JK Lakshmi Cement Limited (JKLAKSHMI)
₹478.25 +1.07% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, JK Lakshmi's revenue was ₹1,905 Cr (+9.4% year on year, +0.2% on the previous quarter), and net profit ₹108 Cr (-28.0% year on year); the operating margin was 13.6%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹1,905 | +9.4% | +0.2% |
| Operating profit | ₹259 | -16.7% | -5.8% |
| Net profit | ₹108 | -28.0% | -13.6% |
| EPS (₹) | 8.70 | -31.8% | -12.9% |
| Operating margin | 13.6% | — | — |
JKLAKSHMI delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 56.43% of the JKLAKSHMI shares traded on NSE were taken to delivery, against the stock's own 20-session average of 53.02%. That is close to its usual level.
Delivery in the last 5 sessions: 48.8% · 55.5% · 41.0% · 57.2% · 56.4%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
JK Lakshmi Cement reported a 9.4% YoY increase in consolidated revenue to ₹1,904.78 Cr for Q1 FY26, though PAT declined 29% to ₹106.77 Cr compared to ₹150.47 Cr in Q1 FY25. Operating margins were pressured by a 12.7% YoY rise in power and fuel costs. The company is moving forward with a massive ₹3,000 Cr expansion at its Durg plant to add 4.6 MTPA capacity by March 2028. A legal dispute involving a ₹130 Cr recovery claim for mining rights remains a key uncertainty with a court hearing set for November 2026.
- Consolidated Revenue grew 9.4% YoY to ₹1,904.78 Cr from ₹1,740.93 Cr.
- Consolidated PAT fell 29% YoY to ₹106.77 Cr, impacted by higher input costs.
- Announced ₹3,000 Cr capex for Durg expansion (2.3 MTPA Clinker, 4.6 MTPA Grinding) due by March 2028.
- Green power mix reached 49% for the quarter, supporting sustainability targets.
- Legal dispute continues over ₹130 Cr mining rights claim; hearing scheduled for November 5, 2026.
JK Lakshmi Cement (JKLC) has outlined a significant Rs 5,000 Cr capex plan over the next three years, focusing on Durg (Rs 3,000 Cr) and Northeast (Rs 1,500 Cr) expansions. Despite geopolitical tensions impacting fuel costs, the company achieved a 9% sequential improvement in realizations during Q1 FY27, driven by non-trade segments and geographic mix. Management targets reaching 18 million tons of capacity by the end of FY27 and expects non-cement revenue to grow to over Rs 800 Cr. While AGM resolutions passed, management noted friction with proxy advisors regarding director re-elections.
- Planned capex of Rs 5,000 Cr over 3 years represents approximately 72% of the current market cap.
- Targeting total installed capacity of 18 million tons by the end of FY27.
- Realization increased by approximately 9% on a sequential basis in Q1 FY27.
- Non-cement revenue projected to reach Rs 800 Cr+ in FY27, up from Rs 613 Cr in FY26.
- Industry-wide capacity utilization averaged 73-74% during the quarter.
JK Lakshmi Cement has shared the audio recording link for its conference call held on August 6, 2026, at 4:00 P.M. IST. The call, organized by PhillipCapital (India) Pvt. Ltd., follows the company's prior notification on July 30, 2026. This is a standard regulatory disclosure providing transparency into management's discussions with institutional investors. Investors can access the recording using the specific ID 10044705 provided in the filing.
- Conference call conducted on August 6, 2026, at 4:00 P.M. IST
- Organized by PhillipCapital (India) Pvt. Ltd. for institutional investors
- Recording accessible via URL with Recording ID: 10044705
- Follows the initial intimation letter dated July 30, 2026
JK Lakshmi Cement (JKLC) has approved an investment of up to ₹20.50 Crore to acquire a minimum 26% stake in STLC RE 1 Limited, a solar power SPV. The acquisition facilitates the setup of a 29MW AC / 42 MWP DC solar plant and a 28 MWh Battery Energy Storage System (BESS) at JKLC's Sirohi plant in Rajasthan. This is a related party transaction as the target is currently 100% owned by a promoter group member, Sago Trading Limited. The move is aimed at reducing power costs through the group captive power route, with completion expected by December 31, 2026.
