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Nirmal Bang Report
Key Points
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We hosted the management of JK Cement Ltd., in order to gain insights into the current business outlook.
The pricing scenario is expected to improve post festive season, but volume push in Q4 FY24 is likely to dampen margins.
Ebitda/tonne is expected to improve in Q2 FY24 and Q3 FY24 in the backdrop of lower-cost inventories of petcoke and coal. The trend is however expected to reverse in Q4 FY24.
The management sounded optimistic about the Panna facility's potential to unlock synergies (including state subsidies), increase in market share in its major markets and decrease logistic costs, which would all have a positive impact on return ratios.
We continue to have faith in JK Cement ability to reduce expenses, maximise utilisation of new facilities and seize opportunities whenever they arise.
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We have a target price of Rs 3,877, valuing JK Cement at 17 times June-2025E enterprise value/Ebitda.
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