Key Metrics of Jsw Cement Limited
About Jsw Cement Limited
Sectors
Company details
- Website
- jswcement.in
- Registered office
- Jsw Centre, Bandra Kurla Complex, Bandra East, Mumbai, In-mh, 400051
- Listed
- NSE: JSWCEMENT · ₹119.96
Operational Areas of Jsw Cement Limited
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
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Vendor checks & payment capacity
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 26 Mar 2026 | CARE | Reaffirmed | — | A1+ | — | ₹150 Cr | View |
| 12 May 2025 | CARE | Assigned | — | A1+ | — | ₹150 Cr | View |
| 08 Apr 2021 | CARE | Withdrawn | A- | A1 | Developing | — | View |
| 09 Dec 2020 | CARE | Watch | A- | A1 | Developing | ₹6,266 Cr | View |
| 31 Mar 2020 | CARE | Reaffirmed | A- | A1 | Stable | ₹3,133 Cr | View |
| 29 Mar 2019 | CARE | Reaffirmed | A- | A1 | Stable | ₹3,135 Cr | View |
| 26 Dec 2018 | CARE | Reaffirmed | A- | A1 | Stable | ₹2,756 Cr | View |
| 04 Apr 2018 | CARE | Revised (from BBB+) | A- | A1 | Stable | ₹2,756 Cr | View |
| 17 Oct 2016 | CARE | Reaffirmed | BBB+ | A3+ | — | ₹2,756 Cr | View |
| 22 Sep 2016 | CARE | Assigned (from BBB) | BBB+ | — | — | ₹2,051 Cr | View |
| 19 Jan 2016 | CARE | Reaffirmed (from BBB) | BBB | A3 | — | ₹2,051 Cr | View |
Credit strengths (CARE, Mar 2026)
+ Significant operational linkages with JSW group
JSWCL follows a circular economy approach, which places emphasis on utilisation of industrial by-products such as blast furnace slag, A1-killed slag, argon oxygen decarburisation slag, fly ash, red mud and chemical gypsum as raw materials to reduce the use of finite natural resources such as limestone. The company is largely supported by its ability to procure blast furnace slag from JSWSL and its subsidiaries under long-term contracts. This has further helped the company in being the market lea
+ Financial flexibility derived from being part of established JSW group
JSWCL is part of the JSW group, which is part of the O. P. Jindal group. Key companies of the group including JSWSL, JSWIL and JSWEL. JSWSL is one of the leading steel producers, with a steelmaking capacity of 35.7 MTPA as on December 31, 2025. JSWIL is engaged in developing infrastructure and operations for ports across India. As on December 31, 2025, JSWIL has total operational capacity of ~177 MMTPA, with ports and terminals on the west and east coast of India. JSWEL has power producing
+ Improved operational performance in 9MFY26 supported by favourable industry dynamics
In the last few years, the company’s operating performance has exposed to vagaries of volatile fuel costs between FY21-23, subdued demand considering general elections in FY24-25 and other weather induced variations in demand dynamics impacting the realisations of the cement till FY25. The company’s blended sales realisation stood at ₹4,506 per tonne in FY25 (FY24: ₹4,663 per tonne) and sales volume at 12.64 MT (FY24: 12.53) translating to a TOI of ₹5,804 crore against ₹6,021 in the previous yea
+ Improvement in capital structure
The company’s capital structure remained leveraged in the past, as its capacity expansion has largely been funded through deb t at a standard 70:30 debt-equity mix across projects. The financial profile is adjusted for debt of its joint venture, JSW Cement FZC, which, despite being moderately consolidated following its reclassification from a subsidiary, continues to have its borrowings fully guaranteed by JSWCL. However, the company witnessed meaningful deleveraging in 9MFY26, supported by succ
Credit challenges
− Project Risk
JSWCL is in the midst of a significant capacity expansion programme, with cement grinding capacity expected to increase to ~33.85 MTPA by FY28 from 21.6 MTPA as of December 31, 2025. The planned expansion involves a sizeable capital outlay of ~₹5,800-6,000 crore from FY26-FY28 funded through IPO proceeds, debt and internal accruals. Given the scale of planned investments relative to the current size of operations, the company remains exposed to risks associated
− Exposure to volatility in costs of coal and fuel and sales realisation prices and cyclicality in the sector
The company remains exposed to volatility in input costs and raw materials, which are key cost components. Profitability is also sensitive to cement price realisations, which depend on regional demand-supply dynamics and competitive intensity. These risks are partly mitigated by the strong JSW Group integration, including assured slag supply from JSWSL, power linkages with JSWEL, and the planned captive coal block. However, the company’s margins remain inherently exposed to commodity cycles and
Could lead to a downgrade
• Deterioration in credit profile of the JSW group. • Change in funding support stance from JSW group to JSWCL. • Continued Adjusted Net Debt to PBILDT over 5x post FY26.
