Jsw Cement Limited · NSE:JSWCEMENT
Jsw Cement — Q2 FY26 Earnings Presentation
37 slides from Jsw Cement's earnings presentation, Nov 13, 2025
Slide 1: Exchange filing cover letter
Cement Limited JSW Centre Opp. MMRDA Ground, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051. Tel : +91-22-4286 1000 Fax : 26502001 Website : www.jswcement.in CIN :– L26957MH2006PLC160839 Date: 13.11.2025 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange
Slide 2: Investor Presentation November 2025
Investor Presentation November 2025 Q1 FY26 RESULTS PRESENTATION 2ND SEPTEMBER 2025
Slide 3: Forward Looking and Cautionary Statement
Forward Looking and Cautionary Statement This presentation contains forward-looking statements within the meaning of applicable securities laws. These statements are based on management's current expectations and assumptions, and are subject to risks and uncertainties that could cause actual results
Slide 4: Contents
Contents About JSW Cement Financial Performance: Q2 & H1 FY26 01 Amongst the Fastest Growing 03 Business Environment Cement Companies in India Operational & Financial Performance Growth Strategy Sustainability 02 Clear Blueprint for Creating a 04 Performance, Initiatives & Pan-India Presence Recogni
Slide 5: About JSW Cement
About JSW Cement Nandyal Integrated Unit
Slide 6: JSW Group
JSW Group Presence across core sectors Amongst India’s leading Conglomerates with a turnover of US$23 Bn(1) • India’s largest steel producer with • Power producer with 13.2 GW • 2nd largest private port operator in • Capacity of 21.6 mtpa, growing to capacity of 35.7 mtpa installed generation capaci
Slide 7: Introducing JSW Cement
Introducing JSW Cement(1) 21.60 MTPA(5) 6.44 MTPA South, West and East 1 Scaled Capacity Grinding Capacity across Clinker Capacity across India 7 Units 3 Units Geographic Presence India’s Fastest Growing(2) Cement 12.96% | 4.77%(2) 12.64 MMT 16.73% | 6.15%(2) 2 Manufacturer Grinding Capacity CAGR To
Slide 8: JSW Cement: Our Journey and Track Record of Expansion
JSW Cement: Our Journey and Track Record of Expansion FY06 FY09 FY13 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY25 Present Grinding Cap. (MTPA) 0.59 5.49 7.99 11.59 12.79 13.39 14.11 14.55 16.30 20.60 21.60 Incorpo -ration Clinker Cap. (MTPA) - 2.00 2.26 2.26 2.26 3.25 3.30 3.30 5.12 6.44 6.44 Full Select
Slide 9: JSW Cement: Overview
JSW Cement: Overview Strategically Located Manufacturing Footprint Multi-regional presence (MTPA) Region Grinding Capacity Clinker Capacity South 11.00 2.81 2.31 MTPA Fujairah West 4.50 2.31(1) (Clinker unit) UAE 1.32 MTPA East 6.10 1.32 Shiva Cement (Clinker unit) Total 21.60 6.44 UAE 3.60 MTPA Div
Slide 10: JSW GGBS: Business profile
JSW GGBS: Business profile JSW Cement pioneered the GGBS business model and is the #1 GGBS producer in India GGBS market share in India (FY25) (1) Track record of scaling up (Vol sold) GGBS: Stable pricing, healthy margins, high returns (Mn MT) +23% CAGR (GGBS Realisation - Rs/MT 3) 16% 3,641 3,761
Slide 11: JSW GGBS: Superior Cementitious Properties driving use in RMC sector
JSW GGBS: Superior Cementitious Properties driving use in RMC sector GGBS production process (1) GGBS Application in RMC Raw material composition of RMC(2) OPC replacement potential in RMC(3) Cementitious Rapid 35-37% 6-8% products OPC% FA% GGBS% quenching Drying and OPC only 100% - - with high pres
Slide 12: JSW GGBS: Growth Enablers and Strategies
JSW GGBS: Growth Enablers and Strategies Growth Enablers Growth Strategies 1 Multi-year supply contracts 1 Continue to increase number of customers Secured the slag output from JSW Steel plants in South & Increase customer base within existing markets (Tier 1 cities) West India; similar contracts wi
Slide 13: JSW GGBS: Landmark Projects
