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Q1 FY26 RESULTS PRESENTATION 2ND SEPTEMBER 2025 Investor Presentation November 2025
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2JSW Cement Investor Presentation Nov 2025 Forward Looking and Cautionary Statement This presentation contains forward-looking statements within the meaning of applicable securities laws. These statements are based on management's current expectations and assumptions, and are subject to risks and uncertainties that could cause actual results to differ materially. Forward-looking statements include, but are not limited to, projections of financial performance, business strategy, capital expenditures, market conditions, regulatory developments, and other factors affecting the cement industry. Words such as "anticipates," "believes," "estimates," "expects," "intends," "plans," "projects," "will," "would," "could," "may," and similar expressions are intended to identify forward-looking statements. These statements reflect management's views as of the date of this presentation and are not guarantees of future performance. Investors are cautioned not to place undue reliance on these forward-looking statements. Actual results may differ materially due to factors such as changes in demand for cement, fluctuations in raw material and energy prices, competition, regulatory changes, environmental considerations, and other risks detailed in the company's filings with the Securities and Exchange Board of India (SEBI) and other regulatory authorities. The company does not undertake any obligation to update or revise any forward- looking statements, except as required by law. This presentation is current as of the date shown and may be updated at any time without prior notice. It is provided for informational purposes only and should not be construed as an investment advice. None of the Company or any of its affiliates, advisers or representatives accept any liability whatsoever for any loss howsoever arising from any information presented or contained in this presentation. Please note that the past performance of the Company is not, and should not be considered as, indicative of future results. Potential investors must make their own assessment of the relevance, accuracy and adequacy of the information contained in this presentation and must make such independent investigation as they may consider necessary or appropriate for such purpose.
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3JSW Cement Investor Presentation Nov 2025 Contents 01 About JSW Cement Amongst the Fastest Growing Cement Companies in India 02 Growth Strategy Clear Blueprint for Creating a Pan-India Presence 03 Financial Performance: Q2 & H1 FY26 Business Environment Operational & Financial Performance 04 Sustainability Performance, Initiatives & Recognitions
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About JSW Cement Nandyal Integrated Unit
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5JSW Cement Investor Presentation Nov 2025 JSW Group Amongst India’s leading Conglomerates with a turnover of US$23 Bn(1) Presence across core sectors • India’s largest steel producer with capacity of 35.7 mtpa • Growing to 44.4 mtpaby FY29 and 51.5 mtpaby FY31 • Market Cap of ~US$ 33.2bn • Power producer with 13.2 GW installed generation capacity • Targeting 30 GW generation and 40 GWhof energy storage capacity by FY30 • Market Cap of ~US$ 10.4bn • 2nd largest private port operator in India with 177mtpa capacity • Strategically located 3 Ports and 7 Terminals on the West and East coasts of India; targeting 400 mtpaby FY30 • Market Cap of ~US$ 6.9bn • Capacity of 21.6 mtpa, growing to ~41.85 mtpaand developing a