External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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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>We maintain our BUY rating on JK Lakshmi (JKLC) with an unchanged target price of INR 1,015/share</li><li>We value the company at 9x Sep-26E consolidated EBITDA. We expect JKLC to fire on all cylinders</li><li>The ramp-up of its north expansion and upcoming east capacities should support ~10% volume CAGR during FY24-27E</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 our BUY rating on JK Lakshmi (JKLC) with an unchanged target price of INR 1,015/shareWe value the company at 9x Sep-26E consolidated EBITDA. We expect JKLC to fire on all cylindersThe ramp-up of its north expansion and upcoming east capacities should support ~10% volume CAGR during FY24-27EContent 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 Lakshmi Cement: Firing on All Cylinders. Maintain BUY

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>JK Lakshmi Cement (JKLC) is a dominant player in the cement industry, particularly in its key markets of North and West India, from which it derives 75% of its revenue.</li><li>The company also has a significant market presence in Eastern India.</li><li>On a consolidated basis, JKLC's total cement capacity stands at over 16 million tonnes per annum (mtpa).</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 Lakshmi Cement (JKLC) is a dominant player in the cement industry, particularly in its key markets of North and West India, from which it derives 75% of its revenue.The company also has a significant market presence in Eastern India.On a consolidated basis, JKLC's total cement capacity stands at over 16 million tonnes per annum (mtpa).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.

Pick of the Week: JK Lakshmi Cement Ltd - 24 JUNE 2024

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

Motilal Oswal

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.

<ul><li>Motilal Oswal's research report onJK Lakshmi Cement JK Lakshmi Cement (JKLC) is expanding its grinding capacity to ~24mtpa/30mtpa by FY27E/FY30E from the existing 14mtpa (including Udaipur Cement Work).</li><li>Following the release of its 3QFY24 earnings, JKLC announced its next phase of expansion in the east and central regions (through a mix of brownfield and greenfield mode).</li><li>Additionally, JKLC has announced an acquisition in the north-east region with an aim to broaden its market presence.</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.

Motilal Oswal's research report onJK Lakshmi Cement JK Lakshmi Cement (JKLC) is expanding its grinding capacity to ~24mtpa/30mtpa by FY27E/FY30E from the existing 14mtpa (including Udaipur Cement Work).Following the release of its 3QFY24 earnings, JKLC announced its next phase of expansion in the east and central regions (through a mix of brownfield and greenfield mode).Additionally, JKLC has announced an acquisition in the north-east region with an aim to broaden its market presence.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 Lakshmi Cement - Accelerating the Market Footprint

<ul><li>KLC reported a good operating performance during the quarter, positively impacted by higher demand and improved realization.</li><li>Its revenue grew by 7% YoY, marginally below expectations, driven by demand and better realization YoY.</li><li>The company’s EBITDA/APAT grew by 52%/69% owing to lower costs and better realization. </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.

KLC reported a good operating performance during the quarter, positively impacted by higher demand and improved realization.Its revenue grew by 7% YoY, marginally below expectations, driven by demand and better realization YoY.The company’s EBITDA/APAT grew by 52%/69% owing to lower costs and better realization. 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 Lakshmi Cement Limited - Robust Operating Performance

<ul><li>Ongoing capacity expansion at its subsidiary progressing well</li><li>Setting up of a grinding unit in Surat</li><li>Railway siding work at Durg plant is going on as per plan</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.

Ongoing capacity expansion at its subsidiary progressing wellSetting up of a grinding unit in SuratRailway siding work at Durg plant is going on as per planContent 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 Lakshmi Cement: Better Operating Performance Expected; Retain BUY

India

India Cements Limited manufactures different varieties of cement and clinker. The Company also manufactures and exports textiles.

Birla Corporation Limited is a manufacturing company that produces and sells cement, automobile trim parts, jute goods, synthetic and cotton yarns, and PVC floor coverings and coated fabrics. The Group also manufactures calcium carbide, ferromanganese, silico manganese, oxygen and iron and steel castings.

Orient Cement Limited manufactures and distributes cement.

