JSW Cement IPO Price: ₹139 to ₹147 per share
IPO Dates: 7th August 2025 – 11th August 2025
Company Overview
Incorporated in 2006, JSW Cement Limited is one of India’s leading green cement manufacturers and a part of the JSW Group—a diversified multinational conglomerate. Over the past decade, the company has emerged as one of the top three fastest-growing cement manufacturers in India in terms of increase in installed grinding capacity and sales volume between FY2015 and FY2025. As of March 31, 2025, it ranks among the top 10 cement companies in India by both installed capacity and sales volume.
Manufacturing Infrastructure
As of March 31, 2025, the company had an installed grinding capacity of 20.60 MMTPA, distributed across:
- Southern India: 11.00 MMTPA
- Western India: 4.50 MMTPA
- Eastern India: 5.10 MMTPA
The company also had an installed clinker capacity of 6.44 MMTPA, including contributions from JSW Cement FZC in the UAE. JSW Cement operates seven plants in India, including:
- 1 Integrated Unit: Nandyal (Andhra Pradesh)
- 1 Clinker Unit: Shiva Cement Limited (Odisha)
- 5 Grinding Units: Vijayanagar (Karnataka), Salem (Tamil Nadu), Dolvi (Maharashtra), Salboni (West Bengal), and Jajpur (Odisha)
Additionally, JSW Cement FZC operates a clinker unit in the UAE, which supplies both its Dolvi unit and third-party clients.
Product Portfolio
JSW Cement offers a broad and sustainable portfolio of cement and cementitious products catering to both retail and institutional markets:
Cement Products
- Portland Slag Cement (PSC): Made using blast furnace slag, PSC is sold under brand names like JSW Cement Portland Slag Cement, Power Pro, and Concreel HD. Suitable for mass construction, it adheres to IS 455:2015.
- Portland Composite Cement (PCC): Marketed as JSW Cement Compcem, it is blended with fly ash and slag, providing high strength and durability. It meets IS 16415:2015 standards.
- Portland Pozzolana Cement (PPC): Sold as JSW Cement Max Super, PPC is durable and eco-friendly. It complies with IS 1489-Part 2.
- Ordinary Portland Cement (OPC): Known for its quick-setting properties, OPC complies with IS 269:2015.
Other Products
- Waterproofing Compounds: Marketed as JSW Cement Krysta Leakproof, used for preventing water seepage in construction.
- GGBS (Ground Granulated Blast Furnace Slag): A by-product of steel manufacturing and used widely in blended cement and concrete applications. Marketed as JSW Cement GGBS, it complies with IS 16714:2018.
- Clinker: The intermediary product in cement manufacturing, adhering to IS 16353:2015.
- Allied Cementitious Products:
- Ready Mix Concrete (RMC): Sold under JSW Concrete, used in commercial projects. Adheres to IS 4926:2003.
- Screened Slag: Marketed as JSW Slag Sand, produced by screening blast furnace slag.
- Construction Chemicals: Includes tile adhesives, grout, mortar, and others under brands like Duraflor Floor Hardener and Enduro Plast.
Sustainability Focus
JSW Cement has positioned itself as a sustainability leader in the cement industry. It uses industrial by-products such as blast furnace slag, red mud, fly ash, and chemical gypsum, which not only reduce dependence on conventional raw materials but also lower its carbon footprint.
- The company reported CO₂ emission intensity of 258 kg/tonne in FY2025—52% lower than the peer average in India and 54% lower than top global cement firms in CY2024.
- Use of waste heat recovery systems (WHRS) and solar power further contributes to reducing emissions and energy costs.
- It achieved a thermal substitution rate of 16.39% by using industrial waste as an alternative fuel source.
Strategic Location & Raw Material Security
JSW Cement’s plants are strategically located near limestone mines, steel plants, and major markets, ensuring cost-effective logistics and steady raw material supply:
- The Nandyal plant is just 1 km from its limestone mine.
- Plants in Vijayanagar, Dolvi, and Salem are co-located with JSW Steel plants, simplifying slag transport.
- The Jajpur plant is near the Kalinganagar steel hub in Odisha.
The company holds mining rights to 11 limestone mines in India and 1 in the UAE, with an aggregate residual limestone reserve of over 1,282 million metric tonnes (MMT). Of these, 4 Indian mines are operational, 2 are under development, and 5 are under various stages of licensing.
Distribution Network
As of March 31, 2025, JSW Cement operated a robust sales and distribution network including:
- 4,653 dealers
- 8,844 sub-dealers
- 158 warehouses
- 6,559 direct customers including institutional buyers and builders
This network supports both trade (retail) and non-trade (projects and infrastructure) sales channels, allowing the company to reach diverse customer segments across India.
