🟢 At a Glance

JK Cement dropped a Revised Outcome of their FY25 results because the first one was apparently missing key data. Now that they’ve reuploaded their financials, here’s the deal:

• 💰 Revenue: ₹10,710 crore (▲ 12.4% YoY)
• 🧾 EBITDA: ₹1,475 crore (▲ 7.7%)
• 📉 Net Profit: ₹686 crore (▼ 7.4%)
• 🧮 EBITDA Margin: 13.77% (vs 14.43% in FY24)
• 💸 Dividend: ₹15/share (unchanged)

A classic case of topline up, bottomline meh — and a margin contraction that has us wondering if inflation came back just to troll the cement sector.

🏗️ About the Company

JK Cement is India’s second-largest White Cement manufacturer and a strong player in the Grey Cement segment. They’re present across 9 states with 19+ manufacturing units and a growing international presence via UAE-based subsidiaries.

👨‍💼 Key Managerial Personnel

• MD: Raghavpat Singhania
• CFO: Ajay Mathur
• Chairman: Yadupati Singhania (Legacy continues)

📊 FY25 Financials (₹ in crore)

Despite strong sales volume, input cost pressure — mainly petcoke and freight — seems to have squeezed margins.

🧮 FV Estimate (Fair Value Range)

• EPS Base: ₹88.94
• Sector P/E Range: 25–28× (cement remains a cyclical favorite)

🎯 Fair Value Range: ₹2,220 – ₹2,500

(CMP excluded by rule; range shown instead)

🧱 Expansion Plans

JK Cement is not sitting still:

• CapEx of ₹1,700 crore for new grinding units
• Targeting 20+ MTPA cement capacity by FY26
• UAE subsidiary (JKCME) added ₹270 crore revenue

They’re pushing for global presence + infra demand tailwind. But margins must cooperate.

🧠 EduInvesting Take

“JK Cement is the guy in every wedding who looks amazing in the family pic, but always fumbles the sangeet performance.”

In other words, they know how to scale. They’re consistent. They’ve got brands like JK Wall Putty which sell like FMCG. But they can’t keep margins clean when coal prices misbehave.

Revenue up 12%. Profit down 7%. We’re seeing a solid company… but not a solid earnings momentum.

🚨 Risks & Red Flags

• Profit drop despite volume rise
• Margin hit due to input cost volatility
• Huge CapEx could pressure FCF
• White Cement growth slowing in urban pockets

🧾 Final Grade Sheet