JK Cement Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript JK Cement Ltd filed with BSE on 21 Jul 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
JK Cement reported 23% year-on-year growth in standalone net sales to Rs 3,786 crores for Q1 FY27, driven by 19% growth in grey cement volumes and 11% growth in white cement volumes, though volumes were marginally lower quarter-on-quarter. EBITDA margin declined to 16.9% from 21.9% a year earlier and 18.5% in the previous quarter, which management attributed to higher fuel and packaging costs. Management discussed ongoing capacity expansions at Jaisalmer and Bhatinda, growth in the RMC and paint businesses, and the impact of geopolitical disruptions on fuel costs and white cement trade flows.
1 statement from this call is not shown because its supporting quote could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Net sales (standalone): INR3,786 crores (Q1 FY27)
p. 3
“the net sale during this quarter was higher by 23% year-on-year at INR3,786 crores as compared to INR3,068 crores”
Ajay Saraogi, page 3 of the filed PDF · View the filing
EBITDA (standalone): INR639 crores (Q1 FY27)
p. 3
“The EBITDA during this quarter was INR639 crores, this is the standalone position, vis-à-vis INR673 crores in the previous year and INR670 crores in the previous quarter.”
Ajay Saraogi, page 3 of the filed PDF · View the filing
EBITDA margin (standalone): 16.9% (Q1 FY27)
p. 3
“The EBITDA margins was 16.9% in this quarter, previous quarter 18.5%, and previous year 21.9%.”
Ajay Saraogi, page 3 of the filed PDF · View the filing
Profit after tax: INR291 crores (Q1 FY27)
p. 3
“After taxes, the profit after tax was INR291 crores as compared to INR345 crores and INR333 crores in the previous year.”
Ajay Saraogi, page 3 of the filed PDF · View the filing
Per ton EBITDA: INR982 a ton (Q1 FY27)
p. 3
“The per ton EBITDA for the quarter was INR982 a ton as compared to INR1,229 previous year and INR1,012 in the previous quarter.”
Ajay Saraogi, page 3 of the filed PDF · View the filing
Net sales (consolidated): INR3,962 crores (Q1 FY27)
p. 4
“On the consolidated front, the net sale year-on-year grew at 22% at INR3,962 crores as compared to INR3,242 crores, and on quarter-on-quarter it was up by 4%.”
Ajay Saraogi, page 4 of the filed PDF · View the filing
EPS (consolidated): INR35.90 (Q1 FY27)
p. 4
“the EPS in this quarter was INR35.90 as compared to INR43.10 in the previous quarter and INR41.90 in the previous year”
Ajay Saraogi, page 4 of the filed PDF · View the filing
Gross debt: INR5,551 crores (as on 30th June 2026)
p. 4
“the gross debt stood at INR5,551 crores as compared to INR5,136 crores as on 31st March”
Ajay Saraogi, page 4 of the filed PDF · View the filing
Net debt: INR3,864 crores (as on 30th June 2026)
p. 4
“The net debt is higher at INR3,864 crores as on 30th June compared to INR3,370 crores as on 31st March.”
Ajay Saraogi, page 4 of the filed PDF · View the filing
Net debt to EBITDA: 1.69 (as on 30th June 2026)
p. 4
“the net debt to EBITDA as on 30th June, the same is at 1.69 and net debt to equity is 0.53”
Ajay Saraogi, page 4 of the filed PDF · View the filing
RMC revenue: INR35 crores to INR40 crores (Q1 FY27)
p. 7
“we have 17 plants operative now and we the top line would be anything between INR35 crores to INR40 crores for Q1”
Ajay Saraogi, page 7 of the filed PDF · View the filing
Paint business revenue: INR125 crores (Q1 FY27)
p. 8
“For the paints the revenue was around INR125 crores and it was breakeven.”
Ajay Saraogi, page 8 of the filed PDF · View the filing
Incentive income: INR50 crores (Q1 FY27)
p. 11
“Incentive income was around INR50 crores.”
Ajay Saraogi, page 11 of the filed PDF · View the filing
Extra maintenance cost: INR50 crores to INR60 crores (Q1 FY27)
p. 11
“Maintenance cost we incurred around INR50 crores, INR60 crores of the extra maintenance in this quarter.”
Ajay Saraogi, page 11 of the filed PDF · View the filing
Fuel mix: 40% pet coke, 45% Indian coal, balance alternate fuels (Q1 FY27)
p. 17
“It was 40% pet coke, 45% Indian coal, balance alternate fuels.”
Ajay Saraogi, page 17 of the filed PDF · View the filing
Panna Line 2 utilization: above 65% (Q1 FY27)
p. 11
“So Panna overall utilization is above 65%.”