- Investment of up to ₹20.50 Crore for a minimum 26% equity stake in STLC RE 1 Limited
- Project includes a 29MW AC / 42 MWP DC Solar Power Plant and a 28 MWh Battery Energy Storage System
- Target completion date for the acquisition is set for December 31, 2026
- Target entity STLC RE 1 Ltd reported a turnover of Nil and a net worth of ₹38,192 as of March 31, 2026
- Investment represents approximately 0.30% of the company's TTM revenue of ₹6,763 Crore
JK Lakshmi Cement reported Q1 FY27 revenue of Rs 1904.78 Cr, a 9.4% increase compared to the same quarter last year (Jun 2025: Rs 1741 Cr). Net profit for the quarter stood at Rs 106.77 Cr with an operating profit of Rs 273.77 Cr. The company is committing to a massive Rs 3000 Cr expansion at its Durg plant to add 4.6 MTPA cement capacity by March 2028, which represents approximately 43% of its current market capitalization. Additionally, the company is investing Rs 325 Cr in a railway siding to optimize logistics costs.
- Q1 FY27 Revenue reached Rs 1904.78 Cr, showing growth over the Rs 1741 Cr reported in Q1 FY26.
- Rs 3000 Cr planned capex for Durg expansion (2.3 MTPA Clinker, 4.6 MTPA Cement) scheduled for completion by March 2028.
- Green power share reached 49% of the total power mix during the quarter.
- Rs 325 Cr investment in a railway siding at the Durg plant, with the first phase already completed.
- Long-term vision to scale capacity from the current 18 MTPA to 30 MTPA by 2030.
JK Lakshmi Cement reported Q1 FY27 revenue of Rs 1,904.78 Cr and a net profit of Rs 106.77 Cr, reflecting a YoY decline in profitability compared to Jun 2025 (Rs 150 Cr). The company is moving forward with a massive Rs 3,000 Cr expansion at its Durg plant to add 4.6 MTPA cement capacity by March 2028. Operationally, green power usage reached 49% of the mix, aiding cost efficiency. However, a legal dispute persists over a Rs 325 Cr investment in an Assam project, with the company seeking recovery of Rs 130 Cr through the Delhi High Court.
- Reported Q1 FY27 Revenue of Rs 1,904.78 Cr and Net Profit of Rs 106.77 Cr.
- Executing Rs 3,000 Cr expansion at Durg to add 4.6 MTPA cement capacity by March 2028.
- Green power share in the energy mix reached 49% for the quarter ended June 2026.
- Investing Rs 325 Cr in a railway siding at Durg, funded by Rs 225 Cr debt and internal accruals.
- Legal recovery of Rs 130 Cr plus damages sought in Delhi High Court regarding the cancelled Assam project.
JK Lakshmi Cement and its subsidiary, Mahabal Cement, have received a notice regarding a writ petition filed in the Gauhati High Court by 67 individuals. The petition challenges the allotment of approximately 3,000 Bighas of land in the Dima Hasao district of Assam. The company has quantified the potential financial implication at ₹103.16 Crores, which includes the cost of land and development expenses. This exposure is material, representing approximately 25% of the company's TTM PAT of ₹413 Cr.
- Litigation involves the allotment of approximately 3,000 Bighas of land in Dima Hasao, Assam.
- Estimated financial implication stands at ₹103.16 Crores, covering land cost and development expenses.
- Writ petition filed by Prosanjit Nunisa and 66 others against the Company and its subsidiary Mahabal Cement.
- The ₹103.16 Cr exposure represents roughly 2.6% of the company's Net Worth of ₹3,930 Cr.
- No specific monetary claims for compensation or penalties have been filed as of the notice date.
JK Lakshmi Cement Limited has concluded its 86th Annual General Meeting (AGM) held on July 30, 2026. All resolutions proposed in the notice dated July 2, 2026, were passed with the requisite majority through remote e-voting and e-voting during the meeting. The voting process involved a shareholder base of 1,69,400 as of the cut-off date. This filing confirms the formal completion of annual administrative and governance procedures.
