JSW Cement swings to ₹153 Cr consol profit YoY as one-off fades; PAT down 58% QoQ

JSW Cement's consolidated PAT came in at ₹153.43 Cr for Q1 FY27 versus a ₹1,366.41 Cr loss a year ago, on revenue of ₹1,896.41 Cr (+21.6% YoY, +0.07% QoQ). The headline YoY swing is almost entirely a base-effect story: Q1 FY26's loss was driven by a one-time non-cash ₹1,466.38 Cr charge on CCPS conversion, which has no counterpart this quarter. Stripping that out, adjusted PAT rises from roughly ₹100 Cr (₹164.74 Cr pre-exceptional PBT less the period's ₹64.77 Cr tax) to ₹153.43 Cr this quarter — an adjusted YoY growth of about 53%, a healthy but far less dramatic underlying improvement than the reported numbers suggest.

Sequentially the picture is weaker: PAT fell 57.6% from ₹361.65 Cr in Q4 FY26, and net margin compressed to 7.8% of total income from 18.9% in Q4. Q4 (Jan-Mar) is typically the strongest quarter for Indian construction activity, so part of this sequential dip is seasonal rather than a structural deterioration, though the size of the fall — helped along by a one-off ₹55.21 Cr JV-dilution gain sitting in other income — means underlying operating profitability softened more than the QoQ revenue line (flat) implies. Standalone PAT was ₹111.41 Cr on revenue of ₹1,737.89 Cr, down from ₹388.27 Cr in Q4 FY26, a quarter that had benefited from a ₹218.92 Cr deferred-tax credit tied to adopting the Section 115BAA new tax regime under the Finance Act, 2026 — a credit not repeated this quarter.

The stock went into the print at ₹131.08, down 6% over the past month of trading.

For context: this is the second-highest quarterly PAT of the last 4 quarters; PAT has now risen for 3 consecutive quarters; revenue is at a 4-quarter high.

Basic consolidated EPS ₹1.20 (not annualised) vs ₹2.77 in Q4 FY26 and ₹(13.75) loss/share in Q1 FY26

Management's FY27 guidance from the Q4 FY26 call called for mid-to-high-teens volume growth (excluding the newly operational North India region) and ~₹2,300 Cr of FY27 capex toward the 43.5 MTPA-by-FY30 target. This filing does not break out volumes, so the guidance cannot be verified directly, but the 21.6% YoY revenue growth is broadly consistent with that band. No formal analyst consensus for this print could be confirmed — the one available preview (Univest) flagged its own PAT range as a non-formal trailing-growth extrapolation that is not credible against the actual print, though its revenue estimate range of ₹1,628-1,873 Cr was roughly in line with the ₹1,896.41 Cr actual. Alongside the results, the board approved raising up to ₹500 Cr via listed NCDs on private placement, which sits against the FY27 capex guidance rather than against any immediate cash shortfall disclosed in this statement.