Motilal Oswal's research report on JSW Cement
JSW Cement’s (JSWC) 3QFY26 performance was above our estimates, driven by higher-than-estimated volume/realization and lower-than-estimated opex/t. EBITDA increased ~33% YoY to INR2.9b (~16% beat). OPM expanded 2.7pp YoY to ~18% (est. ~16%). EBITDA/t increased ~17% YoY to INR801 (est. INR719). Adj. PAT stood at INR1.3b vs. a loss of INR199 in 3QFY25 (beat our est. of INR380m, led by lower interest cost and higher other income).
Outlook
The net debt-to EBITDA ratio is estimated at similar levels of 3.0x by FY28E. We value JSWC at 12x FY28E EV/EBITDA to arrive at our revised TP of INR140. Reiterate Neutral.
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