J.K. Cement (532644) Q1 25/26 earnings summary

Executive summary

• Consolidated revenue from operations grew 19% year-over-year to ₹3,353 crore in Q1 FY26, with standalone net sales at ₹3,028 crore.

• EBITDA rose 41% year-over-year to ₹688 crore, with margins improving to 22.3% and profit after tax up 75% to ₹324 crore.

• Grey cement volume increased 15% year-over-year, with white cement and wall putty volumes up 8%.

• Major capacity expansions and acquisitions, including the 60% stake in Saifco Cements, are on track.

• Board approved cost audit report and noted progress on efficiency improvements at key plants.

Financial highlights

• Standalone EBITDA at ₹674 crore, up 41% year-over-year, with per-ton EBITDA at ₹1,247.

• Standalone net profit after tax at ₹336 crore, up 66% year-over-year; consolidated net profit at ₹324 crore.

• EPS improved to 41.99, up 75% year-over-year.

• Gross debt as of June 30 was ₹5,203 crore; net debt ranged from ₹2,565 crore to ₹2,796 crore.

• Paint business turnover was ₹86 crore for the quarter, with a gross margin of 30% and an EBITDA loss of ₹10 crore.

Outlook and guidance

• FY26 volume guidance maintained at 20 million tons, with 6 MTPA grey cement expansion on track for December 2025.

• Wall putty unit of 0.6 MTPA to be commissioned by FY27 in Rajasthan with an investment of ₹195 crore.

• Paint business targets ₹600 crore revenue and breakeven by FY27.

• CapEx for FY26 projected at ₹2,000 crore; FY27 at ₹600 crore.

• Ongoing focus on sustainability, with targets for CO2 reduction and green power mix by FY30.