JSW Cement Limited

5.59x

subscribed

JSW Cement Limited

Cement & Construction Materials
listed
₹14,178Min. investment
  1. Pre-apply
    6 Aug
  2. Bid start
    7 Aug
  3. Bid end
    11 Aug
  4. Allotment
    12 Aug
  5. Release of funds
    13 Aug
  6. Demat transfer
    13 Aug
  7. Listing
    14 Aug

About JSW Cement Limited

SectorCement & Construction Materials
Price range₹139 – ₹147
IPO type
Regular
Lot size102 shares
Issue size₹3,600Cr
Red Herring Prospectus
Read
Market Cap
₹20,041CrLower than sector avg
RevenueApr 2024 - Mar 2025
₹5,813CrHigher than sector avg

JSW Cement Limited IPO Overview

JSW Cement Limited IPO date

JSW Cement Limited IPO will open for subscription on Aug 7, 2025, and the closing date for the IPO is Aug 11, 2025. After this, investors are expected to be updated about the allotment status on Aug 12, 2025.

Investors who have been allotted shares can expect them to be credited to their demat account on Aug 13, 2025. The shares will be listed on the NSE and the BSE on Thursday, Aug 14, 2025.

JSW Cement Limited IPO price band

The IPO includes both an offer for sale and a fresh issue. The IPO price band has been set between ₹139 to ₹147 per share. Interested investors can choose a price within this band to apply for the IPO.

The IPO is a book-building issue, comprising a fresh issue of ₹1600 crore and an offer for sale of ₹2000 crore.

JSW Cement Ltd. IPO listing price will be determined on Aug 14, 2025. The listing price is the price at which a company’s shares debut on the stock exchanges.

JSW Cement Limited IPO lot size

JSW Cement Ltd. IPO details have been declared. The minimum lot size for an application is 102 shares, and the investor would have to apply for a minimum of 1 lot. Meanwhile, the IPO issue size is approximately ₹3600 crore.

Checklist

Quality analysis
Revenue growth
Company valuation
Earnings expansion
Risk analysis
Debt to Equity ratio
Promoter holdings
Shares pledged
The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily

Compare

Companies in this sector
UltraTech Cement LtdUltraTech Cement Ltd
Ambuja Cements LtdAmbuja Cements Ltd
Shree Cement LtdShree Cement Ltd
Revenue
Higher revenue means strong sales and good market demand
This IPO
₹5,813Cr
This sector
₹3,652.88Cr
Compare with companies
PAT
Higher PAT means strong profitability and efficient cost management
This IPO
-₹163.7Cr
This sector
₹257.19Cr
Compare with companies
Market cap
Higher market cap means strong confidence but may suggest overvaluation
This IPO
₹20,041Cr
This sector
₹20,174.96Cr
Compare with companies
D/E ratio
Lower ratio usually means fewer liabilities
This IPO
0.98
This sector
1.05
Compare with companies

Objectives

Capital expenditure
50.00%
Repayment of loans
32.50%
General corporate purposes
17.50%

Strength and Weakness

Rapid capacity and volume growth outpacing industry

JSW Cement is among the top 3 fastest-growing cement manufacturers in India (FY15–FY25), with installed grinding capacity growing from 6.09 MTPA to 20.60 MTPA at a 12.96% CAGR, compared to the industry average of 4.77%. Total volume sold grew from 2.69 MMT to 12.64 MMT during the same period, at a CAGR of 16.73%, well above the 6.15% industry average. This growth highlights the company’s strong execution capability and demand-led expansion strategy.

Market leadership in the GGBS segment

JSW Cement is India’s largest manufacturer of Ground Granulated Blast Furnace Slag (GGBS), commanding an ~84% market share in FY25. GGBS made up over 41% of total volume sold, with volumes reaching 5.18 MMT and a customer base of 2,171, growing steadily year-on-year. The company is well-positioned to capitalise on the sector’s expected 14-15% CAGR through FY30.

Strategically located plants

The company operates a pan-regional manufacturing footprint across South, West, and East India and the UAE, with efficient connectivity to raw material sources and key markets. Facilities like the Nandyal plant (1 km from the limestone mine) and in-plant rail sidings at Vijayanagar and Salboni ensure low logistics costs and operational efficiency.

Strong sustainability credentials

With the lowest CO₂ emission intensity among Indian peers (258 kg/tonne in FY25, 54% lower than top global cement players), JSW Cement stands out as a green manufacturer. The company uses 64% waste-derived raw materials, has achieved a clinker-to-cement ratio of 50.13% in FY25 (vs. a peer average of 66.43%), and consumes 21.48% green power, up from just 3.8% in FY23.

