JSW Cement (JSWCEMEN IN) – Q1FY27 Result Update – Nagaur ramp up to aid H2; execution on track – ACCUMULATE
Published on 14 Aug 2026
JSW Cement (JSWCEMEN) Q1FY27 EBITDA was impacted due to soft GGBS volume growth and higher opex led by higher P&F, packaging and higher marketing cost at newly commissioned Nagaur plant. Cons. volumes grew 15% YoY to 3.81mt, led by 26% YoY growth in cement volumes (2.34mt) due to ramp-up of Nagaur plant negating soft GGBS (3%). Cement NSR improved 6% QoQ to INR4,951/t, while better geo mix aided GGBS NSR supporting blended NSR to rise 5% QoQ to INR4,977/t. EBITDA/t declined to INR784 as higher power & fuel, packaging, RM and other costs, along with initial costs at Nagaur and higher North India marketing expenses. Ex-Nagaur EBITDA/t was better at INR979, highlighting the drag from the new plant during the initial ramp-up. Maintain ‘Accumulate’ with revised TP of INR139 (INR141) valuing at same 13x EV of Mar’28E EBITDA.
