JSW Cement Ltd.Volume +26%, Nagaur breakeven, fuel cost to rise

JSW Cement's Q2 FY27 call, held on 28 October 2026, reported total volume up 26% to 3.93 million tons, with cement volume up almost 40% and 13% excluding the North, and GGBS up 7%.

Consolidated revenue was ₹1,912 crore, up 33%, operating EBITDA ₹278 crore, up 4%, or ₹708 a ton, and profit after tax about ₹77 crore. The Nagaur plant in the North reached EBITDA breakeven at 75% utilisation, and management expects around ₹650 to ₹700 a ton in Q4. Cement realisation was ₹4,781 a ton, down 3% from Q1 because of regional mix, and non-trade prices rose ₹10 to ₹30 a bag in October. Fuel cost is set to rise from ₹1.84 to ₹2.10 per million kilocalories, about ₹90 a ton, which management expects price increases and more green power to offset.

Net debt to EBITDA was 3.2 times against a below-3 mandate, and capex guidance of about ₹2,300 crore this year and ₹2,000 crore next year was kept. Of eight earlier promises, one was met, three are on track, one was partly met, two are delayed and one was missed.