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JSW Cement Ltd (JSWCEMENT)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544480 NSE: JSWCEMENT Cement & Construction Materials | Small Cap | JSW Cement Share Price

₹132 -1.80 (-1.35%)

As on 24-Jul'26 16:59

JSW Cement Ltd (JSWCEMENT)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544480 NSE: JSWCEMENT Cement & Construction Materials | Small Cap | JSW Cement Share Price

₹132 -1.80 (-1.35%)

As on 24-Jul'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹17,996 Cr.
Current Price
₹132
52-Week Low / High
₹107 / 162
TTM EPS
₹-5.1
TTM Sales
₹5,995 Cr.
Book Value per Share
₹51.5
P/E Ratio
0.00
Industry PE
39.6
Price to Book (P/B)
2.57
Price to Sales (P/S)
3.00
EV/EBITDA
14.55
Dividend Yield
0.38%
Profitability Efficiency
Return on Equity (ROE)
-14.41%
Underperforms industry median
Return on Capital Employed (ROCE)
-3.76%
Underperforms industry median
Return on Assets (ROA)
-5.44%
Operating Profit Margin
20.1%
Net Profit Margin
-11.65%
Gross Profit Margin
16.6%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
8.9%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
64.51%
Net Profit Growth (1 Year)
-
-785.58%
Asset Quality
Promoter Holding
72.02%
Pledged shares (%) of Promoter's holding (%)
0.08%
Reserves
₹5,652 Cr.
Equity
₹1,363.4 Cr.
Face Value
₹10
All Time Low / High
₹106.65 / 162.20

JSW Cement stock performance

Key Ratios
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Quality

Somewhat Good
Check detailed performance

Valuation

Somewhat Overvalued

Check Valuation charts

Price Trend

Semi Strong
Check Price chart
Q.1 Is JSW Cement Ltd a good quality company?
JSW Cement Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

View More

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

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How does JSW Cement Ltd performance compare with that of its Peers?
Q.1 Revenue growth of JSW Cement Ltd vs industry peers?
JSW Cement Ltd revenue CAGR is 11.90%, compared to the industry median CAGR of 5.15%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of JSW Cement Ltd?
Promoters hold 72.02% of the JSW Cement Ltd, with 0.08% of their stake pledged, indicating low pledge risk.
Q.1 Stock return of JSW Cement Ltd over the last decade?
Over the last - year(s), the stock has delivered a CAGR of N/A% based on the current price.
View More

10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
JSW Cement Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation ⓘ

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
ROCE % ⓘ18.1%10.4%11.4%12.9%15.7%15.1%8.6%10.7%7.8%-3.8%-
Value Creation
Index ⓘ		0.3-0.2-0.2-0.10.20.1-0.4-0.2-0.5-1.3-

Growth Parameters ⓘ
Sales ⓘ1,4151,5962,6472,7613,4174,0994,7715,7955,5055,9955,995
Sales YoY Gr.-12.8%65.9%4.3%23.7%20%16.4%21.5%-5%8.9%-
Adj EPS ⓘ2.50.91.21.72.82.43.53.522.7-5.1
YoY Gr.--63.9%34.1%37.7%67.9%-16%46.8%0%-43.7%36.7%-
BVPS (₹) ⓘ1211.913.114.617.32123.426.327.452.151.5
Adj Net
Profit ⓘ		11390.1120166278234343343193359-698
Cash Flow from Ops. ⓘ2383283508427432717851,0897851,037-
Debt/CF from Ops. ⓘ7.56.77.23.23.614.16.14.873.2-

CAGR ⓘ

9 Years 5 Years 3 Years 1 Years
Sales ⓘ17.4%11.9%7.9%8.9%
Adj EPS ⓘ0.7%-1%-8.3%36.7%
BVPSⓘ17.7%24.7%30.7%90.2%
Share Price - - - -

Key Financial Parameters ⓘ

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity % ⓘ		23.310.59.812.117.412.115.313.577.2-9.9
Op. Profit
Mgn % ⓘ		21.721.317.221.623.217.816.818.415.620.118.2
Net Profit
Mgn % ⓘ		85.74.568.25.77.25.93.56-11.6
Debt to
Equity ⓘ		3.31.921.91.61.92.1220.50.4
Working Cap
Days ⓘ		125181179193152166210207230230124
Cash Conv.
Cycle ⓘ		-25-1802-11014897-29