- 86th Annual General Meeting successfully conducted on July 30, 2026, via Video Conference
- Total of 1,69,400 shareholders were eligible to vote as of the cut-off date of July 23, 2026
- Remote e-voting was conducted over a 5-day window from July 25 to July 29, 2026
- All resolutions were passed with the requisite majority as confirmed by the Scrutinizer's report
JK Lakshmi Cement concluded its 86th Annual General Meeting on July 30, 2026, where shareholders approved a dividend of ₹6.50 per equity share (130%) for FY26. A significant special resolution was passed for the re-appointment of Smt. Vinita Singhania as Chairperson & Managing Director for a five-year term starting August 1, 2026. The meeting also saw the adoption of FY26 financial statements, which reported a TTM revenue of ₹6,763 Cr and a PAT of ₹413 Cr. Management addressed shareholder queries regarding the cement industry outlook and the company's operational performance.
- Approved a dividend of ₹6.50 per equity share (130%) for the financial year ended March 31, 2026
- Re-appointed Smt. Vinita Singhania as Chairperson & Managing Director for a 5-year term effective August 1, 2026
- Adopted Audited Standalone and Consolidated Financial Statements for FY26
- Ratified remuneration for M/s. R.J. Goel & Co. as Cost Auditors for the Financial Year 2026-27
- Confirmed the presence of a requisite quorum for the meeting held via Video Conferencing
JK Lakshmi Cement has rescheduled its conference call for the Q1 FY2026-27 financial results from July 30 to August 6, 2026, at 4:00 PM IST. The call will be led by the President & Director and the CFO to discuss the company's performance for the quarter ended June 30, 2026. This follows a fiscal year (FY26) where the company reported a revenue of ₹6,763 Cr and a PAT of ₹413 Cr. The rescheduling is a procedural update and does not impact the underlying business operations.
- Conference call rescheduled to August 6, 2026, at 4:00 PM IST from the original July 30 date
- Call intended to discuss Unaudited Financial Results for the quarter ended June 30, 2026 (Q1FY27)
- Senior management participation confirmed, including Dr. Arun Kumar Shukla (President & Director) and Mr. Sudhir Bidkar (CFO)
- The company reported a TTM revenue of ₹6,763 Cr and TTM PAT of ₹413 Cr leading into this quarter
JK Lakshmi Cement has issued a formal clarification to a report by proxy advisor Stakeholders Empowerment Services (SES) which recommended voting against certain resolutions. The company corrected factual errors regarding executive remuneration ratios, stating the ratio for Smt. Vinita Singhania is 4.19 rather than 4.52. Management defended its remuneration structure, noting it remains within the statutory 10% net profit limit and that shareholder approval for continuation beyond age 70 was already obtained in 2021. This response comes just days before the company's 86th Annual General Meeting scheduled for July 30, 2026.
- Clarified the ratio of remuneration for Smt. Vinita Singhania to the lowest-paid ED is 4.19, not 4.52 as reported by SES
- Corrected the remuneration of Independent Director Amb. Bhaswati Mukherjee to ₹12 Lakh from the reported ₹8 Lakh
- Confirmed that total managerial remuneration is capped within the 10% Net Profit limit under Section 197 of the Companies Act
- Stated that Shri Shrivats Singhania is entitled to a commission of 2% or more of Net Profits as per previously approved terms
- Reiterated that the 86th AGM will proceed on July 30, 2026, to vote on these items
JK Lakshmi Cement has scheduled its Q1 FY2026-27 earnings conference call for July 30, 2026, at 5:00 PM IST. The call will feature senior management, including the President & Director and the CFO, to discuss unaudited financial results. This follows a challenging 12-month period where the stock price has declined by 42.4%. Investors will likely focus on the company's progress toward its target EBITDA per tonne of over INR 1,200 and updates on its ongoing amalgamation scheme.
- Conference call scheduled for July 30, 2026, at 5:00 P.M. IST to discuss Q1 FY27 results.
- Senior management participation includes Dr. Arun Kumar Shukla (President & Director) and Mr. Sudhir Bidkar (CFO).
- The call is organized by PhillipCapital (India) Private Limited and will be recorded.
- Company reported TTM revenue of Rs 6,763 Cr and TTM PAT of Rs 413 Cr prior to this announcement.
