JK Lakshmi Cement Q4 Results Review: Dolat Capital Upgrades To 'Add' On Higher Profitability

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Dolat Capital Report

JK Lakshmi Cement Ltd.’s Q4 FY25 numbers beat our estimates on all fronts.

We expect revenue/Ebitda/adjusted profit after tax CAGR of 11.4%/11.5%/10.8% over FY25-27E led by volume growth of 9%/9% and 4%/0.5% realization/tonne growth in FY26E/FY27E.

We have increased our Ebitda estimates by 7.8%/8.5% for FY26E/FY27E post factoring higher realization/tn. We also estimate Ebitda/tn to increase from Rs 713 in FY25 to Rs 957/Rs 1,013 in FY26E/FY27E.

Given higher profitability, we upgrade our rating to ‘Accumulate’ from Reduce with a revised target price of Rs 941 based on 9x consolidated FY27E EV/Ebitda + 50% FY27E capital work in progress.

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