JK Cement (JKCE IN) – Q2FY27 Result Update – Strong volume trajectory continues – BUY
Published on 27 Oct 2026
We expect JKCE to sustain healthy volume growth and market share gains, supported by ramp-up of recently commissioned capacities and ongoing expansions. While higher fuel costs are likely to weigh on margins in H2FY27, recent cement price hikes should support margins thereafter. With JKCE’s superior execution, capacity targeted to reach 40mtpa by FY28 and 50mtpa by FY30, alongside focus on premiumisation and improving market share, we believe JKCE remains well positioned to deliver healthy earnings growth over the medium to long term. We expect JKCE to deliver EBITDA/volume CAGR of 18%/14% over FY26-29E. The stock is trading at EV of 13.6x/11.6x FY28/29E EBITDA. Maintain ‘BUY’ with revised TP of INR6,064 (earlier INR6,080) valuing at 15x EV of Sep’28E EBITDA.
