JKCEMENT · Construction Materials
J.K. Cement Ltd. reported revenue of ₹3,463 cr for October to December 2025, +18.2% on the year and +14.7% on the quarter. Over the last four quarters revenue comes to ₹13,416 cr, +17.6% on the four before.
Operating profit (EBITDA) was ₹557 cr, a margin of 16.1%, −71 bps on the year and +128 bps on the quarter. Over the last 8 quarters the margin has ranged from 11.1% to 21.4%, averaging 17.0%. Operating costs grew +19.2%, faster than revenue at +18.2%, so operating profit grew less than sales.
Net profit was ₹174 cr, −8.4% on the year and +9.4% on the quarter, with earnings per share of ₹22.60. Profit before other income, one-offs and tax grew faster, at +15.4%; other income, one-offs or tax held the headline back. The tax rate was 35% against an average of 31% over the previous 8 quarters, which weighed on profit this quarter. Profit over the last four quarters totals ₹1,018 cr, +39.3% on the four before.
Capital goods and EPC revenue follows project execution, which makes quarters uneven; the order book and new orders tell more about the year than one quarter does. The quarterly statements do not carry the order book, new orders and working capital; those come with the filing read.
On earnings per share of ₹132.01 over the last four quarters, the stock at ₹5,052.40 trades at 38.3 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Core profit grew faster than reported profit: one-offs held the headline down.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹2,935 cr | ₹3,106 cr | ₹2,808 cr | ₹2,560 cr | ₹2,930 cr | ₹3,581 cr | ₹3,353 cr | ₹3,019 cr | ₹3,463 cr | ₹3,888 cr | ₹4,032 cr | ₹3,733 cr |
| YoY | — | — | +2% | −7% | −0% | +15% | +19% | +18% | +18% | +9% | +20% | +24% |
| EBITDA margin | 21.3% | 18.0% | 17.3% | 11.1% | 16.8% | 21.4% | 20.5% | 14.8% | 16.1% | 17.5% | 16.1% | 13.6% |
| Other income, % of PBT | 9% | 16% | 16% | 90% | 16% | 9% | 11% | 21% | −1% | 9% | 10% | 15% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 31% | 37% | 32% | 12% | 32% | 32% | 34% | 34% | 35% | 25% | 32% | 34% |
| Net profit | ₹284 cr | ₹220 cr | ₹185 cr | ₹136 cr | ₹190 cr | ₹361 cr | ₹324 cr | ₹159 cr | ₹174 cr | ₹331 cr | ₹275 cr | ₹169 cr |
| YoY | — | — | +64% | −23% | −33% | +64% | +75% | +17% | −8% | −8% | −15% | +6% |
| Core profit YoY | — | — | +39% | −93% | −37% | +67% | +90% | +1,180% | +15% | −18% | −15% | +14% |
| EPS | ₹36.73 | ₹28.44 | ₹23.98 | ₹16.28 | ₹24.54 | ₹46.64 | ₹41.99 | ₹20.78 | ₹22.60 | ₹43.08 | ₹35.91 | ₹22.39 |
| Flags | · | · | 1 | 3 | 1 | ✓ | ✓ | ✓ | ✓ | 1 | 1 | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
J.K. Cement Ltd. reported revenue of ₹3,463 cr (+18.2% on the year) and net profit of ₹174 cr (−8.4% on the year) for October to December 2025.
Profit before other income, exceptional items and tax moved +15.4% on the year, against −8.4% for reported profit.
None of the 7 checks that could run raised a question.
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