JSWCEMENT · Construction Materials
JSW Cement Ltd. reported revenue of ₹1,621 cr for October to December 2025, +13.1% on the year and +12.9% on the quarter.
Operating profit (EBITDA) was ₹285 cr, a margin of 17.6%, +949 bps on the year and −108 bps on the quarter. Over the last 7 quarters the margin has ranged from 6.9% to 20.7%, averaging 13.9%. Operating costs grew +1.4% against revenue growth of +13.1%, so more of each rupee of sales reached operating profit.
The company swung to a net profit of ₹131 cr from a loss of ₹80.0 cr a year earlier, with earnings per share of ₹1.04.
Capital goods and EPC revenue follows project execution, which makes quarters uneven; the order book and new orders tell more about the year than one quarter does. The quarterly statements do not carry the order book, new orders and working capital; those come with the filing read.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
A lower tax rate lifted profit. Is the lower rate going to last?
Source: Quarterly statements
Other income is carrying a large and rising share of profit. Treasury gains, interest, or one-off?
Source: Quarterly statements
Turned profitable from a loss a year ago.
Source: Quarterly statements
Could not run on this quarter: Headline vs core profit, Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1,447 cr | ₹1,224 cr | ₹1,433 cr | ₹1,709 cr | ₹1,560 cr | ₹1,436 cr | ₹1,621 cr | ₹1,895 cr | ₹1,896 cr | ₹1,912 cr |
| YoY | — | — | — | — | +8% | +17% | +13% | +11% | +22% | +33% |
| EBITDA margin | 11.6% | 6.9% | 8.1% | 14.0% | 20.7% | 18.7% | 17.6% | 19.3% | 15.8% | 14.5% |
| Other income, % of PBT | 300% | — | — | 37% | — | 28% | 36% | 10% | 45% | 37% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — |
| Tax rate | — | — | — | 79% | — | 38% | 29% | — | 19% | 23% |
| Net profit | −₹24.0 cr | −₹76.0 cr | −₹80.0 cr | ₹16.0 cr | −₹1,366 cr | ₹75.0 cr | ₹131 cr | ₹362 cr | ₹153 cr | ₹78.0 cr |
| YoY | — | — | — | — | — | — | — | +2,163% | — | +4% |
| Core profit YoY | — | — | — | — | — | — | — | +302% | −27% | −26% |
| EPS | −₹0.15 | −₹0.63 | −₹0.68 | ₹0.34 | −₹13.31 | ₹0.63 | ₹1.04 | ₹2.72 | ₹1.18 | ₹0.63 |
| Flags | 1 | · | · | 1 | ✓ | ✓ | 2 | 2 | 3 | 2 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
JSW Cement Ltd. reported revenue of ₹1,621 cr (+13.1% on the year) and net profit of ₹131 cr (— on the year) for October to December 2025.
2 checks raised a question: A lower tax rate lifted profit. Is the lower rate going to last?
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