JK Cement, Birla Corp Are Dolat Capital's Top Stock Picks In The Sector; Cement Q1 Results Review

In FY25, Dolat Capital's coverage companies' revenue/Ebitda/adjusted profit after tax grew by +1.5%/-7.9%/- 29.6% to Rs 1,970.2 billion/Rs 324.4 bn/Rs 112.3 bn resp. Revenue growth was primarily driven by +7.1% volume growth to 367.5 mt, partially offset by -5.2% decline in blended realization/tn to Rs 5,361. Ebitda/tn decreased by 14.0% to Rs 883 due to -5.2% in blended realization/tn to Rs 5,361, partially offset by -3.3% reduction in opex/tn to Rs 4,478.

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Dolat Capital Report

The cement sector (in our coverage) reported revenue increase of 12.3% YoY (-6.2% QoQ) at Rs 548.2 billion in Q1 FY26, led by +7.8% YoY growth (+3.5% YoY like to like growth/-9.2% QoQ) in volume to 98.1 mt coupled with +4.2% YoY (+3.4% QoQ) increase in blended realization/tn to Rs 5,590.

Ebitda reported +44.3% YoY/-3.4% QoQ to Rs 111.8 billion and blended Ebitda/tonne increased by +6.5% QoQ (+33.8% YoY) to Rs 1,140, primarily led by +3.4% QoQ (+4.2% YoY) in blended realization/tonne which was offset by +2.6% QoQ (-1.4% YoY) in opex/tn. Adjusted profit after tax increased by 56.6% YoY to Rs 49.4 billion.

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