External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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Equity Bottom-Up

<ul><li>We maintain ADD on JK Cement (JKCE), with a revised target price of INR 6,535/share (15x Sep’27E consolidated EBITDA)</li><li>The company remains on a solid footing</li><li>As per our recent interaction with the management, cement prices have broadly held on QoQ despite heavy monsoon and JKCE is also expected to deliver high-single-digit grey cement volume growth in Q2FY26</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.

We maintain ADD on JK Cement (JKCE), with a revised target price of INR 6,535/share (15x Sep’27E consolidated EBITDA)The company remains on a solid footingAs per our recent interaction with the management, cement prices have broadly held on QoQ despite heavy monsoon and JKCE is also expected to deliver high-single-digit grey cement volume growth in Q2FY26Content 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: Strong Show to Continue. Maintain ADD

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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<ul><li>Financial Performance JKCL delivered a strong operating performance during the quarter, driven by strong volume growth and higher cement realisations YoY.</li><li>The company reported revenue, EBITDA, and PAT growth of 19%, 41%, and 75% YoY, respectively. APAT stood at Rs 324 Cr, reflecting a 75% YoY increase.</li><li>EBITDA margins came in at 20.5%, above the anticipated 19.2%, and higher than 17.3% YoY. reased by 1% QoQ to Rs 4,938, while the cost per tonne declined by 0.5% YoY to Rs 4,750.</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.

Financial Performance JKCL delivered a strong operating performance during the quarter, driven by strong volume growth and higher cement realisations YoY.The company reported revenue, EBITDA, and PAT growth of 19%, 41%, and 75% YoY, respectively. APAT stood at Rs 324 Cr, reflecting a 75% YoY increase.EBITDA margins came in at 20.5%, above the anticipated 19.2%, and higher than 17.3% YoY. reased by 1% QoQ to Rs 4,938, while the cost per tonne declined by 0.5% YoY to Rs 4,750.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 Ltd - Excellent Earnings Print; Premium Valuations Limit Upside

<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 30.3 MTPA from the current 24.3 MTPA, representing a 13% capacity CAGR over FY23–FY26.</li><li>The rampup of recently commissioned capacity and ongoing expansions (6 MTPA) 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 12% over FY24–FY27E.</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 30.3 MTPA from the current 24.3 MTPA, representing a 13% capacity CAGR over FY23–FY26.The rampup of recently commissioned capacity and ongoing expansions (6 MTPA) is anticipated to support robust volume growth in the coming periods.Given these developments, the company is expected to achieve a volume CAGR of 12% over FY24–FY27E.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 - Earnings Top Expectations; Retain BUY

<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 and ongoing expansions (6 mtpa) 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 12% over FY24-FY27E.</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 and ongoing expansions (6 mtpa) is anticipated to support robust volume growth in the coming periods.Given these developments, the company is expected to achieve a volume CAGR of 12% over FY24-FY27E.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 Limited - Results Beat Estimates; Retain BUY

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Nimish Maheshwari

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Read Business Not Stock Prices

<ul>
<li>Ambuja Cements (ACEM) has raised its FY28 capacity target to 155 million tonnes per annum and secured the acquisition of Jaiprakash Associates’ (JAL) cement business. 
</li>
<li>This aggressive scale-up, underpinned by a target cost reduction of INR 550/t and a green power push, is expected to drive EBITDA to INR 15000/t over FY26-28E. 
</li>
<li>ACEM’s integrated strategy of inorganic growth and operational efficiency suggests a strong re-rating potential, justifying a deeper review of core fundamentals. 
</li>
</ul>


Ambuja Cements (ACEM) has raised its FY28 capacity target to 155 million tonnes per annum and secured the acquisition of Jaiprakash Associates’ (JAL) cement business. 

This aggressive scale-up, underpinned by a target cost reduction of INR 550/t and a green power push, is expected to drive EBITDA to INR 15000/t over FY26-28E. 

ACEM’s integrated strategy of inorganic growth and operational efficiency suggests a strong re-rating potential, justifying a deeper review of core fundamentals. 



The Beat Ideas: Ambuja Cements From Consolidation to Cost Leadership - Unpacking the 155 MTPA Plan

India

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

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JK Cement Ltd (JKCE IN)

JK Cement: Strong Show to Continue. Maintain ADD

We maintain ADD on JK Cement (JKCE), with a revised target price of INR 6,535/share (15x Sep’27E consolidated EBITDA). The company remains on a...

HDFC Securities

JK Cement Ltd - Excellent Earnings Print; Premium Valuations Limit Upside

JKCL delivered a strong operating performance during the quarter, driven by strong volume growth and higher cement realisations YoY.

Axis Direct

JK Cements Limited - Earnings Top Expectations; Retain BUY

The company’s capacity expansion program, aiming to add 6 MTPA, is progressing well and will bring its total Grey Cement capacity to 30.3 MTPA from...

Axis Direct

JK Cement Limited - Results Beat Estimates; Retain BUY

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...

Axis Direct

The Beat Ideas: Ambuja Cements From Consolidation to Cost Leadership - Unpacking the 155 MTPA Plan

Ambuja Cements raises capacity target to 155 million tonnes, acquires Jaiprakash Associates' cement business, aims for cost reduction and green...

Nimish Maheshwari

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52-week Range

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JK Cement: Strong Show to Continue. Maintain ADD

We maintain ADD on JK Cement (JKCE), with a revised target price of INR 6,535/share (15x Sep’27E consolidated EBITDA). The company remains on a...

HDFC Securities

JK Cement Ltd - Excellent Earnings Print; Premium Valuations Limit Upside

JKCL delivered a strong operating performance during the quarter, driven by strong volume growth and higher cement realisations YoY.

Axis Direct

JK Cements Limited - Earnings Top Expectations; Retain BUY

The company’s capacity expansion program, aiming to add 6 MTPA, is progressing well and will bring its total Grey Cement capacity to 30.3 MTPA from...

Axis Direct

JK Cement Limited - Results Beat Estimates; Retain BUY

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...

Axis Direct

The Beat Ideas: Ambuja Cements From Consolidation to Cost Leadership - Unpacking the 155 MTPA Plan

​Ambuja Cements raises capacity target to 155 million tonnes, acquires Jaiprakash Associates' cement business, aims for cost reduction and green...

Nimish Maheshwari

Ambuja Cements raises capacity target to 155 million tonnes, acquires Jaiprakash Associates' cement business, aims for cost reduction and green...