Integrated Filing — IndAS



General information about company

Scrip Code 544480
NSE Symbol JSWCEMENT
MSEI Symbol NOTLISTED
ISIN INE718I01012
Name of company JSW CEMENT LIMITED
Type of company Main Board
Class of security Equity
Date of start of financial year 01-04-2025
Date of end of financial year 31-03-2026
Date of board meeting when results were approved 04-02-2026
Date on which prior intimation of the meeting for considering financial results was informed to the exchange 27-01-2026
Description of presentation currency INR
Level of rounding used in financial results Lakhs
Reporting Type Quarterly
Reporting Quarter Third quarter
Nature of report standalone or consolidated Standalone
Whether results are audited or unaudited for the quarter ended Unaudited
Whether results are audited or unaudited for the Year to date for current period ended/year ended Unaudited
Segment Reporting Single segment
Description of single segment Cement and cement related products
Start date and time of board meeting 04-02-2026   14:00:00
End date and time of board meeting 04-02-2026   17:56:00
Whether cash flow statement is applicable on company
Type of cash flow statement
Declaration of unmodified opinion or statement on impact of audit qualification Not applicable
Whether statement on deviation or variation for proceeds of public issue, rights issue, preferential issue, qualified institutions placement etc. is applicable to the company for the current quarter? Yes
No. of times funds raised during the quarter 1
Whether the disclosure for the Default on Loans and Debt Securities is applicable to the entity? No
There is no default on loans.



Financial Results Ind-AS

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-10-2025 01-04-2025
B Date of end of reporting period 31-12-2025 31-12-2025
C Whether results are audited or unaudited Unaudited Unaudited
D Nature of report standalone or consolidated Standalone Standalone
1 Income
Revenue from operations 1,47,867.00 4,24,609.00
Other income 10,618.00 19,218.00
Total income 1,58,485.00 4,43,827.00
2 Expenses
(a) Cost of materials consumed 38,030.00 1,05,173.00
(b) Purchases of stock-in-trade 2,273.00 3,657.00
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade (752.00) (879.00)
(d) Employee benefit expense 7,802.00 22,113.00
(e) Finance costs 6,780.00 23,847.00
(f) Depreciation, depletion and amortisation expense 6,946.00 20,463.00
(f) Other Expenses
1 Power and fuel expense 18,797.00 54,830.00
2 Freight and handling expense 35,144.00 1,00,744.00
3 Other expenses 18,998.00 53,611.00
Total other expenses 72,939.00 2,09,185.00
Total expenses 1,34,018.00 3,83,559.00
3 Total profit before exceptional items and tax 24,467.00 60,268.00
4 Exceptional items (3,126.00) (1,49,764.00)
5 Total profit before tax 21,341.00 (89,496.00)
6 Tax expense
7 Current tax 255.00 936.00
8 Deferred tax 6,140.00 18,262.00
9 Total tax expenses 6,395.00 19,198.00
10 Net movement in regulatory deferral account balances related to profit or loss and the related deferred tax movement 0.00 0.00
11 Net Profit Loss for the period from continuing operations 14,946.00 (1,08,694.00)
12 Profit (loss) from discontinued operations before tax 0.00 0.00
13 Tax expense of discontinued operations 0.00 0.00
14 Net profit (loss) from discontinued operation after tax 0.00 0.00
15 Share of profit (loss) of associates and joint ventures accounted for using equity method 0.00 0.00
16 Total profit (loss) for period 14,946.00 (1,08,694.00)
17 Other comprehensive income net of taxes (1,031.00) (1,210.00)
18 Total Comprehensive Income for the period 13,915.00 (1,09,904.00)
19 Total profit or loss, attributable to
Profit or loss, attributable to owners of parent
Total profit or loss, attributable to non-controlling interests
20 Total Comprehensive income for the period attributable to
Comprehensive income for the period attributable to owners of parent
Total comprehensive income for the period attributable to owners of parent non-controlling interests
21 Details of equity share capital
Paid-up equity share capital 1,33,858.00 1,33,858.00
Face value of equity share capital 10 10
27 Details of debt securities
22 Reserves excluding revaluation reserve
23 Earnings per share
i Earnings per equity share for continuing operations
Basic earnings (loss) per share from continuing operations 1.12 -9.19
Diluted earnings (loss) per share from continuing operations 1.11 -9.19
ii Earnings per equity share for discontinued operations
Basic earnings (loss) per share from discontinued operations 0 0
Diluted earnings (loss) per share from discontinued operations 0 0
ii Earnings per equity share
Basic earnings (loss) per share from continuing and discontinued operations 1.12 -9.19
Diluted earnings (loss) per share from continuing and discontinued operations 1.11 -9.19
24 Debt equity ratio
25 Debt service coverage ratio
26 Interest service coverage ratio
27 Disclosure of notes on financial results Textual Information(1)



