External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>We maintain our BUY rating on JK Lakshmi (JKLC) with a revised target price of INR 1,080/share (10x FY28E consolidated EBITDA), post our interaction with the management</li><li>The company is confident of growing faster than the industry as it has exhibited in H1FY26</li><li>The fall in cement prices (majorly in non-trade) in Oct’25 is expected to drag down NSR QoQ and flatten margin QoQ in Q3FY26</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 our BUY rating on JK Lakshmi (JKLC) with a revised target price of INR 1,080/share (10x FY28E consolidated EBITDA), post our interaction with the managementThe company is confident of growing faster than the industry as it has exhibited in H1FY26The fall in cement prices (majorly in non-trade) in Oct’25 is expected to drag down NSR QoQ and flatten margin QoQ in Q3FY26Content 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 Lakshmi Cement: Volume Momentum Remains Strong. Maintain BUY

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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<ul><li>Aim to Increase Total Capacity to 30 MTPA by 2030: The company aims to increase its total capacity to 30 MTPA and boost its use of green power to 60% by 2030. Its 1.4 MTPA Grinding Unit in Surat is progressing well and is scheduled for commissioning in Q2FY26.</li><li>The company plans a capacity expansion of 4.6 mtpa for cement grinding and 2.3 mtpa for clinker at a total capital cost of Rs 2,500 Cr ($65/tonne).</li><li>This will be commissioned in phases over FY26-28.s and other benefits of economies of scale, including common procurement.</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.

Aim to Increase Total Capacity to 30 MTPA by 2030: The company aims to increase its total capacity to 30 MTPA and boost its use of green power to 60% by 2030. Its 1.4 MTPA Grinding Unit in Surat is progressing well and is scheduled for commissioning in Q2FY26.The company plans a capacity expansion of 4.6 mtpa for cement grinding and 2.3 mtpa for clinker at a total capital cost of Rs 2,500 Cr ($65/tonne).This will be commissioned in phases over FY26-28.s and other benefits of economies of scale, including common procurement.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 Lakshmi Cement Ltd - Capacity Expansion, Premiumization, and Efficiency Gains to Propel Growth

<ul><li>Strategic Capacity Expansion and Geographical Diversification: JK Lakshmi Cement has a clear and ambitious vision to increase its cement capacity from the current 16.4 MTPA to 30 MTPA by 2030.</li><li>The company's push into new markets in Central and Eastern India, such as Eastern Uttar Pradesh and Eastern Madhya Pradesh, is a key driver of its volume growth.</li><li>This diversification reduces regional risk and positions it to capitalise on robust demand from India's infrastructure and housing sectors. </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.

Strategic Capacity Expansion and Geographical Diversification: JK Lakshmi Cement has a clear and ambitious vision to increase its cement capacity from the current 16.4 MTPA to 30 MTPA by 2030.The company's push into new markets in Central and Eastern India, such as Eastern Uttar Pradesh and Eastern Madhya Pradesh, is a key driver of its volume growth.This diversification reduces regional risk and positions it to capitalise on robust demand from India's infrastructure and housing sectors. 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.

Axis PUNCH: JK Lakshmi Cement Ltd - 12th August, 2025

<ul><li>Capacity expansion to support volume growth: The establishment of a 1.4 mtpa grinding unit in Surat, with a capital expenditure of Rs 220 Cr funded through a mix of internal accruals and debt, is progressing well, and the 1st phase is expected to be operational by Q2FY26.</li><li>Additionally, the company plans a capacity expansion of 4.6 mtpa for cement grinding and 2.3 mtpa for clinker at a total capital cost of Rs 2,500 Cr ($65/tonne), to be commissioned in phases over FY26-28.</li><li>These expansions will enhance market share and drive volume and revenue growth. We project a volume and revenue growth CAGR of 8%/11% over FY25-27E.</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.

Capacity expansion to support volume growth: The establishment of a 1.4 mtpa grinding unit in Surat, with a capital expenditure of Rs 220 Cr funded through a mix of internal accruals and debt, is progressing well, and the 1st phase is expected to be operational by Q2FY26.Additionally, the company plans a capacity expansion of 4.6 mtpa for cement grinding and 2.3 mtpa for clinker at a total capital cost of Rs 2,500 Cr ($65/tonne), to be commissioned in phases over FY26-28.These expansions will enhance market share and drive volume and revenue growth. We project a volume and revenue growth CAGR of 8%/11% over FY25-27E.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 Lakshmi Cement Limited - Robust Operating Performance; Retain BUY

<ul><li>Capacity expansion to support volume growth: The establishment of a 1.35 mtpa grinding unit in Surat, with a capital expenditure of Rs 220 Cr funded through a mix of internal accruals and debt, is progressing well, and the 1st phase is expected to be operational by Q1FY26.</li><li>Additionally, the company plans a capacity expansion of 4.6 mtpa for cement grinding and 2.3 mtpa for clinker at a total capital cost of Rs 2,500 Cr (USD 65/tonne), to be commissioned in phases over FY26-28.</li><li>These expansions will enhance market share and drive volume and revenue growth. We project a volume and revenue growth CAGR of 10%/15% over FY25- 27E.</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.

Capacity expansion to support volume growth: The establishment of a 1.35 mtpa grinding unit in Surat, with a capital expenditure of Rs 220 Cr funded through a mix of internal accruals and debt, is progressing well, and the 1st phase is expected to be operational by Q1FY26.Additionally, the company plans a capacity expansion of 4.6 mtpa for cement grinding and 2.3 mtpa for clinker at a total capital cost of Rs 2,500 Cr (USD 65/tonne), to be commissioned in phases over FY26-28.These expansions will enhance market share and drive volume and revenue growth. We project a volume and revenue growth CAGR of 10%/15% over FY25- 27E.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 Lakshmi Cement Limited - Mixed Quarterly Results

India

J.K. Lakshmi Cement Ltd. manufactures cement, which it sells under the brand name JK Lakshmi.

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JK Lakshmi Cement (JKLC IN)

JK Lakshmi Cement: Volume Momentum Remains Strong. Maintain BUY

We maintain our BUY rating on JK Lakshmi (JKLC) with a revised target price of INR 1,080/share (10x FY28E consolidated EBITDA), post our...

HDFC Securities

JK Lakshmi Cement Ltd - Capacity Expansion, Premiumization, and Efficiency Gains to Propel Growth

We reiterate our BUY recommendation on JK Lakshmi Cement Ltd., with a TP of Rs 1,050/share, offering an upside of 16% from the CMP.

Axis Direct

Axis PUNCH: JK Lakshmi Cement Ltd - 12th August, 2025

Strategic Capacity Expansion and Geographical Diversification: JK Lakshmi Cement has a clear and ambitious vision to increase its cement capacity...

Axis Direct

JK Lakshmi Cement Limited - Robust Operating Performance; Retain BUY

These expansions will enhance market share and drive volume and revenue growth. We project a volume and revenue growth CAGR of 8%/11% over FY25-27E.

Axis Direct

JK Lakshmi Cement Limited - Mixed Quarterly Results

The establishment of a 1.35 mtpa grinding unit in Surat, with a capital expenditure of Rs 220 Cr funded through a mix of internal accruals and...

Axis Direct

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