India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Bottom-Up

<ul>
<li>The company is executing an ambitious capital expenditure plan focused on integrating raw material sources and nearly doubling grinding capacity to 41.85 MTPA by CY28.</li>
<li>JSW Cement reported robust Q2 FY26 results, delivering a 64.2% YoY surge in operating EBITDA to INR267.5 crore, underpinned by 14.9% volume growth, cost control, achieving an EBITDA/tonne of INR860.</li>
<li>JSW Cement’s ‘green premium’ strategy and structural cost advantage position it for a potential re-rating.</li>
</ul>


The company is executing an ambitious capital expenditure plan focused on integrating raw material sources and nearly doubling grinding capacity to 41.85 MTPA by CY28.
JSW Cement reported robust Q2 FY26 results, delivering a 64.2% YoY surge in operating EBITDA to INR267.5 crore, underpinned by 14.9% volume growth, cost control, achieving an EBITDA/tonne of INR860.
JSW Cement’s ‘green premium’ strategy and structural cost advantage position it for a potential re-rating.


JSW Cement: The Green Giant’s Blueprint for Aggressive Expansion and Margin Re-Rating

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

JSW Cement Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jsw-cement-limited" target="_blank" data-smartkarma-citation="entities:43870:1" rel="noopener">JSW Cement Limited (9858514Z IN)</a> raised about US$410m in its India IPO.</li>
<li>JSW Cement (JSWC) is a cement manufacturing company in India focused on manufacturing green cementitious products comprising blended cement, ordinary portland cement, ground granulated blast furnace slag, among other products.</li>
<li>We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



JSW Cement Limited (9858514Z IN) raised about US$410m in its India IPO.
JSW Cement (JSWC) is a cement manufacturing company in India focused on manufacturing green cementitious products comprising blended cement, ordinary portland cement, ground granulated blast furnace slag, among other products.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.


JSW Cement IPO Trading - Overall Demand Lags Recent Listings

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jsw-cement-limited" target="_blank" data-smartkarma-citation="entities:43870:1" rel="noopener">JSW Cement Limited (9858514Z IN)</a> is looking to raise about US$410m in its India IPO. The IPO has been downsized from US$480m with primary component cut to US$160m from US$180m.</li>
<li>JSW Cement (JSWC) is a cement manufacturing company in India focused on manufacturing green cementitious products comprising blended cement, ordinary portland cement, ground granulated blast furnace slag, among other products.</li>
<li>In our earlier notes, we have looked at the company’s past performance. In this note, we talk about implied valuations in the IPO price range.</li>
</ul>



JSW Cement Limited (9858514Z IN) is looking to raise about US$410m in its India IPO. The IPO has been downsized from US$480m with primary component cut to US$160m from US$180m.
JSW Cement (JSWC) is a cement manufacturing company in India focused on manufacturing green cementitious products comprising blended cement, ordinary portland cement, ground granulated blast furnace slag, among other products.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about implied valuations in the IPO price range.


JSW Cement IPO - RHP Updates, Peer Comp and Thoughts on Valuations

India focused: IPO, special situations, Stylus Holdings

Himanshu Dugar

India focused: IPO, special situations

Stylus Holdings

Stylus Holdings is a buy-side equity research firm. We offer bottom-up investment ideas as well as provide on demand equity research and portfolio tracking. 
At Stylus, our focus is to identify market dislocations that can generate 20+% IRR with a reasonable margin of safety. As part of our research process, we do a deep dive into the fundamentals of the company, evaluate their competitive positioning and assess their valuation.
Our investment team is led by Himanshu Dugar. Himanshu is a Chartered Accountant and a CFA charter holder. He has 10+ years of active experience in the stock market with stints at CRISIL Research, a S&P Global copmany and Miras Investments, a single family office based in Dubai.