pan- India presence • Lowest CO2 emission intensity in cement industry • Market cap of ~US$ 2.1bn • Capacity of 210,000 klpa, with plants in Karnataka and Maharashtra • Transformative acquisition of Akzo Nobel India, expected to be completed by end-2025 • Targeting 800,000 klpacapacity by FY30 • 35% stake in JSW MG Motor India, 2nd largest EV passenger vehicle seller in India • Construction in progress for India’s largest NEV (New Energy Vehicle) complex: targeting 300k of PV and 15k of CV capacity by 2030 • One of India’s leading integrated B2B e-commerce platforms • Offers building material products, logistics and credit solutions • GMV annual run rate has crossed ₹15,700cr (2) Other Business lines EV Sports (1) As of FY25 (2) Based on Sep’25 GMV run rate (3) Market cap as of 31 October 2025
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6JSW Cement Investor Presentation Nov 2025 Strong Corporate Lineage of JSW Group Scaled Capacity India’s Fastest Growing(2) Cement Manufacturer Integrated Manufacturing Set-up Extensive Sales and Distribution Network Low CO2 Emission Intensity and Sustainable Products India’s Single Largest Manufacturer of GGBS Introducing JSW Cement(1) 1 2 3 4 5 6 21.60 MTPA(5) Grinding Capacity across 7 Units 12.96% | 4.77%(2) Grinding Capacity CAGR JSW | Industry Average Slag Long-term Contracts 13,000+ Dealers ~84% (4) FY25 Market Share 5.18 MMT | 41% GGBS % of Total Volume Sold 6.44 MTPA Clinker Capacity across 3 Units 12.64 MMT Total Volume Sold Limestone 12 mines, 1.2 bn MT reserves 6,000+ Direct Customers 258 kg/ton 52% Lower than Peer Group 50.1% | 66.4% Low Clinker to Cement Ratio JSW | Peer Average (3) South, West and East India Geographic Presence 16.73% | 6.15%(2) Sales Volume CAGR JSW | Industry Average Clinker Fully Self sufficient 52.9% Trade Share in Cement 77.4% Green Cementitous Products as % of Total Volume Sold 100% BF Slag Content Gives Strength and Durability to RMC 7 Visionary Promoters One of India’s leading Conglomerates Group Synergies Raw material, Power, Logistics JSW Brand Customer Loyalty + Trust (1) Data as of FY25 (2) CAGR for the period 2015-2025 (3) Peer average for FY24 (4) Source: CRISIL (5) As of Sep 30, 2025
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7JSW Cement Investor Presentation Nov 2025 FY06 FY09 FY13 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY25 Present JSW Cement: Our Journey and Track Record of Expansion 0.59 5.49 7.99 11.59 12.79 13.39 14.11 14.55 16.30 20.60 21.60 - 2.00 2.26 2.26 2.26 3.25 3.30 3.30 5.12 6.44 6.44 Grinding Cap. (MTPA) Clinker Cap. (MTPA) Incorpo -ration Phased Regional Market Entry Efficient Scale-up led by Grinding Units Full Backward Integration with Clinker Units Selective M&A to Bolster Limestone Reserves Prudent Capital Raising • FY 2009-12: South • FY 2015: West • FY 2018: East • FY 2026: North • FY 2017: South expansion • FY 2018: West expansion • FY 2021: East expansion • FY 2013: Nandyal integrated unit (South region) • FY 2020: FZC clinker unit (West region) • FY 2023: Shiva clinker unit (East region) • FY2017: Shiva Cement (East region) • FY 2023: SMPL Mine (Central region) • FY 2018: Rs 500 cr. Rights Issue by Promoters • FY 2022: Rs 1,600 cr. PE investment • FY 2026: Rs 1,600 cr. IPO primary issue
