External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>We maintain ADD on JK Cement (JKCE), with a revised target price of INR 6,535/share (15x Sep’27E consolidated EBITDA)</li><li>The company remains on a solid footing</li><li>As per our recent interaction with the management, cement prices have broadly held on QoQ despite heavy monsoon and JKCE is also expected to deliver high-single-digit grey cement volume growth in Q2FY26</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 ADD on JK Cement (JKCE), with a revised target price of INR 6,535/share (15x Sep’27E consolidated EBITDA)The company remains on a solid footingAs per our recent interaction with the management, cement prices have broadly held on QoQ despite heavy monsoon and JKCE is also expected to deliver high-single-digit grey cement volume growth in Q2FY26Content 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 Cement: Strong Show to Continue. Maintain ADD

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>Financial Performance JKCL delivered a strong operating performance during the quarter, driven by strong volume growth and higher cement realisations YoY.</li><li>The company reported revenue, EBITDA, and PAT growth of 19%, 41%, and 75% YoY, respectively. APAT stood at Rs 324 Cr, reflecting a 75% YoY increase.</li><li>EBITDA margins came in at 20.5%, above the anticipated 19.2%, and higher than 17.3% YoY. reased by 1% QoQ to Rs 4,938, while the cost per tonne declined by 0.5% YoY to Rs 4,750.</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.

Financial Performance JKCL delivered a strong operating performance during the quarter, driven by strong volume growth and higher cement realisations YoY.The company reported revenue, EBITDA, and PAT growth of 19%, 41%, and 75% YoY, respectively. APAT stood at Rs 324 Cr, reflecting a 75% YoY increase.EBITDA margins came in at 20.5%, above the anticipated 19.2%, and higher than 17.3% YoY. reased by 1% QoQ to Rs 4,938, while the cost per tonne declined by 0.5% YoY to Rs 4,750.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 Cement Ltd - Excellent Earnings Print; Premium Valuations Limit Upside

<ul><li>Volume growth visibility remains intact: The company’s capacity expansion program, aiming to add 6 MTPA, is progressing well and will bring its total Grey Cement capacity to 30.3 MTPA from the current 24.3 MTPA, representing a 13% capacity CAGR over FY23–FY26.</li><li>The rampup of recently commissioned capacity and ongoing expansions (6 MTPA) is anticipated to support robust volume growth in the coming periods.</li><li>Given these developments, the company is expected to achieve a volume CAGR of 12% over FY24–FY27E.</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.

Volume growth visibility remains intact: The company’s capacity expansion program, aiming to add 6 MTPA, is progressing well and will bring its total Grey Cement capacity to 30.3 MTPA from the current 24.3 MTPA, representing a 13% capacity CAGR over FY23–FY26.The rampup of recently commissioned capacity and ongoing expansions (6 MTPA) is anticipated to support robust volume growth in the coming periods.Given these developments, the company is expected to achieve a volume CAGR of 12% over FY24–FY27E.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 Cements Limited - Earnings Top Expectations; Retain BUY

<ul><li>Volume growth visibility remains intact: The company’s capacity expansion program, aiming to add 6 MTPA, is progressing well and will bring its total Grey Cement capacity to 30 MTPA from the current 24 MTPA, representing a 13% capacity CAGR over FY23-FY26.</li><li>The ramp-up of recently commissioned capacity and ongoing expansions (6 mtpa) is anticipated to support robust volume growth in the coming periods.</li><li>Given these developments, the company is expected to achieve a volume CAGR of 12% over FY24-FY27E.</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.

Volume growth visibility remains intact: The company’s capacity expansion program, aiming to add 6 MTPA, is progressing well and will bring its total Grey Cement capacity to 30 MTPA from the current 24 MTPA, representing a 13% capacity CAGR over FY23-FY26.The ramp-up of recently commissioned capacity and ongoing expansions (6 mtpa) is anticipated to support robust volume growth in the coming periods.Given these developments, the company is expected to achieve a volume CAGR of 12% over FY24-FY27E.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 Cement Limited - Results Beat Estimates; Retain BUY

Thematic (Sector/Industry)

<ul><li>State Bank of India: SBIN’s Q2FY26 earnings reflected a mixed performance, as healthy growth on both sides of the balance sheet, stable margins and one-off gain (~INR46bn) from stake sale in Yes Bank, were offset by higher opex intensity and lower trading gains</li><li>Loan growth (~13% YoY) outpaced the system, driven by SME and retail businesses, while corporate credit remained muted</li><li>Deposit growth (+9% YoY) was relatively soft, while the CASA ratio improved to 38% (+20bps QoQ), with continued traction in CA balances</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.

State Bank of India: SBIN’s Q2FY26 earnings reflected a mixed performance, as healthy growth on both sides of the balance sheet, stable margins and one-off gain (~INR46bn) from stake sale in Yes Bank, were offset by higher opex intensity and lower trading gainsLoan growth (~13% YoY) outpaced the system, driven by SME and retail businesses, while corporate credit remained mutedDeposit growth (+9% YoY) was relatively soft, while the CASA ratio improved to 38% (+20bps QoQ), with continued traction in CA balancesContent 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.

HSIE Results Daily: State Bank of India, Titan, Berger Paints, JK Cement, Kansai Nerolac,...

India

JK Cement Limited produces and manufactures Portland and White cement products.

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JK Cement Ltd (JKCE IN)

JK Cement: Strong Show to Continue. Maintain ADD

We maintain ADD on JK Cement (JKCE), with a revised target price of INR 6,535/share (15x Sep’27E consolidated EBITDA). The company remains on a...

HDFC Securities

JK Cement Ltd - Excellent Earnings Print; Premium Valuations Limit Upside

JKCL delivered a strong operating performance during the quarter, driven by strong volume growth and higher cement realisations YoY.

Axis Direct

JK Cements Limited - Earnings Top Expectations; Retain BUY

The company’s capacity expansion program, aiming to add 6 MTPA, is progressing well and will bring its total Grey Cement capacity to 30.3 MTPA from...

Axis Direct

JK Cement Limited - Results Beat Estimates; Retain BUY

The company’s capacity expansion program, aiming to add 6 MTPA, is progressing well and will bring its total Grey Cement capacity to 30 MTPA from...

Axis Direct

HSIE Results Daily: State Bank of India, Titan, Berger Paints, JK Cement, Kansai Nerolac,...

SBIN’s Q2FY26 earnings reflected a mixed performance, as healthy growth on both sides of the balance sheet, stable margins and one-off gain...

HDFC Securities

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