J.K. Cement Limited

BSE

JKCEMENT

Stock

Yield per half year: +23.54%
Dividend yield: 0.3356%
Sector: Materials

Reporting J.K. Cement Limited

Capitalization

IFRS

Reporting Annual Quarterly

	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Average for 5 years	CAGR 5
Capitalization, bln ₹										251.05
Revenue, bln ₹			51.83	57.35	65.09	78.4	97.2	115.56	118.79	115.56	95.01	12.79
Net profit, bln ₹	1.78	2.9	2.64	4.96	7.1	6.87	4.26	7.91	8.61	7.91	6.95	3.93
EV, bln ₹			93.05	103.14	248.92	233.18	273.25	367.6	437.07	367.6	312.00	11.92
EBIT, bln ₹	5.54	5.58	5.97	9.58	12.78	11.7	9.43			9.43	9.89	9.57
EBITDA, bln ₹			9.08	12.93	16.48	16.2	14.02			14.02	13.74	9.08
OIBDA ₹				39.55	22.23	21.06	43.95				31.70	2.67
Book value, bln ₹			26.95	30.28	37.37	43.25	46.87	53.67	60.89	53.67	48.41	10.26
FCF, bln ₹			0.7706	1.16	8.22	-6.75	-2.34	7.87	2.2	7.87	1.84	-23.17
Operating Cash Flow, bln ₹	7.72	8.83	7.04	13.72	15.93	8.78	13.77	19.59	19.39	19.59	15.49	4.01
Operating profit, bln ₹			28.32	31.58	12.85	11.73	34.19	14.87	14.26	14.87	17.58	2.10
Operating expenses, bln ₹			23.52	25.77	52.25	66.67	63.01	100.69	104.53	100.69	77.43	14.88
CAPEX, bln ₹	4.04	2.02	6.34	12.5	7.68	15.54	16.11	11.73	17.2	11.73	13.65	17.50

	2019Q3	2019Q4	2020Q1	2020Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	Average for 5 quarters	CAGR 5
Revenue, bln ₹										24.33	27.9	27.63	27.53	29.35	27.52	28.08	25.6	29.3	35.81	29.26	5.41
Net profit, bln ₹										0.3899	1.12	1.15	1.75	2.84	2.2	1.85	1.26	1.9	3.6	2.16	10.35
EV, bln ₹					282.04		233.18		241.16		273.25		291.48		367.6		413.71		437.07	356.62	9.85
EBIT, bln ₹	1.86	2.19	3.12	1.39					1.99	1.26	2.21	2.73								1.92	14.45
EBITDA, bln ₹					3.78	3.91	4.2	4.21	3.27	2.66	3.88	4.24								3.65	0.14
Book value, bln ₹					39.68		43.25		45.29		46.87		48.74		53.67		55.26		60.89	53.09	5.37
Operating profit, bln ₹										1.26	27.97	2.73	3.26	4.85	4.22	3.39	1.38	3.46	6.03	3.70	7.40
Operating expenses, bln ₹										23.07	-0.0652	24.9	24.27	24.5	23.3	24.69	24.22	25.84	29.79	25.57	5.04

