J.K. Cement (532644) Q2 25/26 earnings summary

Executive summary

• Consolidated revenue for Q2 FY26 was ₹3,019 Cr, up 18% year-over-year, and H1 FY26 revenue reached ₹6,372 Cr, up 19% year-over-year.

• Consolidated EBITDA for Q2 FY26 was ₹447 Cr, a 57% increase year-over-year, with margins improving to 15.1%.

• Profit after tax for Q2 FY26 stood at ₹159 Cr, up 17% year-over-year; H1 FY26 PAT was ₹483 Cr, up 51% year-over-year.

• Earnings per share for Q2 FY26 was ₹22.7, up 334% year-over-year; H1 FY26 consolidated EPS was ₹62.76, up from ₹40.27 in H1 FY25.

• Unaudited consolidated and standalone financial results for Q2 and H1 FY26 were approved, showing strong revenue and profit growth year-over-year and sequentially.

Financial highlights

• Standalone revenue from operations for Q2 FY26 was ₹2,858.51 Cr, up from ₹2,410.44 Cr in Q2 FY25; H1 FY26 revenue was ₹6,048.59 Cr, up from ₹5,069.68 Cr in H1 FY25.

• Standalone EBITDA for Q2 FY26 was ₹440 Cr, up 63% year-over-year, with EBITDA per ton at ₹902, up 41%.

• Standalone net profit for Q2 FY26 was ₹175.78 Cr, up from ₹40.47 Cr in Q2 FY25; H1 FY26 net profit was ₹508.26 Cr, up from ₹238.81 Cr in H1 FY25.

• Grey cement sales volume grew 16% year-over-year in Q2 FY26; white cement and wall putty sales volume grew 10%.

• EBITDA margin for Q2 FY26 was 15.9%, up from 11.5% last year, but down from 21.9% in the previous quarter.

Outlook and guidance

• Volume growth guidance for FY26 maintained at 10%, targeting close to 20 million tons for the year.

• Ongoing capacity expansions: 6 MTPA grey cement expansion on track, with major projects in Panna, Hamirpur, Prayagraj, Bihar, and Jaisalmer.

• Wall putty plant at Nathdwara under construction, scheduled for Q2 FY27 commissioning.

• CapEx for FY26 guided at ₹2,800-3,000 Cr, and over ₹3,500 Cr for FY27.

• Cost savings of ₹75-90 Cr per ton expected by FY26, with further savings in FY27.