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Stock Analysis

Description

JK Lakshmi Cement Ltd, part of the JK Organisation, is a significant player in India's cement manufacturing sector, also producing Ready Mix Concrete (RMC) and Autoclaved Aerated Concrete (AAC) blocks.

Key Growth Triggers

Ambitious capacity expansion plan targeting 30 MTPA by FY30 through brownfield and greenfield projects.
Focus on increasing renewable energy usage (target 52%) and driving operational efficiencies.
Strategic acquisitions for renewable energy sourcing to optimize power costs.
Positive outlook for the cement sector driven by improving industry demand.

Order Book

Currently no specific data available for Order Book.

Key Red Flags

Potential risk concerning mining rights cancellation for its subsidiary, Agrani Cement.

Key Dates To Watch

Board Meeting on November 6, 2025, to approve Q3 FY26 results.
Earnings conference call scheduled for November 7, 2025.
Trading window closure effective January 1, 2026, until 48 hours post Q3 FY26 results.

Corporate Announcements

7th Apr 26

Impact Rating: 3

JK Lakshmi Cement Limited has received confirmation from its registrar, MCS Share Transfer Agent, verifying compliance with SEBI (Depositories and Participants) Regulations, 2018, for the quarter that ended March 31, 2026. This is a routine update.

3rd Apr 26

Impact Rating: 7

JK Lakshmi Cement has announced its declaration as the 'Preferred Bidder' for the Chhipta Limestone Block mining lease in Madhya Pradesh, following participation in an e-auction conducted by the Government of Madhya Pradesh.

1st Apr 26

Impact Rating: 5

JK Lakshmi Cement is appealing a GST demand of ₹11.52 lakh (₹0.12 cr) after the department dropped a ₹252.32 lakh portion of a larger ITC claim.

26th Mar 26

Impact Rating: 6

JK Lakshmi Cement has informed exchanges that its trading window for dealing in equity shares will be closed from April 1, 2026. It will reopen 48 hours after the declaration of Q4 and FY ending March 31, 2026, financial results.

13th Mar 26

Impact Rating: 7

Following participation in an e-auction by the Government of Assam, JK Lakshmi Cement has been announced as the 'Preferred Bidder' for the New Umrangso Limestone Block in Assam, an area spanning 200 hectares.

Peer Comparision

S.No.	Name	Current Price (Rs.)	Price to Earning	Market Capitalization (Rs.Cr.)	Dividend yield (%)	Net Profit latest quarter (Rs.Cr.)	YOY Quarterly profit growth (%)	Sales latest quarter (Rs.Cr.)	YOY Quarterly sales growth (%)	Return on capital employed (%)	Sales (Rs.Cr.)	OPM (%)	Profit after tax (Rs.Cr.)	Profit after tax latest quarter (Rs.Cr.)	Price to book value	Return on assets (%)	Debt to equity
1.	UltraTech Cem.	12384.00	49.75	364930.71	0.63	1237.98	75.23	19606.93	20.33	10.89	81724.53	18.35	7334.75	1231.58	5.09	5.19	0.35
2.	Grasim Inds	2811.00	44.14	191294.66	0.36	1498.04	68.24	39899.58	16.59	7.50	159663.26	20.07	4327.58	553.48	1.92	1.69	2.06
3.	Ambuja Cements	553.75	23.70	136877.30	0.36	2302.28	233.64	9174.49	21.48	10.50	38772.67	18.83	5746.21	1935.75	2.50	7.02	0.02
4.	Shree Cement	27830.00	58.40	100412.75	0.40	309.82	303.60	4761.07	17.44	6.71	20146.65	23.33	1718.89	308.51	4.47	3.97	0.10
5.	J K Cements	5892.25	44.04	45528.40	0.26	159.25	275.56	3019.20	17.93	13.99	12883.19	18.56	1034.93	160.53	7.00	5.11	1.00
6.	Dalmia BharatLtd	2165.90	36.48	40624.89	0.41	239.00	413.04	3417.00	10.69	5.58	14325.00	20.13	1112.86	236.00	2.30	2.48	0.40
7.	ACC	1762.30	10.22	33093.75	0.43	1119.26	401.44	5931.67	27.99	17.44	24060.83	14.84	3230.72	1119.23	1.66	9.46	0.02
8.	JK Lakshmi Cem.	799.95	21.40	9930.94	0.83	82.33	477.83	1531.77	24.10	10.60	6543.61	15.47	463.45	82.33	2.65	3.80	0.72
–	Median: 34 Co.	201.55	30.16	3072.76	0.2	19.92	119.45	601.69	16.98	6.11	2503.97	11.98	65.69	22.52	2.3	1.46	0.62

