Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 8 Sep - Newspaper Publication in respect of Special Window opened for transfer and dematerlisation of physical securities
Source: Bse
JK Lakshmi Cement Limited (JKLAKSHMI)
Micro CapMaterials stocks · Micro cap · NSE
JK Lakshmi Cement Limited is an Indian cement manufacturer with operations primarily in North, West, and a small part of East India. The company focuses on grey cement and is undertaking significant capacity expansion projects while also diversifying into adjacent building materials.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals17 Oct 2026 · screener
Latest result05 Aug, 10:10 pm IST
Score20 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
32BearishSMA20 -7.1% / mo · MACD + · near 52W low · sector -3.7pp vs Nifty 500 (3M)
Stock trend: 37
Sector RS: 26
Sector 3M: -9.3% vs Nifty 500 -5.6%
Materials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
JKLAKSHMID candles · FIT view-23.3%Latest close ₹491.05 on 2026-10-19
Bar
+2.1%
RSI
49
MACD hist
2.50
52W pos
7%
2026-10-19O ₹481.00H ₹497.95L ₹477.00C ₹491.05Vol 1.7L sh
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
JKLAKSHMINifty CommoditiesNifty 500
- JKLAKSHMI
- -14.1%
- Nifty 500
- -5.6%
- Nifty Commodities
- -9.0%
- Vs Nifty 500
- -8.5 pp
Chart stats
19 Oct 2026- From 52W high
- -44.5%
- 52W range position
- 7%
- ATR (14)
- 2.7%
- Volume vs 20D
- 1.31x
- Avg traded value
- ₹6.2 Cr
- 20D price channel
- ₹461.5 - ₹532.9
₹885
₹461.5 - ₹885
₹13.1
Latest completed session
20-session average
27.2% annualized volatility
Research snapshot
What the evidence says now
Mixed 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
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · FAIR VALUE50
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue +9.4% · PAT -28.0% YoY
Technical
Bearish32
Price trend and sector-relative-strength timing.
Valuation
Legacy model+63.4%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence69
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 -28% YoY · margin compression · Rev +9% YoY
Filed 05 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,905 Cr | +9.4% | +0.2% |
| EBITDA | ₹259 Cr | -16.7% | -5.8% |
| Operating margin | 14.0% | -400 bps | +0 bps |
| PAT | ₹108 Cr | -28.0% | -13.6% |
| PAT margin | 5.7% | -295 bps | -90 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 15.40
- P/B
- 1.53
- EV/EBITDA
- 6.68
- Market Cap
- 5935.00Cr
Profitability
- ROE
- 10.70%
- ROCE
- 12.00%
- ROA
- 4.34%
- Dividend Y
- 1.36%
Growth (CAGR)
- Revenue 5Y
- 7.00%
- EPS 5Y
- 11.09%
- Revenue 3Y
- 2.00%
- EPS 3Y
- 5.00%
Balance Sheet
- Debt/Equity
- 0.67
- Interest Coverage
- 4.51×
- Altman Z
- 2.73
- Book Value
- 313.00
Cash Flow
- FCF Yield
- 5.91%
- FCF Positive Y
- 8/5
- OCF
- 1082.00 Cr
- EPS TTM
- 29.79
Shareholding
- Promoter Hold
- 45.12%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 4%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 6,763+9.2% vs prev
Net Profit
₹ CrLatest: 413+49.6% vs prev
Return on Equity
%Latest: 666+9268.9% 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 49. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~7.6% over last month) — short-term momentum negative.
- RSI(14) at 49 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 45% off 52W high · 6% 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
13
RS percentile
Stage 4 Downtrend
1M return
-7.4%
3M return
-14.1%
6M return
-25.6%
1Y return
-41.5%
RS 1D
+3
RS 20D
0
Sector rank
#19
Industry rank
#76
Stage evidence
- Price is 14.8% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -3.7%.
- 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)
262 observations
19 Oct 2026Value 59.57+3.74%
RS vs Nifty 50060
Valuation & peers
U-Score 50 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 50 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Financial Turnaround
Fundamental score breakdown
U band · FAIR VALUEValuation17/30
Growth10/25
Quality2/20
Balance Sheet8/15
Cash Flow7/10
Piotroski
8/9 (+5)
Penalties
1
Raw sum
50
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
50/100 · legacy band FAIR VALUE
Positive drivers
- FCF yield is supportive at 5.9%.