Ajay Saraogi, page 11 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Jaisalmer greenfield project commissioning — first half of FY28
stated firmly by Ajay Saraogi
p. 4
“the greenfield project at Jaisalmer is progressing well and we are confident that it will get commissioned within the targeted timeframe of first half of FY28”
Ajay Saraogi, page 4 of the filed PDF · View the filing
Wall putty expansion in Rajasthan commissioning — Q2 FY27
stated firmly by Ajay Saraogi
p. 4
“we expect that in Q2 this year this will get commissioned”
Ajay Saraogi, page 4 of the filed PDF · View the filing
Cost per ton increase — INR150 a ton · Q2 FY27
stated firmly by Ajay Saraogi
p. 5
“we expect that the cost should go up by INR150 a ton”
Ajay Saraogi, page 5 of the filed PDF · View the filing
Cement capacity — 40 million tons · FY28
stated firmly by Ajay Saraogi
p. 5
“Once the 40 million is already in progress and immediately we shall -- we are already working out on the next phase of expansion”
Ajay Saraogi, page 5 of the filed PDF · View the filing
Cement capacity — 50 million tons · FY30
stated as an aspiration by Ajay Saraogi
p. 5
“keeping our target for 2030, we shall be putting up before the -- we'll be going to the Board for their approval”
Ajay Saraogi, page 5 of the filed PDF · View the filing
RMC plant count — 100 RMC plants · FY28
stated as an aspiration by Ajay Saraogi
p. 7
“we have a plan to have about 100 RMC plants by FY28, 50 by FY27”
Ajay Saraogi, page 7 of the filed PDF · View the filing
RMC quarterly revenue run-rate — about INR100 crores per quarter · by this year end
stated as an aspiration by Ajay Saraogi
p. 7
“I think by this year end, we should be touching a base of about definitely maybe INR100 crores quarterly”
Ajay Saraogi, page 7 of the filed PDF · View the filing
Paint business net revenue — over INR500 crores · FY27
stated firmly by Ajay Saraogi
p. 8
“we are expecting over INR500 crores net top line”
Ajay Saraogi, page 8 of the filed PDF · View the filing
Paint business breakeven — breakeven · third year of operations
stated as an aspiration by Ajay Saraogi
p. 8
“We expect to be breakeven in this in third year of operations.”
Ajay Saraogi, page 8 of the filed PDF · View the filing
Mahan coal block commissioning — end of FY28
stated firmly by Ajay Saraogi
p. 7
“I think we should be able to by end of FY28, we should be able to commission this have some coal starting coming from FY end of FY28 from this coal block”
Ajay Saraogi, page 7 of the filed PDF · View the filing
Green power mix — another 20%-25% · from next year, annually
stated as an aspiration by Ajay Saraogi
p. 9
“we should be able to from maybe next year about 4%-5% annually and we should be able to reach that number”
Ajay Saraogi, page 9 of the filed PDF · View the filing
Fuel cost per ton increase — INR75 to INR100 · Q2 FY27
stated firmly by Ajay Saraogi
p. 11
“Fuel cost, we should definitely see an increase of around INR75 to INR100.”
Ajay Saraogi, page 11 of the filed PDF · View the filing
Fuel cost on kilocal basis — around 1.75 · Q2 FY27
stated conditionally by Ajay Saraogi
p. 12
“it could be around we have to see I mean I think it will depend on a mix could be around 1.75 or something closer to that”
Ajay Saraogi, page 12 of the filed PDF · View the filing
Subsidy/incentive income — about INR300 crores annually · FY29 onwards
stated conditionally by Ajay Saraogi
p. 15
“FY29 onwards I think this number should come to the number of about INR300 crores annually which we were getting earlier”
Ajay Saraogi, page 15 of the filed PDF · View the filing
Grey cement volume growth — FY27
stated firmly by Ajay Saraogi
p. 16
“Of course we will be growing double digit.”
Ajay Saraogi, page 16 of the filed PDF · View the filing
Paint business EBITDA margin — 5%-7% · FY28
stated as an aspiration by Ajay Saraogi
p. 17
“we would be working out on some EBITDA positive good EBITDA 5%, 7% in FY28 definitely for the paint business”
Ajay Saraogi, page 17 of the filed PDF · View the filing
Capex — around INR3500 crores · FY27
stated firmly by Ajay Saraogi
p. 17
“for FY27 we have a plan to do around INR3500 crores of capex”
Ajay Saraogi, page 17 of the filed PDF · View the filing
Capex — around INR1200 crores · FY28
stated firmly by Ajay Saraogi
p. 17
“in '28 also it will be around INR1200 crores and if we take up the I mean the next leg of expansion that that would be additional”
Ajay Saraogi, page 17 of the filed PDF · View the filing
Panna Line 2 clinker capacity — 4 million tons · this fiscal
stated firmly by Ajay Saraogi
p. 18
“we would be able to achieve the same in this fiscal”
Ajay Saraogi, page 18 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said the major volume growth came from Central India expansion, while North and South grew in line with the market.
