The shares of JSW Cement dropped around 2% on Monday, snapping a two-session winning streak during which the stock rallied over 14% following the release of its results for the January-March quarter of FY26.
The shares of the cement-maker dropped to Rs 135.76 apiece despite the overall bullish market sentiment on Monday morning. The stock has gained over 10% in one week and 13% year-to-date.
JSW Cement Q4 Results
JSW Cement on Thursday reported a net profit of Rs 362 crore for the fourth quarter of the financial year 2026, marking a whopping 2,162% year-on-year (YoY) surge from just Rs 16 crore net profit reported for the corresponding quarter of the previous financial year. The strong profit surge was mainly due to the lower base of last year, which occurred due to a non-cash, exceptional expense.
The company's consolidated revenue grew 11% YoY to Rs 1,895 crore during the quarter under review, up from Rs 1,709 crore in the same period last year. Along with the Q4 results, the company announced a dividend of Rs 0.5 per equity share with a face value of Rs 10 each for the financial year, which ended on March 31, 2026, subject to shareholders’ approval.
Motilal Oswal on JSW Cement
Motilal Oswal Financial Services maintained its 'Neutral' call on the shares of JSW Cement with a target price of Rs 135 apiece. This implies a downside potential of more than 2% from the stock’s previous closing price of Rs 137.99 apiece on NSE.
The domestic brokerage said that the firm's Q4 results were above its estimates, led by higher-than-estimated realisation and operating EBITDA, which increased 46% YoY.
"Management noted that demand was soft in April 2026 due to external factors. However, it is normalising gradually in May 2026 and could become stable going forward. JSW Cement has achieved over 50% of its targeted cost savings so far, and expects to reach 75% by FY27 and fully materialise by FY28, led by an increase in green power share, logistics efficiencies, and premiumisation. It has approved a 2.5mtpa additional grinding capacity at Nagaur (Rs 4.3 billion capex, targeted by January 2028), taking total capacity to 6 mtpa, due to delays in Punjab clearances and the need to optimise clinker utilisation," it said.
Motilal raised its EBITDA estimates by 3-4% for FY27-28, and profit estimates by 32% for FY27 and 27% for FY28, primarily due to a lower tax rate following the company’s shift to the new tax regime.
JSW Cement reported strong earnings in Q4 FY26, led by strong volume-led growth and better operating performance. However, the near-term outlook remains measured, as soft demand in April and high costs may weigh on margins. JSW Cement’s strategy remains structurally compelling, with a differentiated low clinker ratio, higher GGBS mix, and sharp cost-saving measures (Rs 100/t, annual cost savings over FY27-28). Entry in the north opens a long-term growth runway; however, execution and pricing traction remain key monitorables," it further said.
JM Financial on JSW Cement
JM Financial maintained its 'Buy' rating on the shares of JSW Cement, with a target price of Rs 155 per share. This implies an upside potential of more than 12% from the stock's previous closing price.
The domestic brokerage said that the company reported strong quarterly earnings for the January-March period. "Management reiterated cement volume growth guidance of mid-to-high teens (excluding the north plant) for FY27, with GGBS expected to outperform industry growth, supporting volume-led expansion. Additionally, the board has further announced a 2.5mtpa grinding unit in Nagaur, Rajasthan, at a capex of Rs 4.3 billion (~$18/t), slated for commissioning by January 2028. Factoring in Q4FY26, we reiterate FY27E–28E EBITDA estimates and maintain BUY with an unchanged target of Rs 155 based on 14x March 2028E EV/EBITDA,” it added.
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