Motilal Oswal's research report on JK Lakshmi Cement
JK Lakshmi Cement (JKLC)’s 2QFY26 EBITDA was in line with our estimates at INR2.1b (+133% YoY, albeit on a low base) as the benefit of better realization was offset by higher-than-estimated opex/t. EBITDA/t increased 103% YoY to INR733 (in line). It reported PAT of INR809m (+22% vs. estimate, led by higher other income and lower ETR) vs. a loss of INR307m in 2QFY25.
Outlook
The stock is trading at 9x/8x FY27E/FY28E EV/EBITDA. We value JKLC at 11x Sep’27E EV/EBITDA to arrive at our TP of INR1,100. Reiterate BUY.
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