JK Lakshmi Cement Limited — Investor Meet, 22-05-2026: Analysts/Institutional Investor Meet/Con. Call Updates

Q4 demand grew 6-6.5%, but pricing recovery was partial amidst intense competition and 64 million tons of industry capacity additions in FY26. Fuel costs surged, with pet coke up 40% QoQ. FY26 clinker production was 92.26 lakh tons (~93% utilization). Q4 EBITDA/ton was ~INR 730.

Management projects FY27 cement demand growth at ~6%. Expect INR 100-130/ton energy and packaging cost increase in Q1, rising to INR 300/ton by Q2. Company aims to outgrow the industry by enhancing utilization at Surat, Udaipur, and Cuttack plants, and improving blended cement ratio to 65%. Strategic focus includes internal cost controls (fuel mix, renewable energy, digital tech) to narrow the EBITDA gap with industry leaders by INR 50-75/ton in FY27, alongside product premiumization (Green+, LC3).

On track for 30 million tons capacity by 2030, with Durg expansion by FY28 end and Northeast by FY29. FY27 capex is projected at INR 1,500-1,700 Cr, increasing to ~INR 2,000 Cr in FY28. NECEM acquisition liabilities are settled. The company is also piloting TMT steel rods to leverage its brand and distribution network in adjacent building materials. Management expresses confidence in strategic execution and efficiency gains despite volatile external conditions.