Cash flow Cash flow quarterly Assets

Balance sheet

IFRS

Reporting Annual Quarterly

	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Average for 5 years	CAGR 5
Cash, bln ₹			3.15	0.385	1.47	0.8902	2.57	1.74	2.97	1.74	1.93	15.10
Short-Term Investments ₹			5.89	8.12	12.08	8.45	14.42	7.9	22.62	7.9	13.09	13.37
Accounts Receivable ₹	2.49	2.96	3.35	1.44	3.62	4.27	4.8	5.66	7.87	5.66	5.24	16.80
Total Current Assets ₹	14.79	16.84	20.45	22.35	31.83	35.25	37.38	44.16	50.04	44.16	39.73	9.47
Net assets, bln ₹	46.45	45.24	50.82	60.57	64	75.29	87.56			87.56	67.65	11.49
Assets, bln ₹			74.18	85.42	98.72	114.03	132.85	148.02	166.82	148.02	132.09	11.06
Short-Term Debt ₹			5.27	5.77	4.09	8.68	8.94	10.61	12.95	10.61	9.05	25.92
Long-Term Debt ₹			24.4	27.04	29.93	29.87	41.01	41.77	46	41.77	37.72	8.98
Liabilities, bln ₹			47.23	55.35	61.61	71.12	86.43	94.8	106.26	94.8	84.04	11.52
Net debt, bln ₹			26.52	32.42	32.55	37.66	47.38	50.64	55.98	50.64	44.84	11.45
Debt, bln ₹				32.8	34.02	38.55	49.95	52.39	58.96	52.39	46.77	11.63
Interest Income ₹			0.3334	0.5639	0.8243	0.7558	0.6011				0.6157	12.51
Interest Expense, bln ₹			2.54	2.71	2.49	2.64	3.12	4.53	4.59	4.53	3.47	13.01
Net interest income, bln ₹			-2.28	-2.18	-1.7	-1.94	-3.12	1.23		0.6011	-1.5420	-189.18
Goodwill ₹							1.6				1.60	0.00
Cost of production, bln ₹			12.43	12.27	14.58	18.09	15.93	18.35	20.18	18.35	17.43	6.72
Inventory ₹	5.61	5.9	6.24	6.9	7.57	12.09	9.82	11.82	11.75	11.82	10.61	9.19

	2019Q3	2020Q1	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	Average for 5 quarters	CAGR 5
Cash, bln ₹			0.9914		0.8902		0.2605		2.57		1.87		1.74		1.14		2.97	2.06	2.94
Short-Term Investments ₹			13.25		8.45		11.62		14.42		15.18		7.9		17.96		22.62	15.62	9.42
Accounts Receivable ₹	3.5	3.94	4.43		4.27		5.01		4.8		6.45		5.66		7.94		7.87	6.54	10.39
Total Current Assets ₹	22	22.35	31.14		35.25		36.2		37.38		39.68		44.16		45.43		50.04	43.34	6.01
Net assets, bln ₹	56.55	60.57	31.14		35.25		84.01		87.56									59.71	7.65
Assets, bln ₹			103.36		114.03		123.82		132.85		138.42		148.02		153.75		166.82	147.97	4.66
Short-Term Debt ₹			6.5		8.68		9.83		8.94		8.94		10.61		13.57		12.95	11.00	7.69
Long-Term Debt ₹			28.57		29.87		34.93		41.01		41.61		41.77		42.48		46	42.57	2.32
Liabilities, bln ₹			63.98		71.12		78.92		86.43		90.12		94.8		98.84		106.26	95.29	4.22
Net debt, bln ₹			34.08		37.66		44.5		47.38		48.68		50.64		54.91		55.98	51.52	3.39
Debt, bln ₹									49.95		50.55		52.39		56.05		58.96	53.58	3.37
Interest Expense, bln ₹								0.7869	1.01	1.09	1.15	1.14	1.05	1.11	1.23	1.12	1.13	1.13	1.48
Net interest income, bln ₹			-0.641	-0.7061	0.0352	-0.6536	-0.6699	-0.7869	-1.01	-1.09	-1.15	-1.14						-1.0354	7.70
Goodwill ₹									1.6									1.60	0.00
Cost of production, bln ₹								4.12	4.56	4.64	4.58	3.85	11.95	4.79	4.52	4.77	6.1	6.43	-12.58
Inventory ₹	7.42	6.9	9.21		12.09		12.29		9.82		11.13		11.82		13.91		11.75	11.69	3.65

Share

IFRS

Reporting Annual Quarterly

	2008	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Average for 5 years	CAGR 5
EPS	37.92		25.54	40.78	64.74	91.72	88.93	55.17	102.35	111.45	102.35	89.92	3.97
Share price		1112.95	715.35	1169.75	1918	3393.9	2920.25	3789.4	4600.9	6095.9	6095.9	4160.07	12.43
Number of shares, mln				77.27	77.27	77.27	77.27	77.27	77.27	77.27	77.27	77.27	0.00
FCF/share				9.97	15.07	106.44	-87.4	-30.33	101.79	28.42	101.79	23.78	-23.21

