J.K. Cement (532644) Q3 24/25 earnings summary

Executive summary

• Q3 FY25 net sales reached INR 2,606 crores to INR 2,930.28 crores, up 12–13% sequentially but down 2–3% year-over-year.

• EBITDA for the quarter was INR 489–492 crores, up 73–79% from the previous quarter but down 16–20% year-over-year.

• Profit after tax stood at INR 189.87–205 crores, up from the previous quarter but down year-over-year.

• Board approved acquisition of 60% stake in Saifco Cements (J&K), expanding presence and planning capacity expansion.

• S&P Global (DJSI) ESG score reached 70, reflecting strong sustainability commitment.

Financial highlights

• Q3 consolidated revenue from operations was INR 2,930.28 crores, up 13–14% sequentially, down 2–3% year-over-year.

• EBITDA margin for Q3 was 16.79–18.7%, up from the previous quarter, but down from 22.6% year-over-year.

• 9-month consolidated revenue was INR 8,297.97 crores, down 2% year-over-year; EBITDA was INR 1,241–1,262 crores, down 15–16% year-over-year.

• Net debt as of December 31 was INR 2,582–3,108 crores; net debt/EBITDA at 1.29–1.74.

• Standalone Q3 EPS was 26.51, up 356% QoQ.

Outlook and guidance

• FY26 volume growth guidance is 10% from FY25 exit; premium cement share targeted to exceed 20% in two years.

• Paints business expected to reach INR 450 crores revenue in FY26 and INR 600 crores in FY27, with EBITDA break-even by FY27.

• 6 MTPA grey cement capacity expansion progressing on schedule, with Bihar grinding unit commissioning by December 2025.

• Amalgamation of Toshali Cement Private Limited is underway, pending regulatory approval.