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Q1 FY26 RESULTS PRESENTATION 2ND SEPTEMBER 2025
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2JSW Cement Q1 FY26 Results Presentation 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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JSW Cement Listing ceremony on NSE - August 14, 2025 -
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4JSW Cement Q1 FY26 Results Presentation Contents 01 Introducing JSW Cement Amongst the Fastest Growing Cement Companies in India 02 Growth Strategy Clear Blueprint for Creating a Pan-India Presence 03 Financial Performance – Q1 FY26 Business Environment Operational & Financial Performance 04 Sustainability Performance, Initiatives & Recognitions
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Introducing JSW Cement Nandyal Integrated Unit
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6JSW Cement Q1 FY26 Results Presentation JSW Group Amongst India’s leading Conglomerates with a turnover of US$23 Bn(1) Presence across core sectors • India’s largest steel producer with capacity of 35.7(2)mtpa • Growing to 43.4 mtpa by Sep’27 and 51.5 mtpa by FY31 • Market Cap of ~US$ 29.5bn • Power producer with 12.8 GW installed generation capacity • Targeting 30 GW generation and 40 GWhof energy storage capacity by FY30 • Market Cap of ~US$ 10.5bn • 2nd largest private port operator in India with 177mtpa capacity • Strategically located Ports and Terminals on west and east coast • Targeting 400 mtpaby FY30 • Market Cap of ~US$ 7.3bn • Capacity of 20.6 mtpa, growing to ~41.85 mtpaand developing a pan- India presence • Lowest CO2 emission intensity in cement industry • Market cap of ~US$ 2.4bn • Capacity of 210,000 klpa, with plants in Karnataka and Maharashtra • Announced transformative acquisition of AkzoNobel India • 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 EV complex: targeting 300k of PV and 100k 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 ₹18,000cr (4) Other Business lines EV Sports (1) As of FY25 (2) Includes capacity under commissioning (3) Market cap as of 25 August 2025 (4) Based on Apr’25 GMV run rate
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7JSW Cement Q1 FY26 Results Presentation 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 20.60 MTPA 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
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8JSW Cement Q1 FY26 Results Presentation JSW Cement: Strategically Located Manufacturing Footprint 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) As of FY25 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 5.10 1.32 Total 20.60 6.44 Manufacturing Footprint Grinding Unit Limestone Mines Clinker Unit Integrated Unit Multi-regional presence (MTPA) (2)
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Growth Strategy Dolvi Grinding Unit
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10JSW Cement Q1 FY26 Results Presentation 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 Current 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
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11JSW Cement Q1 FY26 Results Presentation Key Project Updates: Nagaur Integrated Unit 3.30 MTPA Clinker and 2.50 MTPA Cement Grinding • Equipment and machinery deliveries are in advanced stage • Construction and erection progressing well • Commissioning expected as per plan WHRS • All major packages have been ordered • Civil works are progressing well. Erection activities have commenced • Equipment and machinery deliveries have also commenced 1.0 MTPA Cement Grinding Unit • All major packages have been ordered • Civil work commenced 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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12JSW