J.K. Cement (532644) Q3 25/26 earnings summary

Executive summary

• Consolidated Q3 FY26 revenue rose to ₹3,463 Cr, up 15% QoQ and 18% YoY, with EBITDA at ₹558 Cr, up 25% QoQ and 13% YoY; net profit at ₹174 Cr, a 9% increase QoQ but a 9% decrease YoY.

• Grey cement sales volume grew 22% YoY and 20% QoQ, while white cement and wall putty volumes rose 12% YoY and 15% QoQ.

• Major volume growth driven by Central India, with expansion into Eastern UP and Bihar; market share gains in new regions.

• Commissioned 1 MTPA grey cement capacity each at Panna and Hamirpur, and completed amalgamation of Toshali Cements.

• Unaudited consolidated and standalone financial results for Q3 and nine months ended December 31, 2025, were approved, with statutory auditor review yielding an unmodified opinion.

Financial highlights

• Standalone Q3 FY26 revenue from operations: ₹3,212.82 Cr; net profit: ₹180.54 Cr; nine months revenue: ₹9,261.41 Cr; net profit: ₹688.80 Cr.

• Consolidated Q3 FY26 revenue: ₹3,463.07 Cr; net profit: ₹173.61 Cr; nine months revenue: ₹9,834.80 Cr; net profit: ₹657.11 Cr.

• Standalone EBITDA margin for the quarter at 17.1%, up from 15.9% in the previous quarter but down from 18.4% YoY.

• Exceptional item of ₹47.8 Cr in the quarter due to new Labour Code liability; impairment loss of ₹16.78 Cr recorded for certain assets.

• EPS for the quarter at ₹23.30, up from ₹22.70 sequentially but down from ₹25.80 YoY; nine-month EPS at ₹89.10 vs ₹56.70.

Outlook and guidance

• Volume growth guidance for FY26 maintained at 20 million tons; early teens growth expected for FY27 and FY28.

• Ongoing expansion projects: 6 MTPA grey cement capacity, 3 MTPA split grinding unit in Bihar (commissioning Q4FY26), and integrated unit at Jaisalmer (commissioning H1FY28).

• Paint business expected to reach breakeven in FY27 as turnover crosses ₹500 Cr.

• CapEx for FY26 projected at ₹2,500-2,800 Cr (including ₹600 Cr for Jaisalmer); FY27 CapEx at ₹3,500 Cr, and FY28 spillover at ₹1,000-1,200 Cr.

• Continued monitoring of Labour Code implementation and potential further accounting adjustments as government clarifications emerge.