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8JSW Cement Investor Presentation Nov 2025 JSW Cement: Overview 4.50 MTPA Dolvi (Grinding) 6.00 MTPA Vijayanagar (Grinding) 0.80 MTPA Salem (Grinding) 4.20 MTPA Nandyal (Integrated Unit) 1.50 MTPA Jajpur (Grinding) 3.60 MTPA Salboni (Grinding) 1.32 MTPA Shiva Cement (Clinker unit) (1) In JSW FZC which is a JV (2) The grinding unit has been set up vide a commercial arrangement with Bhushan Power and Steel Limited, exclusively for use and consumption by Shiva Cement UAE 2.31 MTPA Fujairah (Clinker unit)UAE Region Grinding Capacity Clinker Capacity South 11.00 2.81 West 4.50 2.31(1) East 6.10 1.32 Total 21.60 6.44 Strategically Located Manufacturing Footprint Grinding Unit Limestone Mines Clinker Unit Integrated Unit Multi-regional presence (MTPA) 1.0 MTPA Sambalpur (Grinding) (2) Diversified Product Mix (FY25) 56% 41% 3% Cement GGBS Clinker
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9JSW Cement Investor Presentation Nov 2025 JSW GGBS: Business profile (1) Source: CRISIL (2) RMC = Ready Mix Concrete (3) Realisation = Gross Selling Price less GST less Discount JSW Cement pioneered the GGBS business model and is the #1 GGBS producer in India GGBS market share in India (FY25) (1) 84% 16% JSW Cement Other producers 0.68 5.18 FY15 FY25 +23% CAGR Track record of scaling up (Vol sold) (Mn MT) 3,239 3,641 3,761 3,773 3,699 FY22 FY23 FY24 FY25 H1 FY26 GGBS: Stable pricing, healthy margins, high returns (GGBS Realisation - Rs/MT 3) Strong tailwinds underpinning continued GGBS growth GGBS end-use segments (FY25) (1) Infra Residential Comm. / Industrial GGBS applications (FY25) (1,2) Cement demand Infra industry RMC industry GGBS demand GGBS expected to grow faster than cement demand (1) (FY25-30 CAGR) 55-60% 25-30% 15-20% Project/Captive RMC Comm. RMC Other 60-65%35-40% 5% 7.5-8.5% 8.5-9.5% 14-15% 9-10%
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10JSW Cement Investor Presentation Nov 2025 JSW GGBS: Superior Cementitious Properties driving use in RMC sector (1) Source: CRISIL (2) Composition shown by volume; in addition, additives/admixtures may also be added to RMC (3) As per BIS norms (June ‘24) GGBS production process (1) Advantages of using GGBS in RMC GGBS Application in RMC Blast Furnace Granulated Blast Furnace Slag (GBS) Ground Granulated Blast Furnace Slag (GGBS) Rapid quenching with high pressure water Drying and grinding Cementitious products Coarse agg. Fine agg. Water Raw material composition of RMC(2) 42-45% 35-37% 6-8% 12-15% OPC replacement potential in RMC(3) Cementitious products OPC% FA% GGBS% OPC only 100% - - OPC + Fly Ash Min 65% Max 35% - OPC + GGBS Min 50% - Max 50% OPC +GGBS +FA Min 55% Max 20% Up to 25% Reduced thermal cracks due to low heat of hydration Reduced shrinkage cracks Improved workability and smooth finish Improved cohesion Higher compressive strength of concrete (both initial and long term) Better resistance against chemicals Higher flexural strength Improved durability
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11JSW Cement Investor Presentation Nov 2025 JSW GGBS: Growth Enablers and Strategies Growth Enablers Growth Strategies 1 Multi-year supply contracts Secured the slag output from JSW Steel plants in South & West India; similar contracts with JSW Steel and other steel producers in East India 2 Co-location with JSW Steel Grinding Units in South & West India co-located with JSW Steel plants, minimizing inward logistic costs of slag 3 Regulatory certifications in place From all relevant regulatory bodies, allowing GGBS usage in RMC for building roads, metro, airports, railway bridges etc. 4 R&D led new product launches Microfine GGBS with applications in precast and high performance concrete GGBS is Widely Adopted Across Major Customer Categories Large EPC players Commercial RMC Producers Residential Developers Govt. agencies (Infra projects) 1 Continue to increase number of customers Increase customer base within existing markets (Tier 1 cities) Expand into newer areas, as RMC sector penetration increases in Tier 2 cities 2 Increase GGBS usage within existing customer base OPC replacement by GGBS within RMC is on uptrend; continuous customer education aiding the shift 3 Advisory & testing services Concrete testing labs offering concrete mix design, testing and investigation services Techno-commercial team to advise customers about optimal GGBS usage
