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

Executive summary

• Consolidated Q3 FY26 revenue rose to ₹3,463 Cr, up 15% QoQ and 20% YoY, with EBITDA at ₹558 Cr, up 25% QoQ and 13% YoY; net profit at ₹174 Cr, up 9% QoQ but down 9% 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 growth driven by Central India and new market expansion.

• Commissioned 1 MTPA grey cement capacity each at Panna and Hamirpur, with further expansion at Prayagraj and ongoing greenfield projects.

• Unaudited consolidated and standalone results for Q3 and nine months ended December 31, 2025, were approved, with statutory auditor review and emphasis on ongoing CCI litigation and recent amalgamation accounting.

• Board meeting concluded on January 17, 2026, with all required disclosures and compliance certificates submitted.

Financial highlights

• Standalone Q3 FY26 revenue from operations: ₹3,132 Cr, up 14% QoQ and 19% YoY; EBITDA at ₹536 Cr, up 22% QoQ and 10% YoY; net profit: ₹180.54 Cr.

• Consolidated Q3 FY26 revenue: ₹3,463 Cr, up 15% QoQ and 20% YoY; EBITDA margin at 16.5%; net profit: ₹173.61 Cr.

• Exceptional item of ₹47.8 Cr (consolidated) and ₹46 Cr (standalone) recognized for new Labour Codes; impairment loss of ₹16.78 Cr for certain assets.

• EPS for the quarter at ₹23.30 (standalone) and ₹22.6 (consolidated); nine-month EPS at ₹89.10.

• Paint business turnover at ₹103 Cr for the quarter and ₹285 Cr for nine months.

Outlook and guidance

• Ongoing expansion projects: 6 MTPA grey cement capacity, 3 MTPA split grinding unit in Bihar (commissioning Q4FY26), integrated unit at Jaisalmer (commissioning H1FY28), and 6 lakh MT wall putty plant at Nathdwara (Q2FY27 commissioning).

• Volume growth guidance for FY26 maintained at 20 million tons, with expectations of 12-15% growth in subsequent years.

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

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

• Taxation at old rates continues due to unutilized MAT credit and other tax benefits.