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JK Lakshmi Cement’s management targets 10% volume growth in FY ’26, above the industry’s ~6.5%. Q4 saw a 7% QoQ price rise on better geographic mix and pricing, with premium cement making up 25% of sales. Non-cement revenue stood at Rs. 151 Cr; fuel costs steady at Rs. 1.53/kg cal; green power use hits 50%. Surat expansion (1.35 mtpa) is on track for phased commissioning by Sept ’25; other projects face minor delays but remain on budget. Capex expected around Rs. 1,300 Cr (FY ’26) and Rs. 1,800 Cr (FY ’27). Focus on Rs. 100–120/ton cost savings via renewables, logistics, and premiumization. Freight distance rose but should decline. Cash stands strong at Rs. 1,150 Cr. Expansion to 30 mtpa by FY ’30 remains a key goal. Tone is cautiously optimistic, emphasizing volume growth and cost control.