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12JSW Cement Investor Presentation Nov 2025 JSW GGBS: Landmark Projects Mumbai Ahmedabad High Speed Rail Bengaluru International Airport Bengaluru Chennai Expressway Chennai Metro Paradip Port, Odisha Integrated Renewable Energy Project by Greenko, Kurnool
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Growth Strategy Dolvi Grinding Unit
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14JSW Cement Investor Presentation Nov 2025 Growth Strategy: Clear Road Map to develop Pan-India Presence 20.60 33.85 41.85 1.00 3.50 2.75 2.00 4.00 2.00 1.00 5.00 FY25 Grinding Capacity Sambalpur, Odisha Nagaur, Rajasthan Talwandi Sabo, Punjab Vijaynagar, Karnataka (Phase 1) Dolvi, Maharashtra CY 2028 Vijaynagar, Karnataka (Phase 2) Hatta, Madhya Pradhesh Uttar Pradesh Expanded Grinding Capacity 6.44 3.30 3.30 13.04 Approved Expansion Program Greenfield Brownfield 9.74 CY 2028 + Clinker capacity Commissioned Sep ’25 Grinding capacity Current Grinding capacity: 21.60 MTPA
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15JSW Cement Investor Presentation Nov 2025 1.0 MTPA Grinding Unit in Sambalpur, Odisha - commissioned in Sep’25 State-of-the-art 1.0 MTPA grinding unit • Clinker will be sourced from Shiva Cement • Other key raw materials such as slag and fly ash are available in the vicinity of the Sambalpur unit Expected Benefits • The grinding unit will enable Shiva Cement to enhance its clinker capacity utilisation • Shiva Cement will also benefit from additional earnings from cement sales • Cement dispatches from the Sambalpur unit started in Sep 2025; target markets include Western Odisha and parts of Jharkhand Sambalpur GU – first cement dispatch (Sep’25) Sambalpur Grinding Unit (part of Shiva Cement Limited) JSW Cement dealer shop in Jharsuguda, Odisha
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16JSW Cement Investor Presentation Nov 2025 Key Project Updates: Nagaur Integrated Unit 3.30 MTPA Clinker and 2.50 MTPA Cement Grinding • Equipment and machinery deliveries : 95% completed • Construction of main plant building : 94% completed; erection work : 75% completed • Expected commissioning in early Q4 FY26 WHRS • All major packages have been ordered • Civil works are progressing well. Erection activities have commenced • Equipment and machinery deliveries are in advanced stage 1.0 MTPA Cement Grinding Unit • All major packages has been ordered • Civil work ongoing Nagaur IU – pyro processing and clinker silo Nagaur Integrated Unit Marking JSW Cement’s entry into North region Nagaur IU – cement grinding and packing & dispatch
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17JSW Cement Investor Presentation Nov 2025 Key Project Updates: TalwandiSabo grinding unit • 2.75 MTPA split grinding unit, which will source clinker from the Integrated Unit at Nagaur, Rajasthan • NOC from Site Appraisal Committee and CLU (Change in Land Use) permission are in progress • Online CTE application submitted • Engineering is progressing as per plan • Topographical survey completed at site Talwandi Sabo - Punjab 2.75 MTPA split Grinding Unit Proposed Target Markets for GU Himachal Pradesh Punjab Haryana Rajasthan Uttar Pradesh Madhya Pradesh Gujarat Uttarakhand New Delhi Talwandi Sabo GU IU Nagaur Target Markets
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Financial Performance Q2 & H1 FY26 Vijayanagar Grinding Unit
