External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

Equity Bottom-Up

<p>About the stock: With 14.7 MT grey cement capacity, JK Cement is the fourth largest player in North India contributing over 40% of its revenues. The company also has a presence in the western region in Gujarat, Maharashtra along with the southern region in which Karnataka is a key market for the company.</p><ul><li>It is also the second largest producer of white cement (0.6 MT) and wall putty (1.2 MT) in India</li><li>The company is adding another 4 MT integrated cement capacity in the central region that will take its capacity to 18.7 MT by FY24E</li></ul><div class="content-highlight"><em>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.</em></div>

About the stock: With 14.7 MT grey cement capacity, JK Cement is the fourth largest player in North India contributing over 40% of its revenues. The company also has a presence in the western region in Gujarat, Maharashtra along with the southern region in which Karnataka is a key market for the company.It is also the second largest producer of white cement (0.6 MT) and wall putty (1.2 MT) in IndiaThe company is adding another 4 MT integrated cement capacity in the central region that will take its capacity to 18.7 MT by FY24EContent 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.

External broker reports(aggregated public sources), Axis Direct

Axis Direct

<p>The stock is currently trading at 15x/13x FY22E/FY23EEV/EBITDA which we believe is fairly valued. We value JKCL at 13x FY23E EV/EBITDA to arrive at a TP of Rs 3,100 and change our rating from BUY to HOLD.</p><div class="content-highlight"><em>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.</em></div>

The stock is currently trading at 15x/13x FY22E/FY23EEV/EBITDA which we believe is fairly valued. We value JKCL at 13x FY23E EV/EBITDA to arrive at a TP of Rs 3,100 and change our rating from BUY to HOLD.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: Robust Performance; Valuation Fair

External broker reports(aggregated public sources), Chola Securities

Chola Wealth Direct

<p>Background: JK Cements is one of the largest cement players in North India. It manufactures grey cement, white cement and white cement-based wall putty. Currently the grey cement capacity is 10.5MTPA. Domestic white cement capacity is 0.6MTPA (second only to UltraTech). The company also manufacturers putty and has an installed capacity of 0.7MTPA. The company also has plants in Fujairah (UAE) with an installed capacity of 0.6MTPA (white cement) and 1.02MTPA (grey cement) in a 90:10 JV with the Government of Fujairah.</p>
<div class="content-highlight"><em>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.</em></div>

Background: JK Cements is one of the largest cement players in North India. It manufactures grey cement, white cement and white cement-based wall putty. Currently the grey cement capacity is 10.5MTPA. Domestic white cement capacity is 0.6MTPA (second only to UltraTech). The company also manufacturers putty and has an installed capacity of 0.7MTPA. The company also has plants in Fujairah (UAE) with an installed capacity of 0.6MTPA (white cement) and 1.02MTPA (grey cement) in a 90:10 JV with the Government of Fujairah.
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: Strong Show with All-Round Performance

<p>Completion of phase-I expansion to fuel growth in FY22E The entire 4.2 MT has been commissioned this fiscal. The newly added capacities include 1 MT grinding unit (GU) each in Nimbahara and Mangrol along with 2.6 MT clinker plant and 1.5 MT GU in Aligarh and 0.7 MT GU in Gujarat (Balasinor). Hence, despite the challenging environment, the company has been able to post 19% growth in volumes. Going forward also,...</p><div class="content-highlight"><em>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.</em></div>

Completion of phase-I expansion to fuel growth in FY22E The entire 4.2 MT has been commissioned this fiscal. The newly added capacities include 1 MT grinding unit (GU) each in Nimbahara and Mangrol along with 2.6 MT clinker plant and 1.5 MT GU in Aligarh and 0.7 MT GU in Gujarat (Balasinor). Hence, despite the challenging environment, the company has been able to post 19% growth in volumes. Going forward also,...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: Higher Non-Trade Sales Drag Margins Down

<p>The stock is currently trading at 13.8x/11.8x FY22E/23E EV/EBITDA. We value JKCL at 13x FY23E EV/EBITDA to arrive at a TP of Rs3130, implying an upside of 11% from CMP.</p><div class="content-highlight"><em>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.</em></div>

The stock is currently trading at 13.8x/11.8x FY22E/23E EV/EBITDA. We value JKCL at 13x FY23E EV/EBITDA to arrive at a TP of Rs3130, implying an upside of 11% from CMP.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.

India

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

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JK Cement Ltd (JKCE IN)

JK Cement: Healthy Margins Sustain

With 14.7 MT grey cement capacity, JK Cement is the fourth largest player in North India contributing over 40% of its revenues.

ICICI Securities Limited

JK Cements: Robust Performance; Valuation Fair

The stock is currently trading at 15x/13x FY22E/FY23EEV/EBITDA which we believe is fairly valued. We value JKCL at 13x FY23E EV/EBITDA to arrive at...

Axis Direct

JK Cement: Strong Show with All-Round Performance

JK Cements is one of the largest cement players in North India. It manufactures grey cement, white cement and white cement-based wall putty....

Chola Wealth Direct

JK Cement: Higher Non-Trade Sales Drag Margins Down

Completion of phase-I expansion to fuel growth in FY22E, an entire 4.2 MT has been commissioned this fiscal. The newly added capacities include...

ICICI Securities Limited

Result Update:J K Cements

The stock is currently trading at 13.8x/11.8x FY22E/23E EV/EBITDA. We value JKCL at 13x FY23E EV/EBITDA to arrive at a TP of Rs3130, implying an...

Axis Direct

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