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

Total CAPEX planned over next three years is approximately Rs.3,000 crores for Durg expansion; balance CAPEX allocated to Northeast, Nagore, and Kutch land acquisitions, plus maintenance CAPEX (Rs.70-80 crores annually). FY26 CAPEX guidance around Rs.1,500 crores, FY27 Rs.1,800 crores, and FY28 Rs.1,500 crores. Durg expansion includes clinkerization and grinding units; first phase expected by March 2027, with remaining units by March 2028. Northeast project expected to commence about six months after Durg; environmental clearances in progress (Madhubani ahead of Prayagraj). Equipment o

Future growth expectations in sales/revenue/volumes?

The company aims to outperform the industry in volume growth for the full year, confident of delivering incremental growth over the industry average. Volume growth is driven by seeding new markets, especially in Central India (UP East), and supported by clinker availability and strong performance in regions like M.P. East and Maharashtra East. Current focus is on consolidating presence in the East, with near 100% capacity utilization and plans to expand capacity at the Durg plant by March 2027. The rejuvenated brands like Green Plus and Pro Plus, enhanced price positioning, and premium p

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

JK Lakshmi Cement expects volume growth to outperform industry growth, driven by expansion and market seeding in new regions like UP East and Central India. Management targets premium cement contribution to increase from 23% to over 27% by year-end, aiming for better realizations. Cost savings of Rs.100-120 per ton are planned through enhanced renewable energy use (targeting 52% renewable share this year), higher thermal substitution rates, and AI-driven manufacturing efficiencies. The company plans sustained CAPEX of Rs.1,500-1,800 crores annually over the next three years, largely for

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JK Lakshmi Cement LtdQ2 FY25Cement & Cement Products

JK Lakshmi Cement Ltd Q2 FY25 Earnings Call Analysis

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

Price: ₹595P/E: 17.0Market Cap: ₹8.1K 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

→The company aims to outperform the industry in volume growth for the full year, confident of delivering incremental growth over the industry average.
→Volume growth is driven by seeding new markets, especially in Central India (UP East), and supported by clinker availability and strong performance in regions like M.P. East and Maharashtra East.
→Current focus is on consolidating presence in the East, with near 100% capacity utilization and plans to expand capacity at the Durg plant by March 2027.
→The rejuvenated brands like Green Plus and Pro Plus, enhanced price positioning, and premium products are expected to support top-line growth.
→The company is working on operational efficiencies, digital initiatives, renewable energy usage, and supply chain optimizations aimed at improved EBITDA per ton and revenue growth.
→The roadmap includes a clear ambition to reach 30 million tons capacity by 2030, aligning with expansion projects and market penetration strategies.

Margin guidance

Category 3

→JK Lakshmi Cement expects volume growth to outperform industry growth, driven by expansion and market seeding in new regions like UP East and Central India.
→Management targets premium cement contribution to increase from 23% to over 27% by year-end, aiming for better realizations.
→Cost savings of Rs.100-120 per ton are planned through enhanced renewable energy use (targeting 52% renewable share this year), higher thermal substitution rates, and AI-driven manufacturing efficiencies.
→The company plans sustained CAPEX of Rs.1,500-1,800 crores annually over the next three years, largely for Durg expansion and Northeast projects, expecting phased commissioning by March 2027.
→Debt is being managed prudently with current net debt-to-EBITDA at 1.5x, aiming to keep leverage below 3x, with additional debt of around Rs.1,000 crores planned this fiscal.
→Improved supply chain efficiencies and premium product penetration are expected to bolster operating margins and EBITDA per ton.
→Management's roadmap aims for EBITDA per ton at top company levels and a 30 million ton capacity by 2030.

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Fundraise plans

Yes

- For FY26, JK Lakshmi Cement plans a CAPEX of approximately Rs.1,500 crores. - To finance this, they may raise about Rs.1,000 crores of additional debt in the current year. - Management aims to maintain a net debt-to-EBITDA ratio generally below 3, but may temporarily exceed during expansion phases with a clear roadmap to reduce it. - No explicit mention of new equity fundraising in the provided excerpts. - CAPEX financing appears primarily driven through debt, especially linked to expansions at Durg and Northeast projects. In summary, the company is focusing on debt fundraising (~Rs.1,000 crores in FY26) to support ongoing and upcoming expansion projects, with no current indication of equity fundraising plans.

Order book

The transcript/pages provided from the JK Lakshmi Cement Limited call do not mention specific details about current or expected order book or pending orders. The discussion primarily revolves around: - CAPEX plans and expansions (Durg, Northeast, Nagore, Kutch). - Mergers and brand consolidations. - Market share and competitive landscape. - Debt profile and pricing outlook. - Operational performance and volume growth. - Equipment ordering timelines and project commissioning. No explicit data or commentary on order book size or pending orders is disclosed in these pages.

Capex plans

Yes

→Total CAPEX planned over next three years is approximately Rs.3,000 crores for Durg expansion; balance CAPEX allocated to Northeast, Nagore, and Kutch land acquisitions, plus maintenance CAPEX (Rs.70-80 crores annually).
→FY26 CAPEX guidance around Rs.1,500 crores, FY27 Rs.1,800 crores, and FY28 Rs.1,500 crores.
→Durg expansion includes clinkerization and grinding units; first phase expected by March 2027, with remaining units by March 2028.
→Northeast project expected to commence about six months after Durg; environmental clearances in progress (Madhubani ahead of Prayagraj).
→Equipment ordering for Durg expansion to start from Q2 FY26 quarter.
→Additional investments include enhancing renewable energy capacity from 49% to 52% this year to reduce costs.
→Strategic focus on expanding presence in Northeast and plans for potential Pan India presence, including possible acquisition in South India (e.g., Deccan Cement).
→CAPEX includes investments in supply chain improvements, railway siding revamps, and overhead conveyor approvals.

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