Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 6 Oct - ROC Uttar Pradesh imposed BEN-2 delay penalties of Rs 2.64 lakh on JK Cement and Rs 90,800 each on four officers.
Source: Bse
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.
Data qualityFresh enough for analysisQuote updated 21 Oct, 01:15 pm ISTDetails
Quote21 Oct, 01:15 pm IST
Base fundamentals15 Oct 2026 · screener
Latest result18 Jul, 09:26 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Materials P/E 28.8 (n=19)
Technical timing lens
Trend score and candlestick chart
28Bearishfull bear SMA stack · SMA20 -1.6% / mo · MACD + · near 52W low · sector -3.7pp vs Nifty 500 (3M)
Stock trend: 31
Sector RS: 25
Sector 3M: -9.7% vs Nifty 500 -6.0%
Materials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
JKCEMENTD candles · FIT view-8.9%TODAY · PROVISIONALLatest price ₹4984.50 on 2026-10-21
Today's candle is provisional from the latest intraday quote; completed-candle scans remain unchanged.
Bar
+2.2%
RSI
50
MACD hist
8.44
52W pos
17%
2026-10-21O ₹4878.50H ₹5035.00L ₹4872.00C ₹4984.50Vol 61,188 shIntraday candle
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
JKCEMENTNifty CommoditiesNifty 500
- JKCEMENT
- -10.5%
- Nifty 500
- -5.6%
- Nifty Commodities
- -9.0%
- Vs Nifty 500
- -5.0 pp
Chart stats
19 Oct 2026- From 52W high
- -27.9%
- 52W range position
- 10%
- ATR (14)
- 3.0%
- Volume vs 20D
- 0.38x
- Avg traded value
- ₹25.1 Cr
- 20D price channel
- ₹4,693 - ₹5,229
₹6,764.5
₹4,671.5 - ₹6,764.5
₹147.4
Latest completed session
20-session average
31.6% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST38
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue +20.3% · PAT -15.1% YoY
Technical
Bearish28
Price trend and sector-relative-strength timing.
Valuation
Legacy model-148.3%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence73
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 0/100PAT -15% YoY · margin compression · Rev +20% YoY
Filed 18 Jul 2026
Open results browser →| 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.
Fundamentals
Valuation
- P/E
- 38.70
- P/B
- 5.37
- EV/EBITDA
- 14.64
- Market Cap
- 37827.00Cr
Profitability
- ROE
- 15.60%
- ROCE
- 15.10%
- ROA
- 5.07%
- Dividend Y
- 0.41%
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
- 3.84
- Book Value
- 911.00
Cash Flow
- FCF Yield
- 0.65%
- FCF Positive Y
- 5/5
- OCF
- 1873.00 Cr
- EPS TTM
- 122.37
Shareholding
- Promoter Hold
- 45.66%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 11%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 13.7k+15.5% vs prev
Net Profit
₹ CrLatest: 988+13.3% vs prev
Return on Equity
%Latest: 1,283+10256.1% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 50. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~1.5% over last month) — short-term momentum negative.
- RSI(14) at 50 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 23% off 52W high · 7% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
23
RS percentile
Stage 4 Downtrend
1M return
-3.7%
3M return
-10.5%
6M return
-18.4%
1Y return
-24.0%
RS 1D
+1
RS 20D
+4
Sector rank
#18
Industry rank
#24
Stage evidence
- Price is 7.7% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -1.0%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
lagging
Industry
lagging
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 79.7+0.11%
RS vs Nifty 50080
Valuation & peers
U-Score 38 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 38 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation0/30
Growth10/25
Quality12/20
Balance Sheet6/15
Cash Flow4/10
Piotroski
8/9 (+5)
Penalties
1
Raw sum
38
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
38/100 · legacy band WATCHLIST
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 -148.3%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Growth is weaker at 10/25; verify the latest quarterly trend.
Sector valuation model
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Primary lens
Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.
Secondary checks
Current margin versus 5-year average, balance sheet strength, commodity cycle.
Main risk check
A low trailing PE may mean peak-cycle earnings, not true cheapness.
PE
38.7
PB
5.4
EV/EBITDA
14.6
ROE
15.6%
ROCE
15.1%
FCF Yield
0.7%
Debt/Equity
0.9
MoS
-148.3%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE.
Score movement
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.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
38
Previous: 38
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-148.3%
Previous: -143.1%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
38
38
38
38
38
38
38
38
38
38
38
38
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹1,583.75
-214.7% MoS
Growth-justified P/E
16.4
Growth-justified Value
₹2,006.87
-148.3% MoS
PEG
3.46
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
INDIACEM
Large
The India Cements Limited
Cement
match 167
23
58.9
0.4%
-4362%
OVERVALUED
AMBUJACEM
Large
Ambuja Cements Limited
Cement
match 162
48
18.4
8.8%
+53%
FAIR VALUE
DALBHARAT
Large
Dalmia Bharat Limited
Cement
match 161
24
28.8
6.1%
-417%
OVERVALUED
ACC
Large
ACC Limited
Cement
match 158
57
11.2
10.9%
+30%
FAIR VALUE
JKLAKSHMI
Micro
JK Lakshmi Cement Limited
Cement
match 157
50
15.4
10.7%
+63%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-07-19T06:10:57.819Z
Management commentary snapshot
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.
Growth engines
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.
Capacity and execution
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.
Tailwinds
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.
Headwinds
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.
Risk radar
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
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.
Sector KPIs management disclosed
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)
Management forward view
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.
Thesis monitor
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.
Trust Score
73Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: 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.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
79 docs text-extracted · 43 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
72nd percentile
overall median 67 · Materials: 68th pctile, median 70 · Large: 51st pctile, median 73
Evidence depth
Financial-only
79 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read 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.
Promoter
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
68
acceptable · capital discipline
Results
53
watch · quarterly consistency
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
- ▸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.
Continue researching JK Cement Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 14 Aug - ROC Uttar Pradesh levies Rs 9.646 lakh penalty for delayed BEN-2 filing, received August 13, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 28 Aug - Copy of newspaper advertisement published regarding opening of special window for lodgement of transfer and dematerialization request in respect of physical securities
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 6 Aug - Intimation of Schedule of Analyst / Institutional Investor meeting-Equirus Annual India Conference 2026
Source: Bse
Concall transcriptJul 2026
Jul 2026 · Transcript
Source: Bse
Investor presentationJul 2026
Jul 2026 · PPT
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 2d - Intimation of Investor call on financial results - Monday, July 20, 2026
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 2d - Intimation of Investor call on financial results - Monday, July 20, 2026
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Change in Management 17 Jul - AGM approved Dr. Sameer Sharma as independent director and reappointed Mudit Aggarwal for five years.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 26 Jun - Newspaper Publication - Dispatch of AGM Notice
Source: Bse
Annual report
Reg. 34 (1) Annual Report. 25 Jun
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 3 Jun - Newspaper Advertisement regarding transfer of unclaimed/unpaid dividend and equity shares to the Investor Education and Protection Fund (IEPF) and communication sent to the shareholders.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.