JSW Cement posts strong volume growth; EBITDA jumps 32% in Q3 FY26
JSW Cement Limited announced its consolidated financial results for the quarter ended December 31, 2025, reporting higher volumes, improved margins and strong operational performance in Q3 FY26.
Total volume sold rose 14% year-on-year to 3.56 million tonnes from 3.12 million tonnes in Q3 FY25. Cement sales increased 7% year-on-year to 1.89 million tonnes, while GGBS volumes grew 17% year-on-year to 1.53 million tonnes.
Revenue from operations increased 13% year-on-year to ₹1,621 crore, compared to ₹1,433 crore in Q3 FY25. Operating EBITDA stood at ₹285.1 crore, reflecting a 32% year-on-year increase, with operating EBITDA margin improving to 17.6% from 15.1% in the previous year. Operating EBITDA per tonne rose to ₹802 from ₹694.
Total EBITDA including other income stood at ₹371.2 crore, an increase of 51% compared to ₹245.2 crore in Q3 FY25. Profit after tax for the quarter was ₹130.6 crore.
Net debt as of December 31, 2025 stood at ₹3,557 crore. During the quarter, the company’s long-term credit rating was upgraded by CRISIL to AA-/Stable from A+/Stable.
For the nine-month period ended December 31, 2025, total volume sold increased 12% year-on-year to 9.98 million tonnes. Cement volumes stood at 5.38 million tonnes, up 8%, while GGBS volumes rose 14% to 4.21 million tonnes.
Revenue from operations for 9M FY26 grew 13% year-on-year to ₹4,617 crore, while operating EBITDA improved 43% year-on-year to ₹875.2 crore. Operating EBITDA per tonne for the nine-month period stood at ₹877.
The company completed its listing on the NSE and BSE on August 14, 2025. Prior to the IPO, CCPS were converted into equity shares, resulting in a non-cash exceptional expense of ₹1,466.4 crore in Q1 FY26 and 9M FY26. No CCPS-related expenses were recorded in Q2 FY26 and Q3 FY26.
JSW Cement reported carbon dioxide emission intensity of 270 kg CO₂ per tonne of cementitious materials in Q3 FY26.
Capex incurred during Q3 FY26 and 9M FY26 stood at ₹491 crore and ₹1,455 crore, respectively, as the company continued progress on its expansion plans including the Nagaur integrated unit in Rajasthan.
