Wider Reach. Stronger Future.
Cementing a stronger future
We are a leading manufacturer of green cement in India, recognised for our focus on low-carbon and blended cement solutions. We have built a strong presence across key regions and continue to expand our footprint through disciplined capacity creation.
Differentiating Drivers
One of India’s fastest growing cement companies
14.7%
14.2%
Sales Volume CAGR FY 2016 to FY 2026Largest manufacturer of GGBS in the country
5.78 MMT
41%
GGBS as % of total volume sold84%
Market share during FY 2025-26Lowest CO2 emission intensity in the cement industry
269 kg/tcm
Scope 1+2 CO2 emission intensity51%
Clinker factor77%
Low Carbon Products as % of total volume soldWell-connected distribution network to channelise products in the market
7,900+
4,600+
257
7,500
Advancing towards a responsible future
Sustainability at JSW Cement is anchored in its CO-CREATE framework, which provides a structured approach to integrating environmental, social, and governance priorities into business strategy and decision-making. The framework guides our efforts to advance circularity, progress on decarbonisation, enhance climate resilience, and support responsible growth, ensuring that sustainability considerations are embedded across operations, investments, and long-term planning. Through a continued focus on resource efficiency, alternative material utilisation, waste management, and low-carbon pathways, we strive to create lasting value while responding proactively to evolving regulatory requirements and stakeholder expectations.
Scaling with India’s Infrastructure Ambition
India’s infrastructure and housing growth continues to create a significant opportunity for the cement industry. As public and private investments expand across transport, industrial corridors, urban development and affordable housing, cement demand is expected to remain structurally strong over the long term.
Seshagiri Rao MVS
Chairman
Building for the next order of scale
Technology and digitalisation played a larger role across our operations during the year. We accelerated initiatives across manufacturing, supply chain, logistics, sales and enterprise functions. The impact was visible in plant reliability, faster decision-making, energy efficiency, despatch performance and customer responsiveness.
Parth Jindal
Managing Director
Execution that moved beyond the headline numbers
Operational excellence at the plant level remained one of the clearest indicators of progress during the year. Improvements in kiln run factors, mill availability and overall equipment effectiveness reflected sustained investment in predictive maintenance, process discipline and frontline capability building.
Nilesh Narwekar
Chief Executive Officer
Building strength through integrated value
Inputs
01
Financial Capital
- Equity: ₹ 1,341 crore
- Debt: ₹ 4,082 crore
- Net worth: ₹ 6,528 crore
- Fixed assets: ₹ 8,263 crore
Manufactured Capital
- Total manufacturing capacity: 24.1 MTPA
- Units commissioned during the year: 2
- Presence across the country: 17 states
Intellectual Capital
- IT investments during the year: ₹ 21 crore
- R&D centres: 1
- Collaborations: 13
Human Capital
- Employees on roll: 1,848
- Contractual Employees: 2,710
- Employee benefit expenditure: ₹ 342 crore
- Average training hour per person: 11.63 hours
Social and Relationship Capital
- Total CSR spent: ₹ 10.12 crore
- Dealer network: 7,900+
- Sub-dealer network: 4,600+
- Total influencer: 20,000+ (active)
Natural Capital
- Total fuel used (excluding BF & CO gas): 0.61 MMT
- Total BF and CO used: 14.4 crore Nm3
- Total water used: 1.1 Million m3
- Total electrical energy consumed: 663.2 Million units
- Clean energy consumption: 157.2 Million units
- Green energy capacity: 56 MW
Value Creation Process
02Value chain activities
- Raw Material
- Suppliers
- Manufacturing Plants
- Operations
- Distribution and Marketing
- End Use
- Recycle
Product offerings
Services offered
Output generated
7.79 MMT
Cement production5.79 MMT
GGBS Production3.2 MMT
CO2 emissions2.33 MMT
PSC2.70 MMT
OPC1.92 MMT
Concreel HD0.71 MMT
Composite Cement0.13 MMT
PPC0.07 MMT
Screened SlagOutcomes
03
Financial Capital
- Revenue from operations: ₹ 6,512 crore
- Operating EBITDA: ₹ 1,240 crore
- PAT: ₹ (799) crore
- Adjusted PAT: ₹ 668 crore*
- Debt equity ratio: 0.63
* Adjusted Profit After Tax = PAT plus Fair value expense from financial instruments (CCPS) designated as FVTPL
Manufactured Capital
- Grinding capacity utilisation: 64%
- Increase in cement and GGBS production: 10%
- Green products as a percentage of portfolio: 77%
- Total products under portfolio: 16
- New products launched: 2
Intellectual Capital
- Patents filed: 12
- Patents granted: 6
Human Capital
- Lost Time Injury Frequency Rate (LTIFR): 0.09
- Employee retention: 87.20%
- Gender diversity: 5.47%
- Employees trained: 1,228
Social and Relationship Capital
- CSR beneficiaries: 6,63,749
Natural Capital
- Alternative raw material substitution: 63%
- Wastewater recycled: 48,775 m3
- Hazardous waste generated: 15.15 MT
- Non-hazardous waste generated: 20,317.9 MT
- Waste utilised: 9.8 MMT
Growth priorities for the future
Our strategic priorities reflect a disciplined assessment of market demand, regulatory pathways and resource availability. We prioritise investments according to demand visibility, cost efficiency and sustainability considerations. Expansion, operational performance and product development are evaluated through a long-term value lens. This approach enables us to remain aligned with India’s infrastructure and urbanisation trajectory while adapting to evolving industry expectations.
