J.K. Cement (532644) Q3 25/26 earnings summary

Executive summary

• Consolidated Q3 FY26 revenue rose to ₹3,463 crore, up 15% sequentially and 18% year-over-year, with EBITDA at ₹558 crore, up 25% sequentially and 13% year-over-year.

• Net profit for Q3 FY26 was ₹174 crore, a 9% increase sequentially but a 9% decrease year-over-year; EPS at ₹22.6.

• Grey cement sales volume grew 22% year-over-year and 20% sequentially; white cement and wall putty volumes rose 12% year-over-year and 15% sequentially.

• Major project expansions in Central India, including commissioning of new capacities at Panna, Hamirpur, and Prayagraj, are nearing completion.

• Unaudited consolidated and standalone financial results for Q3 and nine months ended December 31, 2025, were approved, with statutory auditor review yielding an unmodified opinion.

Financial highlights

• Standalone Q3 FY26 revenue from operations: ₹3,212.82 crore; net profit: ₹180.54 crore; nine months revenue: ₹9,261.41 crore; net profit: ₹688.80 crore.

• Standalone EBITDA margin for the quarter at 17.1%, up from 15.9% in the previous quarter but down from 18.4% year-over-year.

• Exceptional item of ₹47.8 crore in Q3 due to new Labour Code liability; impairment loss of ₹16.78 crore recorded for certain assets.

• EPS for the quarter at ₹23.30, up from ₹22.70 sequentially but down from ₹25.80 year-over-year; nine-month EPS at ₹89.10, up from ₹56.70.

• Consolidated net sales for Q3 FY26 reached ₹3,383 crore, up 15% sequentially and 20% year-over-year; consolidated EBITDA margin at 16.5%.

Outlook and guidance

• Ongoing expansion projects: 6 MTPA grey cement capacity, 3 MTPA split grinding unit in Bihar (commissioning Q4 FY26), and integrated unit at Jaisalmer (commissioning H1 FY28).

• Volume growth guidance for FY26 maintained at 20 million tons; early teens growth expected for FY27 and FY28, targeting 22.5–23 million tons and 25.5 million tons, respectively.

• CapEx for FY26 projected at ₹2,500–2,800 crore (including ₹600 crore for Jaisalmer); FY27 CapEx at ₹3,500 crore, with spillover of ₹1,000–1,200 crore in FY28.

• Paint business expected to reach breakeven in FY27 as turnover crosses ₹500 crore.

• Continued monitoring of Labour Code implementation and potential further accounting adjustments as government clarifications emerge.