Jefferies has initiated coverage on JSW Cement with a buy rating and a target price of ₹170 per share, citing the company’s strong growth trajectory and expansion into new regions. The brokerage highlighted that JSW Cement has scaled up to become one of India’s top-10 cement producers and is now diversifying from a predominantly regional player to a pan-India presence.
The firm expects JSW Cement to record a robust capacity and volume compound annual growth rate (CAGR) of 13–17% over FY25–28, driven by ongoing expansion projects and improving distribution reach. Jefferies noted that the company is well-positioned for a profitable scale-up, supported by operational efficiency, cost discipline, and an improving product mix.
Further, the brokerage projects an EBITDA CAGR of 35% over FY25–28, indicating strong operating leverage as capacity additions come on stream. Jefferies believes JSW Cement’s growth strategy aligns well with rising infrastructure demand and government-led capex initiatives, offering a solid medium-term investment case.
Disclaimer: The views and recommendations above are those of Jefferies. Business Upturn does not endorse them. Please consult a financial advisor before making investment decisions.