JSW GGBS: Landmark Projects Mumbai Ahmedabad High Speed Rail Chennai Metro Bengaluru International Airport Bengaluru Chennai Expressway Paradip Port, Odisha Integrated Renewable Energy Project by Greenko, Kurnool JSW Cement Investor Presentation Nov 2025 12
Slide 14: Growth Strategy
Growth Strategy Dolvi Grinding Unit
Slide 15: Growth Strategy: Clear Road Map to develop Pan-India Presence
Growth Strategy: Clear Road Map to develop Pan-India Presence Approved Expansion Program Clinker 6.44 3.30 9.74 3.30 13.04 capacity 5.00 41.85 1.00 Current Grinding 2.00 4.00 33.85 capacity: 21.60 MTPA 2.00 2.75 3.50 20.60 1.00 Grinding capacity FY25 Sambalpur, Nagaur, Talwandi Vijaynagar, Dolvi, CY
Slide 16: 1.0 MTPA Grinding Unit in Sambalpur, Odisha - commissioned in Sep'25
1.0 MTPA Grinding Unit in Sambalpur, Odisha - commissioned in Sep’25 Sambalpur Grinding Unit (part of Shiva Cement Limited) State-of-the-art 1.0 MTPA grinding unit • Clinker will be sourced from Shiva Cement • Other key raw materials such as slag and fly ash are available in the vicinity of the Samb
Slide 17: Key Project Updates: Nagaur Integrated Unit
Key Project Updates: Nagaur Integrated Unit Nagaur Integrated Unit Marking JSW Cement’s entry into North region 3.30 MTPA Clinker and 2.50 MTPA Cement Grinding • Equipment and machinery deliveries : 95% completed • Construction of main plant building : 94% completed; erection work : 75% completed •
Slide 18: Key Project Updates: Talwandi Sabo grinding unit
Key Project Updates: Talwandi Sabo grinding unit Talwandi Sabo - Punjab Proposed Target Markets for GU 2.75 MTPA split Grinding Unit Target • 2.75 MTPA split grinding unit, which will source clinker from the Markets Integrated Unit at Nagaur, Rajasthan • NOC from Site Appraisal Committee and CLU (Ch
Slide 19: Financial Performance Q2 & H1 FY26
Financial Performance Q2 & H1 FY26 Vijayanagar Grinding Unit
Slide 20: Indian Economy
Indian Economy FY26 Outlook: India is expected to continue as the fastest-growing major economy, driven by stable year-on-year GDP growth, sustained government spending, easing inflation; Geopolitical events such as tariff disruptions continue to pose concerns RBI’s GDP growth projection for FY26 re
Slide 21: Indian Cement sector
Indian Cement sector Infrastructure led growth through Central & State capex thrust to drive demand in Short Term H1 FY26 Utilisation +10% YoY Strong front-loading of infrastructure capex Central Utilized approx. Rs. 5.8 lakh cr. in H1 Capex FY26 Highest H1 utilization in recent 11.21 years (R
Slide 22: Indian Cement sector
Indian Cement sector Strong Medium-term Growth Potential across Segments and Regions All India Cement Demand (mn. MT) Cement demand Share of Expected CAGR 7.5-8.5% CAGR segments demand (FY25) (FY26P – FY30P) Rural housing 32-34% 7.0-8.0% 670-680 Urban housing 22-24% 6.0-7.0% 495-500 Infrastructure 2
Slide 23: Q2 FY26: Key Highlights
Q2 FY26: Key Highlights Total Volume Sold: 3.11 mn. MT, increased by 14.9% YoY Cement Volume Sold: 1.64 mn. MT, increased by 6.8% YoY GGBS Volume Sold: 1.38 mn. MT, increased by 20.6% YoY Operational Cement realization declined by 5.2% QoQ; GGBS realization broadly stable on QoQ basis Update
Slide 24: Quarterly Sales Volume
Quarterly Sales Volume Cement Volume Sold (mn. MT) Total Volume Sold (mn. MT) +6.8% YoY +14.9% YoY -11.3% QoQ -6.0% QoQ 1.54 1.85 1.64 Q2 FY25 Q1 FY26 Q2 FY26 3.31 3.11 GGBS Volume Sold (mn. MT) 2.71 +20.6% YoY Q2 FY25 Q1 FY26 Q2 FY26 +6.4% QoQ Total sales volume(1) increased by 14.9% on YoY basis
Slide 25: Quarterly Revenue from Operations
Quarterly Revenue from Operations Cement Realisation (1) (Rs./MT) Revenue from Operations (Rs. crore) +4.0% YoY +17.4% YoY -5.2% QoQ -7.9% QoQ 4,894 4,638 4,458 Q2 FY25 Q1 FY26 Q2 FY26 1,560 1,436 1,224 GGBS Realisation (1) (Rs./MT) -4.8% YoY Q2 FY25 Q1 FY26 Q2 FY26 -0.8% QoQ Revenues increased by
Slide 26: Quarterly Raw Material, Power & Fuel costs
