Any current/future new fundraising through debt or equity?

Management indicated that future project announcements, such as expansions post-Jaisalmer (like Muddapur 5 million tonne expansion), depend on market conditions and balance sheet health. Debt profile details: Net debt-to-EBITDA was 1.41 as of December 31, expected to be 1.6 by March 2026, and closer to 2 in FY 2027 due to Greenfield CAPEX. Incremental volumes from Greenfield CAPEX are planned, with no major concerns on debt, but balance sheet monitoring is emphasized. CAPEX plans: INR 2,500-2,800 crores in FY 2026 (including INR 600 crores for Jaisalmer), INR 3,500 crores in FY 2027 (including

Any current/future capex/capital investment/strategic investment?

FY 2026 CAPEX expected to be INR 2,500 crores to INR 2,800 crores, including INR 600 crores for Jaisalmer and INR 50-60 crores for Nathdwara wall putty plant. FY 2027 CAPEX planned at around INR 3,500 crores, including approximately INR 3,000 crores for the 7 million tonne expansion. FY 2028 spillover CAPEX estimated at INR 1,000-1,200 crores. Jaisalmer Greenfield project commissioning targeted by September 2027, along with grinding units in Punjab and Rajasthan. A new Greenfield wall putty plant in Rajasthan (capacity 400,000 tonnes) slated for commissioning by September 2026. Potential futur

Future growth expectations in sales/revenue/volumes?

JK Cement expects volume growth to remain strong, targeting around 20 million tonnes in FY 2026 and aiming for 22.5 to 23 million tonnes in FY 2027 with a growth rate of 12%-15%. Volume growth is expected to be driven mainly by new markets, especially Central India, with incremental volumes also from new and existing plants such as Panna. Management anticipates mid-teens volume growth in FY 2026 may not sustain, but double-digit growth should continue. The paint business aims to break even in FY 2027 with turnover expected to cross INR 500 crores and improved gross margins. Expansion plans inc

Future growth expectations in earnings/operating earnings/profits/EPS?

JK Cement expects volume growth in FY 2027 and 2028 to be in double digits, targeting around 12%-15% growth. EBITDA growth: For Q3 FY 2026, EBITDA increased 22% QoQ and 10% YoY; nine-month EBITDA rose 34% YoY. Profit before tax for nine months increased 62% YoY to INR 1,034 crores. EPS for nine months rose to INR 89.10 vs INR 56.70 YoY, indicating strong profitability growth. Cost-saving projects expected to achieve INR 120-125 crores savings by March 2026. Paint business is expected to break even in FY 2027 with improved margins and turnover crossing INR 500 crores. Incentives expected to inc

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J K Cements LtdQ4 FY27Cement & Cement Products

J K Cements Ltd Q4 FY27 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹5,577P/E: 40.2Market Cap: ₹42.2K CrSector: Cement & Cement Products

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

Yes

Order

N/A

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 3

→JK Cement expects volume growth to remain strong, targeting around 20 million tonnes in FY 2026 and aiming for 22.5 to 23 million tonnes in FY 2027 with a growth rate of 12%-15%.
→Volume growth is expected to be driven mainly by new markets, especially Central India, with incremental volumes also from new and existing plants such as Panna.
→Management anticipates mid-teens volume growth in FY 2026 may not sustain, but double-digit growth should continue.
→The paint business aims to break even in FY 2027 with turnover expected to cross INR 500 crores and improved gross margins.
→Expansion plans include commissioning Jaisalmer plant followed potentially by Muddapur 5 million tonne expansion, depending on market and balance sheet conditions.
→Pricing improvements and strong demand in the coming quarters support outlook for healthy sales and revenue growth.

Margin guidance

Category 3

→JK Cement expects volume growth in FY 2027 and 2028 to be in double digits, targeting around 12%-15% growth.
→EBITDA growth: For Q3 FY 2026, EBITDA increased 22% QoQ and 10% YoY; nine-month EBITDA rose 34% YoY.
→Profit before tax for nine months increased 62% YoY to INR 1,034 crores.
→EPS for nine months rose to INR 89.10 vs INR 56.70 YoY, indicating strong profitability growth.
→Cost-saving projects expected to achieve INR 120-125 crores savings by March 2026.
→Paint business is expected to break even in FY 2027 with improved margins and turnover crossing INR 500 crores.
→Incentives expected to increase by end of FY 2027 to about INR 75 crores quarterly, improving margins.
→CAPEX planned at INR 3,500 crores in FY 2027 supports growth capacity expansions anticipated.

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Fundraise plans

Yes

→Management indicated that future project announcements, such as expansions post-Jaisalmer (like Muddapur 5 million tonne expansion), depend on market conditions and balance sheet health.
→Debt profile details: Net debt-to-EBITDA was 1.41 as of December 31, expected to be 1.6 by March 2026, and closer to 2 in FY 2027 due to Greenfield CAPEX.
→Incremental volumes from Greenfield CAPEX are planned, with no major concerns on debt, but balance sheet monitoring is emphasized.
→CAPEX plans: INR 2,500-2,800 crores in FY 2026 (including INR 600 crores for Jaisalmer), INR 3,500 crores in FY 2027 (including INR 3,000 crores for 7 Mt expansion), and spillover of INR 1,000-1,200 crores in 2028.
→Management noted that INR 2,000 crores net debt addition expected due to Jaisalmer CAPEX in FY 2027; possibility of further increase depending on growth plans and balance sheet strategy.
→No explicit mention of equity fundraising; focus remains on balancing growth with debt levels.

Order book

The transcript does not explicitly mention the current or expected order book or pending orders for JK Cement Limited. However, relevant insights include: - The company is progressing with major projects like Jaisalmer and Panna expansions with commissioning timelines discussed. - Management indicates confidence in handling demand and supply with commissioned plants and upcoming grinding units in Rajasthan and Punjab. - No specific data on pending orders or order book figures was shared during the call. - The company expects good demand momentum in the near term, including a strong March quarter. - Plans for future expansions (e.g., Muddapur) depend on market conditions and approvals. For precise order book or pending order data, please refer to the company's official financial disclosures or contact their investor relations.

Capex plans

Yes

→FY 2026 CAPEX expected to be INR 2,500 crores to INR 2,800 crores, including INR 600 crores for Jaisalmer and INR 50-60 crores for Nathdwara wall putty plant.
→FY 2027 CAPEX planned at around INR 3,500 crores, including approximately INR 3,000 crores for the 7 million tonne expansion.
→FY 2028 spillover CAPEX estimated at INR 1,000-1,200 crores.
→Jaisalmer Greenfield project commissioning targeted by September 2027, along with grinding units in Punjab and Rajasthan.
→A new Greenfield wall putty plant in Rajasthan (capacity 400,000 tonnes) slated for commissioning by September 2026.
→Potential future Brownfield expansion at Panna under consideration, depending on board approval and market conditions.
→Ongoing discussions for Toshali limestone supply with government; no finalized order yet.

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