Agency-reported financials (CARE, 26 Mar 2026)
| Metric | March 31, 2024 | March 31, 2025 | 9MFY26 |
|---|---|---|---|
| Total operating income | ₹6,021 Cr | ₹5,804 Cr | ₹4,749 Cr |
| PBILDT* | ₹1,085 Cr | ₹850 Cr | ₹900 Cr |
| Profit after tax (PAT) | ₹62.00 Cr | ₹-,164.00 Cr | ₹-1,160.00 Cr |
| Overall gearing (x) | 1.60× | 1.57× | — |
| Interest coverage (x) | 2.50× | 1.89× | 3.11× |
| Revenue growth (YoY) | — | −3.6% | — |
| PAT margin | 1.0% | −2.8% | −24.4% |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Short-term bank facilities | Working capital & bank lines | — | ₹150 Cr | — | A1+ | Reaffirmed | CARE |
CARE ratings on record (checked 23 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| BG/LC | — | Withdrawn |
| Cash Credit | — | Withdrawn |
| Long Term | — | Withdrawn |
| Short Term | ₹150 Cr | CARE A1+ |
| Term Loan | — | Withdrawn |
Lenders
| Fund-based | Short Term | Kotak Mahindra Bank Ltd. |
Credit assessment · Cement
CARE Ratings’ Criteria for Rating Cement Companies (Sep 2024) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Withdrawal | CARE · 08 Apr 2021 · Withdrawn at company request with lender NOCs |
| Next action stable or better (model) | 40% |
| Information on file | 89% · missing: Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 33% chance the next rating action is stable or better
- Interest coverage 3.11×
What happened, step by step
- Mar 2026 — ₹1,600 cr raised through equity
- Mar 2026 — Full repayment of debt
“Ratings also take cognisance of the company’s successful ₹3,600 crore IPO in August 2025, comprising a fresh issue of ₹1,600 crore and an offer for sale of ₹2,000 crore.”
- May 2025 — ₹1,747 cr raised through preference shares
- Mar 2026 — Full repayment of debt
“Among the recent examples of the capital investments are the outstanding compulsory convertible preference shares of ₹1747 crore from private equity investors infused since FY22.”
- Dec 2020 — Rated term loans fell from ₹464 cr to ₹0 cr
- Apr 2021 — ₹584 cr raised from promoters
“Furthermore, the promoters have infused funds to the tune of Rs.584 crore over the past few years to support growth plans and improve capital structure, thus consistent financial support in the past from the promoters enabled the company to ramp up its operations and manage its cash-flows in an efficient manner.”
- Dec 2020 — ₹1,150 cr raised through equity from JSWCL
- Dec 2020 — Rated term loans fell from ₹464 cr to ₹0 cr
“The capex under Shiva Cement will be funded by debt of Rs.1150 crore and balance by a mix of equity infusion by JSWCL, Private Equity (PE) investment and rights issue.”
- Apr 2018 — Full repayment of debt
- Mar 2019 — ₹535.84 cr raised through equity from promoters
- Mar 2019 — Rated term loans fell from ₹2,194.66 cr to ₹114 cr
“During FY18, JSWCL’s debt coverage indicators improved and its capital structure moderated primarily on account of equity infusion by promoters of Rs. 535.84 crore which resulted in increase in net worth to Rs. 1040.08 crore as on March 31, 2018 from Rs. 536.91 crore as on March 31, 2017.”
- Apr 2018 — ₹535 cr raised
- Apr 2018 — Full repayment of debt
- Mar 2019 — Rated term loans fell from ₹2,194.66 cr to ₹114 cr
“During December 2017, the promoters of JSWCL have infused funds of Rs.535.00 crore which shall lead to improvement in debt coverage indicators.”
- Mar 2019 — Project / plant of ₹1,900 cr
- Mar 2019 — Term debt tied up (₹114 cr)
“The project cost of Rs.1900 crore is projected to be funded by debt of Rs.1425 crore and the balance through internal accruals/ equity (about Rs.475 crore).”
Rated limits by facility
Timeline
From the report
Ratings also take cognisance of the company’s successful ₹3,600 crore IPO in August 2025, comprising a fresh issue of ₹1,600 crore and an offer for sale of ₹2,000 crore.
From the report
Proceeds from the fresh issue are being used primarily to fund a new integrated cement plant in Nagaur, Rajasthan to the tune of ₹800 crore, repay or prepay debt to the tune of ₹520 crore), and the balance to meet general corporate purposes, and cover issue expenses.
From the report
Liquidity: Adequate The company’s liquidity profile is adequate, marked by gross cash accruals of ₹211 crore as on March 31, 2025, which increased to ₹578 crore as on December 31, 2025.
From the report
As of December 31, 2025, the cash and cash equivalents position constitutes free cash of ₹100 crore, unutilised IPO proceeds of ₹594 crore.
From the report
In H1FY26, the company repaid debt aggregating ₹934.88 crore, utilising funds through IPO proceeds of ₹520 crore and the balance through internal accruals.
From the report
The company’s fund-based working capital (sanctioned of ₹780 crore) utilisation averaged 46% for 12 months trailing period ended December 2025.
From the report
Among the recent examples of the capital investments are the outstanding compulsory convertible preference shares of ₹1747 crore from private equity investors infused since FY22.