Prism Johnson Limited manufactures and sells building materials. The Company offers a wide range of products such as cement, ready-mixed concrete, tiles, bath products, aggregates, sand, sanitary ware, faucets, modular kitchens, marbles, and construction chemicals. Prism Johnson serves customers in India.

Orient Refractories Ltd. fabricates metal products.  The Company manufactures slide gate plates, nozzles and well blocks, tundish nozzles, bottom purging refractories and top purging lances, slag arresting darts, basic spray mass for tundish working lining, and castables.

Heidelbergcement India Ltd. manufactures portland slag cement and portland pozzolana cement.

Mangalam Cement Limited develops, manufactures and distributes portland cement and clinker.

KCP Limited is a diversified company with interests in heavy engineering, sugar, cement, hydel-power, information technology, and biotechnology.

Sagar Cements Ltd. produces and distributes portland cement.  The Company offers slag, super grade, and special sulphate resistance cements.

Sanghi Industries Ltd. manufactures cement.

Siam City Cement Public Company Limited produces and distributes cement under branded names with various type of cement for different applications.  The Company also also produces and distributes ready-mix concrete and aggregates under branded names, as well as branded wood-replacement products.

Henan Tongli Cement Co., Ltd. produces and sells cement.  The Company's products include ordinary Portland cement, Portland slag cement and other cement equipments.

Sichuan Shuangma Cement Co., Ltd. manufactures and markets cement and cement products.  Through its subsidiaries, the Company also generates electric power and trades construction materials.

Shandong Jinjing Science & Technology Stock Co., Ltd. manufactures and markets float glass, coated glass, and ultra-white glass.  The Company's products are used in glass processing and construction industries.

Anhui Fangxing Science & Technology Co., Ltd. manufactures and markets float glass, coated glass, ITO conductive coated glass, glass deeply-processed products, and other advanced materials.

Guangdong Tapai Group Co., Ltd. manufactures and markets cements.

STO SE & Co. KGaA manufactures and sells building materials and products for the commercial and residential construction industry in Europe.  The Company offers a variety of climate and acoustic insulating modular facade and interior wall systems in plaster materials.  Sto also offers painting and recycled glass products for construction and provides consulting services.

Marshalls plc is a holding company.  Through its subsidiaries, the Group manufactures and sells a variety of building materials for the construction, home improvement and garden landscaping sectors.  Their merchandise includes concrete, stone and clay, patio and driveway products, drainage systems, and DIY items.

Nuh Cimento Sanayi AS manufactures and sells cement, clinker, and autoclaved aerated concrete.

Cimentas Izmir Cimento Fabrikalari Turk AS produces cement, cement-related building materials and construction products.  The Company supplies cement domestically and exports to Russia, the Middle East, and Africa.

J.K. Lakshmi Cement Ltd. manufactures cement, which it sells under the brand name JK Lakshmi.

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JK Lakshmi Cement (JKLC IN)

JK Lakshmi Cement: Firing on All Cylinders. Maintain BUY

We maintain our BUY rating on JK Lakshmi (JKLC) with an unchanged target price of INR 1,015/share. We value the company at 9x Sep-26E consolidated...

HDFC Securities

Pick of the Week: JK Lakshmi Cement Ltd - 24 JUNE 2024

JK Lakshmi Cement (JKLC) is a dominant player in the cement industry, particularly in its key markets of North and West India, from which it...

Axis Direct

JK Lakshmi Cement - Accelerating the Market Footprint

Motilal Oswal's research report onJK Lakshmi Cement JK Lakshmi Cement (JKLC) is expanding its grinding capacity to ~24mtpa/30mtpa by FY27E/FY30E...

Motilal Oswal

JK Lakshmi Cement Limited - Robust Operating Performance

KLC reported a good operating performance during the quarter, positively impacted by higher demand and improved realization.

Axis Direct

JK Lakshmi Cement: Better Operating Performance Expected; Retain BUY

We roll over our estimates to FY26 and value the company at 8.5x FY26E EV/EBITDA to arrive at the TP of Rs 1,000/share, implying an upside...

Axis Direct

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