Disclosure of notes on financial results

Textual Information(1) 1. The unaudited standalone financial results of the Company for the quarter and nine months ended December 31, 2025 have been reviewed by the Audit Committee and approved by the Board of Directors of the Company at their meeting held on February 4, 2026. The Statutory auditors of the Company have carried out a limited review of these results. 2. The unaudited standalone financial results of the Company for the quarter and nine months ended December 31, 2025 have been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards as prescribed under section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India. 3. The Company operates in a single segment of providing cement and cement related products and hence no separate segment disclosure is required under Ind AS 108 - Operating Segments. 4. On 14 August 2025, the equity shares of the Company were listed on National Stock Exchange of India Limited (NSE) and BSE Limited (BSE). The comparative numbers for the quarter and nine months ended December 31, 2024 were not subjected to a review by statutory auditors of the Company and the management has exercised necessary diligence in preparing the financial results of these periods. 5. JSW Cement Ltd. (JSWCL) applied for Industrial Promotional Assistance under the West Bengal State Support for Industries Scheme, 2013 (WBSSIS 2013) for its Salboni Cement Plant. While it received the preliminary Registration Certificate (RC-I), the final Registration Certificate (RC-II) was initially rejected by the District Industries Centre (DIC) for not applying within the specified timeline. JSWCL challenged this decision in the Calcutta High Court, which quashed the DIC's order and directed reconsideration within two weeks. Subsequently, the DIC again rejected the RC-II application on the aforementioned grounds. JSWCL contested this in the Calcutta High Court, presenting substantial evidence for commercial production. In April 2025, the West Bengal government enacted the Revocation of West Bengal Incentive Schemes and Obligations in the Nature of Grants and Incentives Act, 2025 (Revocation Act), which retrospectively annuls all grants sanctioned under various state incentive schemes from 1993 to 2021. JSWCL's current writ in relation to rejection of RC-II has been put on hold pending clarity on the new enactment. Based on the Company’s assessment coupled with the advice / opinion obtained from independent / external legal counsel, the Company filed a writ petition in the High Court of West Bengal challenging the Act and revocation of the scheme and believes it has a good case to recover the outstanding claim balance as on December 31, 2025 of Rs. 339.87 crore. 6. a) The Government of India has notified the Code on Social Security, 2020 (“Social Security Code”); the Occupational Safety, Health and working conditions Code 2020; the Industrial Relations Code 2020 and the Code on Wage, 2019 (collectively, the Labour Codes”) on November 21, 2025. The Ministry of Labour & Employment published draft Central Rules and FAQs to enable assessment of the financial impact due to Labour codes. In accordance with Ind AS 19 – Employee benefits, changes to employee benefit plans arising from legislative amendments are treated as plan amendments, requiring immediate recognition of past service cost in the Statement of Profit and Loss. This approach is consistent with guidance issued by the Institute of Chartered Accountants of India. The implementation of the Labour Codes has resulted in an increase of Rs. 31.26 crore in the provision for defined benefit obligations, which has been recognized as an expense in the current reporting period and disclosed as an Exceptional Item in the financial results for the quarter and nine-months ended December 31, 2025. The Company continues to monitor the finalization of Central and State Rules as well as Government clarifications on other aspects of the Labour Codes and will incorporate appropriate accounting treatment based on these developments as required. b) Pursuant to the shareholders agreements (SHA) between the Company and the investors of Compulsory convertible preference shares (CCPS), 160,000,000 number of CCPS have been converted into 235,662,477 number of equity shares of face value of Rs. 10 each at a premium of Rs. 132.75�per share and the resultant valuation difference of Rs. 1,466.38�crore between the said conversion value, determined as per internal rate of return thresholds prescribed in SHA in light of recent valuation done by the QIPO banker, and its carrying value as on March 31, 2025, being significant for the quarter ended June 30, 2025 and nine month ended December 31, 2025 has been disclosed as an Exceptional Item. 7. During the quarter, the Company, together with Alpha Alternatives Holdings Private Limited, entered into a Securities Sale Agreement with Nuvoco Vistas Corporation Limited for the sale of securities of Algebra Endeavour Private Limited. The total consideration agreed under the agreement was Rs. 200 crore, of which Rs. 191.63 crore pertains to the securities held/to be held by the Company. The conditions precedent under the agreement were fulfilled and the consideration was received in the subsequent period. Pursuant to the agreement, the Company recognised a fair value gain of Rs. 53.6 crore on the aforesaid investments, measured at fair value through profit or loss, for the quarter and the nine-month period ended December 31, 2025.



