₹17,200 Cr Order Book: JSW Group stock jumps 9% after announcing Q3 results

Synopsis: With a market cap of more than Rs 17,200 Crore, a stock from the JSW group has witnessed a surge of over 9 percent soon after the company announced its Q3FY26 result. The company in context has its IPO in 2025 where it witnessed a listing gain of over 4 percent.

A small cap stock where the company is in the business of  manufacturing green cement, saw its stock surge soon after the company announced its Q3FY26 result that stated that the company has turned profit making on YoY basis and witnessed a profit growth of  75 percent on QoQ basis.

With a market cap of Rs 17,117 Cr, JSW Cement Ltd saw its stock hit an intraday high of Rs 127 which is more than 9 percent higher than the previous close of Rs 116. The company was listed over the exchanges on 14th August, 2025 with a listing price of Rs 153 and also had a listing gain of more than 4 percent, but since then the stock has fallen by 14 percent.

Q3FY26 Result

In the latest quarterly result the company has seen its revenue from operations increase by 13 percent YoY, from Rs 1,433 Cr in Q3FY25 to Rs 1,621 Cr in Q3FY26, while the QoQ also increased by almost 13 percent from Rs 1,436 Cr.

The company had made a loss of Rs 80 Cr in Q3FY25, but this number has turned around to become a profit of Rs 131 Cr in Q3FY26, and also witnessed a QoQ increase of 75 percent from Q2FY26’s Rs 75 Cr. In 9M numbers of the fiscal year, the company made a loss of Rs 180 Cr in 9MFY25, this has increased to a loss of Rs 1160 Cr in 9MFY26.

Volume Growth 

JSW Cement reported strong growth in the first nine months of financial year twenty six, with total volume sold rising from 8.90 million tonnes to 9.98 million tonnes, marking 12 percent YoY growth. Cement volume increased from 4.99 to 5.38 million tonnes with 8 percent YoY growth, while GGBS volume climbed from 3.69 to 4.21 million tonnes, reflecting 14 percent YoY growth.

Growth Factor and Realisation 

As mentioned above the company saw its revenues increase by 13 percent on YoY basis , and this was primarily driven by volume increase. The company saw its Cement business realisation decline by 3.9 percent on QoQbasis to Rs 4456/ MT, while GGBS realisation was almost the same on QoQ basis with the current one at  Rs 3655/ MT. 

The Green Cement Title

JSW Cement is the World’s leading ‘Green Cement’ manufacturer, as the global average CO₂ emission intensity stands at 562 kg per tonne of cementitious material, while India’s average is 535 kg. In comparison, JSW cement’s emission intensity is significantly lower at 258 kg CO₂ per tonne of cementitious material.

The Sector Outlook 

Ground Granulated Blast Furnace Slag or GGBS is a byproduct from steel manufacturing processed into a fine powder for cement. It improves concrete strength and durability, reduces heat generation, enhances resistance to chemicals and cracking, supports sustainability, and lowers carbon emissions compared to traditional cement.

JSWcement is India’s Single Largest Manufacturer of GGBS, and has seen GGBS sales standing at 5.18 million metric tonnes, this contributed 41 percent to the total volume sold. The company held an approximate market share of 84 percent in FY25. 

While cement demand is expected to grow at up to 8.5 percent CAGR until FY30, GGBS demand is projected to expand faster, at a 15 percent CAGR over the same period.

GGBS is primarily used in project and captive ready mix concrete, contributing 60 to 65 percent, followed by commercial ready mix concrete at 35 to 40 percent, while other applications account for about 5 percent. By end use, infrastructure dominates with 55 to 60 percent, residential holds 25 to 30 percent, and commercial or industrial segments contribute 15 to 20 percent.

Incorporated in 2006, with headquarters in Mumbai, India. JSW Cement Ltd is part of the JSW group and is in the business of  manufacturing green cementitious products including blended cement and GGBS, supported by a wide distribution network, and benefits from JSW Group synergies while expanding its presence across multiple regions.

The company is known for its sustainability and use in major infrastructure projects such as Bengaluru-Mysuru Expressway, Bengaluru Metro’s Phase 2, Mumbai Transharbour Sea Link and Bengaluru International Airport

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