Cement Q1 FY26 Results Presentation Key Project Updates: Sambalpur and TalwandiSabo grinding units • 1.0 MTPA Grinding unit, which will source its clinker requirement from Shiva Cement’s clinker unit • Construction activities nearly completed • Trial runs are ongoing • 2.75 MTPA split grinding unit, which will source clinker from the integrated plant at Nagaur, Rajasthan • Statutory approvals are under process. Public hearing for obtaining environmental clearance also completed • Major packages ordered and engineering in progress Sambalpur grinding unit Sambalpur Grinding Unit - Odisha (part of listed subsidiary – Shiva Cement Ltd.) Talwandi Sabo - Punjab 2.75 MTPA split Grinding Unit
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Financial Performance Q1 FY26 Vijayanagar Grinding Unit
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14JSW Cement Q1 FY26 Results Presentation 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 6.5 FY20 FY21 FY22 FY23 FY24 FY25 FY26 World India 1.82 1.75 1.53 1.87 1.82 1.77 1.96 1.84 1.96 2.36 2.01 1.85 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun 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% 106% 2021 2022 2023 2024 2025 Fig. in Lakh Crs. RBI’s GDP growth projection for FY26 maintained at 6.5%, stable vs. last year (%,y-o-y) PMI indicates improving sentiment and orders; manufacturing PMI at a 14- month high 50 55 60 65 Jun 23 Dec 23 Jun 24 Dec 24 Jun 25 PMI - Mfg PMI - services Healthy monsoon, government's focus on agricultural development to boost rural growth CPI based inflation fell in June’25 to 2.1%,the lowest since Jan 2019; Q1 FY26 avg. of 2.7% 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% 6.50% 6.25% 6.00% 5.50% Jun'24 Sep'24 Dec'24 Feb'25 Apr'25 Jun'25 Source: Ministry of Commerce, CMIE, PIB, Ministry of Statistics and Programme Implementation
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15JSW Cement Q1 FY26 Results Presentation Indian Cement sector: Strong Medium-term Growth Potential 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
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16JSW Cement Q1 FY26 Results Presentation Operational Updates Financial Performance Other Highlights Q1 FY26: Key Highlights Total Volume Sold: 3.31 mn. MT, increased by 7.8% YoY Cement Volume Sold: 1.85 mn. MT, increased by 10.0% YoY GGBS Volume Sold: 1.30 mn. MT, increased by 5.0% YoY Cement realisation improved by 5.7% QoQ; GGBS realisation was stable on QoQ basis Cement Trade ratio of 52%; Clinker factor of 51% Revenue from Operations: Rs 1,559.8 crore, increased by 7.8% YoY Operating EBITDA improved 38.5% YoY to Rs 322.7 crore, equating to Rs 974/MT Adjusted PAT (excluding Fair Valuation of CCPS) of Rs. 100.0 crore Net Debt Rs. 4,566 crore(1); Net Debt to TTM EBITDA of 4.34x as at June 30, 2025 JSW Cement was Certified as a Great Place to Work for 2024-2025 JSW Cement is the industry partner for 2 Carbon Capture & Utilization (CCUS) test projects from the Department of Science and Technology, in collaboration with leading educational institutes Nandyal Plant won the CII ITC Excellence Award 2024 for Biodiversity (1) Excluding CCPS, which were converted to Equity Shares prior to IPO, in July 2025
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17JSW Cement Q1 FY26 Results Presentation Quarterly Sales Volume 3.07 3.73 3.31 Q1 FY25 Q4 FY25 Q1 FY26 Total Volume Sold (mn. MT) Cement Volume Sold (mn. MT) Total sales volume(1) increased by 7.8% on YoY basis and declined by 11.2% as compared with sequential quarter Cement trade ratio: 52%, Blended cement ratio: 67% +7.8% YoY GGBS Volume Sold (mn. MT) 1.68 2.10 1.85 Q1 FY25 Q4 FY25 Q1 FY26 1.24 1.49 1.30 Q1 FY25 Q4 FY25 Q1 FY26 +10.0% YoY +5.0% YoY (1) Including cement, GGBS and clinker. Excludes clinker sold from JSW FZC. -11.2% QoQ -12.0% QoQ -12.6% QoQ
