Quick Ratios
Quarterly Results
Profit & Loss
Balance Sheet
Cash Flow
Ratios
Mkt Cap
Market Capitalization
₹42,177Cr
Rev Gr TTM
Revenue Growth TTM
17.65%
Peer Comparison
Compare up to 10 companies side by side across valuation, profitability, and growth.

JKCEMENT
VS
| Quarter | Mar 2023 | Jun 2023 | Sep 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 |
|---|
|
Growth YoY Revenue Growth YoY% | 18.1 | 21.6 | 23.6 | 20.5 | 11.8 | 1.6 | -7.0 | -0.2 | 15.3 | 19.4 | 17.9 | 18.2 |
| 2,428 | 2,355 | 2,286 | 2,310 | 2,546 | 2,321 | 2,276 | 2,438 | 2,816 | 2,665 | 2,573 | 2,906 |
Operating Profit Operating ProfitCr |
| 12.6 | 14.8 | 17.0 | 21.3 | 18.0 | 17.3 | 11.1 | 16.8 | 21.4 | 20.5 | 14.8 | 16.1 |
Other Income Other IncomeCr | 38 | 17 | 29 | 38 | 55 | 45 | 140 | 45 | 46 | 56 | 51 | -2 |
Interest Expense Interest ExpenseCr | 101 | 109 | 115 | 114 | 115 | 111 | 123 | 112 | 113 | 109 | 105 | 113 |
Depreciation DepreciationCr | 132 | 135 | 141 | 140 | 153 | 147 | 146 | 146 | 162 | 146 | 149 | 175 |
| 155 | 181 | 241 | 409 | 347 | 273 | 155 | 279 | 535 | 489 | 243 | 268 |
| 47 | 67 | 65 | 125 | 128 | 88 | 19 | 89 | 174 | 165 | 84 | 95 |
|
Growth YoY PAT Growth YoY% | -46.2 | -29.4 | 58.3 | 663.7 | 104.7 | 62.9 | -22.5 | -33.1 | 64.5 | 75.4 | 17.0 | -8.6 |
| 3.9 | 4.1 | 6.4 | 9.7 | 7.1 | 6.6 | 5.3 | 6.5 | 10.1 | 9.7 | 5.3 | 5.0 |
| 14.5 | 14.8 | 23.1 | 36.7 | 28.4 | 24.0 | 16.3 | 24.5 | 46.6 | 42.0 | 20.8 | 22.6 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|
|
| | 11.1 | 22.9 | 4.3 | 8.3 | 10.3 | 13.9 | 21.0 | 21.6 | 18.9 | 2.8 | 12.9 |
| 2,957 | 3,239 | 3,928 | 4,066 | 4,424 | 4,588 | 5,067 | 6,508 | 8,406 | 9,496 | 9,852 | 10,959 |
Operating Profit Operating ProfitCr |
| 13.2 | 14.4 | 15.6 | 16.2 | 15.9 | 20.9 | 23.3 | 18.6 | 13.5 | 17.8 | 17.1 | 18.3 |
Other Income Other IncomeCr | 69 | 50 | 79 | 111 | 80 | 85 | 113 | 143 | 87 | 140 | 276 | 151 |
Interest Expense Interest ExpenseCr | 229 | 305 | 303 | 284 | 261 | 276 | 253 | 270 | 312 | 453 | 459 | 440 |
Depreciation DepreciationCr | 146 | 197 | 217 | 231 | 241 | 288 | 306 | 342 | 462 | 573 | 601 | 633 |
| 144 | 94 | 286 | 383 | 412 | 734 | 1,093 | 1,013 | 628 | 1,174 | 1,242 | 1,535 |
| 2 | 39 | 114 | 98 | 149 | 251 | 390 | 334 | 211 | 384 | 370 | 517 |
|
| | -61.4 | 213.6 | 66.1 | -7.7 | 83.4 | 45.5 | -3.4 | -38.7 | 89.7 | 10.4 | 16.8 |
| 4.2 | 1.4 | 3.7 | 5.9 | 5.0 | 8.3 | 10.6 | 8.5 | 4.3 | 6.8 | 7.3 | 7.6 |
| 20.5 | 8.3 | 25.4 | 41.4 | 36.7 | 62.6 | 91.0 | 87.9 | 55.2 | 102.3 | 111.4 | 132.0 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 |
|---|
Equity Capital Equity CapitalCr | 70 | 70 | 70 | 70 | 77 | 77 | 77 | 77 | 77 | 77 | 77 | 77 |
| 1,547 | 1,517 | 1,641 | 1,905 | 2,625 | 2,950 | 3,659 | 4,248 | 4,607 | 5,290 | 6,012 | 6,404 |
Current Liabilities Current LiabilitiesCr | 1,276 | 1,284 | 1,281 | 1,310 | 1,610 | 1,825 | 1,957 | 2,670 | 2,947 | 3,400 | 3,908 | 4,328 |
