J.K. Cement (532644) Q4 25/26 earnings summary

Executive summary

• Consolidated revenue for FY26 reached ₹13,722 crore, up 16% year-over-year, with Q4 net sales rising 15% sequentially and 11% year-over-year; standalone revenue was ₹12,945.34 crore.

• Consolidated EBITDA for FY26 was ₹2,374 crore, up 17% year-over-year; Q4 EBITDA increased 25% sequentially to ₹670 crore.

• Net profit for FY26 stood at ₹987.99 crore (consolidated) and ₹1,033.34 crore (standalone), up 13%-21% year-over-year; Q4 profit after tax surged 91% sequentially.

• Board recommended a final dividend of ₹20 per share, subject to shareholder approval.

• Appointment of Dr. Sameer Sharma as Additional Director and re-appointment of Mr. Mudit Aggarwal as Independent Director, both subject to shareholder approval.

Financial highlights

• Q4 FY26 consolidated net sales were ₹3,826 crore, up 14% QoQ and 11% YoY; standalone net profit margin for FY26 was 7.86%, consolidated at 7.10%.

• Standalone and consolidated operating margins for FY26 were 17.91% and 17.30%, respectively; Q4 EBITDA margin improved to 18.5%.

• Standalone EPS for FY26 at ₹133.7, up 21% YoY; consolidated EPS at ₹128.4, up 15% YoY.

• Gross debt as of March 31 was ₹5,136 crore; net debt reduced to ₹2,551 crore in FY26 from ₹3,370 crore in FY25.

• Interest service coverage ratio (standalone) at 6.10x; (consolidated) at 6.12x for FY26.

Outlook and guidance

• Double-digit volume growth expected in Grey Cement for FY27, with at least 2.5 million tonnes incremental volume.

• Ongoing expansion projects in North and Central India to add significant capacity by FY28; Wall Putty plant at Nathdwara scheduled for commissioning in Q2 FY27.

• Paint business expected to reach ₹500-550 crore revenue and break even at EBITDA level in FY27.

• CapEx guidance: ₹3,500-4,000 crore for FY27, ₹1,500-2,000 crore for FY28.

• Green power share targeted to rise to 55% in FY27 and 75% from FY28 onwards; focus on reducing CO2 emissions.