Competitive Strengths
JSW Cement Limited stands out in the industry due to its distinct advantages:
- Among the top three fastest-growing cement manufacturers in India, with strong growth in grinding capacity and sales volume between FY2015 and FY2025.
- India’s largest GGBS manufacturer, demonstrating proven ability to scale environmentally friendly cementitious products.
- Strategically located plants with proximity to limestone mines and key raw material sources, enabling cost-effective production and logistics.
- Lowest carbon dioxide emission intensity among Indian and global peers due to focus on sustainable inputs and renewable energy usage.
- Extensive sales and distribution network, backed by strong branding and customer reach in both trade and non-trade segments.
- Part of the renowned JSW Group, benefiting from brand legacy, access to steel by-products, and experienced leadership and management.
Bidding Starts In
JSW Cement IPO Specifics:
| IPO Date | August 7, 2025 to August 11, 2025 |
| Face Value | ₹10 per share |
| Price Band | ₹139 to ₹147 per share |
| Lot Size | 102 Shares |
| Total Issue Size | 24,48,97,958 shares (aggregating up to ₹3,600.00 Cr) |
| Fresh Issue | 10,88,43,537 shares (aggregating up to ₹1,600.00 Cr) |
| Offer For Sale | 13,60,54,421 shares of ₹10 (aggregating up to ₹2,000.00 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 1,25,45,21,399 shares |
| Share Holding Post Issue | 1,36,33,64,936 shares |
JSW Cement IPO Timetable (Important Dates)
| IPO Open Date | Thursday, August 7 2025 |
| IPO Close Date | Monday, August 11 2025 |
| Basis of Allotment | Tuesday, August 12 2025 |
| Initiation of Refunds | Wednesday, August 13 2025 |
| Credit of Shares to Demat | Wednesday, August 13 2025 |
| Listing Date | Thursday, August 14 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on August 11, 2025 |
JSW Cement IPO Lot Size
Bidders have the opportunity to bid for a minimum of 102 shares, with the option to increase in multiples. The table below outlines the minimum and maximum investment thresholds for both retail investors and High Net Worth Individuals (HNIs), specifying the corresponding number of shares and amounts involved.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 102 | ₹14,994 |
| Retail (Max) | 13 | 1,326 | ₹1,94,922 |
| S-HNI (Min) | 14 | 1,428 | ₹2,09,916 |
| S-HNI (Max) | 66 | 6,732 | ₹9,89,604 |
| B-HNI (Min) | 67 | 6,834 | ₹10,04,598 |
JSW Cement IPO Reservation
| QIB Shares Offered | Not more than 50% of the Net offer |
| Retail Shares Offered | Not less than 35% of the Offer |
| NII (HNI) Shares Offered | Not less than 15% of the Offer |
JSW Cement Limited IPO Financial Information
| Period Ended | 31 Mar 2023 | 31 Mar 2024 | 31 Mar 2025 |
|---|---|---|---|
| Assets | 10,218.61 | 11,318.91 | 12,003.94 |
| Revenue | 5,982.21 | 6,114.60 | 5,914.67 |
| Profit After Tax | 104.04 | 62.01 | -163.77 |
| EBITDA | 826.97 | 1,035.66 | 815.32 |
| Net Worth | 2,292.10 | 2,464.68 | 2,352.55 |
| Reserves & Surplus | 1,296.66 | 1,399.06 | 1,287.31 |
| Total Borrowing | 5,421.54 | 5,835.76 | 6,166.55 |
Key Performance Indicator – JSW Cement IPO
| KPI | Values |
|---|---|
| Market Cap | ₹20,041.46 Cr |
| EPS | -1.31 |
| P/E (x) | -112.61 |
| ROE | -6.90% |
| ROCE | 7.05% |
| PAT Margin | -2.77% |
| RoNW | -4.85% |
| Debt/Equity | 0.98 |
Objects of the Issue:
The proceeds from the JSW Cement Initial Public Offering (IPO) are proposed to be allocated toward three key objectives, as outlined below:
1. Establishment of a New Integrated Cement Unit in Nagaur, Rajasthan
A significant portion of the net proceeds, amounting to ₹800 crore, is intended to be used for part financing the cost of setting up a new integrated cement unit at Nagaur in Rajasthan. This expansion is aimed at enhancing the company’s production capabilities and strengthening its presence in northern India.
2. Repayment or Prepayment of Borrowings
An amount of ₹520 crore from the net proceeds has been earmarked for the prepayment or repayment, in full or in part, of certain outstanding borrowings availed by the company. This is expected to reduce the debt burden and improve the overall financial health and leverage position of JSW Cement Limited.
3. General Corporate Purposes
The remaining proceeds are proposed to be utilized for general corporate purposes, which may include working capital requirements, strengthening operational efficiency, and supporting business expansion and growth initiatives.
Prospectus Links:
Prospectus: Official documents that provide detailed information about the IPO and the company.