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18JSW Cement Q1 FY26 Results Presentation Quarterly Revenue from Operations 1,447 1,709 1,560 Q1 FY25 Q4 FY25 Q1 FY26 Revenue from Operations (Rs. crore) Cement Realisation (1) (Rs./MT) Revenues increased by 7.8% YoY, driven by volume increase along with increase in cement realisation Cement realization improved by 5.7% QoQ; GGBS realization was stable on QoQ basis +7.8% YoY GGBS Realisation (1) (Rs./MT) 4,754 4,629 4,894 Q1 FY25 Q4 FY25 Q1 FY26 3,874 3,709 3,715 Q1 FY25 Q4 FY25 Q1 FY26 +3.0% YoY -4.1% YoY (1) Realisation = Gross Selling Price less GST less Discount +0.2% QoQ +5.7% QoQ -8.7% QoQ
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19JSW Cement Q1 FY26 Results Presentation Quarterly Raw Material, Power & Fuel costs Combined cost of inputs has been stable on QoQ and YoY basis, with efficiency improvements offsetting any increase in input costs During Q1 FY26, increase in raw material costs due to purchase of slag from 3rd parties at the Dolvi plant (1) Including raw materials cost, cost of traded goods and change in inventories (2) For India operations 1,088 1,209 1,205 743 639 641 Q1 FY25 Q4 FY25 Q1 FY26 Raw material Power & fuel Cost of Raw Materials (1) + Power & Fuel (Rs./MT) 1,832 1,848 1,847 +0.8% YoY Stable QoQ Average fuel consumption cost (2) (Rs./Mcal) 1.44 1.52 1.42 1.44 1.55 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26
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20JSW Cement Q1 FY26 Results Presentation Quarterly Logistics Costs 1,167 1,076 1,098 Q1 FY25 Q4 FY25 Q1 FY26 Logistics Costs (Rs./MT) Logistics cost per ton decreased by 5.9% YoY, primarily due to reduced lead distance Lead distance: Q1 FY25 295km, Q4 FY25 281km, Q1 FY26 283km -5.9% YoY +2.0% QoQ
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21JSW Cement Q1 FY26 Results Presentation Quarterly Employee Costs and Other Expenses 326 257 245 Q1 FY25 Q4 FY25 Q1 FY26 Employee Costs (1) (Rs./MT) Excluding ESOP costs, Employee Costs per ton reduced YoY, due to the special incentive for employees paid in Q1 FY25 Excluding ESOP costs, Employee Costs per ton increased QoQ, mainly due operating leverage impact (1) Employee costs included ESOP expense of Rs. 12.1 crore, Rs. 20.3 crore and Rs 3.7 crore in Q1 FY25, Q4 FY25 and Q1 FY26 respectively -24.6% YoY -4.5% QoQ 629 728 546 Q1 FY25 Q4 FY25 Q1 FY26 Other Expenses (Rs./MT) Reduction on QoQ basis primarily due to impact of plant shutdown and higher branding spend in Q4 FY25 Reduction on YoY basis primarily on account of lower branding spend in the current quarter -13.1% YoY -25.0% QoQ 286 202 234Excl. ESOP costs
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22JSW Cement Q1 FY26 Results Presentation Quarterly Operating EBITDA (Rs. Crore) 233.0 251.2 322.7 Q1 FY25 Q4 FY25 Q1 FY26 Highest first quarter EBITDA achieved in the company’s history at Rs. 323 Crore and substantial improvement on QoQ basis Op. EBITDA per ton improvement on YoY basis primarily driven by cost reduction Op. EBITDA per ton improvement on QoQ basis, due to improvement in cement realisation as well as from cost savings +38.5% YoY +28.5% QoQ 758 673 974 16.1% 14.7% 20.7% Op. EBITDA per ton (Rs.) Op. EBITDA Margin (%)
