JK Lakshmi Cement (JKLC IN) – Q3FY26 Result Update – Sharp cut in NSR on lower trade volume share – BUY
Published on 04 Feb 2026
JKLC remains focused on growth via capacity additions while it has demonstrated good progress on the cost front through a higher green power share and operational efficiencies, which should support margins over the long term. We cut our estimates for FY27/28E by 2%/1% on lower pricing assumption and expect JKLC to deliver EBITDA/volume CAGR of 21%/10% over FY25-28E. The stock is trading at EV of 9x/8.7x FY27E/28E EBITDA. Maintain ‘BUY’ with revised TP of Rs881 (earlier Rs891) valuing at 10x EV of Mar’28E EBITDA.
