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Indian cement maker (JSW Group) known for slag-based, lower-carbon cement using steel slag from JSW Steel.
Indian cement maker (JSW Group) known for slag-based, lower-carbon cement using steel slag from JSW Steel.
Buys blast-furnace slag from steelmakers, chiefly sister company JSW Steel, and grinds it into cement, which needs far less fuel than cement made by burning limestone clinker. That is why it can sell with a lower carbon footprint. It is part of Sajjan Jindal's JSW Group.
Moat: narrow (cost advantage, process know-how). Access to JSW Steel's slag as a low-cost, lower-carbon input gives a niche edge, though the broader cement market is highly competitive.
Headquarters: Mumbai, India · Founded: 2006 · Employees: 4,558
Size JSW Cement (JSWCEMENT.NS) is an India Industrials company (Construction Materials) with a market value of $1.78B, the 400th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹123.41 on 6 Nov 2026.
Performance Over six months the shares fell 1.3%, against -16.3% for the median peer and 0.0% for the India market (cap-weighted) — 2nd highest of 12 in its peer set.
Growth Revenue grew 12.8% over the last twelve months (peer median +6.1%); the operating margin is 11.7% (peer median 8.3%).
Valuation It trades at 32.2× forward earnings against a peer median of 22.9× (4th most expensive of 12).
Capital Return on invested capital runs 6.0 points below its cost of capital (11.7% WACC).
Next results Next results expected around 3 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹73.2B | ₹64.7B | ₹57.4B | ₹59.0B | ₹57.2B |
| Revenue growth | — | +13% | -3% | +3% | — |
| Gross profit | ₹35.8B | ₹28.8B | ₹24.0B | ₹27.9B | ₹22.8B |
| EBITDA | ₹12.2B | ₹12.4B | ₹8.25B | ₹10.1B | ₹7.37B |
| Net income | ₹7.59B | -₹7.56B | -₹1.14B | ₹898M | ₹1.37B |
| Free cash flow | n/a | -₹11.2B | -₹7.12B | ₹5.01B | -₹9.46B |
| Capital expenditure | n/a | ₹19.6B | ₹11.5B | ₹9.32B | ₹16.3B |
| Total debt | ₹48.1B | ₹44.6B | ₹65.6B | ₹62.5B | ₹56.4B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| JSW Cement JSWCEMENT.NS | $1.78B | -1% | +13% | 12% | 32.2× | n/a |
| UltraTech Cement ULTRACEMCO.NS | $38.8B | +2% | +18% | 14% | 38.0× | 35.8% |
| ACC ACC.NS | $2.46B | -13% | +8% | 4% | 22.9× | n/a |
| Dalmia Bharat DALBHARAT.NS | $2.92B | -26% | +6% | 9% | 31.2× | n/a |
| Shree Cement SHREECEM.NS | $9.63B | -2% | +14% | 8% | 51.4× | 38.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | JSWCEMENT.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +10.1% | +0.5% | 2nd highest of 12 |
| 6-month return | -1.3% | -16.3% | 2nd highest of 12 |
| Distance from 52-week high | -13.9% | -34.9% | highest of 12 |
| Revenue growth (TTM) | +12.8% | +6.1% | 3rd highest of 12 |
| Operating margin | 11.7% | 8.3% | 3rd highest of 12 |
| Forward P/E | 32.2× | 22.9× | 4th most expensive of 12 |
| ROIC minus cost of capital | -6.0 pp | -4.8 pp | 5th lowest of 12 |
| EV / EBITDA | 17.6× | 11.5× | 4th most expensive of 12 |
| Net debt / EBITDA | 3.8× | 2.3× | most indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| JSW Cement JSWCEMENT.NS | India | $1.78B | -1% | +13% | 12% | 32.2× | n/a | n/a |
| Ramco Cements RAMCOCEM.NS | India | $2.05B | -15% | +9% | 6% | 70.1× | 31.6% | +11.2% |
| Nuvoco Vistas NUVOCO.NS | India | $1.29B | +2% | +11% | 8% | 20.8× | 17.8% | +8.9% |
| ACC ACC.NS | India | $2.46B | -13% | +8% | 4% | 22.9× | n/a | n/a |
| India Cements INDIACEM.NS | India | $1.14B | -15% | +5% | 5% | 25.6× | n/a | n/a |
| Dalmia Bharat DALBHARAT.NS | India | $2.92B | -26% | +6% | 9% | 31.2× | n/a | n/a |
| Vesuvius India VESUVIUS.NS | India | $782M | -31% | +4% | 13% | 22.1× | 30.4% | +21.6% |
| J.K. Cement JKCEMENT.NS | India | $4.28B | -7% | +17% | 11% | 37.7× | n/a | n/a |
| Star Cement STARCEMENT.NS | India | $739M | -28% | +15% | 14% | 19.2× | 4.9% | +16.8% |
| Birla BIRLACORPN.NS | India | $673M | -16% | +4% | 9% | 13.8× | 5.7% | +7.6% |
| JK Lakshmi Cement JKLAKSHMI.NS | India | $598M | -32% | +5% | 8% | 13.2× | 14.5% | +7.4% |
| Prism Johnson PRSMJOHNSN.NS | India | $538M | -24% | +1% | 3% | 79.9× | 22.6% | +5.7% |