JKCEMENT
Large CapJK Cement Limited
Industrials
JK Cement Limited is an Indian cement manufacturer with operations in gray cement, white cement, wall putty, and paints. The company is undergoing significant capacity expansion across Central India, Rajasthan, and Punjab, aiming for substantial volume growth and market consolidation.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is supportive, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 0/100PAT -8% YoY · margin compression · Rev +9% YoY · +12% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹3,888 Cr | +8.6% | +12.3% |
| EBITDA | ₹682 Cr | -10.8% | +22.4% |
| Operating margin | 18.0% | -300 bps | +200 bps |
| PAT | ₹331 Cr | -8.3% | +90.2% |
| PAT margin | 8.5% | -157 bps | +349 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Q4 FY26 Net Sales up 15% QoQ, 11% YoY; FY26 Net Sales up 16% YoY. Q4 EBITDA up 25% QoQ but down 9% YoY; FY26 EBITDA up 18% YoY. PAT for Q4 up 91% QoQ but down 17% YoY; FY26 PAT up 21% YoY. EBITDA margins for Q4 at 18.5% (vs 17.1% QoQ, 22.5% YoY).
The company delivered strong sequential growth in Q4 FY26, driven by new capacity commissioning, though YoY Q4 EBITDA and PAT declined. Full-year performance shows robust growth in sales, EBITDA, and PAT. Management's aggressive capacity expansion plans and focus on cost reduction support the long-term growth thesis, despite near-term competitive and cost pressures.
Central India Capacity Expansion
The company has commissioned the greenfield expansion at Buxar in Bihar, completing the total 6 million ton capacity expansion in Central India.
Rajasthan & Punjab Greenfield Projects
Started work on a new greenfield project at Jaisalmer (7 MT plant: 4 MT integrated Clinker, 3 MT grinding) along with 2 MT grinding locations at Bikaner and Punjab.
Wall Putty Capacity Addition
Installation of 6 lakh ton Wall Putty plant at Nathdwara in Rajasthan, expected to get commissioned by September.
Paints Business Scale-up
Expects a top line of INR500 crores to INR550 crores in FY27 for the paint business, with an expectation of EBITDA breakeven.
Buxar (Bihar) Greenfield Expansion
Commissioned 6 million ton capacity expansion in Central India during Q4 FY26.
Muddapur Plant Expansion
Increased capacity of the plant at Muddapur by 1 million tons from 3.5 million to 4.5 million tons during Q4 FY26.
Jaisalmer Integrated Plant
New greenfield 7 million ton plant (4 MT integrated Clinker, 3 MT grinding) with project cost around INR3,630 crores. Expected commissioning in H1 FY28.
Bikaner Grinding Station
2 million ton grinding unit. Orders for main plant and equipment placed, construction begun. Expected commissioning in H1 FY28.
Infrastructure Demand
Management notes 'good demand' from infrastructure spending.
Cost Reduction Initiatives
Expects another INR50/ton cost savings in FY27, mainly driven by green power and Alternate Fuel and Raw Material (AFR) usage in South and North plants.
Increased Employee Expenses
Employee expenses grew 25% YoY due to new plant commissioning, increased business requirements, normal increments, Labor Code impact, and a one-time leave travel assistance liability.
Higher Other Expenses
Increase in other expenses due to higher volumes, increased packing costs (INR30 crores combined impact), and investment in branding for gray and white businesses (INR50-60 crores additional).
Reduced Incentives
Incentives reduced due to Aligarh unit completing 10 years, GST reduction, and inability to avail Rajasthan incentive due to input credit on project investment.
Geopolitical Situation & Input Costs
Geopolitical situation impacting UAE White Cement supply and leading to increased chemical costs. Diesel price increases could impact freight costs by INR50-60/ton.
Competitive Intensity in Central Market
Jaypee plant (5 MT) expected to become operational from Q3 FY27, potentially increasing competitive intensity in Central India.
Competitive Intensity in Rajasthan Market
A lot of capacities are coming up in Rajasthan during FY28, which could impact volume and pricing.
