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Informist, Monday, Aug. 10, 2026

 

By Narayana Krishna

 

HYDERABAD - Elevated fuel costs and higher operating expenses are likely to limit JSW Cement Ltd.'s June quarter earnings growth, although the commissioning of its greenfield plant in Rajasthan could partly offset the impact, analysts said. The company is expected to report healthy volume growth during the quarter, but realisations may remain under pressure due to higher fuel costs and expenses related to the ramp-up of the new plant.

 

JSW Cement is likely to report consolidated net profit of INR 1.25 billion for the June quarter, up 13% on year but down 67% sequentially, according to the average of estimates from five brokerages. Revenues are estimated at INR 18.13 billion, up 16% on year but down over 4% on quarter.

 

The highest net profit projection is INR 1.58 billion from Prabhudas Lilladher Pvt. Ltd. and the lowest is INR 1.00 billion from Motilal Oswal Financial Services Ltd. Revenue estimates range from a high of INR 18.90 billion from Kotak Securities Ltd. to a low of INR 16.29 billion from JM Financial Institutional Securities Pvt. Ltd.

 

While demand momentum and capacity addition are expected to drive volume growth, profitability may remain subdued due to cost inflation and initial ramp-up expenses, analysts said.

 

Revenues are expected to be supported by strong volume growth during the June quarter, aided by the commissioning of the Rajasthan plant, analysts said. Volumes are seen rising around 15% on year to about 3.8 million tonnes, though declining 4-5% sequentially, according to estimates from Kotak Securities, PhillipCapital India Pvt. Ltd. and Prabhudas Lilladher.

 

Realisations are expected to improve modestly, rising 1-5% on year and 3-4% on quarter. Motilal Oswal sees a relatively muted increase in realisations, while other brokerages have factored in stronger price hikes across regions.

 

JSW Cement's operating profitability is likely to remain under pressure due to elevated costs, analysts said. The earnings before interest, tax, depreciation and amortisation per tonne are estimated in the range of INR 820 – INR 899 across brokerages, a decline on both an on-year and sequential basis. Higher advertising and promotional spending linked to the commissioning of the new capacity is expected to weigh on profitability, Motilal Oswal said. JSW Cement's June quarter consolidated EBITDA is estimated to be INR 3.20 billion, almost flat from INR 3.23 billion a year ago.

 

Margins are expected to contract during the quarter as cost pressures outweigh gains from improved realisations. The EBITDA margin is seen in the range of 16.8–18.2%, compared to about 20.7% reported a year ago, based on estimates from Kotak Securities, Motilal Oswal, PhillipCapital and Prabhudas Lilladher.

 

JSW Cement is scheduled to announce its June quarter earnings Thursday.

 

On Monday, JSW Cement's shares ended at INR 132.84 on the National Stock Exchange, down 1.1% from its previous close. The shares are up over 4% since the company detailed its March quarter earnings on May 21.

 

Of the four research reports on the company available with Informist, two have a 'buy' recommendation with an average price target of INR 149, one has a 'hold' recommendation with a target price of INR 137, and one has a 'sell' recommendation with a price target of INR 125 per share.

 

The Following are the June quarter earnings estimates for JSW Cement from five brokerages in descending order of estimate of net profit, in INR million:

 

Brokerages	Net Sales	Net Profit	EBITDA
Prabhudas Lilladher Pvt. Ltd.	18,848	1,579	3,429
Kotak Securities Ltd.	18,902	1,368	3,177
JM Financial Institutional Securities Pvt. Ltd.	16,292	1,196	3,069
PhillipCapital (India) Pvt. Ltd.	18,621	1,085	3,120
Motilal Oswal Financial Services Ltd.	18,000	1,000	3,200
Average	18,133	1,246	3,199

End

 

Edited by Shubhayan Bhattacharya

 

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