JSW Cement Q4 FY26 Results (NSE: JSWCEMENT)
Signal: Margin expansion
The read
JSW Cement delivered 5th consecutive quarter of margin expansion with OPM at 19.1% (+500bps YoY) driven by volume growth, sequential operating leverage, and moderating input costs. Q4 PAT of ₹361.65 Cr includes a deferred tax credit of ₹140.74 Cr; excluding tax benefits, pre-exceptional PBT grew +190% YoY to ₹214.88 Cr. Full-year FY26 was distorted by a one-off exceptional loss of ₹1,504.48 Cr due to deferred tax liability remeasurement, resulting in a statutory loss. The underlying operating momentum is strong, with full-year revenue of ₹6,512.46 Cr (+12.03% YoY) and EBITDA margin expansion throughout the year.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,894.99 Cr | 10.86% | 16.89% |
| EBIT | ₹296.87 Cr | 101.34% | |
| Net profit | ₹361.65 Cr | 2130.84% | |
| EPS | ₹2.72 | 700.00% | |
| EBIT margin | 19.1% |
P&L walk
Revenue grew 10.86% YoY with OPM expanding 500bps YoY to 19.1% – 5th consecutive quarter of margin expansion; EBITDA growing faster than revenue due to operating leverage and cost controls. Net profit surged to ₹361.65 Cr from ₹16.21 Cr in base, while full-year loss of -₹798.78 Cr was entirely driven by exceptional loss of ₹1,504.48 Cr (deferred tax liability adjustment). Without exceptionals, FY26 PBT would have been positive ₹723.26 Cr.
Segments
Single-segment company – no intra-segment divergence; strong operational performance at the standalone/consolidated level.
Key positives
- OPM expanded 500bps YoY to 19.1% – 5th consecutive quarter of margin expansion.
- Net profit of ₹361.65 Cr, +2131% YoY, driven by operating profit growth and tax credit.
- Revenue grew 10.86% YoY to ₹1,894.99 Cr, with strong sequential growth of 16.89%.
- Finance costs down 22.18% YoY, reflecting deleveraging.
- Board approved ₹430 Cr greenfield expansion at Nagaur – strengthens long-term capacity.
Key concerns
- Full-year FY26 PAT loss of -₹798.78 Cr due to exceptional deferred tax liability charge of ₹1,504.48 Cr (non-cash).
- Capacity utilisation at 64% – scope for improvement before new capacity adds further supply.
- Q4 tax write-back (₹140.74 Cr) inflated net profit – core PBT of ₹214.88 Cr is a better measure of earnings quality.
Research and educational content only. Not investment advice.