Non Current Liabilities Non Current LiabilitiesCr | 3,145 | 3,304 | 3,415 | 3,172 | 3,108 | 3,710 | 4,204 | 4,442 | 5,720 | 6,080 | 6,718 | 7,022 |
Total Liabilities Total LiabilitiesCr |
Current Assets Current AssetsCr | 1,478 | 1,327 | 1,479 | 1,684 | 2,045 | 2,235 | 3,183 | 3,525 | 3,738 | 4,416 | 4,993 | 5,377 |
Non Current Assets Non Current AssetsCr | 4,572 | 4,858 | 4,932 | 4,772 | 5,367 | 6,307 | 6,689 | 7,878 | 9,569 | 10,386 | 11,689 | 12,512 |
Total Assets Total AssetsCr |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Operating Cash Flow Operating Cash FlowCr | 256 | 580 | 772 | 883 | 704 | 1,367 | 1,593 | 878 | 1,377 | 1,959 | 1,939 |
Investing Cash Flow Investing Cash FlowCr | -478 | -408 | -649 | -96 | -802 | -1,477 | -1,347 | -996 | -2,015 | -1,636 | -1,910 |
Financing Cash Flow Financing Cash FlowCr | 230 | -193 | -346 | -723 | 173 | -108 | -137 | 62 | 741 | -416 | 74 |
|
Free Cash Flow Free Cash FlowCr | -291 | 199 | 388 | 739 | 73 | 124 | 834 | -649 | -226 | 792 | 241 |
| 180.5 | 1,057.8 | 448.8 | 309.2 | 267.0 | 282.8 | 226.6 | 129.3 | 330.8 | 248.0 | 222.4 |
CFO To EBITDA CFO To EBITDA% | 56.9 | 106.2 | 106.3 | 112.2 | 84.3 | 112.6 | 103.6 | 59.3 | 104.8 | 95.1 | 95.7 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Valuation Ratios Valuation Ratios |
Market Cap Market CapitalizationCr | 4,669 | 4,697 | 6,540 | 7,109 | 6,653 | 7,260 | 22,362 | 18,787 | 22,587 | 31,501 | 38,109 |
Price To Earnings Price To Earnings | 33.8 | 90.0 | 36.8 | 24.6 | 24.6 | 14.6 | 31.5 | 27.3 | 53.3 | 39.8 | 44.3 |
Price To Sales Price To Sales | 1.4 | 1.1 | 1.6 | 1.5 | 1.3 | 1.3 | 3.4 | 2.4 | 2.3 | 2.7 | 3.2 |
Price To Book Price To Book | 2.9 | 3.0 | 3.8 | 3.6 | 2.5 | 2.4 | 6.0 | 4.3 | 4.8 | 5.9 | 6.3 |
| 16.2 | 13.6 | 12.7 | 11.8 | 10.6 | 8.0 | 16.1 | 15.2 | 20.6 | 17.6 | 21.1 |
Profitability Ratios Profitability Ratios |
| 83.2 | 81.6 | 84.9 | 83.5 | 83.2 | 85.0 | 83.8 | 83.9 | 83.6 | 84.1 | 83.0 |
| 13.2 | 14.4 | 15.6 | 16.2 | 15.9 | 20.9 | 23.3 | 18.6 | 13.5 | 17.8 | 17.1 |
| 4.2 | 1.4 | 3.7 | 5.9 | 5.0 | 8.3 | 10.6 | 8.5 | 4.3 | 6.8 | 7.3 |
| 8.0 | 8.5 | 12.2 | 14.2 | 12.5 | 16.5 | 18.3 | 15.2 | 9.4 | 14.9 | 14.0 |
| 8.8 | 3.5 | 10.1 | 14.5 | 9.8 | 16.0 | 18.8 | 15.7 | 8.9 | 14.7 | 14.3 |
| 2.4 | 0.9 | 2.7 | 4.4 | 3.6 | 5.7 | 7.1 | 6.0 | 3.1 | 5.3 | 5.2 |
Operational Ratios Operational Ratios |
Solvency Ratios Solvency Ratios |
Liquidity Ratios Liquidity Ratios |
### **Overview**
J K Cements Ltd. is a leading Indian cement and building materials company with over 50 years of heritage, part of the prestigious J.K. Organisation. The company is recognized as a top-five cement producer in India and a global leader in white cement, ranking among the top five worldwide. With a diversified portfolio spanning grey cement, white cement, wall putty, tile adhesives, grouts, paints, and construction chemicals, JK Cement is strategically evolving into a holistic building solutions provider.
