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.
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.
Mixed 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 -28% YoY · margin compression · Rev +9% YoY
| 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.
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
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.
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.
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.
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.
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.
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
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.
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.
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.
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.
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.
Trend score and candlestick chart
36Bearishfull bear SMA stack · SMA20 -4.7% / mo · RSI oversold · MACD − · near 52W low
Technical chart
JKLAKSHMIdaily · 1Y · AUTO-20.6%Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 25.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~4.9% over last month) — short-term momentum negative.
- RSI(14) at 25 — oversold zone; bounce conditions.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 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
U-Score 50 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 50 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 5.5%.
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 61.5%.
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.
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: +4 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.
Mixed Trust: 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.
Healthy Trust Lite: Promoter pledge is zero. Key concern: 2 latest quarters had PAT decline worse than 25% YoY.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Materials: 47th pctile, median 70 · Micro: 38th pctile, median 73
88 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
Mixed 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 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.
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
- 16.70
- P/B
- 1.65
- EV/EBITDA
- 7.04
- Market Cap
- 6402.00Cr
Profitability
- ROE
- 10.70%
- ROCE
- 12.00%
- ROA
- 4.34%
- Dividend Y
- 1.26%
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
- 2.79
- Book Value
- 313.00
Cash Flow
- FCF Yield
- 5.48%
- FCF Positive Y
- 8/5
- OCF
- 1082.00 Cr
- EPS TTM
- 29.79
Shareholding
- Promoter Hold
- 45.12%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 1%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
Business-comparable names in Materials, ranked by similarity
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.