JSW Cement - An Emerging Force To Reckon With: ICICI Securities

ICICI Securities Report

JSW Cement is emerging as a force to reckon with given –

• it is a part of the growth-focussed JSW Group with plans to gain 10% market share (~1.6% in FY24) and become the fifth-largest player by year 2030 (as per FY23 annual report);

• as per DRHP, it –

1. is undertaking greenfield/brownfield expansions plans to scale capacity to 40.85 million tonnes per annum (from 20.6 mtpa currently), thereby becoming a pan-India player;

2. is already the fastest-growing cement company in India (having grown capacity/sales volumes at 14%/19% CAGR over FY14–24);

3. is a leader in the ground granulated blast-furnace slag segment with 82.7% market share;

4. has strategically-located plants that are well-connected to raw material sources and key consumption markets; and

5. has the lowest carbon dioxide emission intensity among industry peers.

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