JSW Cement Q1 FY27 Earnings Call — Analysis (NSE: JSWCEMENT)
JSW Cement reports 15% YoY volume growth and 6% QoQ realization improvement in Q1 FY27, but North launch marketing spend and elevated fuel costs drag EBITDA down 7.5% YoY; management guides high-teens overall volume growth for FY27 and cost transformation projects on track.
Result quality: strong — Loss reversed. Management sentiment: neutral.
The take
Q1FY27 Revenue ₹1,896 Cr ( +22% YoY ) .
Results
Consolidated revenue ₹1,896 Cr (+22% YoY), operating EBITDA ₹299 Cr (-7.5% YoY), EBITDA/ton ₹784, PAT ₹153 Cr; volumes 3.81 MT (+15% YoY) led by cement (+27% YoY including North, +8% ex-North).
Financial highlights
| Metric | Value | Change | Basis |
|---|---|---|---|
| Revenue | ₹1,896 Cr | +22% | yoy · Q1FY27 |
| Operating EBITDA | ₹299 Cr | −7.5% | yoy · Q1FY27 |
| EBITDA per ton | ₹784 | none · Q1FY27 | |
| PAT | ₹153 Cr | none · Q1FY27 | |
| Total Sales Volume | 3.81 MnT | +15% | yoy · Q1FY27 |
| Cement Volume | 2.34 MnT | +27% | yoy · Q1FY27 · including North |
| GGBS Volume Growth | 2.6% | yoy · Q1FY27 · growth rate | |
| Cement ASP | ₹4,951/ton | +6% | qoq · Q1FY27 |
| GGBS ASP | ₹3,807/ton | +3.4% | qoq · Q1FY27 |
| Blended Fuel Cost | ₹1.80/Mcal | +₹0.31 | qoq · Q1FY27 · vs ₹1.49/Mcal in Q4FY26 |
| Net Debt | ₹3,856 Cr | point_in_time · Q1FY27 · Jun-26 | |
| Net Debt/EBITDA | 2.95x | point_in_time · Q1FY27 · Jun-26 | |
| Average Cost of Debt | 7.63% | +flat | qoq · Q1FY27 |
Guidance
FY27 overall volume growth expected at high teens; GGBS growth revised to high single digit; North operations to achieve EBITDA breakeven in Q2; ₹2,300 Cr capex planned for FY27.
Key themes
North market entry, cost transformation, and infra demand
Operational commentary
- Overall sales volume rose 15% YoY to 3.81 MnT; cement volume up 27% YoY (including North), ex-North growth 8%, while GGBS volume growth muted at 2.6% YoY due to RMC closures, aggregate issues, and election-related labour migration.
Research and educational content only. Not investment advice.