ICICI Direct's research report on JK Cement
With 14.7 MT grey cement capacity, JK Cement is the fourth largest player in North India, which contribute over 40% of its revenues. The company also has a presence in Gujarat, Maharashtra and Karnataka. It is also the second largest producer of white cement (0.6 MT) and wall putty (1.2 MT) in India • The company is adding another 4 MT integrated cement capacity (22 MW WHRS) in the central region that will take its capacity to 18.7 MT by FY23E • The company is aiming to reach 25 MT capacity by FY25E and has identified the Uttar Pradesh and Madhya Pradesh market for the said expansion.
We now upgrade our rating from HOLD to BUY. We value the stock at Rs 3,600 (at 15x FY24E EV/EBITDA).
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