JSW Cement IPO GMP, Subscription Status, Peer Comparison & All You Need To Know

India’s green cement manufacturer, JSW Cement's IPO, has been subscribed over 40% as of 11:40 AM, August 8, 2025. The company is stepping into the limelight with its IPO aimed at fueling growth and fortifying its market position. The IPO opened for subscription on August 7 with an issue size of ₹3,600 crore. Compared to yesterday, JSW Cement's GMP increased a bit to ₹12, showing a listing gain of around 8.16%. In this blog, we’ll break down what JSW Cement does, how it’s performing, what the IPO money will be used for, and how it stacks up in a fiercely competitive space, to help you make sense of this IPO’s opportunities and risks.

IPO Overview

• IPO Date: August 7 to August 11, 2025
• Total Issue Size: ₹3,600 crore
• Price Band: ₹139 to ₹147 per share
• Lot Size: 102 shares per lot
• Tentative Allotment Date: August 12, 2025
• Listing Date: August 14, 2025 (Tentative)
• Subscription Status: 0.41 times as of 11:40 AM, Aug 8, 2025.
• GMP: The GMP for JSW Cement IPO is ₹12, according to Chittorgarh.com (as of August 8, 11:40 AM).
  Disclaimer: GMP is an unofficial indicator and is subject to market volatility.

How does JSW Cement Make Money?

At its core, JSW Cement makes cement. It stands out for its strong focus on “green” products like blended cement and Ground Granulated Blast Furnace Slag (GGBS), cement made using steel industry waste that’s better for the planet. Besides this, the company also makes regular cement and essential ingredients such as clinker, along with ready-mix concrete and construction chemicals. It sells to both individual home-builders and giant infrastructure projects, primarily in southern, western, and eastern India, with an international foothold in the UAE. With eight production plants and a sprawling distribution network of nearly 13,500 dealers and sub-dealers, JSW Cement gets its products into the hands of customers efficiently and with a broad reach.

Objectives of the IPO

JSW Cement plans to put IPO proceeds to use, as follows:

• ₹800 crore: To build a new cement plant in Nagaur, Rajasthan, targeting 3.3 million tonnes annual clinker capacity and 2.5 million tonnes grinding capacity.
• ₹520 crore: To pay down a chunk of its ₹6,166.55 crore total debt, making its finances more stable.
• The rest of the fresh issue and all OFS proceeds go to business purposes and to the selling shareholders, not to JSW Cement itself.

Strengths:

• Fastest-growing player: Cement capacity and sales volumes rose 12.4% and 15.05% per year (FY23–FY25). That’s well above the industry’s pace.
• Green cement leader: India’s number one maker of GGBS, with roughly 84% market share in this segment.
• Lowest carbon emissions: Its cement emits about 54% less CO2 than the best global peers. Also, 21.5% of its electricity comes from green sources.

Risks:

• Heavy supplier dependence: 93% of the key blast furnace slag comes from JSW Steel. Losing this source would seriously disrupt production.
• Recent financial losses: JSW Cement posted a loss of ₹163.77 crore in FY25, after its selling price dropped and JV losses rose.
• Big debt: With over ₹6,166 crore in borrowings, rising interest rates could hit profits hard (a 1% rise could shave off about ₹62 crore).
• Lower profitability: Return on Equity (RoE) was -4.85% in FY25, meaning the company lost about ₹4.85 on every ₹100 invested by its owners.

For detailed information, visit JSW Cement’s IPO page.

Peer Comparison

JSW Cement’s listed industry peers are UltraTech Cement, Ambuja Cement, Shree Cement, Dalmia Bharat, JK Cement, The Ramco Cements, and The India Cements.

• Market standing: JSW Cement is in the top 10 by capacity in India but is much smaller than giants like UltraTech and Ambuja.
• Growth: Its cement sales volume grew fastest among top players at 15.05% CAGR (FY23–FY25).
• Profitability metrics:
  • RoE: -4.85% (peers range from 3.66% to 14.14%). Only India Cements also had a negative RoE.
  • PAT Margin: -2.77% in FY25 (peers are positive; Ambuja at 13.68%, UltraTech at 7.87%).
  • EBITDA per tonne: ₹645, lower than UltraTech’s ₹979.
  • Operating margin: 14.87% (lower than Ambuja’s 17.72%).
• Debt: Net debt to EBITDA is 4.86x, much higher than UltraTech (1.33x) and Dalmia Bharat (0.30x), showing heavier reliance on borrowings.

