This document is an investor presentation submitted to the stock exchanges, providing a comprehensive overview of J. K. Cement Limited's Q1 FY27 financial results and business updates.

Macro and Sectoral Overview

The presentation outlines a positive macroeconomic backdrop for the cement sector, citing India's projected GDP growth among the fastest-growing economies, driven by infrastructure-led growth and strong domestic demand. Key sectoral highlights include:

  • Installed cement capacity in India is approximately 730 MTPA, with demand growth of 7-8% annually.
  • Housing segment constitutes 57% of cement consumption, with key growth enablers being PMAY-U, PMAY-G, strong rural demand, favourable interest rates, and lower GST rates.
  • Infrastructure capex for FY27 is estimated to be 17.7% higher than the previous fiscal, with the Union Budget allocating ₹12.2 lakh crore for public infrastructure capital expenditure.
  • Specific allocations include ₹3.10 lakh crore for Roads & Highways and ₹1.87 lakh crore to NHAI.
  • The industrial segment is expected to see an average annual capex of around ₹7.1 lakh crore, supported by PLI schemes.
  • PMAY-G target for FY27 is 20 million additional rural houses; PMAY-U target is 10 million additional urban houses.

Company Overview and Strategic Projects

JK Cement is among India's top five cement manufacturers.

  • The company has a widespread network of ~91,000 dealers and retailers.
  • It has 223.0 MW of captive solar and wind capacity and a 119.3 MWh waste heat recovery system.
  • The company is progressing towards a target of 50 MTPA capacity by FY30.
  • It is securing strategic raw material resources, including the Dommarnandyala Block-3 in Andhra Pradesh (~550 MT reserve), Kishanpura Limestone Block in Rajasthan (~100 MT reserve), Parewar Sn-III in Rajasthan (~200 MT reserve), Itauri-Jharkua in Madhya Pradesh, Mahan Coal Block in Madhya Pradesh (~70 MT reserve), and West of Shahdol Coal Block in Madhya Pradesh (~26 MT reserve). Development work on the Mahan Coal block is scheduled to start during FY27.

Expansion Projects in Progress:

1. 7 MTPA Grey Cement Expansion in North India: Total project cost is ₹3,630 crore. Expenditure year-to-date (YTD) as of June 2026 is ₹1,162 crore. Commissioning is scheduled for H1 FY28. Ordering and engineering are completed; civil construction, mechanical, and erection work are progressing as per schedule.

2. 2 MTPA Split Grinding Unit in Bikaner, Rajasthan: Project cost is ₹565 crore. Expenditure YTD Jun-26 is ₹181 crore. Commissioning is scheduled for H1 FY28. Ordering and engineering work are completed; civil construction and mechanical work are progressing.

3. Grinding Unit in Bhatinda: Project cost is ₹610 crore. Expenditure YTD Jun-26 is ₹85 crore. Commissioning is scheduled for H1 FY28. 100% land has been acquired; approvals for EC/CTE are expected by September 2026; major plant and equipment ordering is completed.

4. Wall Putty Capacity Expansion in North India: Project cost is ₹195 crore. Expenditure YTD Jun-26 is ₹140 crore. Commissioning is scheduled for Q2 FY27 (expected in the month of July 2026). Construction is nearing completion.

Business Highlights and Financial Performance (Q1 FY27)

Standalone Performance:

  • Grey Cement Volume: 5.96 Million Tonnes (MT), up 18% YoY.
  • White Cement Volume: 0.54 MT, up 29% YoY.
  • Revenue from Operations: ₹3,866 crore, up 21% YoY.
  • EBITDA: ₹639 crore, down 5% YoY.
  • EBITDA per tonne: ₹982, down 20% YoY.
  • Net Sales Realization: ₹5,065 per tonne, compared to ₹4,841 per tonne in Q4 FY26.
  • Trade Mix: 69%, vs. 68% in Q4 FY26.
  • Blended Cement: 67%, vs. 65% in Q4 FY26.
  • Premium products constituted 18% of trade sales.
  • 17 RMC plants are under operation.
  • Paints Business Net Revenue was above ₹125 crores.
  • VAP (Value-Added Products) Business is growing significantly.
  • The volume growth is attributed to the ramp-up of the 6 MTPA expansion commissioned in H2 FY26 and growth in the white business due to reduced imports from the UAE.
  • Profitability was impacted by cost pressures and abnormally high maintenance activity during the quarter.

Consolidated Performance:

  • Revenue from Operations: ₹4,032 crore, up 20% YoY.
  • Net Sales: ₹3,962 crore, up 22% YoY.
  • EBITDA: ₹648 crore, down 6% YoY.
  • EBITDA Margin: 16.3%, down 490 basis points YoY.
  • Profit After Tax: ₹275 crore, down 15% YoY.
  • EPS: ₹35.9, down 14% YoY.

Quarter-on-Quarter (QoQ) and Year-on-Year (YoY) Comparison (Standalone):

| Particulars | Q1 FY27 | Q4 FY26 | QoQ Change | Q1 FY26 | YoY Change |

| Grey Net Sales (₹ crore) | 3,020 | 2,965 | +2% | 2,499 | +21% |

| White Net Sales (₹ crore) | 652 | 572 | +14% | 495 | +32% |

| Total Net Sales (₹ crore) | 3,672 | 3,537 | +4% | 2,994 | +23% |

| Combined EBITDA (₹ crore) | 639 | 670 | -5% | 673 | -5% |

Cost Variables:

  • Pet coke costs are highlighted as a key variable, with prices noted to have started declining from a peak in April 2026.
  • Lead distance (kms) decreased YoY due to the commissioning of the Bihar grinding unit.
  • Power & fuel costs and freight & handling costs increased, the latter partly due to higher diesel prices from geopolitical situations.
  • Other expenses increased mainly due to higher maintenance and packaging costs.

Debt Profile:

  • Net Debt/EBITDA (as of June 30, 2026): 1.69x
  • Net Debt/Equity (as of June 30, 2026): 0.53x

ESG Updates

  • The company received an ESG score of 76/100 in the S&P Global DJSI – CSA Assessment.
  • It was ranked #67 in the NSE Sustainability Ratings Analytics, emerging as the highest-rated cement company.
  • CDP Scores: A- for water security, A for supplier engagement assessment, and B for climate change.
  • The company is a member of the S&P Global DJSI Yearbook 2026.

Progress on Sustainability Goals (YTD June 2026 vs. FY30 Target):

  • Specific Gross Scope 1 & 2 CO2 emission: 530 kg/tonne (FY30 Target: 532 kg/tonne) - Target almost achieved.
  • Green Power Mix: 53.5% (FY30 Target: 75%) - 71% of target achieved.
  • Thermal Substitution Rate: 11.29% (FY30 Target: 35%) - Improvement over base year.
  • Water Positivity: 4.9x (FY30 Target: 5x) - Almost achieved.

CSR and Awards

  • CSR Spend YTD June 2026: ₹11.7 crore.
  • Breakdown: ₹5.09 crore on education, ₹5.34 crore on community development, and ₹1.27 crore on healthcare and green initiatives.
  • Community initiatives include mobile medical units, medical camps, safe drinking water projects, contributions to IIT-K for a hospital, vocational training, and plantation drives.
  • The document also mentions various awards and accolades received by the company, though specific award names are not listed.