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 63.4%.
Main drags
- Quality is weaker at 2/20; verify the latest quarterly trend.
- Growth is weaker at 10/25; verify the latest quarterly trend.
- Balance sheet is weaker at 8/15; 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
15.4
PB
1.5
EV/EBITDA
6.7
ROE
10.7%
ROCE
12.0%
FCF Yield
5.9%
Debt/Equity
0.7
MoS
+63.4%
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: 20 Oct 2026
v4.3-runtime-valuation
Final score
50
Previous: 50
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+63.4%
Previous: +63.4%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
49
50
50
50
50
50
50
50
50
50
50
50
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
₹458.04
-7.2% MoS
Growth-justified P/E
45.0
Growth-justified Value
₹1,340.55
+63.4% MoS
PEG
1.78
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
BIRLACORPN
Micro
Birla Corporation Limited
Cement
match 159
48
11.1
7.8%
-101%
FAIR VALUE
INDIACEM
Large
The India Cements Limited
Cement
match 158
23
58.9
0.4%
-4362%
OVERVALUED
AMBUJACEM
Large
Ambuja Cements Limited
Cement
match 148
48
18.4
8.8%
+53%
FAIR VALUE
JKCEMENT
Large
JK Cement Limited
Cement
match 147
38
38.7
15.6%
-143%
WATCHLIST
MANGLMCEM
Small
Mangalam Cement Limited
Cement
match 146
41
21.0
16.3%
+26%
WATCHLIST
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 2026-06-03T09:38:52.740Z
Management commentary snapshot
FY26 cement demand grew 7% pan-India, Q4 volumes up 17% QoQ, but capacity utilization declined to 69%. Surging fuel costs and intense competition restricted price hikes, impacting margins.
The company is pursuing aggressive capacity expansion and efficiency improvements, targeting 30 MTPA by 2030. However, immediate challenges include surging fuel costs, industry overcapacity leading to weak pricing power, and potential delays in project execution. Profitability is under pressure, with Q4 FY26 EBITDA/ton at INR730, below the management's INR1000 ambition.
Growth engines
Capacity Expansion
Ongoing projects in East (Durg, Northeast), and planned projects in Kutch and Nagaur to achieve 30 MTPA by 2030.
Utilization Ramp-up
Leveraging headroom in Surat (60%+ utilization), Udaipur, and Cuttack to grow higher than industry in FY27.
Premium Product Focus
Rejuvenated legacy brand Green+ and launched Lime Calcined Clay Cement (LC3) to improve market positioning and pricing.
Efficiency Improvements
Relentlessly working on renewable energy scale-up, thermal substitution, emission reduction, and digital/AI/ML deployment in manufacturing units.
Capacity and execution
Surat Grinding Unit
Commissioned around end of September 2025 (1.35 MTPA added).
Durg Expansion (East)
Expected to come by end of FY28, including clinker and grinding units. INR500 crores spent by FY26 end.
Northeast Project
Clinker and grinding units expected one year after Durg (FY29), with a size slightly higher than 1.5 MTPA.
Kutch Project
Expected by FY30, prioritized ahead of Nagaur.
Tailwinds
Pan-India Cement Demand Growth
Grew by about 7% in FY26 to 480 million tons, estimated 6% growth for FY27, driven by housing and infrastructure.
Improving Demand Sentiment
April demand was better, and green shoots in demand observed from May 15th onwards after initial sluggishness due to elections.
Headwinds
Industry Overcapacity
Highest ever annual capacity addition of 64 million tons in FY26, leading to pan-India utilization of 69% and intense competition.
Surging Fuel Costs
Pet coke prices up by about 40% QoQ to $160/ton, global coal prices up by about 30% QoQ due to geopolitical situation.
Restricted Price Hikes
Substantial capacity addition and intense competition restricted meaningful price hikes, especially in geographies where the company operates.
Expected Cost Increases
Energy costs expected to rise by at least INR300/ton and packaging cost by INR80-100/ton in coming quarters, with INR100-130/ton impact in Q1.
Risk radar
Geopolitical Volatility
Middle East conflict causing weak sentiment, surging fuel costs, and potential for higher operational expenditure if sustained.
