Motilal Oswal's research report on JSW Cement
JSW Cement’s (JSWC) 2QFY26 EBITDA was above our estimates, driven by higher volume and lower opex/t vs. our estimates. EBITDA increased ~65% YoY to INR2.7b (~40% beat). EBITDA/t surged ~44% YoY to INR860 (vs. est. INR657). OPM increased 5.4pp YoY to ~19% (vs. est. ~14%). It posted PAT of INR864m (~115% beat) vs. a loss of INR368m in 2QFY25.
Outlook
We value JSWC at 13x (earlier at 14x) Sep’27E EV/EBITDA to arrive at our revised TP of INR138 (earlier INR150). Maintain Neutral.
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