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The Cement Industry in India is estimated to have witnessed an investment of Rs. 1300-1350 bn in the past 5 years (FY2021-FY2025E) with regards to adding new capacities, brownfield expansions, debottlenecking, and maintenance of existing plants. Over the next 5 years (FY26-FY30), it is anticipated that ~250 MTPA of grinding capacities will come online, necessitating an investment of around Rs. 1600-1700 billion. This represents a healthy increase, equivalent to about 1.2 times the capital expenditure incurred over the previous five-year period. Given their strong balance sheets and high liquidity, a large part of this capex is expected to be incurred by the large players funded from their internal accruals.
| Particulars | Details |
|---|---|
| IPO Open Date | August 07, 2025 |
| IPO Close Date | August 11, 2025 |
| Price Band | ₹139 to ₹147 per share |
| Lot Size | 102 Shares |
| Issue Size | ₹36,000 mln |
| Listing At | BSE, NSE |
| Tentative Listing Date | [To be announced] |
JSW Cement Ltd. ranks among the top 3 fastest-growing cement manufacturers in India over the last decade, based on growth in installed grinding capacity and sales volume. As of March 31, 2025, it stands among the top 10 players in the domestic market in terms of installed capacity and sales volume. Between FY2023 and FY2025, installed grinding capacity registered a CAGR of 12.42%, while sales volume (excluding overseas operations) grew at a CAGR of 15.05%, significantly outpacing the industry averages of 6.23% and 8.12%, respectively.
As of the end of FY2025, the company had an installed grinding capacity of 20.60 MMTPA, with regional distribution of 11.00 MMTPA in the South, 4.50 MMTPA in the West, and 5.10 MMTPA in the East. Installed clinker capacity stood at 6.44 MMTPA, including contributions from overseas subsidiaries. A majority of the current capacity has been developed organically by an in-house project execution team, reflecting strong internal capabilities in project development and commissioning.
The company is actively executing both greenfield and brownfield expansion plans across the country, including entry into the North and Central regions. Post-expansion, the installed grinding capacity is projected to nearly double to 41.85 MMTPA, while clinker capacity is expected to increase to 13.04 MMTPA, enabling a pan-India footprint.
In addition, the company is the country’s largest producer of ground granulated blast furnace slag (GGBS), commanding an 84% market share in FY2025. Green cementitious products including GGBS-based cement, portland slag cement (PSC), portland composite cement (PCC), and others accounted for 77.41% of total sales volume in FY2025. This reinforced its position as a sustainability-driven cement manufacturer.
Objects of the issue:
- Part financing new integrated cement unit- Rs. 8000 million
- Prepayment or repayment of borrowings- Rs. 5200 million
- General corporate purposes
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