JSW Cement Limited has rapidly emerged as a leading manufacturer of green cement in India. As a proud part of the diversified JSW Group, the company is deeply committed to sustainability, innovation, and reducing its carbon footprint in the cement sector.
SW Cement’s product range is designed to balance quality with environmental responsibility:
- Portland Slag Cement (PSC) – made using industrial by-products like blast furnace slag, reducing clinker usage and CO₂ emissions.
- Ground Granulated Blast Furnace Slag (GGBS) – widely used in ready-mix concrete for improved durability.
- Composite Cement (PCC) – a blend that optimizes performance and sustainability.
This eco-friendly focus has positioned JSW Cement as India’s largest GGBS producer, with a dominant market share.
The company strategically operates seven plants across India, including:
- One integrated unit
- One clinker unit
- Five grinding units
These plants are located in Andhra Pradesh (Nandyal), Karnataka (Vijayanagar), Tamil Nadu (Salem), Maharashtra (Dolvi), West Bengal (Salboni), and Odisha (Jajpur and majority-owned Shiva Cement Limited clinker unit).
As of March 31, 2024, JSW Cement Limited had an installed grinding capacity of 20.60 MMTPA, comprising 11.00 MMTPA in the southern region, 4.50 MMTPA in the western region, and 5.10 MMTPA in the eastern region of India.
As of March 31, 2024, JSW Cement Limited has established a robust and far-reaching distribution network across India. This network includes over 5,000 dealers and more than 10,000 sub-dealers, supported by 164 strategically located warehouses.
JSW Cement IPO – Details
| IPO Opening Date | 07 August 2025 |
| IPO Closing Date | 11 August 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue Size: 24,48,97,958 Shares Worth ₹3600 Crore Fresh Issue: 10,88,43,537 Shares Worth ₹1600 Crore Offer For Sale: 13,60,54,421 Shares Worth ₹2000 Crore |
| Face Value | ₹10 per equity share |
| IPO Price | ₹139 – ₹147 per share |
| Market Lot | 102 Shares |
| Min Order | 102 Shares [ 1 Lot ] |
| Listing At | BSE, NSE |
| Register | Kfin Technologies Limited |
| QIB Shares Offered | 50% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 35% |
JSW Cement IPO – Date Schedule
| IPO Open Date | 07 August 2025 |
| IPO Close Date | 11 August 2025 |
| Basis of Allotment | 12 August 2025 |
| Initiation of Refund | 13 August 2025 |
| Credit of Shares to Demat Account | 13 August 2025 |
| IPO Listing Date | 14 August 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on August 11, 2025 |
JSW Cement IPO – Lots Size & Price
| 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 |
Competitive Strength
- The company is the fastest-growing cement manufacturing company in India in terms of increase in installed grinding capacity and sales volume.
- The company is India’s largest manufacturer of GGBS and has a proven track record of scaling up this business.
- Strategically located plants that are well-connected to raw material sources and key consumption markets.
- The company has the lowest carbon dioxide emission intensity among our peer cement manufacturing companies in India and the top global cement manufacturing companies.
- Extensive sales and distribution network in India and a focus on a strong brand.
- The company has benefited from its strong corporate lineage of the JSW Group and its qualified management team.
Company Promoters
- Sajjan Jindal
- Parth Jindal
- Sangita Jindal
- Adarsh Advisory Services Private Limited
- Sajjan Jindal Family Trust
Company Financials
| Particulars | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2022 | ₹4,863.48 Cr | ₹4,465.49 Cr | ₹232.65 Cr | ₹4,622.06 Cr |
| 31 March 2023 | ₹5,982.21 Cr | ₹5,838.68 Cr | ₹104.04 Cr | ₹5,421.54 Cr |
| 31 March 2024 | ₹6,114.60 Cr | ₹5,808.21 Cr | ₹62.01 Cr | ₹5,835.76 Cr |
| 31 March 2024 | ₹5914.66 Cr | ₹5859.83 Cr | – ₹163.77 Cr | ₹6,166.55 Cr |
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | -6.90 |
| ROCE | 7.05% |
| Debt/Equity | 0.98 |
| RoNW | -4.85% |
| PAT Margin | -2.77% |
| EBITDA Margin | 13.78% |
| Price to Book Value | 6.16 |
| Pre IPO | Post IPO | |
| EPS (₹) | -1.31 | -1.20 |
| P/E (x) | -112.61 | -122.38 |
Object Of The Issue
| Objects of the Issue | Expected Amount (₹ in crores) |
|---|---|
| Part financing the cost of establishing a new integrated cement unit at Nagaur, Rajasthan. | ₹800.00 |
| Prepayment or repayment, in full or in part, of all or a portion of certain outstanding borrowings availed by its Company. | ₹520.00 |
| General corporate purposes. |
JSW Cement IPO Peer Comparison
| S. No. | Face Value (₹) | Company Name | P/E Ratio |
|---|---|---|---|
| 1 | 10 | UltraTech Cement Limited | 59.56 |
| 2 | 2 | Ambuja Cements Limited | 35.97 |
| 3 | 10 | Shree Cement Limited | 97.77 |
| 4 | 2 | Dalmia Bharat Limited | 60.39 |
| 5 | 10 | JK Cement Limited | 58.39 |
| 6 | 1 | The Ramco Cements Limited | 103.50 |
| 7 | 10 | India Cements Limited | 2.38 |
✅Strengths
- Fast-growing cement player with strong pan-India network.
