JSW Cement IPO Review

JSW Cement is part of the JSW Group, a multinational conglomerate with a portfolio of diversified businesses across various sectors such as steel, energy, maritime, infrastructure, defence, business-to-business e-commerce, realty, paints, sports and venture capital. They benefit from their access to other companies that are part of the JSW Group. For example, they source key raw materials such as blast furnace slag from JSW Steel Limited and power from JSW Energy Limited for the operations. As part of the JSW Group, they benefit from synergies with the long established “JSW” brand.

The company also benefit from the visionary stewardship of the promoters, Mr. Sajjan Jindal and Mr. Parth Jindal and their experienced board of directors and senior management team. The visionary promoters, leadership team and strong management provide them with a significant competitive advantage as they seek to grow the business.

The Revenues from operations for the Fiscals ended on Mar 31, 2025, 2024 and 2023 were ₹  59,146.65 Million, ₹  61,145.96 Million and ₹  59,822.09 Million. The EBITDA for the Fiscals ended on Mar 31, 2025, 2024 and 2023 were ₹ 7,168.50 Million, ₹  9,373.39 Million and ₹ 8,082.77 Million. The Profit after Tax for the Fiscals ended on Mar 31, 2025, 2024 and 2023 were were ₹  -1,637.69 Million, ₹ 620.13 Million and ₹ 1,040.38 Million respectively. This indicates a steady growth in financial performance.

The Company Key Performance Indicates the pre-issue EPS of ₹ -1.16 and post-issue EPS of ₹ -0.84 for FY24. The pre-issue P/E ratio is not applicable as it is in negative but the Industry P/E ratio is 60x. The company's ROCE for FY24 is 7.05%, ROE for FY24 is -6.90% and RoNW is -4.85%. These metrics suggest that the IPO is fully priced.

The Grey Market Premium (GMP) of JSW Cement showing listing gains of 0.00 %.Given the company's financial performance and the valuation of the IPO, we recommend Investors to Avoid to the JSW Cement Limited IPO for Listing gain.

Disclaimer: The information provided in this IPO review is for educational and informational purposes only and should not be construed as financial advice or an offer to buy or sell securities. The review must not be used as a singular basis of any investment decision. The views herein are of a general nature and do not consider the risk appetite or the particular circumstances of an individual investor; readers are requested to take professional advice before investing. Nothing in this document should be construed as investment advice. The content is based on publicly available information and market perceptions as of the date of publication and is subject to change. Neither the author nor the website is responsible for any losses or damages arising from the use of this information. 1.“Registration granted by SEBI, membership of a SEBI recognized supervisory body (if any) and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.” 2. “Investment in securities market are subject to market risks. Read all the related documents carefully before investing.” 3. To read the Disclaimers, Disclosures, Investor Charter, Investor Complaints please visit our website abhayvarn.com

About the Author
CA Abhay Kumar (Also known as  CA Abhay Varn) is a qualified Chartered Accountant by profession and cleared CA at age 21. He is a SEBI Registered Research Analyst with Registration Number - INH300008465. He Possesses 8+ years of experience in the Stock Market Field and has also worked in Big CA firms.