JSW Cement Limited report its consolidated financial results for the quarter ended December 31, 2025:

During the quarter, total volume sold increased by 14% y/y to 3.56 million t. Of this, cement volume sold was 1.89 million t representing an increase of 7% y/y, versus 1.77 million t in Q3 FY25. The volume sold of ground granulated blast furnace slag was 1.53 million t representing an increase of 17% y/y, versus 1.31 million t in Q3 FY25.

Revenue from operations increased 13% y/y to US$177.3 million, while operating EBITDA improved by 32% y/y to US$31.2 million. Operating EBITDA per t was US$87.2 in Q3 FY26 as against US$75.6 in Q3 FY25. Operating EBITDA margin was 17.6% in Q3 FY26, as against 15.1% in Q3 FY25. Total EBITDA (including other income) was US$45.5 million in Q3 FY26, representing an increase of 51%, versus US$30.1 million in Q3 FY25.

During 9M FY26, total volume sold increased by 12% y/y to 9.98 million t. Of this, cement volume sold was 5.38 million t representing an increase of 8% y/y while the volume sold of GGBS was 4.21 million t representing an increase of 14% y/y.

Revenue from operations increased 13% y/y to US$504.9 million, while operating EBITDA improved by 43% y/y to US$95.6 million. Operating EBITDA per t for 9M FY26 stood at US$95.9 per t.

JSW Cement successfully completed its listing on the NSE and the BSE on August 14, 2025. On 24 July 2025, prior to the IPO, 160 000 000 CCPS of face value US$1.11 each were converted into 235 662 477 equity share of face value US$0.11 each. Accordingly, the CCPS liability (which had a carrying value of US$208.2 million as at 31 March 2025) was fair-valued as on 30 June 2025 based on the above conversion terms, resulting in a non-cash, exceptional expense (fair value expense arising from financial instruments (CCPS) designated as FVTPL) of US$160.8 million during Q1 FY26 and 9M FY26. There was no expense on account of CCPS in Q2 FY26 and Q3 FY26.

JSW Cement continues to have lowest carbon dioxide emission intensity in the industry, with emission intensity of 270 kg CO

per t of cementitious materials in Q3 FY26.

JSW Cement continues to make progress on its approved expansion programme to develop a pan India presence and reach 41.85 MTPA of grinding capacity along with 13.04 MTPA of clinker capacity.

Commissioning of the first phase of the Nagaur integrated unit in Rajasthan, comprising 3.3 million tpy clinker capacity and 2.5 million tpy grinding capacity, is expected in Q4 FY26. Work on the WHRS and additional 1 million tpy grinding capacity in Nagaur are also progressing as per plan. Regulatory approvals are under process for the 2.75 million tpy split grinding unit at Mansa, Punjab. During Q3 FY26, JSW Cement commissioned 8 MW of solar capacity under captive route and remains on track to add further renewable power capacity in the coming quarters.

During Q3 FY26 and 9M FY26, JSW Cement incurred capex (including maintenance capex) of US$53.7 million and US$159.9 million respectively.

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