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19JSW Cement Investor Presentation Nov 2025 Indian Economy FY26 Outlook: India is expected to continue as the fastest-growing major economy, driven by stable year-on-year GDP growth, sustained government spending, easing inflation; Geopolitical events such as tariff disruptions continue to pose concerns 2.6 -3.3 5.7 2.9 3.2 2.6 2.9 3.7 -6.6 8.7 7.0 7.6 6.4 6.8 FY20 FY21 FY22 FY23 FY24 FY25 FY26 World India 1.87 1.82 1.77 1.96 1.84 1.96 2.36 2.01 1.85 1.96 1.86 1.89 Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep FY25 FY26 0.0% 5.0% 10.0% Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar FY23 FY24 FY25 FY26 99% 105% 93% 107% 108% 2021 2022 2023 2024 2025 Fig. in Lakh Crs. RBI’s GDP growth projection for FY26 revised upwards at 6.8%, from 6.5% earlier (%,y-o-y) PMI moderated in Sep ’25 but remains strong overall 50 55 60 65 Sep 23 Mar 24 Sep 24 Mar 25 Sep 25 PMI - Mfg PMI - services Healthy monsoon, government's focus on agricultural development to boost rural growth CPI based inflation fell in Sep’25 to 1.5%, 8-year low; Q2 FY26 avg below 2% Resilient GST Revenue reflecting robust economic activity, improved tax compliance Benign inflation enabled RBI to cut interest rates by 100 bps in the ongoing easing cycle 6.50% 6.50% 6.25% 6.00% 5.50% 5.50% Sep'24 Dec'24 Feb'25 Apr'25 Jun'25 Sep'25 Source: Ministry of Commerce, CMIE, PIB, Ministry of Statistics and Programme Implementation (Rainfall % of Long Period Average)
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20JSW Cement Investor Presentation Nov 2025 Indian Cement sector Infrastructure led growth through Central & State capex thrust to drive demand in Short Term Public Capex gains traction: Centre hits 51.8% of FY26 target in H1 10.18 11.21 FY25RE FY26e +10% YoY Central Capex (Rs Lakh Cr.) State Capex, Central Grant and Loans (Rs Lakh Cr.) 13.18 15.48 FY25RE FY26e +17% YoY Source: Union and State Budget 2025-26 *SASCE Scheme for Special Assistance to States for Capital Expenditure Utilized approx. Rs. 5.8 lakh cr. in H1 FY26 Utilization% ~51.8% as a percentage of FY26 target State Own Capex: ~ 25-30% utilized of target Rs. 10.2 Lakh cr. Centre’s Interest-Free Capex Loans to States (SASCE* scheme): ~33% utilized Other Capital Grants / Transfers from Centre: ~ 40% of target Rs. 3.8 lakh cr. utilized H1 FY26 Utilisation Strong front-loading of infrastructure capex Highest H1 utilization in recent years Significant central capex in pipeline ahead Moderate utilization Interest free loan to State: Centre has disbursed one- third of FY26 allocation Transfers from Centre: Robust public investment momentum
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21JSW Cement Investor Presentation Nov 2025 Indian Cement sector All India Cement Demand (mn. MT) (1) Source: CRISIL FY26P FY30P 7.5-8.5% CAGR 495-500 670-680 Cement demand segments Share of demand (FY25) Expected CAGR (FY26P – FY30P) Rural housing 32-34% 7.0-8.0% Urban housing 22-24% 6.0-7.0% Infrastructure 29-31% 8.5-9.5% Industrial & Comm. 13-15% 6.5-7.5% South region East region West region North region FY26P-30P : 7.0-8.0% demand CAGR Demand growth to be supported by infrastructure sector along with road and irrigation projects FY26P-30P : 8.5-9.5% demand CAGR Demand growth from infrastructure, housing and industrial investment in railways, power, cement and steel sectors FY26P-30P : 6.0-7.0% demand CAGR Demand growth propelled by urban infrastructure projects, expressways, urban housing sectors FY26P-30P : 6.5-7.5% demand CAGR Demand growth driven by infrastructure projects and real estate in key existing markets and emerging pockets Strong Medium-term Growth Potential across Segments and Regions
