| Price | Lot Size | Issue Date | Issue Size |
|---|---|---|---|
| ₹ 139 to ₹ 147 | 102 | 7th Aug, 2025 –11th Aug, 2025 | ₹3600.00 Cr |
JSW Cement Ltd
Incorporated in 2006, JSW Cement Ltd. is among the top-three fastest-growing cement manufacturing companies in India in terms of increase in installed grinding capacity and sales volume. It is part of the JSW Group, a multinational conglomerate with a diversified portfolio spanning various sectors. JSW began operations in 2009 in South India with a single grinding unit at Vijayanagar, Karnataka. Since then, the company has significantly expanded its presence across the southern, western, and eastern regions of India, as well as the UAE. It is currently undertaking greenfield and brownfield expansion projects in northern and central India to increase its Installed Grinding Capacity to 41.85 MMTPA and Installed Clinker Capacity to 13.04 MMTPA, and establish a pan-India presence. The company offers a wide product portfolio, including blended cements (PSC and PCC), ground granulated blast furnace slag (GGBS), Ordinary Portland Cement (OPC), clinker, and various cementitious products such as ready-mix concrete (RMC), screened slag, construction chemicals, and waterproofing compounds. JSW Cement is also India’s largest manufacturer of GGBS, with a market share of 84% in terms of GGBS sales. This eco-friendly product is made entirely from blast furnace slag, a by-product of the steel manufacturing process. The company operates seven units across India, including one integrated unit, one clinker unit, and five grinding units located in Andhra Pradesh, Karnataka, Tamil Nadu, Maharashtra, West Bengal, and Odisha. To ensure a consistent supply of limestone, which is a key raw material for cement production, it has the right to mine across 11 limestone mines in India, with an aggregate limestone residual reserve of 1,089.09 million metric tonnes. JSW has a robust distribution network comprising 4,653 dealers, 8,844 sub-dealers and 158 warehouses, which cater to the retail (trade) segment. The company also has 6,559 direct customers in its non-trade channel, comprising builders and institutional customers involved in housing, infrastructure and commercial projects in India. The strength of the JSW brand supports the strength of its sales and distribution network.
Objective of the JSW Cement Ltd IPO
The net proceeds of the fresh issue are proposed to be utilised in the following manner:
- Part financing the cost of establishing a new integrated cement unit at Nagaur, Rajasthan;
- Prepayment or repayment, in full or in part, of all or a portion of certain outstanding borrowings availed by the company; and
- General corporate purposes.
Rationale To JSW Cement Ltd IPO
Market leadership and strategic partnerships support long-term growth in GGBS segment
JSW Cement is India’s largest manufacturer of GGBS, holding a market share of ~84% in terms of GGBS sales. GGBS is produced entirely from blast furnace slag, a by-product of the steel manufacturing process. The company is well-positioned to meet the growing demand for GGBS, supported by a large, reliable and long-term supply of blast furnace slag from its subsidiary, JSW Steel and others. To ensure a consistent supply, JSW Cement has signed long-term agreements with JSW Steel Limited, its two subsidiaries, and a major steel producer in East India, which range from three to five years and are extendable by mutual consent. Under the terms of the agreements with JSW Steel and its subsidiaries, slag is supplied at a fixed rate, subject to annual revisions based on the wholesale price index and export price parity. This pricing structure provides cost stability in the procurement of blast furnace slag across JSW Cement’s plants. JSW’s GGBS is widely used in infrastructure projects, including highways, bridges, airports, metros, railways, and housing developments. The company’s brownfield and greenfield expansion plans will enable it to increase its GGBS manufacturing volumes to meet future demands. JSW has also been engaging in R&D for new applications of GGBS, such as the recently launched microfine GGBS range for use in high-strength and performance concrete, among other uses. Such factors give the company a unique competitive advantage to expand its GGBS market share in India further.
Extensive distribution network and brand initiatives strengthen market presence
JSW Cement has an extensive sales and distribution network comprising dealers, sub-dealers, and warehouses across its operational markets to cater to retail demand for cement and allied cementitious products. To drive demand in the trade segment, the company launched an influencer loyalty program in FY22, targeting masons, contractors, and architects, who play a key role in the construction process and significantly influence product selection by end-users. Under this program, influencers earn loyalty points for recommending JSW products, which can be redeemed for various benefit and incentives. As of March 31, 2025, the company had an in-house sales force of 269 officers who regularly interact with dealers and sub-dealers and coordinate inventory at warehouses. The strategic location of the company’s plants positions it well to serve specific markets within each region, allowing JSW to minimise delivery times, improve customer service levels and reduce transportation distances and costs. The company also benchmarks its selling price and quality against leading players in the region. In order to maintain and boost brand strength, JSW has undertaken regional marketing and brand-building initiatives, including regional advertisements in local languages, outdoor marketing such as billboards, and point-of-sale promotional materials at dealer counters. These efforts are further supported by digital marketing campaigns on social media and partnerships with sporting event leagues, such as the Indian Kabaddi, football, and cricket leagues.
