Buy JK Cement; target of Rs 1234: Dolat Capital

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26 Aug, 2025 12:21

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JK Cement reported a revenue of ` 11.2bn (+26.8% YoY, +1.7% QoQ), 2% higher than D’est. The cement dispatches during the quarter rose by 20.3% YoY (+4.5% QoQ). Grey Cement dispatches increased by 21.5% YoY (+5.1% QoQ). The white cement & wall putty sales during the quarter stood at 0.3Mt (+12.5% YoY, flat on QoQ). The blended realisation for the quarter increased by 5.4% YoY (-2.7% QoQ), Grey Cement realisation increased by 6.9% YoY (-3.2% QoQ), and white cement realisation registered rise of 3.1% YoY (2.0% QoQ).

Outlook At CMP JK Cement is trading at 10.1x/8.8x, FY19E/20E EV/EBITDA.  We roll over to FY20E and raise our target price to ` 1,234/share.

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