JSW Cement Q2: revenue jumps 33% YoY but margin squeeze keeps PAT flat at ₹78 Cr

Consolidated revenue rose 33.1% YoY to ₹1,912.15 Cr (from ₹1,436.43 Cr in Q2 FY26) and was roughly flat sequentially (+0.8% QoQ vs ₹1,896.41 Cr) — in line with management's own expectation of a sequential improvement over a monsoon-soft Q1. That topline strength did not translate to the bottom line: consolidated profit for the period (post non-controlling interest) was ₹77.63 Cr, up just 3.0% YoY from ₹75.36 Cr and down 49.4% QoQ from ₹153.43 Cr. Profit attributable to owners was ₹85.35 Cr versus ₹86.43 Cr a year ago — effectively flat, matching the board's own characterisation of the quarter. Standalone PAT was ₹78.93 Cr, close to the consolidated figure, so the two bases tell a consistent story this quarter. No exceptional items were booked in either statement.

The gap between a 33% revenue gain and a flat profit line sits on margins: consolidated EBITDA margin compressed to 14.53% from 18.62% a year ago and 15.74% last quarter, while net margin (on total income) fell to 4.02% from 5.16% YoY and 7.79% QoQ. Revenue growth this quarter was a volume/realization story that cost pressure then absorbed almost entirely before it reached profit.

The stock went into the print at ₹116.61, up 0.8% over the past month of trading.

For context: revenue is at a 6-quarter high.

Standalone PAT ₹78.93 Cr, EPS ₹0.58, closely tracking consolidated PAT ₹77.63 Cr, EPS ₹0.63 — no material basis divergence

Against our pre-result preview (revenue ₹1,900–2,050 Cr; EBITDA margin 14–16%; consolidated PAT ₹100–150 Cr), the company landed revenue and margin at the low end of the expected bands but missed meaningfully on profit — ₹77.63 Cr (₹85.35 Cr to owners) came in below even the bottom of the flagged PAT range. We could not locate a specific third-party Street estimate for this quarter's revenue/PAT; the broader analyst stance going in was constructive (16 analysts, average target ₹148.40, per our pre-result read), but this print's profit shortfall cuts against that optimism for the quarter. On guidance, management's FY27 volume target (high-teens including North; already flagged a miss ex-North at 8% vs a prior mid-to-high-teens goal) and the stated Q2 North breakeven-EBITDA target cannot be checked from this filing — JSW Cement discloses a single operating segment with no region-wise P&L. FY27 capex guidance of ₹2,300 Cr looks intact: the board approved two new grinding-capacity additions this quarter (2.0 MTPA GGBS at Vijayanagar, ₹509 Cr, commissioning by May'28; 2.0 MTPA at Dolvi, ₹569 Cr, by Oct'28). No management press release accompanied this result, so there is no direct management commentary to reconcile against the print.