J K Cements Ltd's Q2 FY27 numbers came in mixed, with revenue of Rs. 3,733.42 Cr (+23.66% YoY) and PAT growth of +6.31% YoY. Here's a quick read of what worked, what to watch, and what management said.
Quick Details| Results date | October 24, 2026 |
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| Quarter | Q2 FY 2026-2027 |
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| Revenue (Q2) | Rs. 3,733.42 Cr (+23.66% YoY) |
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| PAT (Q2) | Rs. 169.30 Cr (+6.31% YoY) |
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| EBITDA margin | 13.59% (-121 bps YoY) |
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| EPS (Q2) | Rs. 22.39 (+7.75% YoY) |
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| Market cap | Rs. 37,506.01 Cr |
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| CMP | Rs. 4,854.00 |
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Quarter Snapshot
Q2 FY27 revenue grew 23.66% YoY to Rs.3,733.42 Cr and EBITDA grew 13.59% YoY, but margin compressed 121 bps YoY to 13.59% as power and fuel costs rose 37.37% YoY, leaving PAT growth at 6.31%. Execution on guided plans was solid — the Nathdwara putty plant was commissioned on schedule and H1 capex is 48.1% of the FY27 guide — though leverage rose to 1.00x D/E and subsidiaries (paints, UAE) remain loss-making. No guidance beats or misses are scoreable from this filing; the quarter is a cost-inflation story with volume-led growth intact.
Key Investment Insights
Key Positives
- Consolidated revenue grew 23.66% YoY to Rs.3,733.42 Cr; standalone revenue grew 25.75% YoY
- P&L-derived EBITDA grew 13.59% YoY to Rs.507.41 Cr against an elevated Q2 FY26 base that carried one-off kiln maintenance and WHR-closure costs
- Nathdwara 0.60 MnTPA wall putty plant commissioned during Q2 FY27, on the schedule guided in May 2026
- H1 capex of Rs.1,684.36 Cr standalone is 48.1% of the ~Rs.3,500 Cr FY27 guidance — on track
- H1 CFO of Rs.653.60 Cr was 1.47x PAT; CFO/EBITDA 0.57x
- CARE AA+ long-term rating maintained with 176.24x asset cover for secured NCDs
- Effective tax rate eased to 33.75% from 34.43% YoY; no exceptional items in Q2 FY27
Risk Factors
- EBITDA margin compressed 121 bps YoY and 248 bps QoQ to 13.59% as every major cost line grew faster than revenue
- Power and fuel costs rose 37.37% YoY and 24.02% QoQ, reaching 22.35% of revenue vs 20.12%
- Subsidiaries (including JK Maxx paints and UAE entities) dragged consolidated PAT by Rs.17.01 Cr in Q2 (9 subsidiaries lost Rs.29.01 Cr)
- Gross borrowings rose Rs.1,313.59 Cr in H1 to Rs.7,387.22 Cr; D/E at 1.00x vs 0.86x at March-26; ISCR slipped to 4.61x from 4.77x
- H1 standalone employee cost grew 16.64% YoY, above the guided +12–14% band
- Unprovisioned CCI penalty of Rs.128.54 Cr (revised demand Rs.154.82 Cr) pending before the Supreme Court, flagged in auditor emphasis of matter