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Revenue
₹1,588 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
Pending
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Quarter read
What the record says.
JK Lakshmi Cement reported a sharp 9% QoQ decline in cement realizations in Q3 FY26, driven by a 4pp drop in trade sales share to 49% and a >10% fall in non-trade prices, especially in Gujarat where the new Surat grinding unit (commissioned Sep 2025) ramped up. Volume growth was supported by the new capacity, but realizations fell ~₹450/ton QoQ. Management expects trade share to recover to ~54-55% in Q4, with non-trade prices up ₹10-15/ton in Jan. Fuel costs are rising (petcoke to ₹1.58-1.60/kcal). The ₹3,000cr capex for line-2 clinker and grinding is on track for completion by Mar'28, with ₹650-700cr spend in FY26. Risk: further price erosion if industry adds capacity ahead of demand.
Colored figures show movement against the previous available record.
Guidance to track
- Total capex for FY26 is expected to be ₹650-700cr, including ₹400cr in Q4 for the ongoing expansion project.
- The entire ₹3,000cr expansion project, including clinker unit and grinding stations, will be completed by March 2028.
- Management expects similar volume growth in FY27, supported by headroom at Surat, Udaipur, and other plants.
- Petcoke prices are expected to increase, with fuel cost on consumption basis rising to ₹1.58-1.60/kcal in Q4 FY26.
Risks flagged
- Realizations fell ~9% QoQ due to non-trade price weakness and higher Gujarat mix; recovery is uncertain given competitive pressures.
- Management expects trade prices to rise, but analysts questioned the timing; management admitted volatility and declined to quantify.
- The ₹3,000cr expansion has a tight timeline; any delay in equipment installation or land acquisition could push commissioning beyond Mar'28.
- The conveyor belt project is stalled due to land issues, with ₹170cr balance capex uncertain; this could impact logistics cost savings.
Key quotes
- Our priority in quarter three was to really ramp up the additional capacity which we had and I think that was the right call.
- Non-trade prices went down drastically post GST reduction... in our case, our dependence on Gujarat is a little higher.
- Definitive forecasting sitting today becomes very difficult.
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