- Financials
• Strong YoY growth, but QoQ softer due to maintenance + weaker pricing.
• H1: Revenue +19%, EBITDA +47%, margins improved. - Debt & Balance Sheet
• Net debt up to ₹3,139cr; leverage still comfortable (1.34x).
• Borrowing mainly for growth CapEx. - Capacity Expansion
• Panna cluster to finish by Dec–Feb.
• Jaisalmer mega project on track for Q2 FY28.
• New wall putty plant in FY27.
• Toshali & Saifco: FY26 EBITDA breakeven. - Incentives & GST
• FY26 incentives lower by ₹50cr; FY27+ back to ₹300cr+. - Costs
• Q2 costs inflated by shutdowns + branding; expected to normalise.
• Savings program: ₹150–200/ton, majority in FY27. - Demand & Pricing
• FY26 volume growth guidance: ~10% (20 MT).
• Pricing under slight pressure in Q3. - CapEx & Debt Outlook
• FY26 CapEx: ₹2,800–3,000cr; FY27: ₹3,500cr.
• Net debt to rise by ~₹2,000cr due to Jaisalmer. - White Cement & UAE
• Losing Asian Paints as a customer; offset via exports + new dry mix products. - Paints Business
• FY26 target ₹400cr, FY27 breakeven maintained.
JK CEMENT Q2FY26 CON CALL
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