NSE: JKLAKSHMI · BSE: 500380
JK LAKSHMI CEMENT LTD
Manufactures cement and cement products in India, with a stated capacity target of 30 MT by 2030. FY26 revenue was ₹6,762.63 crore at an EBITDA margin of 16.32%. The company is expanding at Durg (integrated unit by FY28 end), Northeast (FY29) and Kutch (FY30), funded by ₹1,500-1,700 crore of capex in FY27 and ~₹2,000 crore in FY28. Its Surat plant ramped up to over 60% utilisation within eight months of commissioning, and the wider industry was operating at ~69% utilisation against 712 MT of national installed capacity. Renewable energy accounts for 46% of its energy mix, with further scaling planned via 26% stakes in solar power SPVs. The largest cost pressure is fuel — pet coke rose ~40% QoQ to ~$160/ton and global coal ~30% QoQ, translating to an expected ₹300/ton energy cost headwind in FY27. EBITDA per ton exited FY26 at ~₹730 against a ₹1,000 anchor, and AI/ML is being deployed in pyro and grinding operations. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Cement and cement products. Cyclical, asset-heavy cement manufacturing
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 5,420 | 6,452 | 6,788 | 6,193 | 6,763 |
| EBITDA (ex other income) | 924 | 839 | 1,061 | 865 | 992 |
| margin % | 17.0 | 13.0 | 15.6 | 14.0 | 14.7 |
| Owners' profit | 464 | 359 | 472 | 299 | 412 |
| EPS, as reported (₹) | 39.39 | 30.48 | 40.10 | 25.43 | 33.19 |
| ROE % · ROCE % | 18.9 · 18.2 | 13.0 · 13.6 | 14.5 · 15.7 | 8.3 · 9.5 | 10.6 · 11.6 |
| Debt / equity (x) | 0.73 | 0.65 | 0.60 | 0.69 | 0.64 |
| Cash from operations | 680 | 634 | 899 | 783 | 1,082 |
| Capex | (375) | (737) | (1,011) | (661) | (709) |
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 | 1,234 | 1,497 | 1,898 | 1,741 | 1,532 | 1,588 | 1,902 | 1,905 |
| Profit before tax | (20) | 89 | 246 | 204 | 103 | 75 | 187 | 140 |
| Net profit | (19) | 60 | 193 | 150 | 81 | 57 | 125 | 108 |
| EPS (₹) | (1.19) | 5.05 | 15.60 | 12.10 | 6.51 | 4.58 | 9.99 | 8.70 |
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) | 15.4 | 27.7 | 8 of 29 | 75% |
| P/B | 1.5 | 1.3 | 19 of 34 | 46% |
| ROCE | 8.4 | 3.7 | 12 of 37 | 69% |
| ROE | 10.6 | 7.2 | 7 of 34 | 82% |
| Debt / Equity | 0.6 | 0.4 | 22 of 33 | 34% |
| EBITDA margin | 14.4 | 13.1 | 15 of 37 | 61% |
| Revenue growth | 9.4 | 7.8 | 16 of 37 | 58% |
| Profit growth | (27.9) | (24.7) | 20 of 37 | 47% |
| Market cap | 5709 | 1735 | 14 of 38 | 65% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · JK Lakshmi Cement to discuss Q2 and H1 FY27 results on November 5 | board shareholder meetings | low | — | — |
| 23 Oct 2026 · Board meeting to approve September 2026 results | results | low | — | — |
| 9 Oct 2026 · Routine SEBI Reg 74(5) compliance certificate filed for July-September 2026 quarter | compliance | minimal | — | — |
| 25 Sept 2026 · Trading Window Closure from 1 October for Q2 Results | compliance | minimal | — | — |
| 8 Sept 2026 · Notice published on special window for transfer of physical securities | compliance | minimal | — | — |
| 13 Aug 2026 · Q1 FY27: Revenue up 9%, PAT falls 30% YoY on margin pressure | results | high | — | — |
| 7 Aug 2026 · JK Lakshmi Cement Q1 FY27 call flags cost pressure, outlines capex plan | investor communications | medium | — | — |
| 6 Aug 2026 · Recording of PhillipCapital conference call shared | investor communications | low | — | — |
| 5 Aug 2026 · Investment of Rs 20.5 Cr in solar power SPV for Sirohi plant | capex operations | medium | — | — |
| 5 Aug 2026 · Q1FY27 results: Net Profit at Rs 106.77 Cr, down about 30% YoY | results | high | — | — |
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.