Quarterly Raw Material, Power & Fuel costs Cost of Raw Materials (1) + Power & Fuel (Rs./MT) -5.0% YoY Average fuel consumption cost (2) (Rs./Mcal) -5.3% QoQ 1,841 1,847 1,749 624 641 1.52 1.44 1.55 1.50 725 1.42 1,218 1,205 1,023 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q2 FY25 Q1 FY26 Q2 FY26 Raw m
Slide 27: Quarterly Logistics Costs
Quarterly Logistics Costs Logistics Costs (Rs./MT) -1.5% YoY -3.9% QoQ 1,071 1,098 1,055 Q2 FY25 Q1 FY26 Q2 FY26 Logistics cost per ton decreased by 1.5% YoY, primarily due to reduced lead distance; decrease on QoQ basis driven by efficiencies Lead distance: Q2 FY25 288km, Q1 FY26 283km, Q2 FY26
Slide 28: Quarterly Employee Costs and Other Expenses
Quarterly Employee Costs and Other Expenses Employee Costs (1) (Rs./MT) Other Expenses (Rs./MT) Excl. ESOP 282 234 260 costs +0.6% YoY -17.3% YoY +24.7% QoQ +10.3% QoQ As reported (incl. ESOP 327 677 681 245 271 546 costs) Q2 FY25 Q1 FY26 Q2 FY26 Q2 FY25 Q1 FY26 Q2 FY26 Excluding ESOP costs, Emplo
Slide 29: Quarterly Operating EBITDA (Rs. Crore)
Quarterly Operating EBITDA (Rs. Crore) +64.2% YoY -17.1% QoQ 322.7 267.5 162.9 Q2 FY25 Q1 FY26 Q2 FY26 Op. EBITDA per ton (Rs.) 602 974 860 Op. EBITDA Margin (%) 13.3% 20.7% 18.6% Op. EBITDA per ton improvement on YoY basis primarily driven by increase in cement realization and cost reduction init
Slide 30: H1 FY26: Consolidated Financial Performance
H1 FY26: Consolidated Financial Performance Total Volume Sold (1) (mn. MT) Cement Volume Sold (mn. MT) GGBS Volume Sold (mn. MT) +11.1% YoY +8.5% YoY +12.5% YoY Sales Volume 6.42 3.49 2.68 5.78 3.22 2.38 H1 FY25 H1 FY26 H1 FY25 H1 FY26 H1 FY25 H1 FY26 Revenue from operations (Rs cr) Operating EBITDA
Slide 31: Summary Income Statement
Summary Income Statement Rs. Crore Q2 FY26 Q2 FY25 Variance (% YoY) H1 FY26 H1 FY25 Revenue 1,436.4 1,223.7 17.4% 2,996.3 2,671.0 Less: Operating Expenses (1,168.9) (1,060.8) 10.2% (2,406.1) (2,275.1) Op. EBITDA 267.5 162.9 64.2% 590.2 395.9 Other Income 23.6 27.4 -13.7% 45.7 51.7 Total EBITDA 291.2
Slide 32: Fair value expense arising from financial instruments (CCPS) designated as FVTPL
Fair value expense arising from financial instruments (CCPS) designated as FVTPL Background The Company raised Rs 1,600 crore in FY22, by issuing Compulsory Convertible Preference Shares (CCPS) to 3 investors viz. AP Asia Opportunistic Holdings Pte. Ltd., Synergy Metals Investments Holding Limited
Slide 33: Consolidated Debt Position (excl. CCPS)
Consolidated Debt Position (excl. CCPS) (Rs. Crore) Particulars Q2 FY25 Q1 FY26 Q2 FY26 Net Debt (Rs. crore) 4,153 4,566 3,231 Cash & cash equivalent (Rs. crore) 147 131 958 Net Debt/Equity (x) 0.98 1.04 0.53 Net Debt/EBITDA (x) (1) 3.51 4.34 2.80 JSW Cement Investor Presentation Nov 2025 (1) Net De
Slide 34: Sustainability
Sustainability JSW Cement is the World’s leading ‘Green Cement’ manufacturer The average CO2 emission intensity is 562 for the World, whereas for India it is 535 Ours is 258 kg CO2/Tonne of Cementitious Material Salboni Grinding Unit
Slide 35: Sustainability Performance
Sustainability Performance Specific Thermal Energy GHG Emission Intensity Green Energy Share (Kcal/kg Clinker) (tCO2/tcm) (RE+WHRS %) 749 746 241 248 230 21.5 21.4 174 740 15.0 738 33 29 28 29 4.0 FY23 FY24 FY25 Q2FY26 Scope1 Scope 2 FY23 FY24 FY25 Q2FY26 FY23 FY24 FY25 Q2FY26 India avg. 535 kg/ton(
Slide 36: Sustainability Initiatives & Recognitions
Sustainability Initiatives & Recognitions IConSWM Awards for Excellence in Co-processing (2025) Indian Bureau of Mines Shiva Cement was awarded the JSW Cement’s Limestone Mine in Gold Award for Highest TSR Nandyal Works was awarded with achieved in 2024-25 & Highest "Five Star Award" for the year ut
Slide 37: THANK YOU
THANK YOU Investor Relations Contact ir.jswcement@jsw.in Salem Grinding Unit