JSW Cement incurred a loss of Rs 1,356.17 crore in the first quarter of FY 2026 (Q1 FY26) while this loss was recorded at Rs 15.12 crore in (Q1 FY25). The reason for this loss of JSW Cement is being said to be one-time charges related to the conversion of compulsory convertible preference shares (CCPS) into equity shares.
On July 24, 2025, the company converted 16 crore (160 million) CCPS with a face value of ₹100 per share into 23.57 crore (235.7 million) equity shares with a face value of ₹10 per share ahead of its initial public offering. The CCPS liability of Rs 1,897.7 crore as on March 31, 2025 was revalued on June 30, 2025. This resulted in a non-cash fair value expense of Rs 1,466.4 crore in Q1 FY26. JSW Cement said that as the CCPS has now been converted, no further such conversion or expense will be made in future quarters.
Excluding this one-time accounting adjustment, the company’s adjusted profit after tax for Q1 FY26 was Rs 100 crore.
As on June 30, 2025, net debt excluding CCPS was Rs 4,566 crore as against Rs 4,204 crore as on March 31, 2025 and was primarily due to additional borrowings for current capital expenditure. The company incurred a capital expenditure of Rs 456 crore including maintenance expenditure in Q1 FY26.
The company is working on its approved expansion program to build a pan-India presence and reach a grinding capacity of 41.85 million tonnes per annum (MTPA) with clinker capacity of 13.04 million tonnes per annum.
Revenue declined by 8.75% on a sequential basis. The company had also reported a profit of Rs 34.22 crore in Q4 FY25.
