About
JSW Cement is India’s fastest-growing cement manufacturer among the top 10 companies in installed capacity, with a significant CAGR of 14.14% in grinding capacity and 19.06% in sales volume from FY14 to FY24, outperforming industry averages. As of March 2024, their grinding capacity reached 20.60 MMTPA, supported by a strategic presence in southern, western, and eastern India, with expansions planned to achieve 40.85 MMTPA. They lead in producing eco-friendly products like GGBS, holding an 82.7% market share, and maintain a low clinker-to-cement ratio of 46.6%. With seven plants in India and one in the UAE, strategic limestone reserves of 1,098.88 MMT, and efficient supply chains, they ensure cost-effective operations. Their strong focus on green initiatives and minimal carbon emissions reinforces the commitment to sustainable growth.
IPO schedule
| Issue open date |
2025-08-07 |
| Issue close date |
2025-08-11 |
| UPI mandate deadline |
2025-08-11 (5 PM) |
| Allotment finalization |
2025-08-12 |
| Refund initiation |
2025-08-13 |
| Share credit |
2025-08-13 |
| Listing date |
2025-08-14 |
| Mandate end date |
2025-08-26 |
| Lock-in end date for anchor investors (50%) |
2025-09-11 |
| Lock-in end date for anchor investors (remaining) |
2025-11-10 |
Financials
| Financial Year Ended |
March 2023 |
March 2024 |
March 2025 |
| Total assets |
10218.61 |
11318.9 |
12003.94 |
| Revenue |
5982.20 |
6114.59 |
5914.67 |
| Profit After Tax |
104.03 |
62.01 |
-163.77 |
Issue size
| Funds Raised in the IPO |
Amount |
| Overall |
₹3600 crores |
| Fresh issue |
₹1600 crores |
| Offer for Sale |
₹2000 crores |
Utilisation of proceeds
| Purpose |
INR crores (%) |
| Part financing the cost of establishing a new integrated cement unit |
800 (22.22%) |
| Prepayment or repayment of certain outstanding borrowings |
520 (14.44%) |
| General Corporate Purposes |
2280 (63.33%) |
Strengths
- Backed by the JSW Group, providing financial strength and strategic synergies.
- Diversified product portfolio across cement, concrete, and construction chemicals.
- Strong presence in South and East India with planned expansion in North India.
- Captive power plants and waste heat recovery systems aid operational efficiency.
- Use of industrial by-products like slag and fly ash supports cost-effective, green cement production.
Risks
- High reliance on related party transactions, particularly within the JSW Group.
- Substantial debt levels and significant future capital expenditure may impact financials.
- Regulatory changes in environmental laws could raise compliance costs.
- Dependence on timely completion and success of capacity expansion projects.
- Exposure to the cyclical nature of the cement and construction industries.
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