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JK Cement Limited (JKCEMENT)

Construction Materials · Cement & Cement Products · NSE · Updated 16 June 2026

₹5,176.5 ↓ 13.41% (1Y)

🎯 Key Takeaways

JK Cement is in a strategic expansion phase, transitioning from a traditional grey cement producer to a diversified player with growing emphasis on white cement, paints, and high-value products. Management is executing a multi-year capex plan to add 16M tons of grey cement capacity and scale white cement and paint businesses, targeting EBITDA breakeven for paints by FY27.
Revenue grew 14.5% QoQ to ₹2,930 in Q3FY25.
⚠️ Execution risk in large-scale capex projects: Delays or cost overruns in the Jaisalmer, Buxar, or Muddapur expansions could disrupt growth momentum.

Market Cap

₹42,219

P/E Ratio

58.6

Div Yield

0.00%

Promoter

0.0%

✨ Ask AI About JKCEMENT 📊 Interactive Charts

📖 The Story

JK Cement is in a strategic expansion phase, transitioning from a traditional grey cement producer to a diversified player with growing emphasis on white cement, paints, and high-value products. Management is executing a multi-year capex plan to add 16M tons of grey cement capacity and scale white cement and paint businesses, targeting EBITDA breakeven for paints by FY27. Despite a recent 13.41% annual return decline, the company is leveraging capacity additions and pricing power to drive margin expansion and volume growth, positioning for sustained profitability beyond FY26.

📰 What's Happening

In Q4 FY26, JK Cement reported consolidated revenue of ₹3,826 crores, up 13% QoQ and 17% YoY, driven by 18% volume growth in grey cement and a 68% premium trade mix contribution reflecting improved pricing power. Net profit surged 91% to ₹331 crores, with EBITDA rising 22% to ₹683 crores. The company achieved 82% grey cement capacity utilisation and deployed ₹742 crores in capex for new grinding units and captive power infrastructure. Management highlighted progress on the Jaisalmer integrated 7M ton project (INR3,630 cr capex, INR742 cr spent) and expansion at Buxar (6M ton greenfield) and Muddapur (4.5M ton). Employee expenses rose 25% YoY to support commissioning activities, with annual costs projected at ₹250 crores.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q4FY23	Q1FY24	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25
Revenue	2,778	2,763	2,753	2,935	3,106	2,808	2,560	2,930
Operating Profit	388	424	496	664	615	531	424	537
OPM %	12.6%	14.8%	17.0%	21.3%	18.0%	17.3%	11.1%	16.8%
Net Profit	110	113	178	284	220	185	136	190
EPS	₹14.53	₹14.84	₹23.05	₹36.73	₹28.44	₹23.98	₹16.28	₹24.54

The financial trajectory shows a clear inflection point: revenue and profitability are accelerating as capacity additions come online and operational efficiencies improve. Q4 FY26 marked the peak in quarterly revenue (₹3,826 crores) and the highest net profit in recent history (₹331 crores), supported by strong volume growth and margin expansion. EBITDA growth outpaced revenue, indicating operating leverage. This trend is expected to continue through FY27-FY28 as new capacities ramp up, with management targeting 16% YoY revenue growth for FY26 and sustained volume growth of 8-10% in white cement. The rise in employee expenses reflects short-term investment in execution, but is offset by rising EBITDA and improving cash generation.

🔮 Management Outlook & What's Next

Management has provided clear forward guidance through multiple filings, targeting EBITDA breakeven for the paints business by FY27 and volume growth of 8-10% in white cement. Capex guidance for FY27 is set at ₹3,500-4,000 crores, followed by ₹1,500-2,000 crores in FY28, primarily focused on completing the Jaisalmer, Buxar, and Muddapur expansions. Management also expects incentive income from GST restrictions to reach ₹250-260 crores in FY27 pending approvals. These targets are underpinned by assumptions of 6-8% industry growth and sustained pricing power in premium segments.

Extracted from official company announcements. Not StockFin.ai's opinion.

⚖️ Peer Comparison — Cement & Cement Products

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
UltraTech Cement Limited	3.38 L Cr	44.1	12.3%	10.8%	0.33
Grasim Industries Limited	2.00 L Cr	21.1	4.9%	4.6%	1.88
Ambuja Cements Limited	1.07 L Cr	23.3	4.6%	7.7%	0.00
SHREE CEMENT LIMITED	90,094	73.6	—	—	—
JK Cement Limited	42,219	58.6	—	—	—
Dalmia Bharat Limited	32,402	57.5	—	—	—
ACC Limited	25,592	12.0	11.0%	10.4%	0.00
The Ramco Cements Limited	21,650	57.2	—	—	—
JSW Cement Limited	16,793	0.0	—	—	—
The India Cements Limited	12,401	-56.7	—	—	—

🔗 Peer Stock Analyses

ULTRACEMCO GRASIM AMBUJACEM SHREECEM DALBHARAT

⚠️ Risk Factors

1. Execution risk in large-scale capex projects: Delays or cost overruns in the Jaisalmer, Buxar, or Muddapur expansions could disrupt growth momentum. 2. Input cost volatility: Rising energy and raw material costs could pressure margins despite pricing increases, particularly in white cement and paints. 3. Demand cyclicality: Cement demand remains sensitive to macroeconomic slowdowns in infrastructure and real estate, which could dampen volume growth assumptions. 4. Regulatory and tax uncertainty: The sustainability of incentive income (₹250-260 crores in FY27) depends on pending GST-related approvals, introducing execution risk.

📋 Recent Filings

🧠 Analyst's Read

JK Cement is transitioning from a volume-driven cement producer to a more diversified, margin-accretive player with clear growth catalysts in white cement and paints. The next 12-18 months will be critical in validating management’s capex execution and breakeven targets for new businesses. Investors should monitor progress on Jaisalmer commissioning, white cement volume growth, and margin trends in paints as key near-term inflection points.

Based on filing content and financial data. Not a recommendation.

✨ Deep Dive with AI on JKCEMENT

Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-06-16.