JSW Cement Eyes Margin Recovery: DAM Capital Sets ₹140 Target Amid Sector-Wide Price Hikes

Market snapshot: The Indian cement sector is entering a pivotal phase in Q1 FY27, with major players implementing aggressive price hikes to counter rising input costs. DAM Capital has signaled a 'Buy' on JSW Cement, identifying it as a top sectoral pick. As of early April 2026, the stock is positioned for a recovery following its 2025 listing, supported by improved regional pricing power and expanded capacity.

Summary: DAM Capital upgrades JSW Cement to 'Buy' with a target of ₹140, banking on a ₹30–50 per bag price increase starting April 2026 to offset petcoke inflation and drive EBITDA margin expansion.

Key Takeaways

• Anticipated price hikes of ₹30–₹50 per bag across major regions to counteract petroleum coke and packaging cost inflation.
• JSW Cement identified as a high-conviction 'Buy' with a target price reflecting significant upside from current trading levels.
• Strategic capacity expansion, including the recent Nagaur plant commissioning, strengthens the company's foothold in the high-demand North Indian market.

SAHI Perspective

The upgrade reflects a shift from volume-driven growth to margin protection. JSW Cement's ability to absorb cost shocks through these hikes will be the primary catalyst for its stock performance in FY27. With the company recently turning profitable in Q3 FY26, the current target of ₹140 appears mathematically supported by projected EBITDA improvements.

Closing Insight

As JSW Cement consolidates its recent expansions, the April price hikes serve as the litmus test for its pricing power in a competitive landscape.

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