Transcript of Conference Call.

JK Lakshmi Cement reported Q4 & FY26 earnings in a conference call. Pan-India cement demand grew ~7% to 480MT in FY26, but capacity additions of 64MT pushed utilization down to ~69%. The company faces significant cost pressures: pet coke prices surged ~40% QoQ to $160/ton, coal up ~30%, with management guiding for INR300/ton energy cost increase and INR80-100/ton packaging cost rise. EBITDA per ton declined from INR1,000 to ~INR730. The company targets 30MT capacity by 2030 with Durg expansion (INR3,000 crores capex, INR500 crores spent) completing by FY28 end, followed by Northeast and Kutch projects. Capex for FY27 is guided at INR1,500-1,700 crores and FY28 at ~INR2,000 crores. Management remains confident of achieving targets and plans to mitigate cost pressures through fuel mix changes and renewable energy expansion (currently at 46%).