Ultratech Cement Ltd.
NSE: ULTRACEMCO
Basic Materials · Building Materials
₹11,050.00 last close on 23 Oct 2026 +0.84%
Research updated
JK Cement Ltd.
NSE: JKCEMENTBasic MaterialsBuilding Materials
- Last close
- ₹4,854.00
- Day change
- −₹4.50 (−0.09%)vs
- Market cap
- ₹37,506 crIndian rupees
- Research updated
- 3 reports
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About JK Cement
JK Cement Ltd. operates as a leading cement manufacturer in India, predominantly engaged in the production and distribution of grey and white cement. Serving as a pivotal player within the construction materials sector, the company provides essential materials for various infrastructure projects, residential constructions, and commercial buildings. JK Cement is well-known for its innovation in cement production techniques and adherence to environmental sustainability, positioning itself as a key contributor to India's expanding infrastructure landscape. Through its extensive network of plants and a robust distribution system, the company ensures a consistent supply of high-quality cement products across the nation. The role of JK Cement in the market is underscored by its commitment to technological advancements and its significant impact on building and construction industries.
- Sector
- Basic Materials
- Industry
- Building Materials
- Listing
- NSE: JKCEMENT
- Chief executive
- Mr. Madhavkrishna Singhania
- Employees
- 4,952
- Headquarters
- Kanpur, India
- ISIN
- INE823G01014
- Website
- jkcement.com
Public research · Report of
Business model & financial foundation
JK Cement (NSE: JKCEMENT), Cement, white cement, wall putty and decorative paints: revenue of ₹13,722 crore in FY26 (+15.5% on FY25), an EBITDA margin of 17.3%, net profit of ₹992.5 crore and net debt of ₹3,370 crore.
- Revenue, FY26 (₹ crore)
- 13,722
- consolidated
- Revenue growth, FY26
- +15.5%
- on FY25
- EBITDA margin, FY26
- 17.3%
- EBITDA (revenue less operating expenses, excl. other income) / revenue
- Net profit, FY26 (₹ crore)
- 992.5
- to owners
- Return on equity, FY26
- 15.1%
- on average equity
- Net debt, FY26 (₹ crore)
- 3,370
- Company-reported net debt (management basis)
- Market capitalisation (₹ crore)
- 37,506
- at the close of 24 Oct 2026
Company profile
| Item | Value |
|---|---|
| Legal name | J. K. Cement Limited |
| Exchange and ticker | NSE: JKCEMENT; BSE: 532644 |
| ISIN | INE823G01014 |
| Sector | Basic Materials |
| Industry | Cement, white cement, wall putty and decorative paints |
| Headquarters | Kanpur, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | S.R. Batliboi & Co. LLP (since 2022) |
| Market capitalisation | ₹37,506 crore (24 Oct 2026) |
| Shares outstanding | 7.73 crore shares (FY26) |
| Price | ₹4,854 (close, 24 Oct 2026) |
| 52-week range | ₹4,672 - ₹6,471 (to 24 Oct 2026) |
| Website | https://www.jkcement.com/ |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| JK Maxx Paints Limited | 100% | Decorative paints |
| J.K. Cement (Fujairah) FZC | 100% | UAE holding subsidiary |
| JK Cement Works (Fujairah) FZC | 90% | UAE cement plant (via Fujairah holding company) |
| J.K. Cement Saifco Limited | 60% | Jammu & Kashmir cement; acquired June 2025 |
| Saifco Cements Estate Limited | 60% | Saifco estate subsidiary |
| JK Cement Foundation | 100% | CSR foundation |
Toshali Cements amalgamated with effect from appointed date 1 Apr 2024; historical figures restated (auditor emphasis of matter).
