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JSW Cement Limited
5.59xsubscribed

JSW Cement Limited

Cement & Construction Materials
listed
₹14,178Min. investment

JSW Cement Limited IPO Details

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 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

As on 07-Aug-25, 5:30 PM

JSW Cement Limited Timeline

  1. Pre-apply
    6 Aug 2025
  2. Bid start
    7 Aug 2025
  3. Bid end
    11 Aug 2025
  4. Allotment
    12 Aug 2025
  5. Release of funds
    13 Aug 2025
  6. Demat transfer
    13 Aug 2025
  7. Listing
    14 Aug 2025

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.

Jsw Cement Limited IPO Analysis

IPO REVIEW

JSW Cement Limited | Analysis Video

Should you apply?

Watch our analysts break down the Jsw Cement Limited IPO — business model, financials, valuation and key risks — to help you decide whether to apply. The video covers the IPO price band, important dates, and what the subscription numbers mean for retail investors.

Checklist

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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 COâ‚‚ 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.

Objectives of Jsw Cement Limited IPO

Capital expenditure
50.00%
The company will use ₹800 crore to establish a new integrated cement unit.
Repayment of loans
32.50%
The company will utilise ₹520 crore towards repayment or prepayment of borrowings.
General corporate purposes
17.50%
Part of the IPO proceeds will be used for general corporate purposes.

Compare

CompanyRevenue*PATMarket capD/E ratio
This IPO₹5,813Cr-₹163.7Cr₹20,041Cr0.98
This sector (avg.)₹3,652.88Cr₹257.19Cr₹20,174.96Cr1.05
₹75,955.13Cr₹6,039.64Cr₹3,73,378.4Cr0.34
₹35,044.76Cr₹5,158.41Cr₹1,26,100.1Cr0.01
₹19,282.83Cr₹1,123.8Cr₹97,363.9Cr0.05

*Revenue for financial year 2024-25. Lower P/E and D/E ratios are generally preferred.

JSW Cement Limited Contact Details

Company NameJSW Cement Limited

How to apply for JSW Cement Limited?

  1. Step 1

    Log in to your Upstox account to access IPO investments. Next, select the current IPO section.

  2. Step 2

    Specify IPO details. Enter the number of lots and the price you wish to apply for.

  3. Step 3

    Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.

  4. Step 4

    Mandate Notification. Your UPI app will receive a mandate notification to block funds.

  5. Step 5

    Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.

Jsw Cement Limited IPO FAQs

Investors can apply for the JSW Cement Limited through their Demat account via the stock exchange or through their broker.
The issue size of the JSW Cement Limited is 3600 Cr.
Pre-applying for an IPO allows you to submit your application before the official subscription period begins.
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.
JSW Cement Limited will be open between 2025-08-07 and 2025-08-11.
JSW Cement Limited allotment date is 2025-08-13. For JSW Cement Limited allotment status check, you can visit the website of the registrar of the IPO.
For JSW Cement Limited, the IPO registrar is Kfin Technologies Limited. You can check JSW Cement Limited allotment status on the website of the registrar.
The shares are proposed to be listed on the BSE and NSE.
The JSW Cement Limited shares will typically be credited to your demat account one working day before the IPO's listing date, provided your application is successfully allotted.
The JSW Cement Limited lot size is 102 and minimum order quantity is 102.
JSW Cement Limited has set the price band for its IPO at 147 per equity share with a face value of 10.