JK Cement Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2021 • Grey Cement: 74.3% • White Cement & Allied Products: 25.7%
AI Sector View
AI GENERATEDConstruction Materials
Construction materials remain supported by healthy building activity. Core industries cement growth accelerated to 13.1% YoY (2026-07), while finished steel consumption was 8.0% YoY (2026-06); steel output itself was softer at 2.9% YoY (2026-07). FPI positioning is still mildly negative at INR -497 crore over 3 months to 2026-08-31, but the fundamental demand backdrop remains constructive.
PROS
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 2.12x)
- Company has delivered good sales growth of 15.4% CAGR over last 5 years
- Working capital cycle has improved - days down from 25 to -11
- Company has a consistent dividend-paying track record
- Company generates healthy free cash flow
CONS
- Recent results are weak - TTM profit is down 31.2% versus prior year
- Recurring exceptional / one-off items are inflating headline profit
- Stock is trading at 5.6x its book value
- Though reporting repeated profits, the company pays out little dividend (15.0%)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ULTRACEMCO | 10896.00 | 37.60 | 321082.42 | 2.20 | 2603.72 | 17.24 | 24648.20 | 15.85 | 13.25 | 20.35 |
| AMBUJACEM | 396.05 | 22.49 | 98411.18 | 0.51 | 660.00 | -31.93 | 9500.00 | -7.67 | 6.24 | 16.78 |
| SHREECEM | 22911.30 | 50.71 | 82665.68 | 0.65 | 531.12 | -17.48 | 6233.13 | 18.03 | 10.61 | 20.41 |
| JKCEMENT | 4989.80 | 40.78 | 38555.31 | 0.40 | 274.62 | -15.31 | 4031.72 | 20.26 | 14.89 | 16.07 |
| DALBHARAT | 1734.10 | 34.86 | 32525.81 | 0.52 | 192.00 | -51.39 | 3890.00 | 6.99 | 8.15 | 20.69 |
| ACC | 1257.80 | 12.37 | 23619.88 | 0.60 | 147.00 | -60.84 | 5808.00 | -4.59 | 11.60 | 7.90 |
| RAMCOCEM | 865.45 | 31.71 | 20449.92 | 0.29 | 31.24 | -63.06 | 2273.05 | 9.60 | 10.75 | 13.49 |
| JSWCEMENT | 120.85 | 21.67 | 16476.27 | 0.41 | 153.43 | 111.23 | 1896.41 | 21.58 | -4.21 | 16.41 |
| NUVOCO | 335.15 | 31.01 | 11970.09 | 0.00 | 159.63 | 19.88 | 3128.71 | 8.91 | 7.11 | 18.16 |
| INDIACEM | 351.65 | 117.82 | 10897.54 | 0.00 | 26.85 | 120.20 | 1019.42 | -0.52 | 0.30 | 15.28 |
| STARCEMENT | 191.50 | 20.94 | 7740.05 | 0.52 | 73.91 | -24.71 | 942.89 | 3.39 | 8.42 | 20.63 |
| BIRLACORPN | 836.25 | 11.63 | 6439.57 | 1.49 | 115.73 | -3.21 | 2646.45 | 7.83 | 10.88 | 12.93 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2,624 | 2,571 | 2,785 | 2,939 | 2,643 | 2,410 | 2,739 | 3,378 | 3,150 | 2,859 | 3,213 | 3,684 | 3,866 | |
| 2,221 | 2,124 | 2,176 | 2,391 | 2,164 | 2,140 | 2,253 | 2,642 | 2,476 | 2,419 | 2,677 | 3,014 | 3,483 | |
| Operating Profit | 402 | 447 | 608 | 548 | 479 | 271 | 486 | 736 | 674 | 440 | 536 | 670 | 383 |
| OPM % | 15.34% | 17.37% | 21.85% | 18.63% | 18.12% | 11.22% | 17.74% | 21.79% | 21.39% | 15.38% | 16.67% | 18.19% | 9.91% |
| 14 | 28 | 35 | 53 | 44 | 37 | 44 | 99 | 55 | 49 | -0 | 43 | 40 | |
| Interest | 105 | 109 | 111 | 111 | 107 | 120 | 114 | 109 | 106 | 103 | 110 | 96 | 112 |
| Depreciation | 118 | 120 | 118 | 131 | 124 | 128 | 126 | 139 | 123 | 125 | 150 | 156 | 143 |
| Profit before Tax | 194 | 246 | 415 | 358 | 292 | 60 | 290 | 588 | 501 | 261 | 276 | 460 | 423 |
| Tax % | 34.73% | 27.18% | 30.23% | 34.14% | 30.53% | 32.51% | 31.02% | 29.79% | 33.04% | 32.55% | 34.49% | 25.05% | 31.23% |
| Net Profit | 126 | 179 | 289 | 236 | 203 | 40 | 200 | 413 | 336 | 176 | 181 | 345 | 291 |
| 16.35 | 23.16 | 37.46 | 30.54 | 26.23 | 5.24 | 25.85 | 53.41 | 43.43 | 22.75 | 23.37 | 44.59 | 37.66 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 3,756 | 4,591 | 4,981 | 5,464 | 6,328 | 7,679 | 9,310 | 10,918 | 11,187 | 12,945 | 13,621 | |
| 3,069 | 3,831 | 4,171 | 4,282 | 4,814 | 6,197 | 7,990 | 8,913 | 9,219 | 10,627 | 11,593 | |