Valuation of JSW Cement Ltd IPO
JSW Cement Ltd. is a cement manufacturing company focused on manufacturing green cementitious products comprising blended cement (PSC), PPC, and GGBS. The company also manufactures OPC, clinker, and a range of allied cementitious products such as RMC, screened slag, construction chemicals and waterproofing compounds. JSW is the fastest-growing cement manufacturer in India in terms of growth in installed grinding capacity and sales volume. It is also the country’s largest manufacturer of GGBS. The company has long-term supply agreements with JSW Steel Limited and other partners, ensuring a steady supply of blast furnace slag for three to five years. Demand for GGBS is expected to grow at a CAGR of 14-15% from FY25 to FY30. Demand for cement from the company’s end-user sectors, like industrial and commercial buildings, rural housing, urban housing, and infrastructure, is expected to grow at a CAGR of 7.5-8.5% during the same period. JSW’s plants are strategically located across the southern, western, and eastern regions of India and are well-connected to their respective raw material sources and key consumption markets by road and/or rail, supporting efficient raw material sourcing and cost optimization. The company also benefits from strong sales and distribution network and a broad base of direct customers in India, enabling it to effectively serve both trade and non-trade segments. As part of the JSW Group, the company leverages synergies from the well-established “JSW” brand and the scale of the Group’s operations. Financially, the company’s EBITDA grew at a CAGR of 2.3% from FY23 to FY25, despite a marginal decline in revenue from Rs. 58,367.2 million in FY23 to Rs. 58,130.7 million in FY25, and its ROCE stood at 6.46%, 11.01% and 7.05% in FY23, FY24 and FY25, respectively. The company recently made a loss just in FY25, but the management expects to achieve breakeven in FY26 and return to profitability thereafter. Further, the company intends to use the amount raised from the IPO to set up a new integrated cement unit at Nagaur, Rajasthan, giving visibility for future revenue. Considering the company’s growth strategy and favourable industry dynamics, we recommend a “SUBSCRIBE” rating for this issue from a medium to long-term perspective.
What is the JSW Cement Ltd IPO?
The initial public offer (IPO) of JSW Cement Limited offers an early investment opportunity in JSW Cement Ltd . A stock market investor can buy JSW Cement Ltd IPO shares by applying in IPO before JSW Cement Ltd shares get listed at the stock exchanges. An investor could invest in JSW Cement Ltd IPO for short term listing gain or a long term.
How to apply for the JSW Cement Ltd IPO through StoxBox?
To apply for the JSW Cement Ltd IPO through StoxBox one can apply from the website and also from the app. Click here
When will the JSW Cement Ltd IPO open?
JSW Cement Ltd IPO is opening on 7th Aug 2025. Apply Now
What is the lot size of the JSW Cement Ltd IPO?
The Lot Size of JSW Cement Limited IPO is 102 equity shares. Login to your account now.
When is the JSW Cement Ltd allotment date?
The allotment Date for JSW Cement Ltd IPO is 12th Aug 2025. Login to your account now.
When is the JSW Cement Ltd IPO listing date?
The listing Date for JSW Cement Ltd IPO is 14th Aug 2025. Login to your account now
What is the minimum investment required for the JSW Cement Ltd IPO?
In the Retail segment the minimum investment required is Rs. 14,994. Login to your account now
What is the maximum investment allowed for the JSW Cement Limited IPO?
In the Retail segment the maximum investment requirement is Rs. 1,94,922. Login to your account now
What are the risks associated with investing in the JSW Cement Ltd IPO?
- The cement industry is power-intensive, and the company requires an adequate and uninterrupted supply of power and fuel for its operations. Any failure to secure such supply, or any increase in power and fuel costs, may adversely impact on its operations, profitability and margins.
- The capacity utilization of the company’s plants is influenced by various factors, including the availability of raw materials, customer demand, inventory management and execution of growth strategy aimed at improving operational efficiency, and overall industry and market conditions. Failure to maintain or increase utilization levels could materially and adversely affect the company’s business, future prospects, and financial performance.
- The company is entitled to certain incentives and subsidies under several government schemes. Any changes in these incentives and subsidies applicable may affect its financial condition, profitability and cash flow.
When will the JSW Cement Ltd IPO shares be credited to my Demat account?
The JSW Cement Limited. IPO be credited to the account on allotment date which is 13th Aug 2025. Login to your account now
Where can I find the JSW Cement Limited IPO prospectus?
The prospectus of JSW Cement Limited IPO prospectus can be find on the website of SEBI, NSE and BSE
