JK Cement Limited (JKCEMENT)
Large CapMaterials stocks · Large cap · NSE
J. K. Cement Limited is among India's top five cement manufacturers, with 32.3 MTPA grey cement and 3.1 MTPA white cement capacity. It has 342.3 MW green power capacity and a portfolio including wall putty, tile adhesives, gypsum plaster, and paints.
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 acceptable, price trend argues for patience, and recent execution is weak.
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 30 Jun 2026
Bad · 0/100PAT -15% YoY · margin compression · Rev +20% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹4,032 Cr | +20.3% | +3.7% |
| EBITDA | ₹648 Cr | -5.8% | -5.0% |
| Operating margin | 16.0% | -500 bps | -200 bps |
| PAT | ₹275 Cr | -15.1% | -16.9% |
| PAT margin | 6.8% | -284 bps | -169 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Q1 FY27 saw robust grey cement volume growth of 19% YoY to 5.96 MT and white cement volume growth of 11% YoY to 0.54 MT. However, consolidated EBITDA declined 6% YoY to 648 crore, with margins contracting to 16.3% due to cost pressures and high maintenance.
Despite strong volume growth driven by recent capacity commissioning, Q1 FY27 profitability was impacted by increased fuel and logistics costs, alongside abnormally high maintenance. While the company continues its ambitious capacity expansion, margin pressure warrants close monitoring.
Grey Cement Capacity Expansion
Targeting 50 MTPA by FY30, with 7 MTPA expansion in North India (Jaisalmer, Bikaner, Bhatinda) to be commissioned by H1 FY28.
Wall Putty Capacity Expansion
6 lakh MT plant at Nathdwara expected to be commissioned in Q2 FY27, nearing completion.
Paints Business Growth
Net Revenue above 125 crores, indicating significant growth.
Value Added Products (VAP) Business
VAP Business is growing significantly.
Jaisalmer (Rajasthan) Grey Cement
4 MTPA clinker and 3 MTPA cement capacity, project cost 3,630 crore, scheduled commissioning H1 FY28.
Bikaner (Rajasthan) Split Grinding Unit
2 MTPA capacity, project cost 565 crore, scheduled commissioning H1 FY28.
Bhatinda (Punjab) Split Grinding Unit
2 MTPA capacity, project cost 610 crore, scheduled commissioning H1 FY28.
Nathdwara (Rajasthan) Wall Putty Plant
6 lakh MT capacity, project cost 195 crore, scheduled commissioning Q2 FY27.
Indian Economy Growth
Projected 6.6% GDP growth for FY27, positioning India among the fastest-growing economies.
Government Capex Push
Public infrastructure capital expenditure raised to 12.2 lakh crore for FY27, 17.7% higher than last fiscal.
Housing Demand
PMAY-G target of 20 million additional rural houses and PMAY-U target of 10 million additional urban houses for FY27.
Industrial & Commercial Demand
Favorable policies like PLI, strong private sector investments, and growing commercial real estate demand.
Cost Pressure
Reduced profitability due to general cost pressure.
Fuel Cost Increase
Increased pet coke prices, though declining from peak in April 2026, and higher diesel prices due to geopolitical situation.
High Maintenance Activity
Abnormally high maintenance during the quarter marginally lowered EBITDA.
Input Cost Volatility
Increased pet coke and diesel prices due to geopolitical situation directly impact fuel and logistics costs, pressuring margins.
Operational Efficiency
Abnormally high maintenance activity in Q1 FY27 impacted EBITDA, raising concerns about consistent operational performance.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
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.
The company reports both YoY and QoQ changes for volumes and financials. YoY is crucial for assessing underlying growth trends, while QoQ provides insight into sequential momentum, cost fluctuations, and the immediate impact of operational factors like maintenance.
Grey Cement Volume
5.96 MT (19% YoY, 2% QoQ)
White Cement Volume
0.54 MT (11% YoY, 5% QoQ)
Grey Cement Capacity Utilisation
75% (Cement), 76% (Clinker)
Net Sales Realisation
5,065 / tonne (vs. 4,841 / tonne in Q4 FY26)
Capacity Target
Progressing steadily towards 50 MTPA grey cement capacity by FY30.
Capex Plan
Planned capex of 5,000-6,000 crore in the next two years to support expansion.
Raw Material Security
Mahan Coal block development work to start during this financial year to secure resources.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Consolidated EBITDA Margin | 16.3% in Q1 FY27 | Recovery from Q1 FY27 decline, indicating easing cost pressures and improved operational efficiency. |
| Net Debt/EBITDA | 1.69x as on June 30, 2026 | Stability or reduction, especially with ongoing significant capex plans. |
| Capacity Commissioning Timelines | Jaisalmer, Bikaner, Bhatinda by H1 FY28; Nathdwara by Q2 FY27 | Adherence to scheduled commissioning dates for major expansion projects. |
| Green Power Mix & Thermal Substitution Rate | 53.5% green power mix, 11.29% thermal substitution rate (YTD June 26) | Continued progress towards FY30 targets (75% and 35% respectively) to mitigate energy costs and improve ESG. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
34Bearishfull bear SMA stack · SMA20 -5.3% / mo · MACD −
Technical chart
JKCEMENTdaily · 1Y · AUTO-7.8%Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 38.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~5.5% over last month) — short-term momentum negative.
- RSI(14) at 38 — sideways, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 27% off 52W high · 9% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is 5.7% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -1.0%.
Valuation & score drivers
U-Score 38 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 38 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
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 12/20 to the score.
- Growth contributes 10/25 to the score.
Main drags
- Fair-value margin of safety is negative at -153.3%.
- Valuation is weaker at 0/30; 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: +1 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
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 72nd percentile of the scored universe and 68th percentile within Materials. Main check: results consistency is weak at 53/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: 1/4 latest quarters had positive YoY PAT growth.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Materials: 68th pctile, median 70 · Large: 51st pctile, median 73
66 documents have extracted text, 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 0.6%.
- ▸5 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸1/4 latest quarters had positive YoY PAT growth.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 40.20
- P/B
- 5.58
- EV/EBITDA
- 15.12
- Market Cap
- 39279.00Cr
Profitability
- ROE
- 15.60%
- ROCE
- 15.10%
- ROA
- 5.07%
- Dividend Y
- 0.39%
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
- 5.43×
- Altman Z
- 3.91
- Book Value
- 911.00
Cash Flow
- FCF Yield
- 0.63%
- FCF Positive Y
- 5/5
- OCF
- 1873.00 Cr
- EPS TTM
- 122.37
Shareholding
- Promoter Hold
- 45.66%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 18%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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Peers
Business-comparable peers in Materials — 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.