NSE: JKCEMENT · BSE: 532644
JK CEMENT LIMITED
Manufactures grey cement, white cement, wall putty, ready-mix concrete (RMC) and paints, with grey cement as the dominant line and white cement as a speciality secondary product. Revenue is earned by selling these building materials to construction, infrastructure and housing customers through a mix of direct sales and dealer networks. Consolidated volumes grew strongly year-on-year in Q1 FY27 on Central India expansion, but per-ton profitability was compressed by fuel, diesel and power cost inflation. Adjacent businesses include RMC, a wall putty plant at Nathdwara commissioning in Q2 FY27, and paints through subsidiary JK Maxx Paints which reached EBITDA breakeven in Q1 FY27. The cost base is dominated by other operating expenses (fuel, power, freight), with materials, employee costs and heavy capex as the other major lines. The company is in an active capacity-build phase, with a Jaisalmer greenfield integrated plant and other grinding units coming up, supported by a captive Mahan coal block. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Grey cement, White cement, Wall putty, Ready-mix concrete (RMC), Paints. Cyclical, asset-heavy building materials manufacturer in an active capacity-build phase
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 7,991 | 9,720 | 11,556 | 11,879 | 13,722 |
| EBITDA (ex other income) | 1,482 | 1,314 | 2,054 | 2,130 | 2,326 |
| margin % | 18.5 | 13.5 | 17.8 | 17.9 | 17.0 |
| Owners' profit | 687 | 426 | 791 | 861 | 992 |
| EPS, as reported (₹) | 87.90 | 55.17 | 102.35 | 111.44 | 128.44 |
| ROE % · ROCE % | 15.8 · 14.7 | 9.0 · 9.1 | 14.8 · 14.3 | 14.4 · 13.3 | 13.9 · 13.3 |
| Debt / equity (x) | 0.90 | 1.08 | 0.98 | 0.97 | 0.86 |
| Cash from operations | 878 | 1,377 | 1,959 | 1,939 | 1,873 |
| Capex | (1,554) | (1,878) | (1,183) | (1,720) | (2,416) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,560 | 2,930 | 3,581 | 3,353 | 3,019 | 3,463 | 3,888 | 4,032 |
| Profit before tax | 155 | 279 | 535 | 489 | 243 | 268 | 444 | 406 |
| Net profit | 136 | 190 | 361 | 324 | 159 | 174 | 331 | 275 |
| EPS (₹) | 16.28 | 24.54 | 46.64 | 41.99 | 20.78 | 22.60 | 43.08 | 35.91 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ULTRATECH CEMENT LIMITED | 3,29,452 | 38.5 | 4.08 | 20.1 | 10.1 | 10.2 | 14.6 | 20.8 |
| GRASIM INDUSTRIES LTD | 1,97,360 | 34.5 | 1.16 | 16.4 | 6.1 | 3.2 | 18.1 | 16.6 |
| AMBUJA CEMENTS LTD | 87,273 | 19.8 | 1.21 | 12.2 | 7.8 | 4.3 | — | 18.3 |
| SHREE CEMENT LIMITED | 83,056 | 51.0 | 3.56 | 15.9 | 7.5 | 9.4 | 9.2 | 23.8 |
| JK CEMENT LIMITED ◆ | 38,558 | 40.8 | 5.44 | 17.7 | 13.9 | 10.3 | 15.7 | 17.0 |
| DALMIA BHARAT LIMITED | 28,101 | 29.7 | 1.55 | 10.6 | 6.4 | 5.2 | 7.1 | 19.6 |
| ACC LIMITED | 21,387 | 11.2 | 1.04 | 6.2 | 10.4 | 9.9 | — | 8.4 |
| THE RAMCO CEMENTS LIMITED | 17,308 | 26.9 | 2.14 | 10.3 | 8.6 | 7.1 | 11.3 | 14.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 40.8 | 27.7 | 21 of 29 | 29% |
| P/B | 5.4 | 1.3 | 34 of 34 | 0% |
| ROCE | 10.3 | 3.7 | 8 of 37 | 81% |
| ROE | 13.9 | 7.2 | 2 of 34 | 97% |
| Debt / Equity | 0.9 | 0.4 | 24 of 33 | 28% |
| EBITDA margin | 17.0 | 13.1 | 11 of 37 | 72% |
| Revenue growth | 20.3 | 7.8 | 7 of 37 | 83% |
| Profit growth | (15.3) | (24.7) | 15 of 37 | 61% |
| Market cap | 38558 | 1735 | 5 of 38 | 89% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Q2 sales up 21%, but fuel costs and expansion weigh on the outlook | investor communications | medium | — | — |
| 27 Oct 2026 · Earnings call recording available for Q2 and H1 FY2026-27 | investor communications | low | — | — |
| 27 Oct 2026 · JK Cement opens another special window for physical share requests | compliance | minimal | — | — |
| 24 Oct 2026 · Auditors report 3.76 times debenture cover and compliance | compliance | minimal | — | — |
| 24 Oct 2026 · JK Cement Q2 FY27: grey sales up 21%, margin slips to 14.2% | investor communications | medium | — | — |
| 24 Oct 2026 · JK Maxx to build 75,000 KLPA paint plant in Telangana | results | high | — | — |
| 24 Oct 2026 · Price Waterhouse recommended as statutory auditor for a five-year term | management changes | medium | — | — |
| 24 Oct 2026 · Standalone Q2 revenue rises 26%; operating margin and half-year profit fall | results | high | — | — |
| 8 Oct 2026 · JK Cement to hold Q2 FY27 earnings call on Oct 27, 2026 | results | low | — | — |
| 8 Oct 2026 · Board meeting on Oct 24 to approve Q2 FY27 results | results | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.