JK Lakshmi Cement Ltd

- JK Lakshmi Cement expects to maintain a growth trajectory in volumes for FY27, supported by available capacity headroom in Surat, Udaipur, Jhajjar Jharli, and Cuttack. - The Durg Line-2 expansion will not be operational before March 2027, so volume growth will come from existing plants and markets. - Management anticipates similar volume growth in FY27 as in previous years, contingent on overall industry growth. - Realizations/prices are expected to improve in Q4 and beyond, with both non-trade and trade prices showing an upward trend since December. - The company aims to maintain a net debt to EBITDA ratio of 3-3.5x while pursuing expansions in Nagore, Kutch, and Assam to reach 30 million tons capacity. - Ongoing CAPEX of Rs. 650-700 crores in FY26 and higher CAPEX planned for subsequent years support the growth outlook.

- JK Lakshmi Cement aims to maintain net debt to EBITDA ratio within 3-3.5X, signaling controlled leverage for growth. - Volume growth is expected to continue in FY27, driven by headroom in Surat, Udaipur, Jhajjar, Jharli, and Cuttack plants. - Durg Line-2 expansion to be commissioned by March 2027-28; full capacity ramp-up expected to support earnings growth. - Non-trade prices, which dipped sharply in Q3, are anticipated to recover in Q4, potentially improving realizations and margins. - Cost reduction efforts focus on productivity improvements; no salary cuts planned, aiding stable operating costs. - CAPEX for FY26 around Rs. 650-700 crores; larger investments planned for FY27-FY28 (Rs. 1,600-1,700 crores), supporting capacity expansion and long-term earnings growth. - Improvement in trade and non-trade pricing expected due to stronger demand and rising fuel costs aiding price recovery. - Overall, management expects steady growth in volumes and realizations, supporting improved earnings and EPS in coming years.

The transcript from the JK Lakshmi Cement conference call on February 4, 2026, does not provide any information related to current or expected order book or pending orders. The discussion primarily focuses on topics such as: - Pricing trends in trade and non-trade segments - CAPEX expenditures and project timelines (notably the Durg expansion) - Regional sales mix and volumes - Cost inputs like fuel and power - Market demand and pricing outlook No mention or details are given regarding order book status or pending orders within the provided pages.

- The company is undertaking a large CAPEX project at Durg with a total planned investment of around Rs. 3,000 crores. - For FY26, the CAPEX expected is about Rs. 650-700 crores, with Rs. 260 crores already spent and an additional Rs. 400 crores planned. - For the next year (FY27), the planned CAPEX is between Rs. 1,600 to 1,700 crores, with the balance expected in FY28. - Management mentioned maintaining a net debt to EBITDA ratio target of 3-3.5x and expressed intent not to cross that limit. - Specific mention of new fundraising through debt or equity was not detailed explicitly in the transcript. - The company appears focused on managing debt prudently during its expansion phase.

- Total CAPEX for FY26 is about Rs. 650 crores, with Rs. 260 crores already spent and another Rs. 400 crores planned for Q4. - Next year's CAPEX target is between Rs. 1,600 crores to Rs. 1,700 crores. - The ongoing major project is the Durg expansion, with a total planned CAPEX of Rs. 3,000 crores (excluding stalled conveyor belt expenditure). - Durg Line-2 commissioning is expected by March 2027; the entire Durg project completion by March 2028. - Maintenance CAPEX is about Rs. 50 crores per year. - Railway siding Phase 2 is expected to complete by March 2028. - Equipment for Durg expansion mostly ordered; construction and installation underway following excavation. - Conveyor belt project at Durg is stalled due to land issues; included expenditure is about Rs. 170 crores but not progressing currently.