JSW Cement Stock Listing: JSW Cement, part of the Sajjan Jindal-led JSW Group, made a steady debut on the Indian bourses on Thursday, August 14, after its well-received initial public offering (IPO) drew strong investor participation.
On listing, the stock opened at Rs 153 on the BSE, a gain of Rs 6, or 4.08 per cent per share, over the issue price of Rs 147.
On the NSE, it began trading at Rs 153.50, up Rs 6.50/share, or 4.42 per cent, from the IPO price.
The IPO attracted over 12.75 lakh applications, led by strong institutional participation. The qualified institutional buyers (QIB) category was subscribed 15.80 times, the non-institutional investors (NIIs) 10.97 times, and the retail segment 1.81 times.
Trading below opening price
At 10 am, the newly listed stock was trading at Rs 151.73 on the BSE, down 0.82 per cent from its opening price.Meanwhile, on the NSE, it traded at Rs 151.33, down 1.41 per cent.
What should investors expect from the listing? Is it a long-term bet?
Prior to the Dalal Street debut, Zee Business Managing Editor Anil Singhvi expected the JSW Cement stock to list near or slightly above its issue price of Rs 147. He reiterated his “AVOID” call for fresh buying at listing, advising investors to consider entry only post-listing if desired.
“Short-term investors should maintain a suitable stop loss below the IPO price,” Singhvi added, while recommending market leaders such as UltraTech Cement and Shree Cement for safer bets in the sector.
IPO subscription
JSW Cement’s IPO, open from August 7 to August 11, 2025, was subscribed 7.77 times overall. Here is how the category-wise the issue fared:
- QIBs: 15.80 times
- NIIs: 10.97 times
- Retail: 1.81 times
The price band was fixed at Rs 139–147 per share (face value Rs 10). The Rs 3,600 crore issue included a fresh issue of Rs 1,600 crore and an offer for sale of Rs 2,000 crore.
Utilisation of IPO proceeds
- JSW Cement plans to allocate the fresh issue funds as follows:
- Rs 800 crore – new integrated cement unit at Nagaur, Rajasthan
- Rs 520 crore – repayment/prepayment of certain borrowings
- Remaining – general corporate purposes
Ahead of the IPO, the company raised Rs 1,080 crore from anchor investors on August 6.
Capacity expansion plans
The company has lined up greenfield and brownfield projects across seven locations, aiming to boost clinker capacity from 6.4 MTPA to 13 MTPA and grinding capacity from 20.6 MTPA to 41.9 MTPA by March 2025. Key projects include:
Nagaur, Rajasthan: 3.3 MTPA clinker, 3.5 MTPA grinding
Talwandi Sabo, Punjab: 2.8 MTPA grinding
Sambalpur, Odisha: 1 MTPA grinding
Vijayanagar, Karnataka: 4 MTPA grinding (brownfield)
Dolvi, Maharashtra: 4 MTPA grinding
Hatta, MP: 3.3 MTPA clinker, 1 MTPA grinding
Uttar Pradesh: 5 MTPA grinding
What cement industry demand, how it performed
India’s cement capacity utilisation has risen from 62 per cent in FY21 to 72 per cent in FY25 and is projected to touch 75–77 per cent by FY30. Cement demand grew from 327 MT in FY20 to 467 MT in FY25 (CAGR: 7.4 per cent), and is expected to reach 670–680 MT by FY30 (CAGR: 7.5–7.8 per cent).
Region-wise, growth drivers vary, with East India projected to lead demand expansion at 8.5–9.5 per cent CAGR through FY30, while North and Central India are also set for steady growth.
Here is a region-wise summary of cement demand growth:
| Region | FY23 | FY24 | FY25 | FY26F | FY26F–FY30F CAGR |
| North India | 9% | 12% | 6.50% | 4% – 5% | 6.5% – 7.5% |
| South India | 13% | 12.50% | 2% | 6.5% – 7.5% | 7% – 8% |
| East India | 16% | 9% | 5% | 6.5% – 7.5% | 8.5% – 9.5% |
| West India | 10% | 13% | 8% | 6% – 7% | 6% – 7% |
| Central India | 12% | 12% | 4% | 7.5% – 8.5% | 7.5% – 8.5% |
| Pan-India | 12% | 11% | 5% | 6.5% – 7.5% | 7.5% – 8.5% |
Here is how cement utilisation has fared since FY20 and what should be expected in the future term:
| Fiscal Year | Utilisation Rate |
| FY20 | 66% |
| FY21 | 62% |
| FY22 | 65% |
| FY23 | 69% |
| FY24 | 73% |
| FY25 | 72% |
| FY26F | 72% – 74% |
| FY27F | 73% – 75% |
| FY28F | 73% – 75% |
| FY29F | 74% – 76% |
| FY30F | 75% – 77% |
