JSW Cement Limited IPO

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JSW Cement Limited is among the top three fastest-growing cement manufacturers in India in terms of increase in installed grinding capacity and sales volume from FY2015 to FY2025, as per CRISIL. The company is also ranked among the top 10 cement companies in India by installed capacity and sales volume as of March 31, 2025. It is part of the JSW Group, a diversified conglomerate with businesses in steel, energy, infrastructure, realty, and paints.

Operational Footprint

JSW Cement started operations in 2009 with a single grinding unit at Vijayanagar, Karnataka. Today, it operates across the southern, western, and eastern regions of India, and has a presence in the UAE. As of March 31, 2025, the company operates seven plants in India, including one integrated unit, one clinker unit, and five grinding units located in Andhra Pradesh (Nandyal), Karnataka (Vijayanagar), Tamil Nadu (Salem), Maharashtra (Dolvi), West Bengal (Salboni) and Odisha (Jajpur and Shiva Cement Clinker unit)

In the UAE, its subsidiary JSW Cement FZC operates a clinker unit supplying both internal and third-party customers.

Market Leadership in Green Cement

JSW Cement is the largest manufacturer of Ground Granulated Blast Furnace Slag (GGBS) in India, holding an ~84% market share in FY2025. Its green cementitious products—including GGBS, Portland Slag Cement (PSC), Portland Composite Cement (PCC), and others—made up 77.41% of total sales in FY2025. The company has also maintained a significantly low Clinker to Cement Ratio (50.13% in FY2025 vs. peer average of 66.43%), reflecting its focus on sustainable manufacturing.

Product Portfolio

JSW Cement offers a diversified product portfolio including Blended Cement: PSC, PCC, PPC, Ordinary Portland Cement (OPC), Ground Granulated Blast Furnace Slag (GGBS), Clinker

Allied Products: Ready-Mix Concrete (RMC), construction chemicals, waterproofing compounds, screened slag

Distribution Network

As of March 31, 2025, the company had 4,653 dealers, 8,844 sub-dealers, 158 warehouses and 6,559 direct institutional customers. This robust distribution network enables JSW Cement to serve both trade (retail) and non-trade (institutional) segments across India. The company also runs an influencer loyalty programme targeting masons, contractors, and architects to strengthen its retail engagement.

Competitive Strengths

i) Among the top 3 fastest-growing cement manufacturers in India (FY2015–FY2025)
ii) India’s largest GGBS producer with 84% market share
iii) Lowest CO₂ emission intensity among Indian and global peers
iv) Well-integrated and scalable operations with access to raw material and green power
v) Strong distribution network and growing brand recognition
vi) Experienced leadership and strategic backing from the JSW Group

Objects of the JSW Cement Limited IPO:

Company proposes to utilize the Net Proceeds from the Fresh Issue in the following manner: 1. Establishing a new integrated cement unit (₹800 cr) 2. Prepayment or repayment, in full or in part of outstanding borrowings (₹520 cr) 3. General corporate purposes
DRHP of JSW Cement Limited IPO
RHP of JSW Cement Limited IPO

JSW Cement Limited IPO Details:

Open Date: Aug 07 2025
Close Date: Aug 11 2025
Total Shares: 24,48,97,958
Face Value: ₹ 10 Per Equity Share
Issue Type: Book Building
Issue Size: 3600 Cr.
Lot Size: 102 Shares
Issue Price: ₹ 139-147 Per Equity Share
Listing At: NSE,BSE

Promoters And Management:

1. Seshagiri Rao Venkata Satya Metlapalli, aged 67, is the Chairman and Non-Executive Director of the Company. He holds a commerce degree from Nagarjuna University, a diploma in business finance from ICFAI, and is affiliated with ICSI, ICWAI, and the Indian Institute of Bankers. With 27 years of experience at JSW Steel in senior roles, he currently serves as Group CFO at JSW Holdings Limited. 2. Parth Jindal, aged 35, is the Managing Director and Promoter of the Company. He holds a BA from Brown University and an MBA from Harvard. He is the founder of JSW Sports and Managing Director of JSW Paints. With over 15 years of experience, he has been associated with the Company since 2016 and oversees overall business management. He has received several recognitions, including Forbes GenNext Entrepreneur (2024) and ET 40 under Forty (2019). 3. Nilesh Narwekar, aged 54, is the Whole Time Director and CEO of the Company. He holds a B.Tech in Electronics & Communication from the University of Calicut and an MMS from JBIMS. Formerly a Partner at PwC Advisory, he has over 25 years of experience and has been with the Company since 2017, leading its overall business operations.

Financials of JSW Cement Limited IPO:

Particulars

 FY 2024-25 FY 2023-2024

FY 2022-2023

Revenue from Operations

 5,813.00 6,028.10

5,836.70

Operating EBITDA

 864.1 1098.9 815.8
Operating EBITDA /Tonne(in ₹) 683.83 877.31

777.05

Operating EBITDA Margins

 14.87% 18.23% 13.98%
PAT -163.7 62

104

PAT Margins

 -2.77% 1.01% 1.74%
ROCE 7.05% 11.01%

6.46%

Debt to Equity Ratio(In Times)

 2.59 2.44

2.41
Operating Cash Flows 736.6 1407.7

653.1

Comparison With Peers:

Companies

 Revenue (in cr) EBITDA Margins PAT Margins ROCE D/E Ratio MCap (in cr) P/E
JSW Cement Limited 5,813.00 14.87% -2.77% 7.05% 2.59 20041.46

in loss

UltraTech Cement Limited

 75,955 17% 7.95% 10.9 % 0.34 3,61,888 52.4
Ambuja Cements Limited 35,045 17% 14.70% 10.5 % 0.01 1,49,499

34.6

Shree

Cement

 19,283 20% 5.80 % 6.71 % 0.05 1,10,458 98.8

Dalmia Bharat Limited

 13,980 17 % 5% 5.58 % 0.33 41,639 45.2

JK Cement Limited

 11,879 17.1 % 7.30% 14.0 % 0.99 52,466

57.2
The Ramco Cements Limited 8,518 14.5 % 1.19 % 4.77 % 0.63 27,755

274

India Cements Limited

 4,149 -7% -3.40% -5.49 % 0.11 11,204 In Loss

Recommendation on JSW Cement Limited IPO:

 Reviews & Recommendations of JSW Cement Limited IPO by IZ Team is 3/10.

Lead Manager of JSW Cement Limited IPO:

  1. Axis Capital Limited
  2. Citigroup Global Markets India Private Limited
  3. DAM Capital Advisors Ltd (Formerly IDFC Securities Ltd)
  4. Goldman Sachs (India) Securities Private Limited
  5. Jefferies India Private Limited
  6. JM Financial Consultants Private Limited
  7. Kotak Mahindra Capital Company Limited
  8. SBI Capital Markets Limited

Registrar of JSW Cement Limited IPO:

  1. Kfin Technology Private Limited

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