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 45.66% | 45.66% | 45.66% | 45.66% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 17.89% | 16.86% | 16.85% | 18.35% |
| Domestic institutions | 22.49% | 23.75% | 23.72% | 22.33% |
| of which mutual funds | 20.43% | 21.61% | 21.17% | 19.38% |
| Retail | 13.94% | 13.73% | 13.76% | 2.91% |
| Other | 10.75% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
JK Cement sells grey cement, white cement, wall putty and allied products; decorative paints are a smaller growth investment. Consolidated reporting includes Fujairah, Saifco and paints, while operating KPIs are largely standalone and are labelled as such. Q2 FY27 revenue was INR3,733.42cr, up 23.7% YoY.
| Segment | net sales, FY26 (₹ crore) | Share |
|---|---|---|
| Grey cement (consolidated net sales, presentation) | 10,175 | 76.0% |
| White cement, putty and VAP incl. paints (consolidated net sales, presentation) | 3,216 | 24.0% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| UltraTech Cement (ULTRACEMCO) | Largest national cement operator; scale and cost benchmark |
| Shree Cement (SHREECEM) | North/Central grey cement and low-cost benchmark |
| Ambuja Cements (AMBUJACEM) | Adani consolidation and capacity competitor |
| Dalmia Bharat (DALBHARAT) | Expansion-led national challenger |
| Ramco Cements (RAMCOCEM) | Regional pricing and capex benchmark |
| JK Lakshmi Cement (JKLAKSHMI) | North/west regional competition; not part of JK Cement |
| Nuvoco Vistas (NUVOCO) | Leveraged cement and East-region comparison |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 7,840 | 9,504 | 11,556 | 11,879 | 13,722 |
| Cost of revenue (vendor classification) * | 1,809 | 2,174 | 2,502 | 2,707 | 3,068 |
| Other operating costs (vendor classification) * | 4,089 | 5,555 | 6,165 | 6,194 | 7,174 |
| EBITDA (vendor classification) * | 1,650 | 1,403 | 2,200 | 2,189 | 2,550 |
| EBIT | 1,277 | 929.5 | 1,487 | 1,693 | 1,862 |
| Finance costs | 264.3 | 301.9 | 453.1 | 459.2 | 424.3 |
| Profit before tax (after exceptional items and associates) | 1,013 | 627.6 | 1,174 | 1,242 | 1,444 |
| Total tax expense | 333.7 | 211.3 | 383.7 | 370.2 | 455.9 |
| Profit after tax | 679.2 | 416.3 | 789.9 | 872.2 | 988.0 |
| Basic and diluted EPS (₹) | 87.90 | 54.82 | 102.4 | 111.4 | 128.4 |
| Materials consumed + traded goods purchased + change in inventories | 1,835 | 2,018 | 2,238 | ||
| Power and fuel (net) | 2,590 | 2,180 | 2,598 | ||
| Freight and forwarding expenses | 2,416 | 2,680 | 3,146 | ||
| Employee benefits expense | 783.8 | 901.7 | 1,045 | ||
| Other expenses | 1,871 | 2,073 | 2,320 | ||
| EBITDA (revenue less operating expenses, excl. other income) | 2,060 | 2,027 | 2,374 | ||
| Other income | 145.1 | 172.9 | 194.5 | ||
| Depreciation and amortisation | 572.6 | 601.5 | 653.0 | ||
| Exceptional items (loss positive, gain negative) | 5.50 | -102.4 | 47.8 | ||
| Profit attributable to non-controlling interest | -0.90 | 11.1 | -4.50 | ||
| Profit attributable to owners of the parent | 790.8 | 861.1 | 992.5 | ||
| Share of associates and joint ventures | 0.11 | ||||
| Basic EPS (₹) | 128.4 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity including NCI | 4,291 | 4,640 | 5,322 | 6,055 | 7,090 |
| Borrowings excluding leases | 4,115 | 5,292 | 5,241 | 5,896 | 6,074 |
| Cash and cash equivalents | 89.0 | 257.1 | 174.4 | 297.3 | 119.0 |