Creating a Pan-India Footprint
Capitals Impacted
Risk profile
SDGs Impacted
Deepening Presence in Existing and New Markets
Capitals Impacted
Risk profile
SDGs Impacted
Improving Operational Efficiency
Capitals Impacted
Risk profile
SDGs Impacted
Focussing on Sustainable Development
Capitals Impacted
Risk profile
SDGs Impacted
Value Created Across Capitals
-
Financial Capital
Financial Capital
Capital strength for a stronger tomorrow
Utilisation of our financial capital are strategies to drive high-return growth, balance sheet strength and structural efficiency. Decisions are made considering risk, return and strategic priorities to support broader organisational capital goals.
Focus AreasFinancial stability₹447 crore
Cash and cash equivalents
Financial stability₹6,528 crore
Net worth
Sustainability-linked loans₹568 crore
Sustainability-linked loans ↓ 23% yoy
-
Manufacturing Capital
Manufacturing Capital
Stronger assets. Wider access.
Our manufactured capital is developed on scale, efficiency and geographic reach. This is complemented by our integrated value chain and state-of-the-art facilities. Capacity expansion, asset integration and technology adoption reflects our approach to operate.
Focus Areas*Capacity optimisation and expansion14.42%
TSR
Sustainable productionZero
Mining waste policy
*Includes JSW Cement FZC performance
-
Intellectual Capital
Intellectual Capital
Knowledge that enables a stronger future
Our intellectual capital drives product differentiation, process efficiency and low-carbon innovation. Continuous research, technical know-how and knowledge partnerships strengthen our ability to develop future-ready solutions.
Focus AreasResearch and development12
Filed patents
Research and development6
Granted patents
Research and development13
Collaboration with national and international Institutes
-
Social and Relationship Capital
Social and Relationship Capital
Relationships that strengthen reach
Our social and relationship capital grows through trusted partnerships across customers, communities and institutions, creating shared value beyond business performance.
Focus AreasHealth2,46,147
Beneficiaries
Rural Development2,41,454
Beneficiaries
Livelihood76,531
Beneficiaries
Total Beneficiaries: 6,63,749
-
Human Capital
Human Capital
Talent that strengthens the future
Our “People at Core” philosophy continues to guide the way we build, engage and enable our workforce. Our people practices focus on workforce diversity, futureready capability building, a stronger performance culture and improved workforce efficiency.
Focus AreasDiversity and inclusion5.47%
Diversity ratio
Engagement and retention87.80%
Employee retention ratio
Training and development11.63 hrs
Average training hours per employee
-
Natural Capital
Natural Capital
Growing with a lower footprint
We manage natural capital with a focus on decarbonisation, resource efficiency and ecosystem stewardship. Strength of our natural capital management reflects through our comprehensive low-carbon product portfolio.
Focus AreasClimate and energy241.7 kg/tcm
Net CO2 emissions intensity (Scope 1)
Circular economy9.8 MMT
Waste-derived resources used
Circular economy13%
Thermal Substitution Rate
A stronger framework for the future
We uphold high standards of governance, ethics and integrity through a robust framework supported by clear policies, structured oversight and a proficient leadership team. Our approach emphasises transparent reporting, effective risk management and regular reviews to remain aligned with stakeholder interests and regulatory expectations. Governance priorities integrate sustainability and ESG considerations while guiding disciplined execution of strategy. This framework strengthens accountability, competitiveness and long-term value creation for stakeholders.
Management Discussion & Analysis
FY 2026 was a defining year from a global economic perspective. The fiscal year witnessed significant developments across three critical fronts: trade, technology and geopolitics. The year began with a sharp escalation in trade policy following the U.S. Administration’s announcement of ‘Liberation Day’ tariffs on April 2, 2025. This was followed by a period of heightened uncertainty, with tariffs on certain trading partners rising to as high as 50% and reciprocal tariffs imposed on U.S. goods by several countries. Although the U.S. Supreme Court struck down select tariffs, the overall effective U.S. tariff rate remained elevated at around 10%, signalling the end of the prolonged phase of low global tariffs.
Awards and Recognition
Winner of the Golden Peacock Innovation Management Award, issued by the Institute of Directors
1st Runner up at the FICCI RECEIC Awards 2026: Circular Business Models Matured category
Shiva Cement was awarded in the Gold category for IConSWM Awards for Excellence in Co-processing for the year 2025.
Nandyal was awarded the IConSWM–CE Platinum Awards for Excellence in Co-processing 2025
JSW Cement ranked in the top 1% global in the construction materials sector as per S&P Global’s Corporate Sustainability Assessment (CSA) and was featured in the Sustainability Yearbook for 2026.
On the occasion of National Technology Day celebrations, on 11th May 2025, 2 CCU Cement Test beds were announced and grants had been handed over to the Test bed teams.
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