JSW Cement IPO to Open on August 7th; Price Band: Rs 139-147

Mumbai, August 6, 2025 – JSW Cement’s IPO will open on August 7th. JSW Cement IPO will close on August 11th.  The price band of the IPO is set at ₹139-147 per share.

JSW Cement IPO Highlights

JSW Cement is set to launch its highly anticipated ₹3,600 crore initial public offering (IPO) tomorrow, August 7, 2025. This is drawing strong attention from the market even before its official opening.

As mentioned, the public issue opens for subscription on Thursday, August 7, and will remain open until Monday, August 11. It is giving investors a three-day window to submit their bids. The anchor book will open a day earlier, on Wednesday, August 6.

The IPO price band has been fixed between ₹139 and ₹147 per equity share. Each share carries a face value of ₹10. Retail investors can apply for the issue by bidding for a minimum of 102 shares, and in multiples of that thereafter. The total offering consists of two parts: a fresh issue of ₹1,600 crore and an offer for sale (OFS) worth ₹2,000 crore.

The IPO has been structured to allocate

• 50% of the shares to Qualified Institutional Buyers (QIBs),
• 15% to Non-Institutional Investors (NIIs), and
• 35% to Retail Individual Investors (RIIs), in line with SEBI regulations

JSW Cement’s public issue is being closely watched by both institutional and retail players looking for quality exposure in the infrastructure and materials space.

Financial Comparison: FY25 Snapshot

• JSW Cement reported revenue of ₹5,813 crore in FY25. Despite the revenue, it remained in the red with a net loss per share of ₹1.16. The company also posted a negative Return on Net Worth (RoNW) of -4.85%. Key valuation metrics like EV/EBITDA and P/E ratio were not applicable.
• UltraTech Cement, the industry giant, clocked ₹75,955 crore in revenue and an EBITDA of ₹13,302 crore. Its Earnings Per Share (EPS) stood firm at ₹205.30. RoNW came in at 8.54%. UltraTech was valued at a P/E ratio of 59.56 times and an EV/EBITDA multiple of 28.39.
• Dalmia Bharat posted ₹13,980 crore in revenue and an EBITDA of ₹2,407 crore. It reported ₹36.42 EPS, with a RoNW of 3.93%, and traded at 60.39 times earnings.
• Shree Cement delivered ₹19,283 crore in revenue. It recorded ₹4,523 crore in EBITDA. It posted an EPS of ₹311.18 and RoNW of 5.21%.
• JK Cement reported ₹11,879 crore in revenue. It also reported an EBITDA of ₹2,027 crore. Its EPS stood at ₹111.44. Its RoNW was the highest in the group at 14.14%. The stock traded at a P/E of 58.39. Its EV/EBITDA stood at 26.53.

JSW Cement, while growing rapidly, currently reports negative earnings and return ratios, in contrast to its listed competitors.

Operating Profit per Tonne (FY25)

In terms of profitability per tonne, Shree Cement led the pack in FY25 with an impressive ₹1,068 of EBITDA per tonne. UltraTech Cement, the sector heavyweight, followed with ₹988 per tonne, while Dalmia Bharat clocked ₹916 per tonne. JK Cement reported ₹877 per tonne. JSW Cement, meanwhile, lagged behind its peers, with an EBITDA of ₹813 per tonne.

Environmental Efficiency and Clinker Substitution

Clinker Ratio (FY25)

JSW Cement posted the lowest clinker ratio in FY25 at 50.13%. In comparison:

• Dalmia Bharat reported a clinker ratio of 59.70%
• JK Cement stood at 65.00%
• UltraTech Cement, the most significant player, had a higher ratio of 69.60%

CO₂ Emissions per Tonne

JSW Cement has emerged as the most environmentally efficient among its peers. It recorded just 258 kg of CO₂ emissions per tonne of cement produced in FY25.  Here’s how other major players compare:

• Dalmia Bharat: 470 kg/tonne
• JK Cement: 538 kg/tonne
• UltraTech Cement: 545 kg/tonne

Leverage and Return Metrics

• JSW Cement: It reported a Return on Net Worth (RoNW) of -4.85% in FY25. Its Net Debt to EBITDA ratio stood at 4.70x.
• UltraTech Cement: Delivered a RoNW of 8.54%. Maintained a moderate debt position with a Net Debt/EBITDA ratio of 1.33x.
• Dalmia Bharat: Achieved a Return on Net Worth of 3.93%. Data on its Net Debt/EBITDA ratio was not disclosed.
• Shree Cement: Posted a 5.21% RoNW. Maintained a low leverage profile with a Net Debt/EBITDA ratio of 0.30x.
• JK Cement: Outperformed peers with the highest RoNW of 14.14% during the fiscal. Its Net Debt/EBITDA ratio was just 0.04x.

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