JK Lakshmi Cement (JKLC) has issued a formal clarification to a proxy advisory report by IiAS, which recommended shareholders vote 'AGAINST' the re-appointment of Chairperson Smt. Vinita Singhania. The company corrected factual errors in the report, specifically clarifying that Dy. MD Shrivats Singhania's remuneration is ₹12.36 cr and President Dr. Arun Kumar Shukla's is ₹6.84 cr. Management defended its pay structure, noting it remains within the statutory 10% net profit limit and arguing against absolute caps on variable pay. The outcome of this resolution at the July 30, 2026, AGM will signal institutional sentiment regarding the company's governance and executive compensation.
- Corrected Dy. MD Shrivats Singhania's remuneration figure to ₹123.6 million (₹12.36 cr)
- Corrected President Dr. Arun Kumar Shukla's remuneration figure to ₹68.4 million (₹6.84 cr)
- Total managerial remuneration is capped at 10% of Net Profit as per Section 197 of the Companies Act
- AGM scheduled for July 30, 2026, to vote on the 5-year re-appointment of the Chairperson
- Company maintains that neither law nor SEBI mandates an absolute cap on variable pay
JK Lakshmi Cement has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018, for the period ended June 30, 2026. The company's Registrar and Share Transfer Agent, MCS Share Transfer Agent Limited, confirmed that all securities received for dematerialization were processed within the required 15-day timeframe. This process includes the cancellation of physical certificates and updating depository records. This is a standard administrative filing with no impact on the company's financial health or business strategy.
- Compliance certificate issued for the quarter ended June 30, 2026.
- Registrar confirmed processing of dematerialization requests within 15 days of receipt.
- Physical share certificates were mutilated and cancelled as per SEBI requirements.
- The filing confirms the substitution of depository names in the company's records for dematerialized shares.
JK Lakshmi Cement has scheduled its 86th AGM for July 30, 2026, to approve FY26 results and declare a dividend. The company successfully increased its cement capacity from 16.5 MTPA to 18 MTPA through a new 13.50 lakh TPA grinding unit in Surat and debottlenecking in Rajasthan. A major expansion at the Durg plant is underway to reach 22.6 MTPA by March 2028, representing a ~25% capacity increase from current levels. Additionally, the company is pursuing a ₹130 crore legal recovery following a cancelled mining agreement in Assam while securing new limestone blocks as a preferred bidder.
- Cement capacity increased from 16.5 MTPA to 18 MTPA following the commissioning of a 13.50 Lakh TPA unit in Surat.
- Targeting 22.6 MTPA cement capacity and 12.3 MTPA clinker capacity by March 2028 via Durg plant expansion.
- Acquired 77.96% equity stake in NECEM Cements Limited to strengthen North-Eastern region presence.
- Initiated legal proceedings to recover ₹130 Crore plus damages related to the Trivikram Consortium mining dispute.
- Proposed re-appointment of Smt. Vinita Singhania as CMD for a 5-year term starting August 1, 2026.
Financial Performance
Revenue Growth by Segment
Revenue from operations saw a reduction in FY2025 due to lower cement demand, reflected in the debtors turnover ratio increasing from 105 to 158. However, Net Profit before Tax for the six months ended September 30, 2025, rose to INR 311.27 Cr compared to INR 63.77 Cr in the previous restated period, representing a 388% increase.
Geographic Revenue Split
Not specifically disclosed in percentages, but the company notes regional demand disparities and seasonal fluctuations as key risks affecting sales volumes across its operational zones.
Profitability Margins
The PBILDT margin contracted to 13.96% in FY2025 from 15.42% in FY2024. This 1.46% margin compression was driven by rising input costs and lower pricing power. Net Profit for Q2 FY2026 was reported at INR 82.33 Cr.
EBITDA Margin
EBITDA margin stood at 13.96% for FY2025. Core profitability is sensitive to EBITDA per tonne; maintaining levels above INR 1,200 is a target for credit rating upgrades, while falling below INR 700 would trigger a downgrade.
Capital Expenditure
The company is undertaking debt-funded capital expenditure plans, contributing to an increase in overall gearing to 0.87x as of March 31, 2025. It expects to generate Gross Cash Accruals (GCA) of INR 700-900 Cr in the medium term to support these plans.
