5444802025-10-012025-12-315444802025-04-012025-12-315444802025-10-012025-12-31in-capmkt:OtherExpenses1Member5444802025-10-012025-12-31in-capmkt:OtherExpenses2Member5444802025-10-012025-12-31in-capmkt:OtherExpenses3Member5444802025-04-012025-12-31in-capmkt:OtherExpenses1Member5444802025-04-012025-12-31in-capmkt:OtherExpenses2Member5444802025-04-012025-12-31in-capmkt:OtherExpenses3Member5444802025-10-012025-12-31ItemsThatWillNotBeReclassifiedToProfitAndLoss15444802025-04-012025-12-31ItemsThatWillNotBeReclassifiedToProfitAndLoss15444802025-10-012025-12-31ItemsThatWillBeReclassifiedToProfitAndLoss15444802025-04-012025-12-31ItemsThatWillBeReclassifiedToProfitAndLoss1iso4217:INRiso4217:INRxbrli:shares544480JSWCEMENTNOTLISTEDINE718I01012JSW CEMENT LIMITEDMain BoardEquity2025-04-012026-03-312026-02-042026-01-27INRCroresQuarterlyThird quarterSingle segmentCement and cement related products2026-02-0414:00:002026-02-0417:56:00Not applicable2025-10-012025-12-31UnauditedConsolidated1621220000086140000017073600000386490000027240000073000009058000008672000008120000008311400000150410000002032600000-336600000169600000019000000517700000536700000011593000000001469000001306200000-8520000012210000001420900000-1147000001335600000-11460000013385800000101.061.05001.061.051. The unaudited consolidated financial results of the Group for the quarter and Nine month 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. <BR> <BR> 2. The unaudited consolidated financial results of the Company and its subsidiaries together referred to as "the Group" 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. <BR> <BR> 3. The Group 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. <BR> <BR> 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. <BR> <BR> 5. JSW Cement Limited (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. <BR> <BR> 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. <BR> <BR> 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. 33.66 crore in the provision for defined benefit obligations, which has been recognised 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 Group 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. <BR> <BR> 6. b) Pursuant to the shareholders agreements (SHA) between the Holding 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 Nine month ended December 31, 2025 has been disclosed as an Exceptional Item. <BR> <BR> 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. 2025-04-012025-12-31UnauditedConsolidated46174700000131820000047492900000106728000006300000001840000025605000002891600000238660000023540900000427008000004792100000-15000400000-1020830000097400000154590000016433000000-11851600000000247300000-11604300000-65200000-11669500000-11276500000-327800000-11342200000-3273000001338580000010-9.54-9.5400-9.54-9.54Power and fuel expenses2364600000Freight and handling expense3748200000Other expenses2198600000Power and fuel expenses6746300000Freight and handling expense10666200000Other expenses6128400000Items that will not be reclassified to profit or loss-122500000-122500000Items that will not be reclassified to profit or loss-141800000-141800000-16900000-20000000Items that will be reclassified to profit or loss2210000022100000Items that will be reclassified to profit or loss579000005790000017000001300000-85200000-65200000