JSW Cement’s market debut has unfolded a brand new dimension in the highly competitive cement market. For years, some of the heavyweights such as UltraTech Cement, Ambuja Cements have dominated the arena exercising their financial muscle. The question is how have the dynamics changed with the recent listing of JSW Cement.
Not a newbie to the cement industry, JSW Cement has now chosen to test its strength in Dalal Street as well. Operating for over a decade, the company made its public market debut at Rs 153.50, a modest 4% premium to its IPO price of Rs 147.
But here is the real question as well – Can JSW Cement stand shoulder-to-shoulder with the old guards across Dalal Street, or is the gap too wide?
JSW Cement Vs UltraTech Cement, Adani Group: Share performance
The share price of JSW Cement has gained around 5% in the last five days. Since its listing on Dalal Street earlier this month, the stock has delivered a similar 5% return so far. As of the latest close, the company commands a market capitalisation of Rs 20,880 crore. Post listing, JSW Cement has traded between a high of Rs 159 and a low of Rs 143.95.
In comparison, UltraTech Cement has slipped 1% in the last five days, while on a one-month basis, it has seen a marginal gain of 2%. Over the past six months, the stock is up 14%, and in the last one year, it has risen 11%. So far in 2025, UltraTech shares have delivered a 10% return. The company has a market capitalisation of Rs 3.70 lakh crore, with a 52-week high of Rs 12,930 and a low of Rs 10,047.85.
Meanwhile, Ambuja Cements has fallen 2% in the past five days and is down 6% over the last month. On a six-month basis, however, the stock has gained 23%. Over one year, Ambuja shares are down 7%, while year-to-date they have risen 7%. The company’s market capitalisation stands at Rs 1.43 lakh crore, with a 52-week high of Rs 660 and a low of Rs 453.
JSW Cement Vs UltraTech Cement, Adani Group: Key market
JSW Cement, UltraTech Cement and Ambuja Cement each have different focus areas in the Indian market.
JSW Cement mainly sells in the southern, eastern and western parts of the country and is now looking to expand into the north and central regions.
UltraTech Cement on the other hand has the widest reach with a presence across India, supplying through a large dealer and warehouse network that serves housing, commercial and infrastructure needs.
Meanwhile, Ambuja Cement is stronger in western India but also sells in other regions through its network of dealers, with plans to add more capacity in the coming years.
JSW Cement Vs UltraTech Cement, Adani Group: Who holds the bigger market share?
Capacity is one of the key criterion to watch out for in the cement sector. UltraTech Cement, the flagship of the Aditya Birla Group is simply in a league of its own with a 192.26 MTPA (million tonnes per annum) consolidated capacity of grey cement, spread across 34 integrated units, 34 grinding units, and 9 bulk terminals. It accounts for nearly 28% of India’s cement market, marking a dominant player in the cement sector arena.
On the other side is Ambuja Cements, part of the Adani Group which crossed 100 MTPA capacity as of April 2025. This cement manufacturer holds close to 15% market share. Furthermore, the company reported its highest-ever quarterly sales volume of 18.4 million tonnes in Q1FY26, up 20% YoY.
Now coming to JSW Cement – a part of the JSW Group, has an installed grinding capacity of 20 MTPA and clinker capacity of 6.44 MTPA, including its UAE plant. Its market share is barely 3%.
So while JSW Cement is among India’s top 10 producers, it is dwarfed by the giants. To bridge the gap, JSW Cement plans to triple manufacturing capacity to 60 MTPA in the coming years, targeting pan-India presence.
But, the interesting catch here is that UltraTech adds enough capacity every year through debottlenecking to equal a JSW Cement -sized company in about six years.
JSW Cement Vs UltraTech Cement, Adani Group: Who win the green scorecard?
Cement is one of the most carbon-heavy industries, contributing nearly 7-8% of global CO2 emissions. In this race, JSW Cement is betting big on its green push to stand out. Its carbon emission intensity is around 241 kg CO2 per tonne, nearly 50% lower than the Indian average (approx. 540-550 kg/tonne).
This is largely because over 77% of its output is blended cement and it is India’s largest producer of GGBS (ground granulated blast furnace slag), holding 84% market share in FY25.
Its clinker-to-cement ratio is just 50%, compared to around 70% for peers.
UltraTech, on the other hand, has an intensity of around 549 kg CO2/tonne, and Ambuja’s is similar around 555 kg/tonne. Both these companies are also investing in sustainability. UltraTech already generates 40% of its power from green sources, targeting 85% by 2030, and has issued $500 million sustainability-linked bonds. Ambuja is integrating ESG across its portfolio.
JSW Cement Vs UltraTech Cement, Adani Group: Watch the balance sheet?
The cement business is cyclical, and numbers matter. JSW Cement reported revenues of Rs 5,813 crore in FY25, down 3.6% YoY, as cement prices per tonne fell around 8% despite volume growth. It swung from a profit of Rs 62 crore in FY24 to a loss of Rs 163 crore in FY25, mainly due to high petcoke and coal costs and JV losses. Net margins are down 2.8%.
UltraTech Cement, in comparison, posted a 48.9% year-on-year rise in profit after tax, reaching Rs 1,494.82 crore compared to Rs 1,004.5 crore in the same quarter last year. Revenue from operations stood at Rs 21,455.68 crore, up 13% from Rs 18,987.06 crore a year ago.
Ambuja Cements also reported higher earnings in the June quarter. The consolidated net profit came in at Rs 969.66 crore, up 23.81% from Rs 783.18 crore in Q1FY25. Revenue rose 23.54% year-on-year to Rs 10,244.11 crore, with sales volume crossing 18.4 million tonnes, a 20% increase. The company’s market share moved up to 15.5%, while EBITDA rose 53% year-on-year to Rs 1,961 crore, its highest quarterly level so far.
JSW Cement Vs UltraTech Cement, Adani Group: Who carries the growth momentum?
Now, coming to the growth rate, JSW Cement has grown capacity at 12.4% CAGR (2015-2025) and volumes have improved at 15% CAGR, both higher than industry averages (around 6–7%). The company is also planning to double capacity to 42 MTPA by 2028.
UltraTech is betting on acquisitions and also capacity additions. Its India Cements buyout (14.45 MTPA) has already turned profitable with an EBITDA of Rs 92 crore in FY25.
Ambuja is expanding via Adani’s acquisitions and mergers. In July 2025, Ambuja approved the merger of Adani Cementation. Its market share jumped 200 bps to 15.5%, making it India’s second-largest.