JSW Cement received a reiterated Neutral rating with a target price of Rs146 from Motilal Oswal, which values the company at 14x FY28E EV/EBITDA. Motilal Oswal noted JSW Cement's 1QFY27 revenue grew 22% YoY to Rs19.0 billion while EBITDA declined about 7% YoY to Rs3.0 billion and operating margin contracted to about 16%, with adjusted PAT rising about 11% YoY to Rs1.2 billion on higher joint venture profits.