JK Cement produces grey cement, white cement and wall putty, and is in the middle of a volume-led expansion toward 50 MTPA by FY30, with the 6 MTPA capacity addition commissioned in H2FY26 now ramping up. The quarter's big tests are whether the guided +Rs. 150/ton cost push (fuel and diesel) gets passed on through pricing, and whether the paints business holds its newly achieved EBITDA breakeven.
| Results date | October 24, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 3,786 Cr (standalone net sales, Q1 FY27) |
| Previous quarter PAT | Rs. 291 Cr (standalone, Q1 FY27) |
| Previous quarter EBITDA margin | 16.9% (standalone, Q1 FY27) |
| Net debt (latest quarter) | Rs. 3,864 Cr (as of June 30, 2026) |
| Market cap | Rs. 38,039.16 Cr |
| CMP | Rs. 4,923.0 |
The Board of JK Cement meets on October 24, 2026, to consider the Q2 and H1 FY27 financial results. The trading window remained closed from October 1 to October 26, 2026.
The earnings call is scheduled for October 27, 2026, at 12:00 PM IST. The Q1 FY27 earnings call audio recording was published after the previous quarter's call, with the transcript to follow.
The quarter is set up as a cost-versus-price test: management guided to a ~Rs. 150/ton cost increase in Q2 (~Rs. 100 fuel plus ~Rs. 50 diesel/other) with fuel kcal rising to ~1.75 from 1.53, while the all-India Q2 trade price averaged Rs. 351/bag, down Rs. 1/bag sequentially, leaving the guided pass-through only partially achieved within the quarter. On volumes, the backdrop is strong — core-sector cement output grew +12.5% YoY in August 2026 and +13.1% in July, against JK Cement's Q1 combined volume growth of +18% YoY on the 6 MTPA ramp-up and a 22.5–23 million ton FY27 grey volume target, though management has flagged subdued growth in the next three quarters. The Middle East conflict remains ongoing and escalating into October, keeping the 50% UAE white cement volume loss from Q1 in play and consistent with management's flag that double-digit white cement growth 'may not be achievable' in FY27. Two offsets to the margin pressure: petcoke eased from its April peak of ~$160/MT to ~$130/MT by June 2026, and the Q2 FY26 base carried one-offs (three-kiln maintenance, dealer conferences, WHR closure) expected to reverse with about Rs. 100/ton of savings. The call will also be watched for the paints breakeven path (Rs. 500–550 crores FY27 revenue target after Q1 breakeven at ~Rs. 125 crore) and the leverage glide path toward ~2x net debt/EBITDA in FY27 from 1.69x at June 30, 2026.
Q2 cost guidance vs outcome: Management guided a specific cost bridge for the quarter at the Q1 call.
Grey volume guidance tracking
Paints breakeven sustenance
White cement / UAE recovery
Leverage path and capex reconciliation
Management said Panna Line 2 debottlenecking to 4 million tons is expected within the current fiscal year and it does not foresee clinker shortages in Central India for Q4 FY27. The next clinker line decision at Muddapur is expected by the end of the fiscal year, tied to Jaisalmer commissioning.
Out of the Rs. 3,500 crores, about Rs. 800–1,000 crores is normal/other capex including a coal block investment, with the balance on greenfield. The total also includes the putty plant, solar tie-ups, and investments in Saifco and the paints business.
Management guided fuel cost to peak in Q2, up about Rs. 100/ton, with fuel kcal possibly around 1.75 versus 1.53 in Q1 due to monsoon moisture. The company aims to pass on cost increases ahead of the monsoon/link period.
No. Management stated on the earnings call, 'we don't share separately the white cement profitability and putty'.
The guidance stands at 22.5–23 million tons for FY27 with double-digit growth, supported by the ramp-up of the 6 MTPA expansion commissioned in H2FY26. Management has, however, flagged subdued growth in the next three quarters of FY27, with limitations in South and North due to volume constraints.