Quarterly Results

Standalone figures in ₹ crores

	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	1,303	1,489	1,729	1,633	1,453	1,586	1,648	1,564	1,234	1,373	1,898	1,741	1,532
Expenses	1,164	1,329	1,540	1,466	1,274	1,344	1,372	1,340	1,145	1,231	1,547	1,430	1,324
Operating Profit	139	160	189	168	179	242	275	224	89	143	351	311	208
Other Income	21	16	18	14	15	17	18	-22	12	11	18	24	25
Profit before tax	89	102	137	112	123	188	223	83	-19	85	248	206	105
Tax %	34%	28%	29%	33%	33%	34%	36%	32%	15%	30%	31%	26%	22%
Net Profit	59	74	97	75	83	124	142	56	-22	60	170	152	82
EPS in Rs	5.01	6.25	8.27	6.36	7.06	10.54	12.10	4.79	-1.85	5.07	14.43	12.89	6.63

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	2,057	2,307	2,620	2,910	3,412	3,882	4,044	4,385	5,041	6,071	6,788	6,193	6,544
Expenses	1,755	1,958	2,348	2,545	3,001	3,467	3,371	3,595	4,240	5,367	5,737	5,327	5,531
Operating Profit	302	349	272	365	411	415	672	790	801	704	1,052	865	1,013
Other Income	26	-35	38	70	68	57	20	44	44	62	77	18	77
Interest	77	91	197	189	197	188	164	143	96	92	150	181	164
Depreciation	135	112	163	172	179	179	188	194	191	194	246	299	281
Profit before tax	115	112	-50	74	103	104	339	497	558	481	733	403	644
Net Profit	93	96	-7	82	84	80	235	364	426	331	488	283	463
EPS in Rs	7.90	8.12	-0.56	6.97	7.14	6.76	19.99	30.92	36.22	28.11	41.49	24.03	39.02
Dividend Payout %	25%	25%	-45%	11%	11%	11%	13%	12%	14%	13%	16%	27%	–

Balance Sheet

Standalone figures in ₹ crores

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	59	59	59	59	59	59	59	59	59	59	59	59	62
Reserves	1,244	1,272	1,245	1,323	1,394	1,464	1,654	2,020	2,394	2,665	3,226	3,521	3,673
Borrowings	1,631	1,899	1,915	2,171	2,020	1,613	1,467	1,144	993	845	2,084	2,614	2,673
Other Liabilities	632	910	890	971	1,015	1,320	1,370	1,439	1,394	1,643	2,209	2,260	2,367
Total Liabilities	3,566	4,140	4,108	4,524	4,489	4,455	4,550	4,661	4,839	5,211	7,578	8,453	8,775
Fixed Assets	1,572	2,582	2,729	2,826	2,794	2,639	2,804	2,662	2,724	2,707	4,636	5,029	5,084
Gross Block	2,930.53	4,094.56	2,891.48	3,160.77	3,306.40	3,329.70	3,669.58	3,715.52	3,963.73	4,115.49	6,476.29	7,148.00	–
Accumulated Depreciation	1,358.99	1,512.06	162.67	334.43	512.88	690.70	865.87	1,053.57	1,239.58	1,408.19	1,840.40	2,119.41	–
CWIP	908	361	283	205	228	411	152	228	112	65	383	276	228
Investments	448	423	438	809	794	720	784	751	938	924	847	1,074	1,105
Other Assets	639	774	659	683	673	686	810	1,021	1,065	1,515	1,712	2,074	2,359
Total Assets	3,566	4,140	4,108	4,524	4,489	4,455	4,550	4,661	4,839	5,211	7,578	8,453	8,775

Cash Flows

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	355	352	298	363	456	689	541	862	540	454	831	760
Cash from Investing Activity	-516	-406	-70	-416	-89	-78	-172	-326	-207	-48	-828	-1,123
Cash from Financing Activity	184	34	-231	50	-365	-605	-369	-492	-311	-334	-25	318
Net Cash Flow	23	-21	-4	-3	3	6	-0	44	21	72	-21	-46

Ratios

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	0	11	13	11	10	10	8	4	2	4	2	6
Inventory Days	104	139	127	133	149	139	177	106	145	162	260	256
Days Payable	86	136	105	127	149	228	201	128	88	118	146	134
Cash Conversion Cycle	18	14	36	17	10	-79	-16	-17	59	47	117	128
Working Capital Days	-70	-97	-94	-86	-83	-71	-59	-60	-36	-19	-41	-42
ROCE %	7%	8%	4%	6%	7%	8%	16%	20%	20%	16%	19%	11%

Shareholding Pattern

Numbers in percentages

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	46.31%	46.31%	46.31%	46.31%	46.31%	46.34%	46.34%	46.34%	46.34%	46.34%	46.34%	45.12%
FIIs	13.81%	11.68%	11.50%	10.53%	10.83%	11.29%	11.34%	11.53%	11.93%	12.06%	12.81%	12.54%
DIIs	25.56%	27.95%	28.33%	27.63%	27.57%	25.83%	25.35%	24.95%	25.23%	25.24%	25.11%	22.83%
Public	14.31%	14.07%	13.86%	15.53%	15.29%	16.54%	16.97%	17.17%	16.49%	16.35%	15.74%	19.49%