Citigroup has initiated coverage on JSW Cement and has rated the stock a Buy, citing visibility of growth prospects and cost leadership in the cement segment, with a target price of ₹165. The brokerage noted that JSW Cement currently operates grinding capacity of 21.6 million tonnes (mt) and clinker capacity of 6.4 mt, projected to approximately reach 41.9 mt and 13 mt, respectively, within the next few years. Citi pointed out cost leadership on the lowest cost curve and strong market share in Ground Granulated Blast Furnace Slag (GGBS) of 84% as competitive advantages to the company. They expect volume CAGR of 12% during FY25–FY28 with EBITDA per tonne to increase by ₹135 starting in FY26. They also expect net debt-to-EBITDA to improve from 4.3x prior to lenders to 2.7x based on an attractive EV/tonne at $107. Overall, Citi went on to characterize JSW Cement as a cost efficient and high-growth company, that is a strong post-IPO player in India‘s cement industry.