Source: JSW Cement RHP

IPO Valuation

At the top IPO price of ₹147 per share, JSW Cement’s EV/EBITDA for FY25 is around 27.76 times. This is higher than the industry average (22.97x) and close to UltraTech Cement (28.39x), JK Cement (26.53x), and well above Ambuja Cement (16.84x). The EV/EBITDA ratio compares the full value of a company (including debt) to its operating profit, showing how expensive it is for the profits it generates. In simple terms, investors are paying a premium for JSW Cement, likely because of its green leadership and strong growth, but this price expects the company to deliver on future performance.

The People Behind JSW Cement

Sajjan Jindal (Promoter): Founder and Chairman of JSW Group, credited with growing it into a $12 billion diversified conglomerate with a strong focus on sustainable businesses.

Parth Jindal (Managing Director): MBA from Harvard with over 15 years of experience; led major expansions and drove JSW Cement’s leadership in green cement products.

Nilesh Narwekar (CEO): Over 25 years of experience in operations and advisory roles, including at PwC; instrumental in capacity growth and operational efficiency.

Seshagiri Rao (Chairman & Non-Executive Director): 27+ years in financial leadership, including CFO roles at JSW Group companies.

Narinder Singh Kahlon (CFO): Chartered Accountant with 27 years of finance and commercial management expertise, part of JSW since 2007.

Sneha Bindra (Company Secretary): Over 13 years of legal and compliance experience ensuring regulatory adherence.

Industry Outlook

India’s cement sector is the world’s second largest, with total capacity pegged at around 668 million tonnes per year. The outlook is robust, thanks to big infrastructure projects and steady housing demand. In fact, infrastructure is expected to see a 6–7% annual surge in demand, while green cement types like GGBS are seeing 14–15% growth as buyers seek more sustainable solutions. But volatile costs (fuel, raw materials), aggressive competition, and tightening environmental norms mean only the most efficient and adaptive players will thrive.

Analyst View

JSW Cement offers an exciting growth story, especially in “green” cement, a rising demand trend both globally and in India. Its rapid expansion, strong environmental credentials, and deep market reach are clear positives. The IPO funds could help it further cement its position by reducing debt and expanding capacity.

However, investors should weigh the company’s recent financial losses, high debt, and supplier concentration as red flags. Profitability lags behind established peers, and there’s material execution risk tied to its ambitious expansion plans. The modest GMP also suggests that, for now, market excitement is cautious rather than exuberant.

In summary, while JSW Cement stands out for its sustainability and pace of growth, it comes with a set of financial and operational challenges that potential investors should keep in clear view before making any commitment. This IPO best suits those with a longer investment horizon who are comfortable with risk and confident in the company’s ability to execute its ambitious growth plans.

Other IPOs to Watch

The manufacturing of plastic houseware products, All Time Plastics IPO, is also open for subscription. It is raising up to ₹400.60 crore via the IPO, which is to be closed on August 11, 2025. The issue size includes a fresh issue of ₹280 crore and an OFS of ₹120.6 crore.

How to Apply for an IPO on INDmoney?

1. Download the INDmoney app and complete your KYC to open an account.
2. Go to the INDstocks section and tap on IPO, or search for ‘IPO’.
3. Select your preferred IPO from the list of live IPOs.
4. View key details like price band, lot size, and dates, then tap ‘Apply Now’.
5. Choose the number of lots and place your order via UPI. Your funds will be blocked until the share allotment is finalized.

For a seamless application process, visit the INDmoney IPO page.

Disclaimer

Source: JSW Cement's RHP. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Please be informed that merely opening a trading and demat account will not guarantee investment in securities in the IPO. Investors are requested to do their own independent research and due diligence before investing in an IPO. Please read the SEBI-prescribed Combined Risk Disclosure Document prior to investing. This post is for general information and awareness purposes only and is nowhere to be considered as advice, recommendation, or solicitation of an offer to buy or sell, or subscribe for securities. INDstocks is acting as a distributor for non-broking products/services such as IPO, Mutual Fund, and Mutual Fund SIP. These are not exchange-traded products. All disputes with respect to the distribution activity would not have access to the Exchange investor redressal forum or the Arbitration mechanism. INDstocks Private Limited (formerly known as INDmoney Private Limited) does not provide any portfolio management services, nor is it an investment adviser. Logos above are the property of respective trademark owners, and by displaying them, INDstocks has no right, title, or interest in them. SEBI Stock Broking Registration No: INZ000305337, Trading and Clearing Member of NSE (90267, M70042) and BSE, BSE StarMF (6779), SEBI Depository Participant Reg. No. IN-DP-690-2022, Depository Participant ID: CDSL 12095500, Research Analyst Registration No. INH000018948 BSE RA Enlistment No. 6428.