From the report
The company has been able to refinance repayments of term loans which had bullet repayments of ₹450 crore with new term loans having longer tenor with ballooning repayments.
From the report
Furthermore, the promoters have infused funds to the tune of Rs.584 crore over the past few years to support growth plans and improve capital structure, thus consistent financial support in the past from the promoters enabled the company to ramp up its operations and manage its cash-flows in an efficient manner.
From the report
Average Maximum working capital utilization for fund based limits stood at ~70% and for Non fund based limits stood at ~80% for 12 months ending February 2020.
From the report
The capex under Shiva Cement will be funded by debt of Rs.1150 crore and balance by a mix of equity infusion by JSWCL, Private Equity (PE) investment and rights issue.
From the report
Furthermore, the promoters have infused funds to the tune of Rs.584 crore over the past few years to support growth plans and improve capital structure, thus consistent financial support in the past from the promoters enabled the company to ramp up its operations and manage its cash -flows in an efficient manner.
From the report
Average Maximum working capital utilization for fund based limits stood at ~70% and for Non fund based limits stood at ~80% for 12 months ending February 2020.
From the report
The company has total cash balance of Rs.35.57 crore as on March 31, 2019.
From the report
Further, the company is expected to generate gross cash accruals of ~Rs.815 crore which is sufficient to cover debt repayment obligations of ~Rs.577 crore in the next 1 year.
From the report
Further, the company is expected to generate gross cash accruals of ~Rs.815 crore which is sufficient to cover debt repayment obligations of ~Rs.577 crore in the next 1 year.
From the report
Furthermore, the promoters have infused funds to the tune of Rs.49 crore (Rs.30 crore as share capital and Rs.19 crore as share application money converted into equity in FY16) during FY15 and Rs.535 crore in FY18 to support growth plans and improve capital structure.
From the report
The project cost of Rs.1900 crore is projected to be funded by debt of Rs.1425 crore and the balance through internal accruals/ equity (about Rs.475 crore).
From the report
During FY18, JSWCL’s debt coverage indicators improved and its capital structure moderated primarily on account of equity infusion by promoters of Rs. 535.84 crore which resulted in increase in net worth to Rs. 1040.08 crore as on March 31, 2018 from Rs. 536.91 crore as on March 31, 2017.
From the report
The company has sanctioned fund based and non-fund based limits of Rs.114 crore and Rs.425 crore respectively.
From the report
Furthermore, the promoters have infused funds to the tune of Rs.49 crore (Rs.30 crore as share capital and Rs.19 crore as share application money converted into equity in FY16) during FY15 and Rs.535 crore in FY18 to support growth plans and improve capital structure.
From the report
However the company’s capital structure improved with overall gearing of 2.03x as on March 31, 2018 on account of Rs. 535 crore fund infusion by the promoters.
From the report
The project cost of Rs.1885 crore is projected to be funded by debt of Rs.1414 crore and the balance through internal accruals/ equity (about Rs.471 crore).
From the report
Two thousand seven hundred fifty five crore and fifty eight lakh only) Details of instruments/facilities in Annexure-1 Detailed Rationale & Key Rating Drivers The revision in ratings assigned to the bank facilities of JSWCL factors in improvement in capital structure due to equity infusion of Rs.535 crore by promoters and commissioning of additional facilities at Salboni and Vijaynagar plants.
From the report
Furthermore, the promoters have infused funds to the tune of Rs.49 crore (Rs.30 crore as share capital and Rs.19 crore as share application money converted into equity in FY16) during FY15 and Rs.535 crore in FY18 to support growth plans and improve capital structure.
From the report
During December 2017, the promoters of JSWCL have infused funds of Rs.535.00 crore which shall lead to improvement in debt coverage indicators.
From the report
The funds infused by the promoters shall be utilized towards repayments of debt and for capital expenditure.
From the report
The project cost of Rs.1885 crore is projected to be funded by debt of Rs.1414 crore and the balance through internal accruals/ equity (about Rs.471 crore).
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Jsw Cement Limited
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
| Cement · Cement, Building Materials & Polymers | ultratechcement.com | 1983 | Mumbai, India | |
| Cement · Cement, Building Materials & Polymers | ambujacement.com | — | Ahmedabad, India | |
| Cement · Cement, Building Materials & Polymers | acclimited.com | — | Gandhinagar, India | |
 Shree Cement |
Cement · Cement, Building Materials & Polymers | shreecement.com | — | Beawar, India |
| Cement · Cement, Building Materials & Polymers | dalmiacement.com | — | Tiruchirapalli, India | |
| Cement · Cement, Building Materials & Polymers | jkcement.com | — | Rajasthan, India | |
 Nuvoco Vistas |
Cement · Cement, Building Materials & Polymers | nuvoco.com | — | Mumbai, India |
| Discovered Companies · Other Industries | birlacorporation.com | — | Kolkata, West Bengal, India | |
 The Ramco Cements |
Cement · Cement, Building Materials & Polymers | ramcocements.in | — | Rajapalayam, India |
| Tiles & Ceramics · Cement, Building Materials & Polymers | prismjohnson.in | — | Hyderabad, India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Cement and GGBS
Filings
No filings on record yet.