| Operating Profit | 686 | 761 | 810 | 1,182 | 1,514 | 1,482 | 1,320 | 2,005 | 1,968 | 2,318 | 2,028 |
| OPM % | 18.27% | 16.57% | 16.26% | 21.62% | 23.92% | 19.30% | 14.18% | 18.36% | 17.60% | 17.91% | 14.89% |
| 87 | 111 | 80 | -92 | -54 | 13 | 85 | 130 | 224 | 147 | 132 | |
| Interest | 273 | 245 | 222 | 223 | 223 | 249 | 296 | 437 | 450 | 416 | 422 |
| Depreciation | 176 | 186 | 194 | 214 | 245 | 282 | 392 | 486 | 518 | 556 | 575 |
| Profit before Tax | 324 | 440 | 474 | 652 | 993 | 964 | 718 | 1,212 | 1,225 | 1,494 | 1,419 |
| Tax % | 35.03% | 22.25% | 31.39% | 38.59% | 39.26% | 34.55% | 29.96% | 31.49% | 30.51% | 30.82% | 30.10% |
| Net Profit | 211 | 342 | 325 | 400 | 603 | 631 | 503 | 831 | 851 | 1,033 | 992 |
| EPS | 30.14 | 48.89 | 45.28 | 51.82 | 78.02 | 81.62 | 65.06 | 107.50 | 110.17 | 133.73 | — |
| Dividend Payout % | 26.54% | 20.45% | 23.78% | 14.47% | 19.23% | 18.38% | 23.06% | 18.60% | 13.62% | 14.96% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 14%
- 5 Years:
- 15%
- 3 Years:
- 12%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 26%
- 5 Years:
- 11%
- 3 Years:
- 27%
STOCK PRICE CAGR
- 10 Years:
- 20%
- 5 Years:
- 7%
- 3 Years:
- 14%
- 1 Year:
- -25%
RETURN ON EQUITY
- 10 Years:
- 15%
- 5 Years:
- 15%
- 3 Years:
- 16%
- Last Year:
- 16%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 70 | 70 | 77 | 77 | 77 | 77 | 77 | 77 | 77 | 77 |
| 1,802 | 2,077 | 2,816 | 3,052 | 3,656 | 4,174 | 4,562 | 5,276 | 5,966 | 6,883 | |
| 2,902 | 2,647 | 2,677 | 3,139 | 3,416 | 3,767 | 5,480 | 5,485 | 6,202 | 6,420 | |
| Trade Payables | 378 | 643 | 407 | 453 | 550 | 669 | 753 | 758 | 949 | 1,029 |
| 691 | 641 | 1,074 | 1,306 | 1,778 | 1,654 | 1,951 | 2,688 | 3,160 | 3,548 | |
| Total Liabilities | 5,843 | 6,078 | 7,051 | 8,026 | 9,476 | 10,342 | 12,823 | 14,285 | 16,355 | 17,958 |
| 3,680 | 3,597 | 3,635 | 4,468 | 4,809 | 5,368 | 7,301 | 8,082 | 8,480 | 10,205 | |
| Capital Work in Progress | 105 | 88 | 556 | 509 | 489 | 71 | 590 | 415 | 1,313 | 1,046 |
| 536 | 635 | 1,005 | 566 | 807 | 1,745 | 1,016 | 1,480 | 1,698 | 1,758 | |
| 498 | 532 | 558 | 627 | 687 | 1,114 | 864 | 1,068 | 1,015 | 1,347 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 460 | 672 | 617 | |
| Cash & Bank | 427 | 544 | 430 | 631 | 1,162 | 283 | 813 | 791 | 1,322 | 331 |
| 598 | 684 | 867 | 1,224 | 1,524 | 1,763 | 2,239 | 1,989 | 1,855 | 2,654 | |
| Total Assets | 5,843 | 6,078 | 7,051 | 8,026 | 9,476 | 10,342 | 12,823 | 14,285 | 16,355 | 17,958 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 772 | 892 | 809 | 1,252 | 1,765 | 1,222 | 1,564 | 1,895 | 2,028 | 1,839 | |
| Cash from Investing | -655 | -131 | -863 | -1,311 | -1,515 | -906 | -2,072 | -1,740 | -1,995 | -1,709 |
| Cash from Financing | -302 | -598 | 207 | 11 | -6 | -123 | 811 | -297 | 122 | -357 |
| -246 | 61 | 55 | -201 | 48 | -19 | 142 | -142 | 154 | -227 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-28 - JK Cement Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-14 - JK Cement Limited has informed the Exchange about order received from ROC
2026-08-12 - JK Cement Limited has informed the Exchange about General Updates -Commissioning Of J.K. White Nathdwara, Rajasthan
2026-08-06 - JK Cement Limited has informed the Exchange about Schedule of meet
2026-07-29 - JK Cement Limited has informed the Exchange about Acquisition
2026-07-21 - JK Cement Limited has informed the Exchange about Transcript
2026-07-20 - JK Cement Limited has informed the Exchange about Link of Recording
2026-07-18 - JK Cement Limited has informed the Exchange about Investor Presentation
2026-07-18 - JK Cement Limited has informed the Exchange regarding Outcome of Board Meeting held on July 18, 2026.
News
Recent coverage and analyst commentary for JKCEMENT
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JK Cement Ltd.
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