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23JSW Cement Q1 FY26 Results Presentation Summary Income Statement (1) Adjusted Profit After Tax = Profit After Tax plus Fair value expense arising from financial instruments (CCPS) designated as FVTPL (2) Refer following page Rs. Crore Q1 FY26 Q1 FY25 Variance (% YoY) Revenue 1,559.8 1,447.2 7.8% Less: Operating Expenses (1,237.2) (1,214.8) 1.9% Op. EBITDA 322.7 232.5 38.5% Other Income 22.1 24.3 -9.3% Total EBITDA 344.7 256.8 34.0% Less: Depreciation (77.9) (74.0) 5.3% Less: Finance Costs (102.2) (110.3) -7.4% Less: Fair value expense arising from financial instruments (CCPS) designated as FVTPL - (32.5) - PBT (before share of JV) 164.6 39.9 312.3% Less: Share of Profit /(Loss) from JV 0.1 (31.7) - PBT (before exceptional items) 164.7 8.2 +1912% Less: Exceptional items (2) (1,466.4) - - PBT (1,301.6) 8.2 - Tax expense 64.8 32.1 - Profit After Tax (1,366.4) (23.9) - Adjusted Profit After Tax (1) 100.0 8.6 +1056%
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24JSW Cement Q1 FY26 Results Presentation 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 a non-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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25JSW Cement Q1 FY26 Results Presentation Particulars Q1 FY25 Q4 FY25 Q1 FY26 Proforma Q1 FY26 Net Debt (Rs. crore) 3,933 4,204 4,566 3,066 Cash & cash equivalent (Rs. crore) 315 65 131 1,631 Net Debt/Equity (x) 0.92 0.98 1.04 0.70 Net Debt/EBITDA (x) (1) 3.13 4.35 4.32 2.91 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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27JSW Cement Q1 FY26 Results Presentation Sustainability Performance 749 738 740 751 FY23 FY24 FY25 Q1FY26 Specific Thermal Energy (Kcal/kg Clinker) GHG Emission Intensity (tCO2/tcm) Green Energy Share (RE+WHRS %) Thermal Substitution Rate (%) Specific Freshwater Consumption (L/tcm) (1) Clinker Factor % 174 241 230 248 33 29 28 29 FY23 FY24 FY25 Q1FY26 Scope1 Scope 2 4.0 15.0 21.5 21.6 FY23 FY24 FY25 Q1FY26 8.1 9.8 16.5 12.6 FY23 FY24 FY25 Q1FY26 62 59 45 44 FY23 FY24 FY25 Q1FY26 43 46 50 51 FY23 FY24 FY25 Q1FY26 (1) Freshwater excludes rainwater consumption (2) Source: CRISIL -for FY25 and CY24 respectively Targets Q3 FY26 ~45% 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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28JSW Cement Q1 FY26 Results Presentation Sustainability Initiatives Participation in CCU testbeds in academia-industry collaboration for cement industry Renewed the EPD for GGBS, with validity of 5 years Validation of near term GHG reduction targets by SBTI(1) Department of Science and Technology, Govt. of India launched five Carbon Capture and Utilisation (CCU) testbeds in the cement sector, on the occasion of National Technology Day celebrations, on 11th May 2025 Aim: Developing CO2 capture + CO2 Utilization in an industrial set up through a Public Private Partnership (PPP) funding model JSW Cement is the industry partner for 2 CCUS testbeds projects: IIT Kanpur + JSW Cement: This testbed will showcase carbon- negative mineralization, a method that locks CO₂ into solid minerals CSIR-IIP, IIT Tirupati, IISc + JSW Cement: Using a Vacuum Swing Adsorption process, this testbed will separate CO₂ from cement kiln gases and integrate it back into construction materials (1) Science Based Targets Initiative
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29JSW Cement Q1 FY26 Results Presentation Sustainability Recognitions CII Climate Action Program (CAP) Award ET Edge - Sustainable Organizations 2025 Great Place to Work CII ITC Sustainability Award JSW Cement was Certified as a Great Place to Work 2025 JSW Cement was awarded CII Climate Action Program (CAP) Award for Climate Initiatives and Actions JSW Cement’s Nandyal Plant won the CII ITC Excellence Award 2024 for Biodiversity JSW Cement was recognized for Championing Green Business Practices by ET Edge
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THANK YOU Investor Relations Contact ir.jswcement@jsw.in Salem Grinding Unit