The company’s operations span across 22 Indian states and union territories, and its products are exported to 38 international markets, including the USA, UAE, Australia, South Africa, and Southeast Asia. Its white cement plant in Gotan, Rajasthan, established in 1984, was India’s first dry-process, limestone-based facility, marking the beginning of technological leadership that continues today.
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### **Production & Capacity (As of Nov 2025)**
- **Installed Grey Cement Capacity:** 24.34 million tonnes per annum (MnTPA), including Toshali Cement.
- **White Cement Capacity:** 1.72 MnTPA (India and UAE combined).
- **Wall Putty Capacity:** 1.3 MnTPA (Gotan, Rajasthan + Katni, Madhya Pradesh), including India’s largest plant at Katni.
- **Operational Capacity:** 600–650 tons per day at current facilities, with expansion potential to 850–900 tons per day, backed by sufficient limestone reserves.
#### **Expansion Strategy**
- **Near-Term Goal:** Achieve **30 MnTPA** of total cement capacity by **FY 2025–26**.
- **Long-Term Target:** Expand to **50 MnTPA** by **2030** through a mix of greenfield and brownfield projects, contingent on secured limestone reserves.
- **Key Growth Corridors:**
- **Panna, MP:** Clinker capacity to scale to **7.3 million tonnes** post-expansion; includes a planned 3.3 MnTPA clinker Line-2.
- **Prayagraj & Hamirpur (UP):** Brownfield expansions and new grinding units.
- **Buxar (Bihar):** New 3 MnTPA grey cement grinding unit (investment > ₹500 crores), strengthening presence in Eastern India.
- **Jaisalmer (Rajasthan), Muddapur (Karnataka), Odisha:** Greenfield projects under finalization.
- **Saifco Cements (Jammu & Kashmir):** Strategic acquisition of 60% stake granting 129 million tonnes of limestone reserves and first cement manufacturing footprint in J&K.
- **Wall Putty Expansion:** A new **6 lakh MTPA unit** near Nathdwara, Rajasthan, to be commissioned by **FY27**, with an investment of ₹195 crores, driven by a projected 9% CAGR in the wall putty market.
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### **Manufacturing Footprint**
**Integrated Plants:**
- Nimbahera, Mangrol, Gotan (Rajasthan)
- Muddapur (Karnataka)
- Panna, Ujjain, Katni (Madhya Pradesh)
- Ampavalli (Odisha – Toshali Cement)
**Grinding Units:**
- Jharti/Jharli (Haryana), Balasinor (Gujarat), Aligarh, Prayagraj, Hamirpur (UP), Choudwar (Cuttack, Odisha)
**White Cement & Value-Added Products:**
- Gotan (Rajasthan): Integrated white cement plant and wall putty facility.
- Fujairah (UAE): Dual-process plant (0.6 MnTPA white / 1.0 MnTPA grey cement).
- Katni (MP): Wall putty and construction chemicals.
**Paints & Coatings:**
- Bhiwadi, Rajasthan (Acro Paints facilities – post-expansion capacity: 60,000 KL decorative paints, 6,700 KL chemicals).
- Mathura, UP: New integrated paints facility under development.
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### **Strategic Growth Initiatives**
#### **1. Market Expansion & Regional Synergy**
- **Eastern India Push:** Entry into Bihar and Odisha with grey cement; Buxar plant to serve as a regional hub.
- **Digital Integration:** Merger of operations to pool financial, marketing, distribution, and technical resources for greater efficiency.
- **Dealer Network:** Over **100,000 dealers** supported by digital platforms, training, incentive schemes, and tools like *JK e-Connect*.