Pricing Power Weakness
Despite sector consolidation, cement demand outlook suggests slowdown with pricing power staying weak due to overcapacity and competition.
Project Execution Delays
Nagaur project delayed due to land acquisition and Aravalli issues; Durg railway siding dependent on external agencies.
AMDCL Contract Recovery
INR130 crores in other non-current assets from cancelled AMDCL contract; next High Court hearing in July, but recovery timeline uncertain.
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
Industry demand growth is primarily discussed YoY (7% for FY26), while Q4 volume growth is highlighted QoQ (17%). Sequential cost increases and demand fluctuations within Q4 and into Q1 make QoQ relevant for momentum, alongside YoY for overall trends.
Sector KPIs management disclosed
Pan-India Capacity Utilization
Estimated at around 69% at the end of March 2026, marginally lower than previous year.
Surat Plant Utilization
Utilizing capacity more than 60% already, ahead of 18-24 month ramp-up plan, targeting 70%+ this year.
FY26 Clinker Production
92.26 lakh tons.
Q4 FY26 Clinker Production
24.72 lakh tons.
Management forward view
30 MTPA Target by 2030
Reasonably confident of achieving 30 million tons capacity by 2030, with ongoing East projects well on track.
FY27 Growth Outlook
Expects to grow higher than the industry in FY27 by ramping up Surat, Udaipur, and Cuttack capacities and improving blended cement ratio.
EBITDA Gap Reduction
Aims to reduce the EBITDA gap with industry leaders by another INR50-75 in FY27 through internal actions and efficiency levers.
Adjacent Building Materials
Strategy is to expand into adjacent building materials like tile adhesives, plastering solutions, AAC blocks, and RMC to offer a portfolio of products.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| EBITDA per ton | Q4 FY26: INR730 | Improvement towards INR1000 target and reduction of gap with industry leaders (target INR50-75 reduction in FY27). |
| Surat Plant Utilization | Currently >60% | Ramp-up to 70%+ utilization this year, as per management's target. |
| Cost Inflation vs. Price Hikes | Q1 expected INR100-130/ton cost inflation | Ability to effectively pass on cost increases through price hikes, especially in the trade segment, given volatile external factors. |
| Durg & Northeast Project Timelines | Durg by FY28 end, Northeast by FY29 | Adherence to commissioning schedules and capital expenditure phasing (FY27: INR1500-1700cr, FY28: ~INR2000cr). |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
69Limited 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 59th percentile of the scored universe and 47th percentile within Materials. Main check: results consistency is weak at 39/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
88 docs text-extracted · 71 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
59th percentile
overall median 67 · Materials: 47th pctile, median 70 · Micro: 38th pctile, median 73
Evidence depth
Financial-only
88 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
89
strong · profit to cash conversion
Balance sheet
65
acceptable · leverage and solvency
Discipline
60
acceptable · capital discipline
Results
39
weak · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is 5.5%.
- ▸8 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸2 latest quarters had PAT decline worse than 25% YoY.
- ▸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 Lakshmi Cement Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Company Ir
AnnouncementAug 2026
Aug 2026 · Board Meeting Outcome for Outcome Of Board Meeting 2d - FY26 audited results approved; ₹6.50 dividend recommended; Assam MDO contract cancelled, legal recovery initiated.
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Change in Directorate 20 May - Board approved Vinita Singhania’s five-year reappointment as Managing Director from 1 August 2026, subject to AGM approval.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Acquisition 5 Aug - Board approved up to ₹20.50 crore investment in STLC RE 1 Ltd for a 29MW solar plant and 28MWh BESS at Sirohi.
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 3 Jul - Newspaper Publication of 86th Annual General Meeting to be held on 30th July 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 7 Jul
Source: Bse
Annual report
Reg. 34 (1) Annual Report. 6 Jul
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 5 Aug - Board approved Q1 FY27 results and 3,000 crore Durg expansion; railway siding costs 325 crore.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 24 Jun - Submission of Notice to Shareholders for transfer of Equity Shares of the Company to Investor Education and Protection Fund Authority.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 12 Jun - Chhattisgarh GST appeal on ₹16.26 crore demand for FY20 decided in JK Lakshmi Cement’s favor.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.