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Axis Securities Report
JK Cement Ltd. is a dominant player in the cement industry in its key market of North India having 10% market share and has a sizeable presence in southern India and expanding in central india market.
While FY21 will be impacted due to Covid-19 related lockdown as most of its plants were shut and resumed operations only by the end of April 2020.
All the plants are now operational and company is gradualy ramping up the operations as several new capcities have come up during H2 FY20.
We expect the company to register Revenue/Ebitda/adjusted profit after tax, compound annual growth rate (CAGR) of 8%/12%/19% respectively between FY20-FY23E driven by volume CAGR of 8% and consistent realisation improvement of 1% CAGR over FY2023E.
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