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22JSW Cement Investor Presentation Nov 2025 Operational Updates Financial Performance Other Highlights Q2 FY26: Key Highlights Total Volume Sold: 3.11 mn. MT, increased by 14.9% YoY Cement Volume Sold: 1.64 mn. MT, increased by 6.8% YoY GGBS Volume Sold: 1.38 mn. MT, increased by 20.6% YoY Cement realization declined by 5.2% QoQ; GGBS realization broadly stable on QoQ basis Cement Trade ratio of 52%; Clinker factor of 50% Revenue from Operations: Rs 1,436.4 crore, increased by 17.4% YoY Operating EBITDA improved 64.2% YoY to Rs 267.5 crore, equating to Rs 860/MT PAT of Rs. 75.4 crore Net Debt Rs. 3,231 crore(1); Net Debt to TTM EBITDA of 2.80x as at Sep 30, 2025 Commenced production at 1.0 MTPA grinding unit in Sambalpur, Odisha in Sep’25, taking consolidated grinding capacity to 21.60 MTPA The Nandyal plant was awarded the CII National Award 2025 for Excellence in Energy Management and the Nandyal mine was awarded "Five Star Award" by Indian Bureau of Mines Shiva Cement was awarded the Gold Award for Highest TSR achieved in 2024-25 & Highest utilization of Alternative Raw materials in 2024-25 (1) Excluding CCPS, which were converted to Equity Shares prior to IPO, in July 2025
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23JSW Cement Investor Presentation Nov 2025 Quarterly Sales Volume 2.71 3.31 3.11 Q2 FY25 Q1 FY26 Q2 FY26 Total Volume Sold (mn. MT) Cement Volume Sold (mn. MT) Total sales volume(1) increased by 14.9% on YoY basis and declined by 6.0% as compared with sequential quarter Cement trade ratio: 52%, Blended cement ratio: 67% +14.9% YoY GGBS Volume Sold (mn. MT) 1.54 1.85 1.64 Q2 FY25 Q1 FY26 Q2 FY26 1.15 1.30 1.38 Q2 FY25 Q1 FY26 Q2 FY26 +6.8% YoY +20.6% YoY (1) Including cement, GGBS and clinker. Excludes clinker sold from JSW FZC. -6.0% QoQ -11.3% QoQ +6.4% QoQ
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24JSW Cement Investor Presentation Nov 2025 Quarterly Revenue from Operations 1,224 1,560 1,436 Q2 FY25 Q1 FY26 Q2 FY26 Revenue from Operations (Rs. crore) Cement Realisation (1) (Rs./MT) Revenues increased by 17.4% YoY, driven by volume increase along with increase in cement realisation Cement realization declined by 5.2% QoQ; GGBS realization broadly stable on QoQ basis +17.4% YoY GGBS Realisation (1) (Rs./MT) 4,458 4,894 4,638 Q2 FY25 Q1 FY26 Q2 FY26 3,870 3,715 3,685 Q2 FY25 Q1 FY26 Q2 FY26 +4.0% YoY -4.8% YoY (1) Realisation = Gross Selling Price less GST less Discount -0.8% QoQ -5.2% QoQ -7.9% QoQ
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25JSW Cement Investor Presentation Nov 2025 Quarterly Raw Material, Power & Fuel costs Combined cost of inputs has declined on YoY basis, primarily due to change in product mix, decline in input costs of slag and higher production levels YoY resulting in efficiency improvements Combined cost of inputs has declined on QoQ basis, primarily driven by lower input costs of slag (in Q1 FY26, slag was purchased from 3rd parties at Dolvi plant) and product mix changes (1) Including raw materials cost, cost of traded goods and change in inventories (2) For India operations 1,218 1,205 1,023 624 641 725 Q2 FY25 Q1 FY26 Q2 FY26 Raw material Power & fuel Cost of Raw Materials (1) + Power & Fuel (Rs./MT) 1,841 1,847 1,749 -5.0% YoY -5.3% QoQ Average fuel consumption cost (2) (Rs./Mcal) 1.52 1.42 1.44 1.55 1.50 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26
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26JSW Cement Investor Presentation Nov 2025 Quarterly Logistics Costs 1,071 1,098 1,055 Q2 FY25 Q1 FY26 Q2 FY26 Logistics Costs (Rs./MT) Logistics cost per ton decreased by 1.5% YoY, primarily due to reduced lead distance; decrease on QoQ basis driven by efficiencies Lead distance: Q2 FY25 288km, Q1 FY26 283km, Q2 FY26 283km -1.5% YoY -3.9% QoQ
