J.K. Cement (532644) Q2 26/27 earnings summary

Executive summary

• Q2 consolidated revenue rose to ₹3,733.42 crore and PAT to ₹169.30 crore; H1 revenue reached ₹7,765.14 crore while PAT declined to ₹443.92 crore.

• Grey cement volumes grew 21% YoY to 5.37 MT; higher fuel costs and seasonal pressure weighed on profitability as capacity expansion advanced.

Financial highlights

• Standalone Q2 revenue from operations rose 26% YoY to ₹3,594.70 crore; EBITDA was ₹500 crore and PAT ₹190 crore.

• Standalone H1 revenue was ₹7,461 crore, up 23%; EBITDA rose 2% to ₹1,138 crore, with a 15.5% margin versus 19.1%.

• Consolidated Q2 revenue was ₹3,733.42 crore versus ₹3,019.20 crore; PBT was ₹255.56 crore and PAT ₹169.30 crore.

• Consolidated H1 revenue was ₹7,765.14 crore; PBT was ₹661.71 crore and PAT ₹443.92 crore versus ₹483.50 crore YoY.

• Paint revenue was ₹115 crore in Q2 and ~₹250 crore in H1; Q2 paint EBITDA was a loss of ₹2 crore.

Outlook and guidance

• Grey cement volume guidance remains 23 million tons plus for FY27; 24 million tons is an aspiration, not a committed target.

• Capacity roadmap targets 40 MTPA in FY28 and 50 MTPA by FY30; a further 11 MTPA brownfield expansion is planned at Muddapur and Panna.

• A 7 MTPA North India expansion is scheduled for H1 FY28, including Jaisalmer, Bikaner and Bhatinda projects.

• Paint revenue guidance remains ₹500–550 crore for FY27; FY28 revenue is expected to grow by at least ₹150 crore, with paint EBITDA targeted at 3%–5%.

• The Telangana water-based paint plant is expected to be commissioned within 12 months of construction start; Bhiwadi’s 73,000 KLPA capacity was at 60% utilisation, with full utilisation projected by FY28.