Answered by Ajay Saraogi
Asked by Patanjali Srinivasan: How much of volume growth came from new plants versus existing markets?
p. 4
“the major volume growth is as a result of the expansion we have which we have done in Central India, including the grinding unit in Bihar”
Ajay Saraogi, page 4 of the filed PDF · View the filing
Management guided to a cost increase of about INR150 per ton in Q2 due to fuel costs, offset partly by lower packaging costs.
Answered by Ajay Saraogi
Asked by Patanjali Srinivasan: How much will costs increase in Q2 versus Q1?
p. 5
“the cost should go up by about say INR150 in Q2 as compared to Q1”
Ajay Saraogi, page 5 of the filed PDF · View the filing
Management said prices are broadly flat and does not expect a monsoon price drop due to cost pressures.
Answered by Ajay Saraogi
Asked by Pinakin Parekh: How are cement prices trending versus the June quarter average?
p. 5
“we should not be seeing any price drop in spite of being, some low volumes because of the seasonality”
Ajay Saraogi, page 5 of the filed PDF · View the filing
Management attributed it to reduced imports from UAE due to geopolitical disruption, creating a temporary volume opportunity.
Answered by Ajay Saraogi
Asked by Navin Sahadeo: What drove the strong white cement volume growth this quarter?
p. 6
“this geopolitical situation, I mean had some on the white business per se had some positive impact for the company in terms of, a lot of volume was coming from UAE, the imports which were coming from UAE, that did not come here”
Ajay Saraogi, page 6 of the filed PDF · View the filing
Management confirmed paint revenue of INR125 crores in the quarter and that the business achieved EBITDA breakeven.
Answered by Ajay Saraogi
Asked by Siddhart: What is the paint business revenue and profitability picture?
p. 8
“For the paints the revenue was around INR125 crores and it was breakeven.”
Ajay Saraogi, page 8 of the filed PDF · View the filing
Management confirmed effective utilization of 85-90% in the capacity-constrained regions but declined to share full regional data.
Answered by Ajay Saraogi
Asked by Ritesh Shah: What are regional capacity utilization levels in North and South?
p. 10
“Yes, effective capacity yes, we can say 85%-90% definitely.”
Ajay Saraogi, page 10 of the filed PDF · View the filing
Management said this may not be possible due to lost UAE volumes from geopolitical restrictions limiting exports to GCC countries only.
Answered by Ajay Saraogi
Asked by Amit Murarka: Is double-digit volume growth achievable for white cement at the consolidated level this year?
p. 16
“in the first quarter in in the UAE region, we have lost we have lost 50% of the normal volume because of the restrictions, there were no loading available”
Ajay Saraogi, page 16 of the filed PDF · View the filing
Management estimated around INR250 crores topline for the RMC business this fiscal.
Answered by Ajay Saraogi
Asked by Rajesh Ravi: What revenue is expected from RMC for FY27?
p. 13
“maybe we have about INR250 crores topline in this fiscal from the RMC business”
Ajay Saraogi, page 13 of the filed PDF · View the filing
Risks flagged
Rising fuel and diesel costs increasing overall cost per ton in the coming quarter
p. 5
“see the cost should go up by about say INR150 in Q2 as compared to Q1”
Ajay Saraogi, page 5 of the filed PDF · View the filing
Capacity constraints in North and South regions limiting volume growth potential
p. 6
“we have some restriction in terms of capacity availability of capacity in the North and South”
Ajay Saraogi, page 6 of the filed PDF · View the filing
Geopolitical situation affecting fuel availability and pricing
p. 17
“fuel is something with the geopolitical situation is affecting the availability and the pricing”
Ajay Saraogi, page 17 of the filed PDF · View the filing
Geopolitical disruption restricting white cement exports to only GCC countries
p. 16
“because of the geopolitical situation as of now in the in the Middle East, our white cement sale is only restricted to the GCC countries”
Ajay Saraogi, page 16 of the filed PDF · View the filing
Operating deleverage impact from lower volumes in the monsoon quarter
p. 9
“Yes, that will be there. The operating deleverage will definitely be there, so that impact would be there also.”
Ajay Saraogi, page 9 of the filed PDF · View the filing
Uncertain geopolitical situation potentially delaying decisions on next phase of capacity expansion
p. 6
“If that situation really aggravates and has some impact, I it's very difficult to say anything now at this point of time.”
Ajay Saraogi, page 6 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.