JSW Cement Limited

About the company

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.

Financial performance (₹ Cr)

Subscription breakup (final, times)

IPO Roadmap / Timeline

1. IPO Opens

   Completed
   07 Aug 2025

   Bidding starts for all investor categories

2. IPO Closes

   Completed
   11 Aug 2025

   Last day to place your bid

3. Basis of Allotment

   Completed
   12 Aug 2025

   Share allotment finalised

4. Refund Initiation

   Completed
   13 Aug 2025

   Refunds credited for non-allottees

5. Credit to Demat

   Completed
   13 Aug 2025

   Allotted shares credited to demat account

6. Listing on Exchange

   Completed
   14 Aug 2025

   Shares list on NSE / BSE

Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.