#### **2. Sustainability & Decarbonization**
- **Carbon Capture & Utilisation (CCU):** Partnering with **NCCBM** and **IIT Roorkee** on a government-supported pilot project to install a **2.0 tonnes/day oxyfuel-based calciner** for CO₂ capture at Gotan. Captured CO₂ will be used to manufacture lightweight concrete — a first in India’s cement sector.
- **Low-Carbon Cement Development:**
- **LC3 Cement (Portugal Calcined Clay Limestone Cement)** with up to **35% lower CO₂ emissions**, developed in collaboration with **IIT Delhi**.
- PLC (Portland Limestone Cement) using high-magnesia and low-grade limestone.
- **Energy Efficiency:**
- **184 MW** of green power (solar, wind, WHR).
- **77.5 MW** captive coal-based power.
- Waste Heat Recovery (WHR) systems at Nimbahera, Mangrol, and Muddapur; planned expansion to Panna and Muddapur.
- Biomass substitution for HAG in Gujarat’s Balasinor plant to cut fossil fuel use.
#### **3. Digital Transformation**
- **JKONE Platform:** Unified **Sales Force Automation (SFA)** and **Distributor Management System (DMS)** for White Cement & Paints.
- Streamlines order management, improves inventory and logistics efficiency.
- Offers intelligent route planning, performance analytics, and real-time data visibility.
- **Dealer Network App (DNA):** Enables self-service inventory, sales, finance, and performance tracking.
- **BuildXpert App:** Consumer-facing tool for construction planning and material estimation.
- **Cybersecurity:** Upgraded with 97% risk coverage via cyber insurance, privileged access management, and 90% reduction in phishing vulnerability.
#### **4. Product Innovation & Diversification**
- **Specialty Cement:**
- **Super Grade OPC 53** for critical infrastructure (metros, bullet trains).
- **JK Super Strong Weather Shield Cement** with particle-level water repellency.
- **JK Super Strong Concrete Special:** 50% higher strength, 10% cement saving.
- **Value-Added Products:**
- **JKWallmaxX / SmoothmaxX:** Premium wall putty with high adhesion and whiteness.
- **TilemaxX / GypsoMaxX / RepairmaxX:** Building chemicals and finishes.
- **Wood Amore:** Premium wood finish (2,000+ colors) developed with Sivam Coatings, Italy.
- **ShieldmaxX:** Weather-resistant coatings.
- **Paints Business (JK Maxx Paints):**
- Revenue crossed ₹400 crores within two years.
- Expanding across North India; targeting ₹1,200–1,500 crores by FY26.
- Premium interior emulsions with 8-year color warranty and luxury pearl-finish variants.
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### **Sustainability & ESG Commitments**
- **SBTi-Aligned Targets:**
- Reduce **Scope 1 emissions** to **465 kg CO₂/tonne** (from FY 2019–20 baseline).
- Increase **green power usage** to **75%** of energy mix.
- Achieve **35% thermal substitution rate** using alternative fuels.
- Become **five times water positive**.
- **Science-Based Targets Initiative (SBTi)** signatory; also adheres to **TCFD**.
- Conducting **Life Cycle Assessments (LCA)** for white cement and value-added products.
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### **Strategic Acquisitions & Partnerships**
- **Saifco Cements (J&K):** 60% stake acquisition for entry into Jammu & Kashmir; 129 million tonnes limestone reserves; 100% GST/SGST exemption until 2031 (~₹800–900/ton savings).
- **Toshali Cements (Odisha):** Fully acquired integrated plant and grinding unit, adding 0.6 MnTPA and enabling expansion into Eastern India.
- **Acro Paints:** Acquired 60% stake (₹153 crores), later targeting full ownership. Brought 3,000+ SKUs and debt-free operations into JK’s ecosystem.
- **MoU with IIT Kanpur:** ₹60 crores committed to build a Super Specialty Hospital and support futuristic medical research.
- **Collaboration with IIT Roorkee, IIT Delhi:** Driving R&D in carbon capture, low-carbon cement, and alternate fuels.
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### **Leadership & Governance**
- **MD & CEO:** Mr. Madhavkrishna Singhania – credited with scaling grey cement capacity from **7.5 MnTPA (2010)** to **over 24 MnTPA (2025)**.
- **Digital HR:** Launched **Tia**, an AI-powered HR assistant using Generative AI for policy queries, leave, attendance, and claims.
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