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q3	2025Q1	2025Q2	Average for 5 quarters	CAGR 5
EPS		21.05	14.54	5.05	14.53	16.78	22.69	36.73	28.44	16.28	46.64		30.16	15.50
Share price	2974.9	2382.58	2556.01	2875.1	2813.4	3107.53	3244.91	3474.71			4716	6095.9	4127.81	14.43

	Average for 5 quarters	CAGR 5

Efficiency

IFRS

Reporting Annual Quarterly

	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	Average for 5 years	CAGR 5
ROE, %	9.78	16.4	18.99	17.05	9.46	15.73	15.03	15.73	13.89	15.25	-4.57
ROA, %	3.55	5.81	7.19	6.46	3.45	5.63	5.47	5.63	8.15	5.64	-5.32
ROIC, %		7.87	11.57	9.82	5.6	8.91		8.91	13.61	8.75	2.51
ROS, %	5.09	8.66	10.9	8.76	4.39	6.84	6.84	6.84	8.99	7.55	-8.90
ROCE, %	22.16	31.85	34.45	13.4	9.13		17.73	17.73	11.64	21.31	-11.06
EBIT margin		16.7	19.64	14.93	9.71		8.16	8.16	7.75	13.83	-13.34
EBITDA margin	17.52	22.55	25.32	20.66	14.42		12.13	12.13	18.54	19.02	-11.66
Net margin	5.09	8.66	10.9	8.76	4.39	6.84	7.25	6.84	9.27	7.63	-7.83
Operational efficiency, %	54.63	55.06	19.74	14.97	35.18	12.87	12.87	12.87	12.28	19.13	-8.20

	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	Industry average	Average for 5 quarters	CAGR 5
ROE, %	3.81		4.65		2.48		3.09		7.34		6.66		2.9		7.66			13.89	5.53	19.91
ROA, %	1.46		1.76		0.9077		1.69		2.53		1.53		0.8339		2.25			8.15	1.77	5.89
ROS, %								4.15	6.37	9.67	7.98	6.6	4.92	6.47	10.06	6.84	6.84	8.99	7.03	6.81
ROCE, %					4.43		2.32									17.73	17.73	11.64	10.55	41.44
EBIT margin								9.88								8.16	8.16	7.75	8.73	-6.18
EBITDA margin	19.93	19.27	19.11	18.56	14.66	10.93	13.9	15.36								12.13	12.13	18.54	12.89	2.11
Net margin						1.6	4.02	4.15	6.37	9.67	7.98	6.6	4.92	6.47	10.06			9.27	7.21	4.74
Operational efficiency, %								9.88	11.85	16.51	15.35	12.07	5.38	11.82	16.83	12.87	12.87	12.28	11.95	19.06

Coefficients

IFRS

Reporting Annual Quarterly

	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	Average for 5 years	CAGR 5
P/E	25.24	14.25	30.49	28.45	52.98	40.08	44.25	40.08	43.39	39.25	7.73
P/BV	2.47	2.35	5.83	4.56	4.87	5.96	6.29	5.96	5.17	5.50	1.53
P/S	1.28	1.23	3.32	2.49	2.32	2.74	3.21	2.74	3.90	2.82	-0.67
P/FCF					-107.29	31.92	31.92	31.92	3.77	-14.4833	-166.76
E/P					0.017	0.0315	0.0315	0.0315	0.05	0.0267	22.83
EV/EBIT		10.77	19.47	19.92	28.96	38.96	38.96	38.96	13.72	29.25	14.88
EV/EBITDA	10.25	7.98	15.11	14.4	19.49			19.49	14.27	13.45	13.71
EV/S		1.8	3.82	2.97	2.81	3.18	3.18	3.18	3.86	3.19	-3.60
EV/FCF		88.57	30.27	-34.53	-116.59	46.74	46.74	46.74	0.24	-5.4740	9.08
Debt/EBITDA		2.54	2.06	2.38	3.56	3.74	3.74	3.74	1.68	3.10	12.67
Netdebt/Ebitda	2.92	2.51	1.98	2.33	3.38	3.61	3.61	3.61	1.50	2.98	12.76
Debt/Ratio		0.384	0.3446	0.3381	0.376	0.3539	0.3539	0.3539	0.14	0.3533	0.53
Debt/Equity		1.08	0.9103	0.8913	1.07	0.976	1.78	1.78	0.84	1.13	14.35
Debt/Net Income		6.61	4.79	5.61	11.72	6.62	6.62	6.62	2.88	7.07	6.69
PEG							0.3712	0.3712	-3.84	0.3712	0.00
Beta					1.66	-0.0894	4.16	4.16	1.29	1.91	35.83
Altman Index					3.72	4.19	4.3	4.3	6.27	4.07	4.95

