Read the quarter in context.
A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
ConCallIQ research layer
Signal, with the source still visible.
Use the controls below to narrow the view, then follow the evidence into the next layer of context.
Revenue
₹3,019 Cr
verified against source
Revenue YoY
19%
reported change
EBITDA
₹440 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
JK Cement reported Q2 FY26 standalone revenue of ₹2,859 crore (+19% YoY) and EBITDA of ₹440 crore (+62% YoY), with EBITDA margin expanding 440 bps YoY to 15.9%. The strong YoY performance was driven by lower base and cost savings, but sequentially revenue fell 10% due to seasonally weak quarter with planned maintenance shutdowns. Management maintained FY26 volume guidance of ~20 million tons (~10% growth) and expects cost savings of ₹75-90/ton by year-end. The Panna expansion is nearing completion, with 1M ton grinding commissioned in October and integrated plant expected by December. The new Jaitaran project (4M clinker, 3M grinding) is on track for Q2 FY28 commissioning. Risks include pricing pressure post-GST reduction pass-through and potential capacity oversupply from industry expansions in FY27-28.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects full-year volume of ~20 million tons, implying ~10% growth, with H1 growth of 15% partly due to low base.
- Cost reduction program targeting ₹150-200/ton savings; FY26 exit rate expected at ₹75-90/ton, with balance in FY27.
- Integrated plant at Panna (6M ton) to be fully commissioned by December 2025; 1M ton grinding unit already commissioned in October.
- New integrated plant (4M clinker, 3M grinding) at Jaitaran expected to be commissioned in Q2 FY28, with capex of ~₹4,800 crore.
Risks flagged
- Management noted pricing pressure in October after passing on GST benefit; net realizations may be marginally down in Q3.
- Multiple capacity announcements by peers (e.g., UltraTech) could lead to intense competition and lower capacity utilization in FY27-28.
- Asian Paints entering white cement production in UAE may impact JK Cement's white cement sales and profitability in that region.
- Long-term limestone supply arrangement for Toshali plant still under discussion; expansion plans contingent on court/state government approval.
Key quotes
- We are still maintaining uh you know uh like if we see uh uh the first half we have done a growth of about 15% by 26 we still maintain a overall growth of about 10%.
- We have already commissioned uh 1 million grinding unit at Pyagra uh in the month of October and the work on uh other grinding uh mill at Hamepur is at advanced stage of completion.
- We don't foresee that is not part of our strategy.
Research modules