| Trade receivables | 426.8 | 480.1 | 566.3 | 786.6 | 760.1 |
| Inventories | 1,209 | 974.1 | 1,182 | 1,175 | 1,525 |
| Trade payables | 715.2 | 822.1 | 880.4 | 1,098 | 1,216 |
| Property, plant and equipment (net carrying value) | 8,599 | 8,952 | 10,848 | ||
| Capital work in progress | 1,032 | 592.0 | 463.9 | 1,317 | 1,053 |
| Total assets | 11,403 | 13,307 | 14,802 | 16,682 | 18,500 |
| Company-reported net debt (management basis) | 2,551 | 3,370 | |||
| Bank balances other than cash equivalents | 705.6 | 1,072 | 350.2 | ||
| Current investments | 109.3 | 456.7 | 32.7 | ||
| Non-current investments | 268.1 | 144.2 | 414.5 | ||
| Current and non-current lease liabilities | 310.9 | 132.7 | 109.4 | ||
| Total current assets | 4,404 | 4,993 | 4,162 | ||
| Total current liabilities | 3,437 | 3,908 | 4,475 | ||
| Non-current borrowings | 4,177 | 4,600 | 4,662 | ||
| Current borrowings including current maturities | 1,064 | 1,295 | 1,412 | ||
| Equity attributable to parent shareholders | 5,367 | 6,089 | 7,037 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash flow from operating activities | 634.1 | 935.6 | 1,959 | 1,939 | 1,873 |
| Free cash flow (vendor definition) * | -675.3 | -234.4 | 786.5 | 219.6 | -393.5 |
| Cash dividends paid (outflow negative) | -115.6 | -115.9 | -115.8 | -154.4 | -115.9 |
| Cash purchase of PPE and intangibles (outflow negative) | -1,528 | -1,603 | -1,173 | -1,720 | -2,266 |
| Fixed deposit maturities | 2,075 | 1,911 | |||
| Fixed deposit investments (negative) | -2,226 | -1,580 | |||
| Purchase of investments (negative) | -1,612 | -1,027 | |||
| Sale of investments | 1,398 | 1,191 | |||
| Interest received | 162.7 | 160.7 | |||
| PPE disposal proceeds | 21.5 | 18.0 | |||
| Cash exchange-rate translation movement | 19.4 | 78.6 | |||
| Receivables cash flow adjustment | -225.4 | 10.4 | |||
| Inventories cash flow adjustment | 6.42 | -337.7 | |||
| Payables cash flow adjustment | 221.8 | 98.7 | |||
| Acquisition of cement business (outflow negative) | -149.8 | ||||
| Interest paid excluding leases (negative) | -420.0 | -431.2 | -399.6 | ||
| Lease principal payment (negative) | -10.6 | -30.3 | -28.4 | ||
| Lease interest payment (negative) | -12.3 | -8.89 | -6.39 | ||
| Proceeds from non-current borrowings | 1,259 | 609.0 | |||
| Repayment of non-current borrowings (negative) | -708.6 | -589.3 | |||
| Net proceeds from current borrowings | 148.2 | 145.8 | |||
| Net investing cash flow | -1,910 | -1,745 | |||
| Net financing cash flow | 73.8 | -384.7 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding (paid-up capital over face value) | 7.73 | 7.73 | 7.73 | 7.73 | 7.73 |
| Quarterly profit and loss (₹ crore) | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 2,930 | 3,581 | 3,353 | 3,019 | 3,463 | 3,888 | 4,032 | 3,733 |
| Cost of revenue (vendor classification) * | 477.4 | 609.7 | 551.6 | 613.7 | 607.6 | 781.0 | ||
| Other operating costs (vendor classification) * | 1,732 | 1,977 | 1,866 | 2,033 | 2,306 | 2,315 | ||
| EBITDA (vendor classification) * | 537.3 | 810.7 | 744.1 | 603.4 | 723.8 | 687.0 | ||
| EBIT | 391.7 | 648.4 | 597.7 | 380.9 | 541.4 | 520.3 | ||
| Finance costs | 112.4 | 113.5 | 108.5 | 105.3 | 112.6 | 97.9 | 114.1 | 119.7 |
| Profit before tax | 279.3 | 535.0 | 489.2 | 242.9 | 268.3 | 443.5 | 406.2 | 255.6 |
