J.K. Cement (532644) Q4 24/25 earnings summary

Executive summary

• Q4 and FY25 saw strong sequential and year-over-year growth in net sales and profit after tax, with consolidated revenue reaching ₹11,879.15 crore and profit after tax at ₹872.17 crore.

• Q4 EBITDA rose 50% sequentially and 37% year-over-year to ₹765 crore; full-year consolidated EBITDA at ₹2,027 crore.

• Board recommended a dividend of ₹15 per share for FY25, subject to shareholder approval.

• Statutory auditors issued unmodified opinions on results, confirming compliance with accounting standards.

• Celebrated 50 years in grey cement and 40 years in white cement business.

Financial highlights

• Standalone Q4 profit before tax at ₹593 crore, up from ₹295 crore previous quarter and ₹358 crore year-over-year.

• Standalone and consolidated EPS for FY25 at ₹112.59 and ₹111.44, respectively.

• Standalone EBITDA margin for FY25 at 22.03%; consolidated margin at 17.06%.

• Exceptional gain of ₹54.38 crore (standalone) and ₹102.35 crore (consolidated) due to write-back of impairment and lease modification.

• Net cash from operating activities for FY25: ₹2,049.28 crore (standalone), ₹1,939.39 crore (consolidated).

Outlook and guidance

• 6 MTPA grey cement capacity expansion on track for December 2025/January 2026 commissioning.

• FY 2026 volume guidance: 20 million tons for grey cement, 22 million tons combined.

• Paint business revenue target for next year: ₹400-450 crore; breakeven expected by FY 2027.

• CapEx for FY 2026 expected in the range of ₹1,800-2,000 crore.

• EBITDA per ton aspiration is to exceed FY 2024 level of ₹1,087.