JSW Cement (JSWCEMEN IN) – Q3FY26 Result Update – Robust performance driven by GGBS – BUY
Published on 05 Feb 2026
JSWCEMEN’s long-term growth trajectory remains compelling, supported by group’s strong execution, rising acceptance of GGBS across markets and healthy demand witnessed across infrastructure-led markets such as MMR, AP & TS. Structural support from JSTL through long term slag contract and its, availability is expected to continue, while ongoing cost-saving initiatives are expected to support margins. As 3.5mtpa IU getting commissioned in Q4FY26, mgmt. is confident of achieving ~50% utilization in FY27 driving incremental volumes. With its robust expansion pipeline targeting 34mtpa by FY29E, we believe the company is well placed for sustained volume growth. We tweak our EBITDA estimates by 1/-1% and expect it to deliver EBITDA/volume CAGR of 31%/15% over FY25-28E. The stock is trading at EV of 13x/11.7x FY27/28E EBITDA. Maintain ‘BUY’ with revised TP of Rs142 (earlier Rs145) valuing at 13x EV of Mar’28E EBITDA.