Extensive sales & distribution network

With a wide reach of 4,653 dealers, 8,844 sub-dealers, and 6,559 direct customers, the company serves both trade and institutional segments. A network of 57,000+ influencers (masons, architects, and contractors) and regional marketing initiatives further reinforce demand pull.

About JSW Cement Limited

Incorporated in 2006, JSW Cement Limited is a part of the JSW Group and the largest manufacturer of ground granulated blast furnace slag (GGBS), with a market share of 84% in FY25. GGBS is an eco-friendly product produced entirely from blast furnace slag, which is a by-product in the steel manufacturing process.
The company's green cementitious products, which include products with GGBS, Portland slag cement, Portland composite cement, and others, constituted 77.41% of sales volume in FY25.
As of March 31, 2025, the company operates with an installed grinding capacity of 20.60 MMTPA, consisting of 11 MMTPA, 4.50 MMTPA, and 5.10 MMTPA in the southern, western, and eastern regions of India, respectively, along with an installed clinker capacity of 6.44 MMTPA. For the period from FY23 to FY25, the company's installed grinding capacity grew at a CAGR of 12.42%, and sales volume grew at a CAGR of 15.05%, outpacing the industry average CAGR of 6.23% for installed capacity and 8.12% for sales volume.
To ensure a consistent supply of limestone, the company has rights to mine across 11 limestone mines in India with an aggregate limestone residual reserve of 1,089.09 MMT as of March 31, 2025, of which four limestone mines are currently operational.
As of March 31, 2025, the distribution network comprises 4,653 dealers, 8,844 sub-dealers, and 158 warehouses, along with 6,559 direct customers in the non-trade channel, including builders and institutional customers. It operates seven plants in India across Andhra Pradesh, Karnataka, Tamil Nadu, Maharashtra, West Bengal, and Odisha. The company sold a total volume of 12.64 MMT in FY25, comprising 7.09 MMT of cement and 5.18 MMT of GGBS, with a grinding capacity utilisation rate of 62.89% and a clinker capacity utilisation rate of 84.30%.
India’s cement industry is expected to witness strong growth between FY25 and FY30, driven by infrastructure, housing (both rural and urban), and ready-mix concrete (RMC) demand. Pan-India cement consumption is projected to rise from 467 MMT in FY25 to 670–680 MMT by FY30, reflecting a CAGR of 7.5%–8.5%, while demand for GGBS is expected to grow even faster at 14%–15% CAGR. Segment-wise, infrastructure demand is forecasted to grow at 8.5%–9.5% CAGR, RMC at 9%–10%, and rural housing at 7%–8%.
In this backdrop, markets in the North and Central India regions where JSW Cement is expanding have shown consistent capacity utilisation above 85%, suggesting strong ongoing demand. The company also plans to increase its grinding capacity from 20.6 MMTPA to 41.85 MMTPA and clinker capacity from 6.44 MMTPA to 13.04 MMTPA, with new plants planned in key high-growth states such as Rajasthan, Punjab, Uttar Pradesh, Madhya Pradesh, Maharashtra, and Odisha. To support this, JSW Cement has already secured limestone reserves of over 1,089 MMT in India and is actively acquiring land and regulatory clearances to avoid delays.
Now, JSW Cement Ltd. is launching its initial public offering (IPO), which consists of a fresh issue worth up to ₹1,600 crore and an offer for sale worth up to ₹2,000 crore. The total issue size of the IPO is ₹3,600 crore. Its shares will be listed on the NSE and BSE.

IPO Analysis

video thumbnail
IPO REVIEW
JSW Cement Limited
Should you apply?

IPO Subscription Status

Date
QIB
NII
Retail
Total
07-Aug-25
0.0 times (X)
0.0 times (X)
0.0 times (X)
0.0 times (X)
08-Aug-25
0.02X
0.03X
0.45X
0.24X
11-Aug-25
11.99X
0.61X
4.06X
5.59X

Frequently asked questions

How to invest in the IPO?

Investors can apply for the IPO through their Demat account via the stock exchange or through their broker.

What is the issue size of JSW Cement Limited ?

The issue size of the JSW Cement Limited is 3600 Cr.

What is 'pre-apply' for JSW Cement Limited ?

Pre-applying for an IPO allows you to submit your application before the official subscription period begins.

Which exchanges will JSW Cement Limited shares list on?

The IPO shares will typically list on major stock exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), as specified in the IPO prospectus.