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SME Scorecard · JSWCEMENT · as of Mar 2026

JSW Cement Ltd

Price
₹112.14
-0.94% · as of 07 Oct, 3:30 pm
Market cap
₹15,297 Cr
latest
P / E
19.4
trailing
52-week
107 – 143
low – high
Run the valuation reportFull data page
C
53/100
16 of 19 signals scored
Five pillars

Every signal, with the figure it came from.

Growth
weight 25
29
  1. Revenue CAGR, 3y
    ₹5,810 Cr (Mar 2023) → ₹6,501 Cr (Mar 2026).
    3.8%
    15
    Flag
  2. Profit CAGR, 3y
    Net profit ₹-799 Cr in Mar 2026.
    Loss-making
    0
    Flag
  3. Latest quarter revenue YoY
    Jun 2026: ₹1,896 Cr vs Jun 2025: ₹1,560 Cr.
    21.5%
    72
    Good
Profitability
weight 25
67
  1. Return on equity
    Top-ratio ROE.
    14.7%
    59
    Watch
  2. Return on capital employed
    Top-ratio ROCE.
    11.1%
    44
    Watch
  3. Operating margin
    OPM for Mar 2026.
    19%
    63
    Good
  4. Margin trend
    OPM 11% (Mar 2023) → 19% (Mar 2026).
    +8.0 pp
    100
    Good
Balance sheet
weight 20
48
  1. Debt to equity
    Borrowings ₹4,464 Cr ÷ net worth ₹6,550 Cr (Mar 2026).
    0.7×
    66
    Watch
  2. Interest cover
    (PBT ₹-781 Cr + interest ₹378 Cr) ÷ interest, Mar 2026.
    -1.1×
    0
    Flag
  3. Debt growth vs revenue growth, 3y
    Revenue CAGR 3.8% minus borrowings CAGR -7.5%.
    +11.3 pp
    78
    Good
Cash conversion
weight 15
57
  1. Cash from operations ÷ profit
    Cumulative net profit not positive over the last 3 FY; ratio undefined.
    —
    —
    Not scored
  2. Free-cash-flow-positive years of 3
    Mar 2026: ₹-791 Cr · Mar 2025: ₹-409 Cr · Mar 2024: ₹476 Cr
    1 of 3
    33
    Watch
  3. Debtor days
    As of Mar 2026.
    48 days
    88
    Good
  4. Accounting flags
    capitalising interest.
    1 flag
    50
    Watch
Governance
weight 15
74
  1. Promoter holding
    Quarter ended Jun 2026.
    72.02%
    100
    Good
  2. Promoter holding change
    72.34% (Sep 2025) → 72.02% (Jun 2026).
    -0.3 pp
    47
    Good
  3. Promoter pledge
    A pledge is only reported when one exists; none listed here, but this is not confirmation of zero.
    —
    —
    Not scored
  4. Institutional holding
    FII 3.70% + DII 11.49%, Jun 2026.
    15.19%
    76
    Good
  5. Auditor & related-party flags
    Not in the source data. Not scored; read the annual report.
    —
    —
    Not scored
Four lenses

The same card, read for each segment.

Pre-listing01
Founders benchmarking an issue

Benchmarking a listing against JSW Cement: the market pays 19.4× earnings for 3.8% revenue CAGR over 3 years at a 19% operating margin, with promoters holding 72.02%. Debt to equity of 0.7× is the leverage bar peers will compare a new issue against.

Retail02
Two numbers and the flags

Grade C (53/100). ROE 14.7% and debt to equity 0.7× are the two numbers to remember. Watch: Revenue CAGR 3.8%; Profit CAGR Loss-making; Interest cover -1.1×. Price sits 14% of the way up its 52-week range.

HNI03
Float and position sizing

Float check: promoters 72.02%, institutions 15.19%, public 11.83% across 4,42,995 shareholders on a ₹15,297 Cr market cap. Leverage and cash items to size for: Interest cover -1.1×; Debt to equity 0.7×; Free-cash-flow-positive years 1 of 3.

Institutional04
Diligence priorities

Diligence priorities: Free-cash-flow-positive years 1 of 3; Accounting flags 1 flag. Auditor changes, related-party dealings and contingent liabilities are not scored here and need the filings.

How this score is built

Arithmetic, not opinion.

Five pillars, weighted Growth 25, Profitability 25, Balance sheet 20, Cash conversion 15, Governance 15. Each pillar is the plain average of its scored signals; the overall is the weighted average of scored pillars, renormalised when a pillar has nothing to score. Grades: A at 75 or above, B at 60, C at 45, D below.

Each signal maps a reported figure to 0–100 on a straight ramp between two anchors (for example ROE 0% → 0, 25% → 100) or, for trends, 50 ± a fixed amount per percentage point. There is no model, no weighting by sector, and no judgement call in the arithmetic.

Inputs are the reported tables: annual profit and loss, balance sheet, cash flow, ratios and the quarterly shareholding pattern. A promoter pledge is scored only when one is reported, so “not scored” there is not a clean bill. Auditor changes, related-party dealings and contingent liabilities are never in the input and are listed as not scored so the gap is visible. Banks and NBFCs use a different P&L layout, so several signals will show as not scored. Informational only — not investment advice.

General disclaimer

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