Equity Research Firm

<ul>
<li>JSW Cements comes for listing at $180/t which is a premium to similar sized player despite weaker operating performance</li>
<li>It stands out as a Slag cement player while peers primarily focus on Portland and Pozzolana composite cement products. Its listing positions it to become another consolidator with strong Balance-sheet.</li>
<li>JSW has higher concentration towards South (50% of current capacity) which has struggled with excess supply for many years. Its upcoming 10MT capex in North may also face similar situation</li>
</ul>


JSW Cements comes for listing at $180/t which is a premium to similar sized player despite weaker operating performance
It stands out as a Slag cement player while peers primarily focus on Portland and Pozzolana composite cement products. Its listing positions it to become another consolidator with strong Balance-sheet.
JSW has higher concentration towards South (50% of current capacity) which has struggled with excess supply for many years. Its upcoming 10MT capex in North may also face similar situation


JSW Cements - Another Cement IPO in India Exactly 4 Yrs Later

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>JSW Cement has filed for IPO to raise up to ₹36B. The company plans to sell 244.9M shares at between ₹139 and ₹147 per share.</li>
<li>JSW Cement is one of the mid-tier cement manufacturing companies with operations across southern, western, and eastern regions of India. It has an installed grinding capacity of 20.6 MMTPA.</li>
<li>The IPO offer price range appears to be a more reasonable for the company considering the fact that it lags behind on many fronts when compared to its peers.</li>
</ul>


JSW Cement has filed for IPO to raise up to ₹36B. The company plans to sell 244.9M shares at between ₹139 and ₹147 per share.
JSW Cement is one of the mid-tier cement manufacturing companies with operations across southern, western, and eastern regions of India. It has an installed grinding capacity of 20.6 MMTPA.
The IPO offer price range appears to be a more reasonable for the company considering the fact that it lags behind on many fronts when compared to its peers.


JSW Cement IPO: Reasonably Priced; Growth Momentum Not Concrete Enough To Sustain Valuation

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JSW Cement Limited (9858514Z IN)

JSW Cement: The Green Giant’s Blueprint for Aggressive Expansion and Margin Re-Rating

JSW Cement's ambitious expansion plans and strong financial performance set the stage for potential growth and re-rating.

Sudarshan Bhandari

JSW Cement IPO Trading - Overall Demand Lags Recent Listings

JSW Cement raised about US$410m in its India IPO. We have covered various aspects of the deal in our previous note. In this note, we will talk...

Akshat Shah

JSW Cement IPO - RHP Updates, Peer Comp and Thoughts on Valuations

JSW Cement is looking to raise about US$410m in its India IPO. In this note, we talk about the RHP updates, peer comp and implied valuations in the...

Akshat Shah

JSW Cements - Another Cement IPO in India Exactly 4 Yrs Later

JSW Cement lists at $180/t, a premium despite weaker near-term performance, stands out on ESG as slag cement player. Poised for aggressive...

Himanshu Dugar

JSW Cement IPO: Reasonably Priced; Growth Momentum Not Concrete Enough To Sustain Valuation

JSW Cement files for IPO to raise ₹36B, selling shares at ₹139–147. The IPO opens for subscription on August 7. The proceeds will be used for...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

JSW Cement: The Green Giant’s Blueprint for Aggressive Expansion and Margin Re-Rating

​JSW Cement's ambitious expansion plans and strong financial performance set the stage for potential growth and re-rating.

Sudarshan Bhandari

JSW Cement IPO Trading - Overall Demand Lags Recent Listings

JSW Cement raised about US$410m in its India IPO. We have covered various aspects of the deal in our previous note. In this note, we will talk...

Akshat Shah

JSW Cement IPO - RHP Updates, Peer Comp and Thoughts on Valuations

JSW Cement is looking to raise about US$410m in its India IPO. In this note, we talk about the RHP updates, peer comp and implied valuations in the...

Akshat Shah

JSW Cements - Another Cement IPO in India Exactly 4 Yrs Later

​JSW Cement lists at $180/t, a premium despite weaker near-term performance, stands out on ESG as slag cement player. Poised for aggressive...

Himanshu Dugar

JSW Cement IPO: Reasonably Priced; Growth Momentum Not Concrete Enough To Sustain Valuation

​JSW Cement files for IPO to raise ₹36B, selling shares at ₹139–147. The IPO opens for subscription on August 7. The proceeds will be used for...

Tina Banerjee

JSW Cement's ambitious expansion plans and strong financial performance set the stage for potential growth and re-rating.

JSW Cement lists at $180/t, a premium despite weaker near-term performance, stands out on ESG as slag cement player. Poised for aggressive...

JSW Cement files for IPO to raise ₹36B, selling shares at ₹139–147. The IPO opens for subscription on August 7. The proceeds will be used for...