JSW Cement Gets 'Neutral' Rating As Motilal Oswal Initiates Coverage

Leveraging JSW Group’s presence in steel manufacturing, JSW Cement is the largest supplier of ground granulated blast furnace slag in India with ~84% market share in FY25. The product is manufactured from slag, a byproduct of the steel-making process. GGBS accounted for ~34% of JSW Cement’s total revenue in FY25, though we believe that its contribution to Ebitda was higher at ~61%/76% in FY24/FY25.