JK Cement (JKCE IN) – Q3FY26 Result Update – Volume led performance; expansion on track – Accumulate
Published on 19 Jan 2026
JKCE’s ongoing capacity expansion and regional diversification are expected to strengthen its presence across high-growth North, Central, and East markets, supporting sustained market-share gains. The planned commissioning of the Buxar grinding unit in mid-Feb, ramp-up of recently added capacities at Panna and Hamirpur, and Jaisalmer expansion provide strong volume visibility. With management expecting 12-15% volume growth over the next two years and further cost optimization through higher green power usage, an improved fuel mix, and logistics efficiency, JKCE is well positioned to deliver strong performance with improving prices. We expect JKCE to deliver EBITDA/volume CAGR of 22%/13% over FY25-28E. The stock is trading at EV of 16.5x/14.1x FY27E/28E EBITDA. Maintain ‘Accumulate’ with revised TP of Rs6,199 (earlier Rs6,173) valuing at 15x EV of Mar’28E EBITDA.
