Whalesbook
JSW Cement ke shares National Stock Exchange par 7% tak badh gaye aur ₹136.44 par pahunch gaye. Is rally ka main reason hai Q4 FY26 ke operating results jo expectations se kaafi behtar rahe. Company ne ₹371.3 crore ka net profit report kiya, jo pichhle saal ke ₹34.2 crore se kaafi zyada hai.
Revenue 11% badh kar ₹1,895 crore ho gaya aur EBITDA mein 52% ka jump aaya, jo ₹365 crore pahunch gaya. Isse margins bhi 500 basis points se zyada sudhar kar 19.3% ho gaye. Quarter mein total sales volume bhi 7% badh kar 3.99 million tonnes ho gaya.
Q4 Performance ne kiya kamaal
Q4 ke results ne sabko chaunka diya, net profit 985% saal-dar-saal badha. Net sales 10.86% badh kar ₹1,894.99 crore ho gayi aur operating profit margins 19.27% tak pahunch gaye. Company ne ₹0.5 per equity share ka dividend bhi announce kiya hai FY26 ke liye aur Nagaur, Rajasthan mein 2.5 million tonne ka naya grinding unit bhi approve kiya hai, jis par ₹4.3 billion ka capex hoga.
Analyst Views - Mix Hai Thoda
JM Financial ne 'Buy' rating maintain rakhi hai aur target price ₹155 par rakha hai. Unhone kaha ki Q4 ka performance aur EBITDA expectations se behtar tha. Lekin, dusri taraf, JSW Cement ka P/E ratio 23.55 hai, jo ACC (12.12) aur Birla Corporation (13.95) se zyada hai. Kuch analysts ne 'Sell' rating bhi di hai valuation aur quality metrics ko dekh kar. Analysts ka average price target ₹140.33 hai, jo current price se lagbhag 10.10% upar hai.
Debt Aur Kamzoriyan Abhi Bhi Hain
Achhe results ke bawajood, company par debt ka bojh kaafi hai. Debt-to-EBITDA ratio 6.59 times hai aur net debt-to-equity ratio 1.76 times hai. EBIT-to-interest coverage ratio 2.09 times hai, jo zyada financial flexibility nahi dikhata. ROE 3.93% aur ROCE 5.23% hai, jo industry mein ACC aur JK Lakshmi Cement se kam hai. Pichhle paanch saal mein sales growth -0.20% raha hai, jo sustainability par sawal uthata hai. Crisil Ratings ne outlook ko 'Crisil AA-/Stable/Crisil A1+' upgrade kiya tha, lekin profitability maintain karna abhi bhi challenge hai.
JSW Cement ki market cap mid-May 2026 tak lagbhag ₹16,500 crore thi.
Cement Sector Ka Outlook
Indian cement sector mein growth dikh raha hai, especially housing aur infrastructure ki wajah se. UltraTech Cement ka Q4 FY26 profit 21.2% badh kar ₹3,000.02 crore raha, aur Shree Cement ka revenue 10% badh kar ₹6,101 crore hua. JSW Cement FY27 mein mid-to-high teens volume growth expect kar raha hai. Ab dekhte hain ki company apna debt manage karke yeh growth sustain kar paati hai ya nahi.