Credit Rating & Borrowing
CRISIL and CareEdge maintain a 'Stable' outlook. Interest coverage moderated to 4.77x in FY2025 from 6.99x in FY2024. Finance costs for the six months ended September 30, 2025, were INR 102.76 Cr.
Operational Drivers
Raw Materials
Key raw materials include limestone, gypsum, and energy inputs like coal and petcoke. Energy and fuel costs are highly intensive, though specific percentage splits per material are not disclosed.
Import Sources
Not specifically disclosed, but the company monitors global fluctuations in energy and foreign exchange rates for imported fuel components.
Capacity Expansion
The company is pursuing a 'Composite Scheme of Amalgamation & Arrangement' to streamline operations and is engaged in ongoing debt-funded capacity expansion to improve its market position.
Raw Material Costs
Raw material and energy costs pose challenges to margin stability. The company uses an enterprise-wide risk framework to monitor these costs, which contributed to the PBILDT margin decline to 13.96%.
Manufacturing Efficiency
The company targets an EBITDA per tonne above INR 1,200 for improved business risk profiling. Current efficiency is supported by a 47% utilization of fund-based working capital limits.
Logistics & Distribution
Logistics costs are identified as a key challenge to margin stability, particularly due to the energy-intensive nature of distribution and regional demand disparities.
Strategic Growth
Growth Strategy
Growth is targeted through the 'Composite Scheme of Amalgamation & Arrangement', capacity expansion funded by term debt, and a focus on improving market share. The company also aims for premiumization to drive EBITDA per tonne above INR 1,200.
Products & Services
Cement bags and related building materials.
Brand Portfolio
JK Lakshmi Cement.
Market Expansion
The company is focusing on improving its market position in its existing operating zones (Eastern and Northern) through capacity additions.
Market Share & Ranking
Not specifically ranked, but identified as a flagship company of the JK Organization with a 'healthy market position'.
Strategic Alliances
The company has five subsidiaries, including Udaipur Cement Works Limited, and associates that contributed INR 5.34 Cr to profit in the six months ended September 2025.
External Factors
Industry Trends
The industry is shifting toward decarbonization; JKLC has committed to RE100 and GCCA frameworks with a 2047 net-zero target. Near-term trends show pricing pressure due to regional oversupply.
Competitive Landscape
The industry faces intense competition and regional demand-supply imbalances that affect pricing power.
Competitive Moat
Moat is built on being part of the established JK Group, extensive promoter experience, and a strong distribution network. Sustainability is reinforced by healthy liquidity (INR 599 Cr) and a stable debt service coverage ratio of 2.32x.
Macro Economic Sensitivity
Highly sensitive to GDP growth and infrastructure investments. A reduction in government capital expenditure directly impacts sales volumes.
Consumer Behavior
Shifting demand dynamics and evolving customer expectations require managing dealer loyalty and channel profitability.
Geopolitical Risks
Fluctuations in global fuel prices (coal/petcoke) due to geopolitical tensions impact power and fuel costs.
Regulatory & Governance
Industry Regulations
Operations are subject to environmental violations risks and industrial mishaps regulations. Compliance is managed via the 'Compliance Manager' tool.
Environmental Compliance
The company is exposed to transition risks like carbon pricing. It has charted a path to net-zero by 2047 and maintains a nil LTIFR for employees.
Taxation Policy Impact
The company faces risks from pending litigations and legacy tax liabilities. Income tax payments (net) for the six months ended September 2025 were INR 72.19 Cr.
Legal Contingencies
The company notes pending litigations and regulatory inquiries as risks that could result in financial exposure, though specific case values in INR were not detailed in the provided summary.
Risk Analysis
Key Uncertainties
Key risks include input cost volatility (energy/logistics), interest rate fluctuations, and potential delays in receivables from public sector contracts.
Geographic Concentration Risk
The company is subject to regional demand disparities, particularly in its primary markets in the North and East zones.
Third Party Dependencies
Dependency on institutional buyers and a vast dealer network for sales; managing channel profitability is a critical challenge.
Technology Obsolescence Risk
Risk of non-alignment with low-carbon technologies; the company is mitigating this by adopting decarbonization pathways.
Credit & Counterparty Risk
Credit risk is managed through a dedicated investor grievance redressal system and monitoring of institutional buyer payment cycles.
