HDFC Securities upgrades JK Cement to Add, revises target price to Rs 5,740
has upgraded
JK Cement
to Add from Reduce earlier with a revised target price of Rs 5,740. The current market price of
JK Cement
is Rs 5444.0. JK Cement, incorporated in 1994, is a Mid Cap company with a market cap of Rs 42134.38 crore, operating in the cement sector.
JK Cement's key products/revenue segments include Cement and Other Operating Revenue for the year ending 31-Mar-2024.
Financials
For the quarter ended 31-03-2025, the company has reported a Consolidated Total Income of Rs 3627.06 crore, up 21.92% from last quarter Total Income of Rs 2974.83 crore and up 15.09% from last year same quarter Total Income of Rs 3151.45 crore. The company has reported net profit after tax of Rs 361.39 crore in the latest quarter.
The company's top management includes Mrs.Sushila Devi Singhania, Ms.Praveen Mahajan, Mr.Sudhir Jalan, Mr.Ashok Sinha, Mr.Ashok Kumar Sharma, Mrs.Deepa Gopalan Wadhwa, Mr.Saurabh Chandra, Mr.Paul Heinz Hugentobler, Mr.Mudit Aggarwal, Mr.Ajay Kumar Saraogi, Mr.Madhavkrishna Singhania, Dr.Raghavpat Singhania, Dr.Nidhipati Singhania, Mr.Rakesh Sethi. Company has S R Batliboi & Co. LLP as its auditors. As on 31-03-2025, the company has a total of 8 crore shares outstanding.
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Investment Rationale
HDFC Securities has upgraded its rating on JK Cement to ADD from Reduce earlier, with a revised target price of Rs 5,740/sh (15x Mar-27E consolidated EBITDA). Their positive stance is driven by JK Cement's continued outperformance on both volumes and margin front. The brokerage estimates JK will continue to deliver industry leading 11% consolidated volume CAGR during FY25-27E and the blended unit EBITDA of Rs 1,191/1,275 per MT. These should drive up its RoE/ROCE to 19/17% in FY27E and net debt/EBITDA should cool off to 1.2x in FY27E, thus supporting its valuation multiple rerating. In Q4FY25. JK Cement delivered all-round performance ? strong traction in the grey cement drove up consolidated volume by 16% YoY and blended unit EBITDA increased to Rs 1,267 (Rs 263/MT QoQ). JK Cement lso tightened its operations, leading to negative non-cash working capital, bringing net debt to EBITDA to < 2x in Mar-25E.
Promoter/FII Holdings
Promoters held 45.68 per cent stake in the company as of 31-Mar-2025, while FIIs owned 16.14 per cent, DIIs 24.5 per cent.
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