Strong headline growth masked by weak core business, guidance cut on GGBS

Q1 total 15% YoY, ex-North cement 8% YoY (vs prior mid-to-high teens ex-North)

Q1 GGBS 2.6% YoY; revised down from prior mid-teens guidance

Q1 utilization 55%, loss INR40 Cr including INR33 Cr marketing, breakeven Sep planned

Nagaur 3.5 MTPA on track, minor adjustment replacing Punjab with additional Nagaur

RE at 30% Q1 (vs 63% FY27 target—behind schedule); logistics cost down 2% QoQ; fuel cost pressure continues

Prior mid-teens growth revised to high single digits due to Q1 RMC closures, aggregate scarcity, cost arbitrage pressure

Q1 ex-North cement 8% YoY vs prior 'mid-to-high teens' guidance; industry ex-North 6%, JSW at 8% shows modest outperformance but below target

FY28 capex revised ₹2,000 Cr vs prior ₹2,200 Cr guidance, though still on track for 43.5 MTPA by FY30

Phase 1 pushed beyond CY28 (prior plan); reason cited: capacity utilization prudence to maintain overall company utilization

RE share 30% Q1 vs prior 49% by 4Q FY26, 63% by FY27; management expects 60%+ by Q3 FY27 (Sep commissioning catches up)

Marketing spend planned per business plan (campaigns, Khel Mahotsav, activations). Utilization 55% Q1, targeting 60%+ by year-end. Breakeven expected with cost reduction from OLBC, WHRS, AFR implementation in Q2.

Q1 affected by RMC closures West, aggregate issues South, OPC/slag mix cost. 29 large infra project approvals Q1. Guidance revised high single digits FY27 (vs prior mid-teens). Strong outlook FY28+ pending capex.

Industry ex-North at 6%, we did 8%. East and West outperformed, South had headwinds (now behind). Expect high teens overall including North. Detailed math deferred offline.

Difference ₹600-700/ton. Early days; September breakeven expected, positive territory post-Sep. South currently subdued. March will show conviction on future profitability.

FY27 capex ₹2,300 Cr, FY28 ₹2,000 Cr. Total journey 24.1 to 43.5 MTPA needs ₹7,500-7,600 Cr capex. Central on priority, announcement coming quarters. Internal board guidance: net debt <3.0x.

Currently 15 plants, adding 35. Symbiotic with cement footprint. Q1 revenue ₹180 Cr. Aggressively scaling. Already 2 units North. 30-35 new plants scattered across regions following JSW Group expansion.

Not booked yet. Awaiting eligibility certificate; submitted documents. Expected within 2 months. ₹50 Cr over 3 years, then ₹65 Cr, then ₹80 Cr linked to capex capitalization.

RMC closures West, aggregate issues South, OPC/mix cost viability. Labor migration due to elections. 60-40 split South-West GGBS sales; South impacted. Being corrected now; numbers visible July.

Switching to domestic coal, already started. No escalation beyond Q1 expected. Q2 similar to Q1; Q3 onwards cost reduction expected.

Q1 impacted; with Q2-Q4 stacking favorably, revised high single digits. FY28-29 depends on capex and infra growth; very positive outlook, will play into FY28 onwards.

Current 2.5 MT capacity; 1 MT coming Sep-Oct. So 60%+ of 3.5 MT total. Exit June was 68% of 2.5 MT; new capacity adds base denominator.

Plus 5.5% QoQ.

Slight delays land-related, behind now. Within Sep, full prior-informed capacities available. 60%+ Q3 onwards FY27 implemented, yes.

Overall Q1 61%. No regional split offered.

Through P&L. Capital subsidy complex accounting; to be confirmed with auditors on asset life recognition vs revenue line.

Full year company level INR130 Cr (includes North INR33 Cr + technical spends). Break-even at EBITDA level.

Targeting >INR1,000 Cr revenue (captive + commercial/dedicated). Margins difficult to quantify; captive different from commercial. Initially low margins with 15→35 plant ramp.

Close to ₹2,300 Cr; no miss expected. As per plan.

Yes, pushed out. To maintain utilization prudence and ensure overall company capacity utilization.

Fujairah groundbreaking last month, 12 months to operational. Dolvi soon, 15 months from start.

Yes, ₹3,500 Cr. Spent ₹2,400-2,500 Cr. Next 2.5 MT ₹300 Cr net of GST. Clinker utilization 61% incl. Nagaur, 87% ex-Nagaur.

Q1 total 15% YoY (3.81 MT), North 27% cement, ex-North cement 8% YoY. Reaffirmed but rests on Q2-Q4 acceleration ex-North

Q1 EBITDA margin compressed 15.8% (₹299/₹1,896) due to fuel costs and North losses. Management targets margin recovery via fuel cost reduction and North breakeven

Q1 delivered ₹337 Cr (15% of annual target). On track despite monsoon Q2 headwind expected. FY28 cut from prior ₹2,200 Cr guidance

North operations recorded INR40 Cr loss Q1 at 55% utilization. Breakeven targeted Sep relies on WHRS, OLBC, AFR cost reductions not yet operational. Profitability delta to South ₹600-700/ton unproven at scale.

GGBS guidance cut mid-teens→high single digits. Q1 growth 2.6% YoY due to RMC closures (West), aggregate scarcity (South), and cost arbitrage pressure (OPC/GGBS). 60-40 South-West split means South impact material.

Blended fuel cost ₹1.80/Mcal in Q1 vs ₹1.49 prior quarter (+21% QoQ). Management committed to domestic coal switch but Q2 expected similar to Q1; relief only from Q3. Global fuel price volatility and supply disruptions pose ongoing risk.

Ex-North cement volumes grew 8% YoY, missing prior 'mid-to-high teens' guidance. Industry ex-North grew 6%; JSW outperforming but below expectations. Strength in East and West offset by South headwinds.

Clinker utilization 61% including Nagaur (87% ex-Nagaur) indicates aggressive capacity addition ahead of demand absorption. Vijayanagar Phase 1 delayed beyond CY28; green energy timeline slipped. Multiple projects concurrently (Nagaur, Fujairah, Dolvi, Central eval) raise execution risk.