Motilal Oswal Rates JSW Cement 'Neutral' with Rs 140 Target

• JSW Cement's 3QFY26 performance exceeded Motilal Oswal's estimates.
• EBITDA surged approximately 33% YoY to INR2.9 billion, beating estimates by 16%.
• Operating Profit Margin (OPM) expanded 2.7 percentage points YoY to around 18%.
• Adjusted PAT reached INR1.3 billion, a significant improvement from a loss in 3QFY25.
• Motilal Oswal reiterates a 'Neutral' rating with a revised target price of INR140 based on 12x FY28E EV/EBITDA.