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27JSW Cement Investor Presentation Nov 2025 Quarterly Employee Costs and Other Expenses 327 245 271 Q2 FY25 Q1 FY26 Q2 FY26 Employee Costs (1) (Rs./MT) Excluding ESOP costs, Employee Costs per ton reduced YoY, with effect of annual increment offset by operating leverage impact Excluding ESOP costs, Employee Costs per ton increased QoQ, mainly due to operating de-leverage impact (1) Employee costs included ESOP expense of Rs. 12.1 crore, Rs. 3.7 crore and Rs 3.4 crore in Q2 FY25, Q1 FY26 and Q2 FY26 respectively -17.3% YoY +10.3% QoQ 677 546 681 Q2 FY25 Q1 FY26 Q2 FY26 Other Expenses (Rs./MT) Slight increase on YoY basis primarily due to higher branding spend in Q2 FY26, offset by operating leverage Increase on QoQ basis primarily due to higher branding spend and repair and maintenance costs in Q2 FY26 +0.6% YoY +24.7% QoQ 282 234 260Excl. ESOP costs As reported (incl. ESOP costs)
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28JSW Cement Investor Presentation Nov 2025 Quarterly Operating EBITDA (Rs. Crore) 162.9 322.7 267.5 Q2 FY25 Q1 FY26 Q2 FY26 Op. EBITDA per ton improvement on YoY basis primarily driven by increase in cement realization and cost reduction initiatives Op. EBITDA per ton decline on QoQ basis, primarily due to softening in cement realization in Q2 FY26 and volume effect +64.2% YoY -17.1% QoQ 602 974 860 13.3% 20.7% 18.6% Op. EBITDA per ton (Rs.) Op. EBITDA Margin (%)
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29JSW Cement Investor Presentation Nov 2025 H1 FY26: Consolidated Financial Performance Total Volume Sold (1) (mn. MT) 5.78 6.42 H1 FY25 H1 FY26 +11.1% YoY Cement Volume Sold (mn. MT) GGBS Volume Sold (mn. MT) Sales Volume Key Financials Revenue from operations (Rs cr) Operating EBITDA (Rs cr) +8.5% YoY +12.2% YoY +12.5% YoY Op. EBITDA per ton (Rs.) 685 919 3.22 3.49 H1 FY25 H1 FY26 2.38 2.68 H1 FY25 H1 FY26 2,671 2,996 H1 FY25 H1 FY26 +49.1% YoY 395.9 590.2 H1 FY25 H1 FY26 (1) Including cement, GGBS and clinker. Excludes clinker sold from JSW FZC.
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30JSW Cement Investor Presentation Nov 2025 Summary Income Statement (1) Adjusted Profit After Tax = Profit After Tax plus Fair value expense arising from financial instruments (CCPS) designatedas FVTPL (2) Refer following page Rs. Crore Q2 FY26 Q2 FY25 Variance (% YoY) H1 FY26 H1 FY25 Revenue 1,436.4 1,223.7 17.4% 2,996.3 2,671.0 Less: Operating Expenses (1,168.9) (1,060.8) 10.2% (2,406.1) (2,275.1) Op. EBITDA 267.5 162.9 64.2% 590.2 395.9 Other Income 23.6 27.4 -13.7% 45.7 51.7 Total EBITDA 291.2 190.3 53.0% 635.9 447.6 Less: Depreciation (79.5) (76.8) 3.5% (157.5) (150.9) Less: Finance Costs (100.3) (109.4) -8.3% (202.4) (219.7) Less: Fair Valuation of Financial instruments - (37.8) - (70.8) Share of Profit /(Loss) from JV 9.9 (40.9) 10.0 (72.6) PBT (before exceptional items) 121.3 (74.5) 286.0 (66.4) Less: Exceptional items (2) - - (1,466.4) - PBT 121.3 (74.5) (1,180.4) (66.4) Tax expense 45.9 1.3 110.7 33.4 Profit After Tax 75.4 (75.8) (1,291.1) (99.7) Adjusted Profit After Tax (1) 75.4 (39.9) 175.3 (28.8)
