Archive · 19 Aug 2025
Motilal Oswal Initiates JSW Cement Coverage with Neutral Rating
Motilal Oswal, a financial firm, has begun covering JSW Cement, giving it a neutral rating, indicating they neither strongly recommend nor discourage investment.
JSW Cement leads in supplying GGBS, a steel byproduct used in cement.
The company is expanding into North India, aiming to diversify its market and reduce its dependence on the South.
While expansion involves higher costs, the firm expects state incentives to help.
Motilal Oswal projects the company's value based on its earnings, leading to a target price.
Motilal Oswal initiated coverage on JSW Cement with a Neutral rating and a target price of Rs 163.
JSW Cement is the largest supplier of GGBS in India, with an 84% market share in FY25.
The company plans expansion into North India, reducing capacity concentration in the South.
Higher limestone costs in the North are expected to be offset by state incentives.
Motilal Oswal values JSW Cement at 15x Sep’27E EV/EBITDA, leading to its target price.
- Who
- Motilal Oswal and JSW Cement.
- What
- Motilal Oswal's coverage initiation and valuation of JSW Cement.
- When
- Report published on August 19, 2025, covering future financial years.
- Where
- North India, where JSW Cement is expanding.
- Why
- Motilal Oswal initiated coverage to provide valuation insights.
Motilal Oswal Financial Services
JSW Cement
Rating and Strategy
Motilal Oswal Financial Services
Neutral Rating
JSW Cement
Aggressive Expansion Plans
- Target Price
- Rs 163
- Rating
- Neutral
- CMP
- ₹156.55
- GGBS Market Share (FY25)
- 84%
- Valuation Multiple
- 15x Sep’27E EV/EBITDA