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Sales1,4151,5962,6472,7613,4174,0994,7715,7955,5055,995
Operating Expenses ⓘ + 1,1081,2592,1962,1702,6303,3734,1064,9064,7804,802
Manufacturing Costs3243785845395898581,0791,0641,0551,073
Material Costs1922266265848441,0121,1421,4091,4681,572
Employee Cost 9096144170191218265274329296
Other Costs ⓘ 5035608438761,0061,2851,6202,1591,9271,861
Operating Profit ⓘ 3063374515927877266658897261,194
Operating Profit Margin (%) 21.7%21.1%17.0%21.4%23.0%17.7%13.9%15.3%13.2%19.9%
Other Income ⓘ + 9233665576225130157164233
Exceptional Items ⓘ 0000-350000-1,502
Interest ⓘ 134191236265278283261379384307
Depreciation ⓘ 5473107135154170232242263276
Profit Before Tax ⓘ 210106174246396499301424242-659
Tax ⓘ 961555841381745220314140
Profit After Tax 11491118162258324250221102-699
PAT Margin (%) 8.1%5.7%4.5%5.9%7.6%7.9%5.2%3.8%1.9%-11.7%
Adjusted EPS (₹)2.50.91.21.62.63.32.52.21.0-5.2
Dividend Payout Ratio (%)0%0%0%0%0%0%0%0%0%-9.60%

Valuation of JSW Cement - Standalone

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 5421,1721,2901,4411,7072,0672,3042,5932,7056,993
Share Capital ⓘ 4519869869869869869869869861,341
Reserves ⓘ 921853044557211,0811,3181,6071,7195,652
Debt +1,7092,0592,2602,3482,3443,3814,3114,0684,6522,719
Long Term Debt1,4861,7552,1082,0071,6893,2934,0363,5224,3752,561
Short Term Debt22230515234165688275546277159
Minority Interest0000000000
Trade Payables3414996727847287491,0181,1401,1361,273
Others Liabilities ⓘ 5225787481,0391,2661,5481,9163,0273,1273,077
Total Liabilities ⓘ 3,1154,3074,9695,6126,0467,7459,55010,82811,62014,063

Fixed Assets

Net Fixed Assets ⓘ +1,5102,2772,7062,9303,2063,2924,3444,9845,4847,100
Gross Block1,5632,4032,9383,2973,7253,9745,2546,1236,8798,761
Accumulated Depreciation541262323675196829101,1391,3951,661
CWIP ⓘ 645437309453239422756634927939
Investments ⓘ 1642042186668401,0059881,0921,1041,014
Inventories158212254403259327406429356508
Trade Receivables129164393410527721704771771791
Cash Equivalents 12129223747145750290114496
Others Assets ⓘ 3887211,0666769031,5222,3022,6292,8643,215
Total Assets ⓘ 3,1154,3074,9695,6126,0467,7459,55010,82811,62014,063

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity ⓘ + 2383283508427432717851,0897851,037
PBT ⓘ 210106174246396499301424242-659
Adjustment ⓘ 1032272543654372505607526851,913
Changes in Working Capital ⓘ -3926-41272-33-4093118-113-211
Tax Paid ⓘ -37-31-36-41-57-69-107-105-28-6
Cash Flow From Investing Activity ⓘ + -734-903-730-662-468-1,142-1,456-844-538-1,476
Capex -588-713-550-534-260-476-858-566-870-1,684
Net Investments -143-34-140-8-386372-218519128
Others ⓘ -2-157-165-128-200-280-970-60-18780
Cash Flow From Financing Activity ⓘ + 599745111-130-286944584-199-285826
Net Proceeds from Shares ⓘ 053500000001,598
Net Proceeds from Borrowing ⓘ 546323500-52-281196660-60423-240
Interest Paid ⓘ -135-195-236-236-285-267-244-383-402-375
Dividend Paid ⓘ 0000000000
Others ⓘ 18982-1531582801,016168243-306-157
Net Cash Flow ⓘ 103170-26851-1174-8746-38387