| Tax expense | 89.4 | 173.7 | 164.9 | 83.6 | 94.7 | 112.7 | 131.5 | 86.3 |
| Profit after tax | 189.9 | 361.3 | 324.3 | 159.3 | 173.6 | 330.9 | 274.6 | 169.3 |
| Diluted EPS (₹) | 24.54 | 46.64 | 41.99 | 20.78 | 22.60 | 43.08 | 35.91 | 22.39 |
| Cost of materials, traded goods and inventory change | 477.4 | 609.7 | 551.6 | 464.7 | 613.7 | 607.6 | 781.0 | 513.1 |
| Power and fuel | 553.1 | 564.4 | 598.1 | 607.4 | 654.7 | 738.2 | 673.0 | 834.4 |
| Freight and forwarding | 660.4 | 824.4 | 764.9 | 651.9 | 821.6 | 907.9 | 911.3 | 836.0 |
| Employee benefits expense | 228.8 | 229.8 | 247.4 | 247.6 | 259.0 | 291.4 | 287.7 | 296.5 |
| Other expenses | 518.4 | 588.1 | 502.9 | 601.0 | 556.6 | 659.9 | 731.1 | 746.1 |
| EBITDA (revenue less operating cost stack) | 492.1 | 764.9 | 687.7 | 446.6 | 557.5 | 682.5 | 647.7 | 507.4 |
| Other income | 44.6 | 45.9 | 56.4 | 50.9 | 45.9 | 41.3 | 39.3 | 37.9 |
| Depreciation and amortisation | 145.7 | 162.3 | 146.4 | 149.5 | 174.7 | 182.4 | 166.7 | 170.0 |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 47.8 | 0.00 | 0.00 | 0.00 |
| Non-controlling interest | 0.25 | 0.97 | -0.17 | -1.28 | -1.02 | -2.03 | -2.85 | -3.69 |
| Profit attributable to owners | 189.6 | 360.4 | 324.4 | 160.5 | 174.6 | 332.9 | 277.5 | 173.0 |
| Share of profit/(loss) of associates | 0.00 | 0.00 | 0.00 | -0.05 | 0.00 | 0.02 | ||
| Basic EPS (₹) | 41.99 | 20.78 | 22.60 | 43.08 | 35.91 | 22.39 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 20.4% | 21.2% | 21.6% | 2.8% | 15.5% |
| EBITDA margin | 17.8% | 17.1% | 17.3% | ||
| Net margin | 6.8% | 7.2% | 7.2% | ||
| Return on equity | 15.9% | 15.1% | 15.1% | ||
| Return on capital employed | 16.2% | 10.1% | 14.5% | 15.0% | 14.8% |
| Return on assets | 5.6% | 5.5% | 5.6% | ||
| Net debt (₹ crore) | 2,551 | 3,370 | |||
| Net debt / EBITDA | 1.26x | 1.42x | |||
| Interest cover | 4.83x | 3.08x | 3.28x | 3.69x | 4.39x |
| Asset turnover | 0.74x | 0.77x | 0.82x | 0.75x | 0.78x |
| Receivable days | 20 | 18 | 18 | 24 | 20 |
| Inventory days (on revenue) | 56 | 37 | 37 | 36 | 41 |
| Payable days (on revenue) | 33 | 32 | 28 | 34 | 32 |
| Cash conversion | 2.48x | 2.25x | 1.89x | ||
| Capex intensity | 19.5% | 16.9% | 10.1% | 14.5% | 16.5% |
| Free cash flow (₹ crore) | -893.4 | -667.6 | 786.5 | 219.6 | -393.5 |
| Dividend payout | 14.6% | 17.9% | 11.7% | ||
| EPS, diluted (₹) | 87.90 | 54.82 | 102.4 | 111.4 | 128.4 |
| Book value per share (₹) | 555.3 | 600.2 | 688.4 | 783.3 | 917.6 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (revenue less operating expenses, excl. other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Company-reported net debt (management basis); negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (revenue less operating expenses, excl. other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Basic and diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 3, information to 24 Oct 2026); market data at the close of 24 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on JK Cement includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
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- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
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The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on JK Cement
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