JSW Cement Ltd.Volume +15%, EBITDA -7.5% on North entry

JSW Cement reported Q1 FY27 sales volume up 15% to 3.81 million tons, with cement volume up 27% to 2.34 million tons, or 8% excluding the North region where it began selling this quarter.

Consolidated revenue was ₹1,896 Cr, up 22%, while operating EBITDA fell 7.5% to ₹299 Cr, or ₹784 per ton, on fuel and packing cost pressure and about ₹33 Cr of North marketing. Excluding North, operating EBITDA rose 4% to ₹336 Cr, or ₹979 per ton. Profit after tax was ₹153 Cr, helped by other income that includes ₹55 Cr from a joint venture. North ran at 55% utilisation and almost 68% in June, with EBITDA break-even expected in Q2. GGBS volume grew only 2.6% and growth is now guided to high single digits, while overall growth is guided to high teens. Capex is about ₹2,300 Cr this year, and net debt to EBITDA is 2.95 times against a board ceiling of 3.0 times.