India's cement industry is witnessing a transformative phase, with key players focusing on green manufacturing, scale, and efficiency.
In this article, we will compare JSW Cement with its peers like UltraTech, Ambuja Cement, Ramco Cement, India Cement and others.
JSW Cement is one of the fastest-growing cement companies in India, with an impressive CAGR of 12.96% for installed capacity and 16.73% for volume sold between FY15–FY25. These growth figures far exceed the industry average of 4.77% for capacity and 6.15% for volumes.
Over recent years, JSW Cement’s growth has only accelerated, outpacing peers like UltraTech Cement and Ambuja Cement, who are expanding more incrementally.
JSW Cement’s expansion plans target an increase in installed capacity to 41.85 MMTPA, up from 20.6 MMTPA in FY25, a significant leap in comparison to the incremental expansions by competitors.
JSW Cement’s current installed grinding capacity for FY25 stands at 20.6 MMTPA, placing it among the smaller players when compared to its peers. For context, here’s how JSW Cement’s capacity compares to the industry leaders:
Despite its relatively smaller capacity, JSW Cement’s strategic push into North and Central India indicates its plans for robust regional growth. The company is poised to significantly increase its market share, particularly in regions where demand is expected to rise.
In FY25, JSW Cement’s financials and operational efficiency metrics showcase a mixed picture when compared to its peers. Let’s take a look at how the company stacks up on key financial indicators:
| Metric (FY25) | JSW Cement | UltraTech Cement | Ambuja Cement | Shree Cement | JK Cement | Ramco | India Cements |
| Revenue (₹ Crore) | 5,813.1 | 75,955.1 | 33,697.7 | 19,282.8 | 11,879.2 | 8,518.4 | 4,148.7 |
| EBITDA Margin (%) | 13.78 | 17.34 | 22.88 | 24.35 | 16.82 | 13.40 | -3.99 |
| Return on Equity (RoE %) | (6.90) | 10.1 | 8.73 | 5.29 | 13.9 | 1.38 | -8.83 |
| Debt to Equity | 2.55 | 0.24 | 0.01 | 0.05 | 0.99 | 0.63 | 0.11 |
| Current Ratio | 0.64 | 0.89 | 1.29 | 0.98 | 1.16 | 0.52 | 1.27 |
| PE Ratio | NA | 51.6 | 34.70 | 99.0 | 56.3 | 268 | NA |
| Price to Book | 6.16 | 5.05 | 2.80 | 5.14 | 8.48 | 3.66 | 1.10 |
| Price to Sales | 3.45 | 4.59 | 4.03 | 5.74 | 4.16 | 3.19 | 2.69 |
JSW Cement’s PE ratio is not computed as its earnings per share (EPS) are currently negative. However, the company is expected to turn around its performance as its growth trajectory and expansion plans materialise.
JSW Cement’s Initial Public Offering (IPO) aims to raise ₹3,600 crores. The issue comprises a fresh issue of 10.88 crore shares, aggregating ₹1,600 crores, and an offer for sale of 13.61 crore shares, aggregating ₹2,000 crores. The IPO will open for subscription on August 7, 2025, and close on August 11, 2025.
Read More: JSW Cement's ₹3,600 Crore IPO is Set to Open on August 7!
This is the peer comparison for your reference, highlighting the growth, financials, and strategic positioning of JSW Cement in relation to its industry counterparts.
Disclaimer: This blog has been written exclusively for educational purposes. The securities or companies mentioned are only examples and not recommendations. This does not constitute a personal recommendation or investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.
Investments in securities are subject to market risks. Read all related documents carefully before investing.
Published on: Aug 5, 2025, 3:12 PM IST
Team Angel One
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