JSW Cement Limited today announced its consolidated financial results for the quarter ended December 31, 2025, reporting strong growth in volumes, revenue and profitability during Q3 FY26.
Total volume sold during the quarter increased by 14% year-on-year to 3.56 million tonnes, compared to 3.12 million tonnes in Q3 FY25. Cement volumes stood at 1.89 million tonnes, up 7% year-on-year from 1.77 million tonnes, while Ground Granulated Blast Furnace Slag (GGBS) volumes increased 17% year-on-year to 1.53 million tonnes from 1.31 million tonnes.
Revenue from operations increased 13% year-on-year to ₹1,621 crore in Q3 FY26 as compared to ₹1,433 crore in Q3 FY25. Operating EBITDA rose 32% year-on-year to ₹285.1 crore, with an operating EBITDA margin of 17.6%, compared to 15.1% in the corresponding quarter last year. Operating EBITDA per tonne stood at ₹802 in Q3 FY26 versus ₹694 in Q3 FY25.
Total EBITDA, including other income, stood at ₹371.2 crore in Q3 FY26, representing an increase of 51% compared to ₹245.2 crore in Q3 FY25. Profit after tax for the quarter was ₹130.6 crore.
As of December 31, 2025, net debt stood at ₹3,557 crore. During Q3 FY26, the company’s long-term credit rating was upgraded to AA-/Stable from A+/Stable by CRISIL.
For the nine months ended December 31, 2025, total volume sold increased 12% year-on-year to 9.98 million tonnes. Cement volumes grew 8% year-on-year to 5.38 million tonnes, while GGBS volumes rose 14% year-on-year to 4.21 million tonnes.
Revenue from operations for 9M FY26 increased 13% year-on-year to ₹4,617 crore, while operating EBITDA improved 43% year-on-year to ₹875.2 crore. Operating EBITDA per tonne for the nine-month period stood at ₹877.
The company completed its listing on the NSE and BSE on August 14, 2025. Prior to the IPO, on July 24, 2025, 160,000,000 CCPS were converted into 235,662,477 equity shares. The CCPS liability of ₹1,897.7 crore as of March 31, 2025, was fair-valued as of June 30, 2025, resulting in a non-cash exceptional expense of ₹1,466.4 crore during Q1 FY26 and 9M FY26. There was no CCPS-related expense in Q2 FY26 and Q3 FY26.
The company reported carbon dioxide emission intensity of 270 kg CO₂ per tonne of cementitious materials in Q3 FY26, the lowest in the industry.
During the quarter, JSW Cement continued progress on its expansion programme to reach 41.85 MTPA grinding capacity and 13.04 MTPA clinker capacity. The first phase of the Nagaur integrated unit in Rajasthan, comprising 3.3 MTPA clinker capacity and 2.5 MTPA grinding capacity, is expected to be commissioned in Q4 FY26. Work on WHRS and additional grinding capacity at Nagaur is progressing as planned, while regulatory approvals are underway for the 2.75 MTPA split grinding unit at Mansa, Punjab.
The company commissioned 8 MW of captive solar capacity in Q3 FY26. Capex incurred during Q3 FY26 and 9M FY26 stood at ₹491 crore and ₹1,455 crore, respectively.
During the quarter, JSW Cement’s Dolvi Unit received the National Award for Excellence in Energy Management 2025 from CII, while the Vijayanagar Unit received the Exceed Environment Award 2025 for water management. The company also scored 86 out of 100 in the 2025 S&P Global Corporate Sustainability Assessment.
