Any current/future new fundraising through debt or equity?

The company plans significant CAPEX of around Rs. 4,000 crores over the next few years, including expansions at Durg, Surat, and Northeast projects. To fund this, they expect an increase in net debt, with a potential peak net debt around Rs. 4,000 crores in FY '26 or FY '27. Management indicated a debt-to-equity ratio of about 2:1 for the projects, implying additional contracted debt to fund expansions. As of March 2024, standalone gross debt for JK Lakshmi was Rs. 700 crores with net debt Rs. 200 crores; consolidated net debt was about Rs. 1,400 crores. There was no explicit mention o

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

FY '25 CAPEX: Rs. 1,700 crores (including balance acquisition payment for Northeast project and expansion). FY '26 CAPEX: Rs. 1,400 crores on a consolidated basis. Northeast project: Total cost around Rs. 1,500 crores, with Rs. 200 crores plus some land acquisition costs incurred in FY '25; Rs. 350 crores and Rs. 1,200 crores planned over FY '26 and '27. Surat grinding unit expansion: Operational by end of FY '25, costing about Rs. 225 crores. Durg expansion: Rs. 2,500 crores total cost; first phase commissioning in FY '26; involves clinkerization and grinding units. Udaipur grinding station:

Future growth expectations in sales/revenue/volumes?

Targeting ~10% plus volume growth in FY '25 on a consolidated basis by achieving ~70% capacity utilization, excluding outsourced units. Ramp-up of new capacities: Expansion includes 2.5 million tons from Udaipur grinding unit commissioned in March 2024, 1.35 million tons Surat grinding unit expected operational in late FY '25, and ~2.4 million tons capacity expected at East locations in FY '26. Northeast project: Acquisition ongoing with phased CAPEX, expected to contribute to expansion post approvals and land acquisition; target around FY '27 and FY '28 for commissioning. Expect better

JK Lakshmi Cement LtdQ4 FY24Cement & Cement Products

JK Lakshmi Cement Ltd Q4 FY24 Earnings Call Analysis

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

Price: ₹461.25P/E: 14.9Market Cap: ₹5.7K 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

Targeting ~10% plus volume growth in FY '25 on a consolidated basis by achieving ~70% capacity utilization, excluding outsourced units.
Ramp-up of new capacities: Expansion includes 2.5 million tons from Udaipur grinding unit commissioned in March 2024, 1.35 million tons Surat grinding unit expected operational in late FY '25, and ~2.4 million tons capacity expected at East locations in FY '26.
Northeast project: Acquisition ongoing with phased CAPEX, expected to contribute to expansion post approvals and land acquisition; target around FY '27 and FY '28 for commissioning.
Expect better demand and price recovery post national elections (expected after June), leading to improved sales and pricing in H2 FY '25.
Focus on premium products, renewable energy, and operational efficiencies to sustain revenue growth and margins.

Margin guidance

Category 3

- JK Lakshmi Cement targets close to 10%+ volume growth in FY '25 driven by new capacities adding ~4 million tons (Page 11). - Cement to clinker ratio aimed to improve to around 1.5x by FY '25 or FY '26, enhancing operational efficiency (Page 16). - CAPEX of ~Rs. 1,700 crores planned in FY '25, with another ~Rs. 1,400 crores in FY '26; expansion projects include Surat grinding, Durg expansion, and Northeast projects (Pages 12-16). - Debt expected to rise with CAPEX but will remain within set norms; peak net debt estimated around Rs. 4,000 crores by FY '26/FY '27 (Pages 12-14). - Cost efficiencies through improved TSR (targeting >12% in FY '25 vs 7% in FY '24), renewable energy (currently 47%), and AFR commissioning expected to boost margins (Pages 6, 14). - Price declines in Q1 FY '25 are moderate (~1-1.3%), with no radical price disruptions expected, supporting steady revenue (Page 14). Overall, earnings growth is expected from volume ramp-up, cost efficiencies, and capacity expansions over FY '25-FY '27.

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Fundraise plans

Yes

The company plans significant CAPEX of around Rs. 4,000 crores over the next few years, including expansions at Durg, Surat, and Northeast projects.
To fund this, they expect an increase in net debt, with a potential peak net debt around Rs. 4,000 crores in FY '26 or FY '27.
Management indicated a debt-to-equity ratio of about 2:1 for the projects, implying additional contracted debt to fund expansions.
As of March 2024, standalone gross debt for JK Lakshmi was Rs. 700 crores with net debt Rs. 200 crores; consolidated net debt was about Rs. 1,400 crores.
There was no explicit mention of equity fundraising in the call; the focus is primarily on debt financing for CAPEX.
Debt levels will increase but are intended to remain within the company’s financial norms and debt-equity targets.

Order book

The document "1633.pdf" does not provide specific details regarding the current or expected orderbook or pending orders for JK Lakshmi Cement Limited. The discussion mainly revolves around: - CAPEX plans for expansions in Surat, Durg, Northeast, and Udaipur. - Volume growth targets and capacity utilization. - Cost efficiencies, power and fuel costs, and operational improvements. - Market pricing and demand outlook. No explicit mention of current or expected orderbook or pending orders data is found on the provided pages, including page 17 or prior pages. If you need insights on other operational or financial parameters, please specify.

See what JK Lakshmi Cement Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

FY '25 CAPEX: Rs. 1,700 crores (including balance acquisition payment for Northeast project and expansion).
FY '26 CAPEX: Rs. 1,400 crores on a consolidated basis.
Northeast project: Total cost around Rs. 1,500 crores, with Rs. 200 crores plus some land acquisition costs incurred in FY '25; Rs. 350 crores and Rs. 1,200 crores planned over FY '26 and '27.
Surat grinding unit expansion: Operational by end of FY '25, costing about Rs. 225 crores.
Durg expansion: Rs. 2,500 crores total cost; first phase commissioning in FY '26; involves clinkerization and grinding units.
Udaipur grinding station: Commissioned March 2024, 2.5 million tons capacity.
Railway siding and renewable energy (WHRS, solar) included partially in expansion CAPEX (~Rs. 1,200 crores).
Peak net debt anticipated around Rs. 4,000 crores in FY '26 or '27 aligned with CAPEX.

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JK Lakshmi Cement Ltd Q4 FY24 Earnings Call Analysis

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