JSW Cement Q1 FY27 Results (NSE: JSWCEMENT)
Signal: Loss reversed
The read
The operating trajectory remains positive on revenue but is losing earnings momentum: consolidated revenue grew 21.6% YoY to ₹1,896.41 crore while EBITDA grew only 8.0% to ₹372.33 crore, as power and fuel costs rose 43.7%; the ₹160.64 crore PAT turnaround is less clean because other income of ₹73.78 crore, including a ₹55.21 crore JV dilution gain, represented 41.6% of PBT.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,896.41 Cr | 21.6% | +0.1% |
| EBIT | ₹274.79 Cr | 3.0% | |
| Net profit | ₹160.64 Cr | N/A | |
| EPS | ₹1.2 | N/A | |
| EBIT margin | 19.6% |
P&L walk
Revenue rose 21.6% YoY to ₹1,896.41 crore, but EBITDA grew only 8.0% to ₹372.33 crore as power and fuel expense rose 43.7%; PAT of ₹160.64 crore was a turnaround, supported by ₹73.78 crore of other income including a ₹55.21 crore gain on dilution of a joint venture stake.
Segments
The group operates as a single cement and cement-related products segment; the key divergence is between consolidated EBITDA of ₹372.33 crore, up 8.0% YoY, and standalone EBITDA of ₹312.32 crore, down 13.9% YoY, implying subsidiaries and investments materially supported the group result.
Key positives
- Consolidated revenue increased 21.6% YoY to ₹1,896.41 crore and was broadly stable QoQ at ₹1,894.99 crore in Q4FY26.
- Consolidated EBITDA reached ₹372.33 crore at a 19.6% margin, up from the 19.1% margin in Q4FY26 despite power and fuel expense rising 43.7% YoY.
- Finance cost declined 4.7% YoY to ₹97.35 crore despite 21.6% revenue growth.
- PAT attributable to owners turned positive at ₹160.64 crore from a ₹1,356.17 crore YoY loss.
Key concerns
- EBITDA growth of 8.0% lagged revenue growth of 21.6%, with total expenses rising 26.5% and power and fuel expense rising 43.7% to ₹305.29 crore.
- Standalone EBITDA declined 13.9% YoY to ₹312.32 crore despite standalone revenue growth of 20.3%, showing weaker parent-level operating conversion.
- PAT fell 56.8% QoQ from ₹371.33 crore to ₹160.64 crore, so the positive earnings trend remains volatile.
Earnings quality: includes non-operating other income
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