Financial Ratio

PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)23.6710.589.6211.8416.3817.1911.439.023.85-14.41
ROCE (%)18.1110.4411.3912.8715.7115.058.5810.677.75-3.76
Asset Turnover Ratio0.620.480.620.570.660.680.60.630.550.52
PAT to CFO Conversion(x)2.093.62.975.22.880.843.144.937.7N/A
Working Capital Days
Receivable Days24.203035.6048.3044.7048.505042.2045.4042.30
Inventory Days3437.8029.8039.6031.6022.8025.7023.9023.1023.40
Payable Days480.30484231.10326.90242.10209.30219.60191.50190.50182.70

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.100.08
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

JSW Cement Ltd FAQs

The current trading price of JSW Cement on 24-Jul-2026 16:59 is ₹132.0.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 23-Jul-2026 the market cap of JSW Cement stood at ₹17,996.4 Cr

The latest P/E ratio of JSW Cement as of 23-Jul-2026 is 0.00.

The latest P/B ratio of JSW Cement as of 23-Jul-2026 is 2.57.

The 52-week high of JSW Cement is ₹162.2 and the 52-week low is ₹106.7.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of JSW Cement is ₹5,995 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that JSW Cement Ltd is a average quality company.

The key valuation ratios of JSW Cement Ltd's currently when compared to its past seem to suggest it is in the Somewhat overvalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of JSW Cement Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

About JSW Cement Ltd

JSW Cement Limited was incorporated as a public limited company under the Companies Act, 1956, pursuant to a certificate of incorporation dated March 29, 2006 issued by the Registrar of Companies, Maharashtra at Mumbai (RoC). The company received a certificate of commencement of business on May 12, 2006 by the RoC.

The company is a cement manufacturing company in India focused on manufacturing green cementitious products comprising blended cement (which includes portland slag cement (PSC) and portland composite cement (PCC)) and ground granulated blast furnace slag (GGBS). It also manufactures ordinary portland cement (OPC), clinker and a range of allied cementitious products such as ready-mix concrete (RMC), screened slag, construction chemicals and waterproofing compounds.

It sells its products through a well-connected distribution network. Through its dealers and sub-dealers, it serves the retail demand for its cement and allied cementitious product in its trade channel. As of March 31, 2025, it also had 6,559 direct customers in its non-trade channel comprising builders and institutional customers to whom it supplies its products for the construction of housing, infrastructure and commercial projects in India. The strength of its sales and distribution network is supported by the strength of its brand. It leverages the brand name of the JSW Group and have also undertaken various marketing and brand building initiatives to strengthen its JSW Cement brand name at each regional level.

It is part of the JSW Group, a multinational conglomerate with a portfolio of diversified businesses across various sectors such as steel, energy, maritime, infrastructure, defence, business-to-business e-commerce, realty, paints, sports and venture capital. It benefits from its access to other companies that are part of the JSW Group. For example, it sources key raw materials such as blast furnace slag from JSW Steel and power from JSW Energy for its operations.

Business area of the company

JSW Cement and its Subsidiaries are engaged in the business of manufacture and sale of cement, ground granulated blast furnace slag and clinker, trading of allied products and logistic services dealing mainly in domestic transportation of goods.

Products of the company

  • Cement
  • Ground granulated blast furnace slag
  • Clinker
  • Allied cementitious products

