External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>JK Cement (JKCE)’s 2QFY25 consolidated EBITDA was at INR2.8b (down 39% YoY) and ~22% below our estimates due to lower-than-estimated sales volume (6% miss) and higher-than-estimated opex/t (+5% vs. our estimate).</li><li>Higher opex/t was partly due to: 1) higher branding expenses; 2) clinker purchases for its South plant due to the shutdown; and 3) higher maintenance costs.</li><li>EBITDA/t declined 36% YoY to INR656 (est. INR787) and OPM contracted 6pp YoY to 11% (est. 14%).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

JK Cement (JKCE)’s 2QFY25 consolidated EBITDA was at INR2.8b (down 39% YoY) and ~22% below our estimates due to lower-than-estimated sales volume (6% miss) and higher-than-estimated opex/t (+5% vs. our estimate).Higher opex/t was partly due to: 1) higher branding expenses; 2) clinker purchases for its South plant due to the shutdown; and 3) higher maintenance costs.EBITDA/t declined 36% YoY to INR656 (est. INR787) and OPM contracted 6pp YoY to 11% (est. 14%).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

J K Cement - Lower Volume and Higher Costs Lead to Missed Earnings

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Volume growth visibility remains intact: The company’s capacity expansion program, aiming to add 6 MTPA, is progressing well and will bring its total grey cement capacity to 30 MTPA from the current 24 MTPA, representing a 13% capacity CAGR over FY23-FY26.</li><li>The ramp-up of recently commissioned capacity in Prayagraj (2 MTPA) along with ongoing expansions is anticipated to support robust volume growth in the coming periods.</li><li>Given these developments, the company is expected to achieve a volume CAGR of 13% over FY23- FY26E.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Volume growth visibility remains intact: The company’s capacity expansion program, aiming to add 6 MTPA, is progressing well and will bring its total grey cement capacity to 30 MTPA from the current 24 MTPA, representing a 13% capacity CAGR over FY23-FY26.The ramp-up of recently commissioned capacity in Prayagraj (2 MTPA) along with ongoing expansions is anticipated to support robust volume growth in the coming periods.Given these developments, the company is expected to achieve a volume CAGR of 13% over FY23- FY26E.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

JK Cements Limited - Higher Cost Led To EBITDA Miss; Retain BUY

<ul><li>K Cement (JKCE) has been strategically expanding capacity using a balanced approach of improving the regional mix, lowering capex, and ensuring an adequate spread of integrated and grinding units.</li><li>Further, the company has been successful in ramping up capacity utilization of its new plants.</li><li>Recently, JKCE has unveiled its long-term capacity target of 50mtpa by FY30 vs.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

K Cement (JKCE) has been strategically expanding capacity using a balanced approach of improving the regional mix, lowering capex, and ensuring an adequate spread of integrated and grinding units.Further, the company has been successful in ramping up capacity utilization of its new plants.Recently, JKCE has unveiled its long-term capacity target of 50mtpa by FY30 vs.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

JK Cement - Strategic Expansions Aiding Growth

<ul><li>In FY24, JK Cement reported a robust cement sales volume of 19.09 million tonnes per annum (MTPA), up 18% YoY from 16.23 MTPA in FY23, with grey and white cement sales up 19% and 9% respectively.</li><li>Growth was driven by an excellent demand environment, boosted by pre-election spending and the addition of new capacity during the year.</li><li>The company’s EBITDA margins improved to 17.8% in FY24 from 13.4% in FY23, an increase of 440 basis points.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

In FY24, JK Cement reported a robust cement sales volume of 19.09 million tonnes per annum (MTPA), up 18% YoY from 16.23 MTPA in FY23, with grey and white cement sales up 19% and 9% respectively.Growth was driven by an excellent demand environment, boosted by pre-election spending and the addition of new capacity during the year.The company’s EBITDA margins improved to 17.8% in FY24 from 13.4% in FY23, an increase of 440 basis points.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

JK Cements Ltd - Augmenting Capacity to Support Deeper Market Reach; Retain BUY!

<ul><li>The company’s superior positioning in the key markets of North India and recent expansion in the demand-accretive central region will keep its growth momentum unabated.</li><li>Given the government’s keen focus on infrastructure and low-cost affordable housing, robust real estate demand, and capacity ramp-up of new units, we expect JKCL to improve its market share and deliver industry-leading performance going forward.</li><li>We expect the company to grow its Volume/Revenue/EBITDA/APAT at a CAGR of 13%/13%/29%/40% over FY23-FY26E.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The company’s superior positioning in the key markets of North India and recent expansion in the demand-accretive central region will keep its growth momentum unabated.Given the government’s keen focus on infrastructure and low-cost affordable housing, robust real estate demand, and capacity ramp-up of new units, we expect JKCL to improve its market share and deliver industry-leading performance going forward.We expect the company to grow its Volume/Revenue/EBITDA/APAT at a CAGR of 13%/13%/29%/40% over FY23-FY26E.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

JK Cements Limited - Result Beats Estimates on Lower Costs; Retain BUY

India

JK Cement Limited produces and manufactures Portland and White cement products.

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JK Cement Ltd (JKCE IN)

J K Cement - Lower Volume and Higher Costs Lead to Missed Earnings

JK Cement (JKCE)’s 2QFY25 consolidated EBITDA was at INR2.8b (down 39% YoY) and ~22% below our estimates due to lower-than-estimated sales volume

Motilal Oswal

JK Cements Limited - Higher Cost Led To EBITDA Miss; Retain BUY

The ramp-up of recently commissioned capacity in Prayagraj (2 MTPA) along with ongoing expansions is anticipated to support robust volume growth in...

Axis Direct

JK Cement - Strategic Expansions Aiding Growth

K Cement (JKCE) has been strategically expanding capacity using a balanced approach of improving the regional mix, lowering capex, and ensuring an...

Motilal Oswal

JK Cements Ltd - Augmenting Capacity to Support Deeper Market Reach; Retain BUY!

In FY24, JK Cement reported a robust cement sales volume of 19.09 million tonnes per annum (MTPA), up 18% YoY from 16.23 MTPA in FY23

Axis Direct

JK Cements Limited - Result Beats Estimates on Lower Costs; Retain BUY

The company’s superior positioning in the key markets of North India and recent expansion in the demand-accretive central region will keep its...

Axis Direct

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