	2021Q3	2022Q1	2022Q3	2023Q1	2023Q3	2024Q1	2024Q3	2025Q1	2025Q2	2025Q3	Industry average	Average for 5 quarters	CAGR 5
P/E	163.85	55.47	42.31	100.54	84.42	62.47	68.87	43.24			43.39	71.91	-15.53
P/BV	6.3	4.56	4.38	4.87	5.03	5.96	6.53	6.29			5.17	5.74	5.25
P/S	13.08	4.77	3.11	4.5	4.38	3.82	4.45	3.27			3.90	4.08	-6.19
P/FCF									31.92	31.92	3.77	31.92	0.00
E/P									0.0315	0.0315	0.05	0.0315	0.00
EV/EBIT									38.96	38.96	13.72	38.96	0.00
EV/EBITDA		19.6	15.46	19.49							14.27	18.18	-0.19
EV/S					10.59	13.36	16.16	12.2	3.18	3.18	3.86	9.62	-24.95
EV/FCF									46.74	46.74	0.24	46.74	0.00
Debt/EBITDA									3.74	3.74	1.68	3.74	0.00
Netdebt/Ebitda	9.02	8.96	13.62	12.22					3.61	3.61	1.50	8.40	-16.62
Debt/Ratio				0.376	0.3652	0.3539	0.3646	0.3534	0.3539	0.3539	0.14	0.3559	0.00
Debt/Equity				1.07	1.04	0.976	1.01	0.9682	1.78	1.78	0.84	1.30	12.77
Debt/Net Income					28.83	23.84	44.54	16.36	6.62	6.62	2.88	19.60	-22.61
PEG									0.3712	0.3712	-3.84	0.3712	0.00
Beta								-0.9947	3.41	4.16	1.29	2.19	-261.11
Altman Index								4.19	4.3	4.3	6.27	4.26	0.87

	Industry average	Average for 5 quarters	CAGR 5

Dividends

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	Average for 5 years	CAGR 5
Div. payout, bln		0.2797	0.5594	0.6993	1.63	0.0033	1.16	1.16	1.54		1.54		1.10	-1.13
Dividend	4	8	1	1	7.5	15	15	15	20		20		14.50	21.67
Dividend yield, %	0.593	0.8339	1.14	1.05	0.5162	0.5023	0.5725	0.9209	0.3356		0.3356	1.37	0.5695	-8.25
Dividends / profit, %		15.74	19.32	26.52	32.77	0.0465	16.87	27.18	14.65	17.93	14.65	32.20	15.34	229.02
Dividend coverage ratio										5.12	5.12	89.85	5.12	0.00

	2014Q3	2015Q3	2016Q3	2017Q3	2018Q3	2019Q3	2020Q1	2021Q3	2022Q3	2023Q3	2025Q2	2025Q3	Industry average	Average for 5 quarters	CAGR 5
Dividend	3	4	4	8	1	1	7.5	15	15	15				10.70	71.88
Dividend yield, %	0.6611	0.6344	0.5263	0.8011	1.26	0.9962	0.5855	0.4671	0.5869	0.4623			1.37	0.6196	-14.23
Dividend coverage ratio											5.12	5.12	89.85	5.12	0.00

	Industry average	Average for 5 quarters	CAGR 5

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Other

IFRS

Reporting Annual

	2020	2021	2022	2023	2024	2025	LTM	CAGR 5
CAPEX/Revenue, %	21.8	11.8	19.82	16.58	10.15	14.48	10.15	4.18
Staff, people				3 767	3 767			0.00

	CAGR 5

	CAGR 5