Awards, accreditations or recognitions

  • 2020: Awarded the manufacturing unit of the company in Vijayanagar, Karnataka, ‘Industry Sector Safety Excellence’ award at the Greentech Safety Award, 2020 by Greentech Foundation.
  • 2020: Awarded the manufacturing unit of the company in Vijayanagar, Karnataka, the ‘Environment Protection’ award at the Greentech Safety Award, 2020.
  • 2020: Awarded the manufacturing unit of the company in Vijayanagar, Karnataka, the ‘Golden Peacock Eco-Innovation Award, 2020’ at the Golden Peacock Awards, 2020 instituted by Institute of Directors
  • 2020: Awarded the manufacturing unit of the Company in Jajpur, Odisha, the ‘Industry Sector Safety Excellence’ award at the Greentech Safety Award, 2020.
  • 2021: Awarded the ‘Gold Award’ for the cement sector at the Apex India Green Leaf Awards 2021 for Environment Excellence, 2021.
  • 2021: Awarded the ‘Excellence in Environment Management (Manufacturing Sector) for Outstanding Policy, Practices and Results’ award at the CII-ITC Sustainability Awards.
  • 2021: Awarded the manufacturing unit of the company in Vijayanagar, Karnataka ‘Energy Conservation Award’ by the Greentech Foundation.
  • 2022: Awarded the ‘Outstanding Accomplishment under Corporate Excellence’ at the CII ITC Sustainability Awards, 2022.
  • 2022: The manufacturing unit of the company in Vijayanagar, Karnataka was declared as the winner in the ‘Environment Protection’ category at the Greentech Environment Awards, 2022.
  • 2022: Awarded the manufacturing unit of the company in Vijayanagar, Karnataka, the ‘Gold Award’ in the ‘Environment Preservation’ category for the cement sector at the Exceed Environment Award & Conference, 2022. 
  • 2022: Received the ‘Bronze Award’ in the corporate sector at the CSR Times Award, 2022. 
  • 2022: Awarded the ‘CSR Project of the year’ award at the Corporate Social Responsibility Awards, 2022.
  • 2023:  Awarded the ‘Product of the Year - Cement’ at the World of Concrete, India Awards, 2023.
  • 2023: Received the ‘Ace’ award in the large enterprise category at the India Circular Economy Forum, 2023.
  • 2023: Recognised as one of the ‘Iconic Brands of India, 2023’ at the Iconic Brands of India Awards, 2023.
  • 2023: Awarded the ‘2023 International Bronze Green Apple Environment Award’ at the International Green Apple Environment Awards, 2023.
  • 2023: Awarded the ‘Excellence in Corporate Social Responsibility’ award at the CII-ITC Sustainability Awards, 2023.
  • 2023: Awarded the ‘Lowest ESG Risk Company of the Year’ at the ESG Summit & Awards, 2023.
  • 2023: Recognised as ‘Cap 2.0 Committed’ for energy, mining and heavy manufacturing sector at the Climate Action Programme, 2023.
  • 2023: Received the ‘1st Runner up’ award in the ‘Circular Business Models - Matured’ category at the Circular Economy Awards, 2023.
  • 2024: Awarded the ‘Cap 2.0 Oriented’ by the CII- ITC Centre of Excellence for Sustainable Development at the Climate Action Programme, 2024.
  • 2024: Awarded the Environmental Finance Award for circular economy transition of the year at the Company Awards 2024.
  • 2025: Awarded the certificate of appreciation at the Forward Faster Sustainability Awards 2025.

History and milestones

  • 2006: Incorporation of the company.
  • 2009: Commissioned its manufacturing unit in Vijayanagar, Karnataka.
  • 2012: Commissioned its manufacturing unit in Nandyal, Andhra Pradesh.
  • 2015: Acquired a cement manufacturing unit with an installed capacity of approximately 0.60 MTPA in Raigad, Maharashtra from JSW Steel Limited.
  • 2017: Commissioned the 2.4 MTPA expansion of its manufacturing unit at Vijayanagar, Karnataka.
  • 2017: Acquired majority shareholding in Shiva Cements Limited, based in Sundargarh, Odisha.
  • 2018: Commissioned its 2.4 MTPA manufacturing unit at Salboni, West Bengal.
  • 2018: Commissioned 1.2 MTPA expansion of its manufacturing unit at Raigad, Maharashtra.
  • 2020: Commissioned clinkerization unit with a capacity of 3000 TPD (equivalent to 0.99 MTPA) in Fujairah, UAE.
  • 2021: Raised funds through primary investment by AP Asia Opportunistic Holdings Pte. Ltd., Synergy Metals Investments Holding Limited and State Bank of India.
  • 2022: Completed the erection of debottlenecking at its manufacturing facilities in Vijayanagar, Karnataka.
  • 2022: Completed the capacity expansion at its manufacturing unit in Salboni, West Bengal comprising of debottlenecking and the transfer of a ball mill from the Nandyal plant.
  • 2022: Acquisition of 100.00% stake in Springway Mining Private Limited.
  • 2023: Commissioned a 4,000 TPD (equivalent to 1.32 MTPA) capacity clinkerization unit at Shiva Cement Limited, Sundargarh, Odisha.
  • 2023: Commissioned the 2MTPA expansion of its manufacturing unit in Raigad, Maharashtra.
  • 2024: Commissioned the 2MTPA expansion of its manufacturing unit in Vijayanagar, Karnataka.
  • 2025: Commissioned 4000 TPD clinkerization unit (line II) in JSW Cement FZC in Fujairah, UAE.

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