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31JSW Cement Investor Presentation Nov 2025 Fair value expense arising from financial instruments (CCPS) designated as FVTPL Background The Company raised Rs 1,600 crore in FY22, by issuing Compulsory Convertible Preference Shares (CCPS) to 3 investors viz. AP Asia Opportunistic Holdings Pte. Ltd., Synergy Metals Investments Holding Limited and State Bank of India The CCPS were to be converted into Equity Shares as per the terms of the Shareholder Agreement. Accordingly, the CCPS were accounted for as Financial Liability (under Non-current Borrowings) and classified as Fair Value through Profit or Loss (FVTPL) The carrying value of the CCPS liability was Rs 1,897.71 crore as at 31 March 2025 Recent Update On 24 July 2025, prior to the IPO of the Company, 160,000,000 CCPS of face value Rs. 100 each were converted into 235,662,477 equity share of face value Rs. 10 each Accordingly, the CCPS liability has been fair valued as on 30th June 2025 based on the above conversion terms, resulting in anon-cash expense (Fair value expense arising from financial instruments (CCPS) designated as FVTPL) of Rs. 1,466.4 crore for Q1 FY26. There will be no further expense on account of CCPS in subsequent quarters. The corresponding accounting entries (simplified)for Q1 FY26 and Q2 FY26 are illustrated below: Q1 FY26 (Rs. Crore) 30th June 2025 Q2 FY26 (Rs. Crore) 24th July 2025 Fair value expense arising from CCPS (Debit) 1,466.38 CCPS liabilities (Debit) 3,364.09 CCPS liabilities (Credit) 1,466.38 Share capital (Credit) (1) 235.66 Securities premium (Credit) 3,128.43 (1) Credit to Share Capital at Face Value of Rs.10 per Equity Share
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32JSW Cement Investor Presentation Nov 2025 Particulars Q2 FY25 Q1 FY26 Q2 FY26 Net Debt (Rs. crore) 4,153 4,566 3,231 Cash & cash equivalent (Rs. crore) 147 131 958 Net Debt/Equity (x) 0.98 1.04 0.53 Net Debt/EBITDA (x) (1) 3.51 4.34 2.80 Consolidated Debt Position (excl. CCPS) (1) Net Debt/EBITDA on TTM basis (Rs. Crore)
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Sustainability JSW Cement is the World’s leading ‘Green Cement’ manufacturer The average CO2 emission intensity is 562 for the World, whereas for India it is 535 Ours is 258 kg CO2/Tonne of Cementitious Material Salboni Grinding Unit
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34JSW Cement Investor Presentation Nov 2025 Sustainability Performance 749 738 740 746 FY23 FY24 FY25 Q2FY26 Specific Thermal Energy (Kcal/kg Clinker) GHG Emission Intensity (tCO2/tcm) Green Energy Share (RE+WHRS %) Thermal Substitution Rate (%) Specific Water Consumption (L/tcm) (1) Clinker Factor % 174 241 230 248 33 29 28 29 FY23 FY24 FY25 Q2FY26 Scope1 Scope 2 4.0 15.0 21.5 21.4 FY23 FY24 FY25 Q2FY26 8.1 9.8 16.5 12.4 FY23 FY24 FY25 Q2FY26 78 76 81 79 FY23 FY24 FY25 Q2FY26 43 46 50 50 FY23 FY24 FY25 Q2FY26 (1) KPI changed from Freshwater to Water intensity to align with the emerging disclosure guidelines (2) Source: CRISIL -for FY25 and CY24 respectively Targets Q4 FY26 ~49% FY27 ~63% India avg. 535 kg/ton(2) JSW is 52% lower Global avg. 562 kg/ton(2) JSW is 54% lower
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35JSW Cement Investor Presentation Nov 2025 Sustainability Initiatives & Recognitions IConSWM Awards for Excellence in Co-processing (2025) Indian Bureau of Mines CII National Award Community initiatives in Rajasthan’s Sarasani Village JSW Cement’s Nandyal plant was awarded the CII National Award 2025 for Excellence in Energy Management Shiva Cement was awarded the Gold Award for Highest TSR achieved in 2024-25 & Highest utilization of Alternative Raw materials in 2024-25 JSW Cement’s Nagaur unit inaugurated 3 newly constructed classrooms and a renovated Government School building It also started a community bus service, connecting local villages to Nagaur City JSW Cement’s Limestone Mine in Nandyal Works was awarded with "Five Star Award" for the year 2023-24 by Indian Bureau of Mines, Ministry of Mines, Govt. of India
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THANK YOU Investor Relations Contact ir.jswcement@jsw.in Salem Grinding Unit