Remarks

Debt equity ratio
Debt service coverage ratio
Interest service coverage ratio


Format for Reporting Segment wise Revenue, Results and Capital Employed along with the company results

Amount in (Lakhs)

Particulars 3 months/ 6 month ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
Date of start of reporting period 01-10-2025 01-04-2025
Date of end of reporting period 31-12-2025 31-12-2025
Whether results are audited or unaudited Unaudited Unaudited
Nature of report standalone or consolidated Standalone Standalone
1 Segment Revenue (Income)
(net sale/income from each segment should be disclosed)
Total Segment Revenue
Less: Inter segment revenue
Revenue from operations
2 Segment Result
Profit (+) / Loss (-) before tax and interest from each segment
Total Profit before tax
i. Finance cost
ii. Other Unallocable Expenditure net off Unallocable income
Profit before tax
3 (Segment Asset - Segment Liabilities)
Segment Asset
Total Segment Asset
Un-allocable Assets null null
Net Segment Asset null null
4 Segment Liabilities
Segment Liabilities
Total Segment Liabilities
Un-allocable Liabilities null null
Net Segment Liabilities null null
Disclosure of notes on segments



Other Comprehensive Income

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-10-2025 01-04-2025
B Date of end of reporting period 31-12-2025 31-12-2025
C Whether results are audited or unaudited Unaudited Unaudited
D Nature of report standalone or consolidated Standalone Standalone
Other comprehensive income [Abstract]
1 Amount of items that will not be reclassified to profit and loss
1 Items that will not be reclassified to profit or loss (1,231.00) (1,438.00)
Total Amount of items that will not be reclassified to profit and loss (1,231.00) (1,438.00)
2 Income tax relating to items that will not be reclassified to profit or loss (170.00) (205.00)
3 Amount of items that will be reclassified to profit and loss
1 Items that will be reclassified to profit or loss 47.00 36.00
Total Amount of items that will be reclassified to profit and loss 47.00 36.00
4 Income tax relating to items that will be reclassified to profit or loss 17.00 13.00
5 Total Other comprehensive income (1,031.00) (1,210.00)





Statement on Deviation or Variation for proceeds of Public Issue, Rights Issue, Preferential Issue, Qualified Institutions Placement Etc. (1)

Amount in (Lakhs)

Mode of Fund Raising Public Issues
Description of mode of fund raising (Applicable in case of others is selected)
Date of Raising Funds 14-08-2025
Amount Raised 1,60,000.00
Report filed for Quarter ended 31-12-2025
Monitoring Agency Applicable
Monitoring Agency Name, if applicable Crisil Ratings Limited
Is there a Deviation / Variation in use of funds raised No
If yes, whether the same is pursuant to change in terms of a contract or objects, which was approved by the shareholders
If Yes, Date of shareholder Approval
Explanation for the Deviation / Variation
Comments of the Audit Committee after review No Comment
Comments of the auditors, if any
Sr. Original Object Modified Object, if any Original Allocation Modified allocation, if any Funds Utilised Amount of Deviation/Variation for the quarter according to applicable object Remarks if any
1 Part financing the cost of establishing a new integrated cement unit at Nagaur, Rajasthan NA 80,000.00 0.00 44,697.00 0.00 Proceeds were utilized towards civil work, plant & machinery, etc.
2 Prepayment or repayment, in full or in part, of all or a portion of certain outstanding borrowings availed by the Company NA 52,000.00 0.00 52,000.00 0.00 Proceeds were fully utilized as at quarter ended September 30, 2025
3 General Corporate Purposes NA 22,680.00 0.00 3,673.00 0.00 Proceeds utilized towards funding growth opportunity.
4 Issue expenses NA 5,320.00 0.00 3,199.00 0.00 Proceeds spent towards BRLM fees and other IPO expenses


Signatory Details

Name of signatory Sneha Bindra
Designation of person Company Secretary and Compliance Officer
Place Mumbai
Date 04-02-2026