Regulatory Clearance Delays
A peer mentioned regulatory clearance issues in Punjab, where JK Cement also plans a grinding unit, though management does not foresee immediate issues.
Ability to Pass on Cost Increases
Management aims to pass on cost increases, but the ability to fully do so, especially for new diesel price hikes, remains to be seen.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
QoQ comparison is crucial to assess sequential momentum from recently commissioned capacities and the impact of cost changes. YoY comparison provides a broader view of annual performance and growth against the previous year's base, especially for a seasonal business like cement.
Net Sales (Q4 FY26)
Net sales increased by 15% at INR3,614 crores as compared to INR3,132 crores vis-a-vis the previous quarter. And year-on-year, it was higher by 11% (vs INR3,261 crores).
Net Sales (FY26)
Year-on-year, the net sales has increased by 16% at INR12,568 crores as compared to INR10,802 crores.
EBITDA (Q4 FY26)
EBITDA during this quarter was INR670 crores as compared to INR536 crores in the previous quarter, an increase of 25%. However, it was lower by 9% year-on-year as the previous year number was INR736 crores.
EBITDA (FY26)
Year-on-year, the EBITDA is higher by 18% at INR2,318 crores as compared to INR1,968 crores.
FY27 Volume Growth Outlook
Expects double-digit volume growth in FY27, with incremental volumes of at least 2.5 million tons, potentially more.
FY27 & FY28 Capex Guidance
Capex for FY27 is expected to be in the range of INR3,500 crores to INR4,000 crores, and for FY28, it would be INR1,500 crores to INR2,000 crores.
Panna Project Cost Savings
Expects INR200 crores to INR300 crores saving in the Panna project, completing it at a lower cost.
2030 Capacity Roadmap
Management is confident in achieving the planned 50 million ton capacity roadmap by 2030, with no foreseen changes to the plan as of now.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| FY27 Volume Growth | Double-digit growth, at least 2.5 MT incremental volume expected. | Actual volume growth and market share gains, especially from new capacities in Central India. |
| FY27 Cost Savings | INR50/ton cost savings expected. | Realization of cost savings from green power and AFR initiatives. |
| Paints Business Performance | FY27 revenue target INR500-550 crores, EBITDA breakeven expected. | Achievement of revenue target and positive EBITDA for the paints segment. |
| Green Power Share | 51-52% in Q4 FY26. | Increase to 55% by FY27 and progress towards the 75% target with new installations. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
45NeutralSMA20 -4.3% / mo · near 52W low
Technical chart
JKCEMENTdaily · 1Y-12.7%Technical trend read
Bearish setupTrend is weak — long-term trend unclear. RSI 33.
- SMA20 falling (~5.7% over last month) — short-term momentum negative.
- RSI(14) at 33 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Quality contributes 11/20 to the score.
- Growth contributes 10/25 to the score.
Main drags
- Fair-value margin of safety is negative at -96.2%.
- Valuation is weaker at 1/30; verify the latest quarterly trend.
- Growth is weaker at 10/25; verify the latest quarterly trend.
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 79th percentile of the scored universe and 75th percentile within Industrials. No major sub-score weakness stands out.
High Trust Lite: Promoter pledge is zero.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Industrials: 75th pctile, median 68 · Large: 58th pctile, median 74
81 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.7%.
- ▸5 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 35.90
- P/B
- 5.23
- EV/EBITDA
- 14.20
- Market Cap
- 36813.00Cr
Profitability
- ROE
- 15.60%
- ROCE
- 15.10%
- ROA
- 5.34%
- Dividend Y
- 0.31%
Growth (CAGR)
- Revenue 5Y
- 16.00%
- EPS 5Y
- 7.00%
- Revenue 3Y
- 12.00%
- EPS 3Y
- 33.00%
Balance Sheet
- Debt/Equity
- 0.88
- Interest Coverage
- 5.60×
- Altman Z
- 3.76
- Book Value
- 911.00
Cash Flow
- FCF Yield
- 0.67%
- FCF Positive Y
- 5/5
- OCF
- 1873.00 Cr
- EPS TTM
- 128.45
Shareholding
- Promoter Hold
- 45.66%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 1%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.