cement ratio of 67%, indicating a strong market presence and product diversification.

Capacity Expansion

In line with its pan-India expansion strategy, JSW Cement commissioned a new 1.0 MTPA grinding unit in Sambalpur, Odisha, in September 2025. This addition has increased the company's total grinding capacity to 21.60 MTPA, further strengthening its position in the Indian cement market.

Sustainability Initiatives

JSW Cement continues to lead in sustainability efforts within the cement industry:

• CO2 emission intensity: 258 kg CO2/Tonne of Cementitious Material, significantly lower than the Indian average of 535 kg/ton and global average of 562 kg/ton
• Green energy share (Renewable Energy + Waste Heat Recovery System) reached 21.4% in Q2 FY26
• The company aims to increase its green energy share to ~49% by Q4 FY26 and ~63% by FY27

Awards and Recognition

The company's commitment to excellence and sustainability has been recognized through several awards:

• CII National Award 2025 for Excellence in Energy Management (Nandyal plant)
• "Five Star Award" by Indian Bureau of Mines (Nandyal limestone mine)
• Gold Award for Highest Thermal Substitution Rate and Alternative Raw Materials Utilization (Shiva Cement)

Outlook

With its strong financial performance, ongoing capacity expansion, and focus on sustainability, JSW Cement is well-positioned to capitalize on India's growing infrastructure and housing sectors. The company's strategic initiatives align well with the country's economic growth trajectory and increasing demand for cement products.

As JSW Cement continues to expand its presence across India and improve its operational efficiencies, it remains a key player to watch in the Indian cement industry.