- Lowest carbon emission intensity among peers.
- Backed by JSW Group, with captive slag and power.
- Largest GGBS producer in India.
⚠️Risks
- High dependence on JSW Steel for slag supply.
- Exposure to mining and integration risks.
- Operations in UAE add geopolitical risk.
- Industry seasonality and past safety incidents.
JSW Cement IPO Promoter Holding
| Pre Issue Share Holding | 78.61% |
| Post Issue Share Holding | 72.33% |
JSW Cement IPO Prospectus
Company Contact Information
| JSW Cement Ltd. JSW Centre, Bandra Kurla Complex, Bandra (East), Mumbai 400051, Maharashtra, India Mumbai, Maharashtra, 400051 Phone: +91 22 4286 3115 Email: secretarial.jswcl@jsw.in Website: http://www.jswcement.in/ |
JSW Cement IPO Registrar
| Kfin Technologies Limited Phone: 04067162222, 04079611000 Email: jswcement.ipo@kfintech.com Website: https://kosmic.kfintech.com/ipostatus/ |
JSW Cement IPO Lead Manager(s)
| 1. JM Financial Limited 2. Axis Capital Limited 3. SBI Capital Markets Limited 4. Jefferies India Private Limited 5. DAM Capital Advisors Limited 6. Kotak Mahindra Capital Company Limited 7. Citigroup Global Markets India Private Limited 8. Goldman Sachs (India) Securities Private Limited |
JSW Cement IPO FAQs
| What is JSW Cement IPO? JSW Cement IPO is a main-board IPO. The issue is priced at ₹139 to ₹147 per equity share. The IPO is to be listed on BSE & NSE. |
| When will JSW Cement IPO open? The IPO is to open on 07 August 2025 for QIB, NII, and Retail Investors. |
| What is JSW Cement IPO Investors Portion? The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| How to Apply the JSW Cement IPO? You can apply JSW Cement IPO via ASBA online via your bank account. You can also apply for ASBA online via UPI through your stock brokers. You can also apply via your stock brokers by filling up the offline form. |
| How to Apply the JSW Cement IPO through Angle One? Log in to Angle One Application with your credentials. Select the IPO. You will see the IPO Name “JSW Cement IPO”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Angle One. |
| How to Apply the JSW Cement IPO through 5 Paisa? Log in to 5 Paisa Application with your credentials. Select the IPO. You will see the IPO Name “JSW Cement IPO“. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with 5 Paisa. |
| How to Apply the JSW Cement IPO through Upstox? Log in to Upstox Application with your credentials. Select the IPO. You will see the IPO Name “JSW Cement IPO”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Upstox. |
| How to Apply the JSW Cement IPO through IIFL? Log in to IIFL Application with your credentials. Select the IPO. You will see the IPO Name “JSW Cement IPO“. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with IIFL. |
| What is JSW Cement IPO Size? JSW Cement IPO size is ₹3600 Crore. |
| What is the JSW Cement IPO Price Band? JSW Cement IPO Price Band is ₹139 to ₹147. |
| What is JSW Cement IPO Minimum and Maximum Lot Size for Retail? The minimum bid is 102 Shares with ₹14,994 while the maximum bid is 1326 Shares with ₹1,94,922. |
| What is the JSW Cement IPO Allotment Date? JSW Cement IPO allotment date is 12 August 2025. |
| What is the JSW Cement IPO Listing Date? JSW Cement IPO listing date is 14 August 2025. The IPO is to be listed on BSE and NSE. |
