JK Lakshmi Cement (500380) Q3 24/25 earnings summary

Executive summary

• Demand and pricing improved from December, with FY 2025 growth expected at 4–5% and FY 2026 at 6–7%.

• Net profit for Q3 FY25 was Rs. 59.64 crores standalone and Rs. 60.46 crores consolidated, both significantly lower year-over-year due to lower sales realization in primary markets.

• The company is focused on operational efficiency, renewable energy (48% of energy mix last quarter), and supply chain improvements.

• Brand rejuvenation launched with JK Lakshmi Green+ Cement to enhance market positioning and pricing.

• Major merger of subsidiaries and large-scale capex projects to expand capacity are underway.

Financial highlights

• Blended cement share at 65%, trade sales at 58%, premium sales at 11% of total volume.

• Standalone net sales for Q3 FY25 were Rs. 1,373.29 crores, down from Rs. 1,586.06 crores year-over-year; consolidated net sales were Rs. 1,496.83 crores, down from Rs. 1,702.84 crores.

• Standalone EBITDA for Q3 FY25 was Rs. 153.17 crores (down from Rs. 259.24 crores); consolidated EBITDA was Rs. 210.79 crores (down from Rs. 318.84 crores).

• RMC revenue for the quarter was INR 64 crores; total non-cement revenue at INR 135 crores.

• EBITDA margin on non-cement revenue below 1%.

Outlook and guidance

• FY 2026 volume growth expected to outpace industry due to new capacities at Udaipur and Durg.

• Q4 volume growth estimated at 7–8%, in line with industry.

• Pricing expected to improve by INR 75–100 per ton over Q3, with potential for further upside.

• Sustainable EBITDA per ton targeted in the INR 800–900+ range, subject to market volatility.

• The company aims to reach a cement capacity of 30 million tonnes by 2030.