J.K. Cement (532644) Q2 25/26 earnings summary

Executive summary

• Consolidated revenue for Q2 FY2026 was INR 3,019 crores, up 18% year-over-year, but declined 10% sequentially; consolidated EBITDA rose 57% year-over-year to INR 447 crores, with margins improving by 4 percentage points to 15.1%.

• Profit after tax for Q2 FY2026 was INR 159 crores, up 17% year-over-year, but down 51% sequentially; earnings per share for Q2 FY2026 stood at INR 20.7, up 28% year-over-year.

• Grey cement sales volume grew 16% year-over-year, while white cement and wall putty volumes rose 10%; premium products comprised 15% of trade sales.

• Unaudited consolidated and standalone financial results for Q2 and H1 FY2026 were approved, showing strong revenue and profit growth year-over-year.

• Appointment of Mr. Alok Dhir as Additional Non-Executive Independent Director for a five-year term, subject to shareholder approval.

Financial highlights

• H1 FY2026 consolidated revenue was INR 6,371.73 crores, up from INR 5,367.69 crores in H1 FY2025; standalone revenue was INR 6,048.59 crores, up from INR 5,069.68 crores.

• H1 FY2026 EBITDA rose 49% to INR 1,113 crores, with EBITDA margin at 19.1% versus 15.2% last year.

• H1 FY2026 consolidated net profit was INR 483.50 crores, up from INR 320.97 crores year-over-year; standalone net profit was INR 508.26 crores, up from INR 238.81 crores.

• Basic and diluted EPS (standalone) for H1 FY2026 was INR 65.78, up from INR 30.91 in H1 FY2025; consolidated EPS for H1 FY2026 was INR 62.76, up from INR 40.27 in H1 FY2025.

• EBITDA per ton for Q2 FY2026 was INR 902, up from INR 639 last year, but down from INR 1,229 in the previous quarter.

Outlook and guidance

• Volume growth guidance for FY2026 maintained at 10%, targeting close to 20 million tons for the year.

• Ongoing capacity expansions: 6 MTPA grey cement expansion nearing completion, with major projects scheduled for commissioning in December 2025 and Q4 FY2026.

• CapEx for FY2026 guided at INR 2,800-3,000 crores, and over INR 3,500 crores for FY2027; total CapEx for Jaisalmer project estimated at INR 4,800 crores.

• Focus on increasing green power mix and reducing CO2 emissions, targeting 75% green power and 465 kg CO2/ton by FY2030.

• The company continues to provide for income tax at old rates, considering available MAT credit and other tax benefits.