J.K. Cement Ltd.net sales +21%, EBITDA ₹500 Cr, fuel costs to bite

JK Cement's Q2 FY27 call, held on 27 October 2026, showed fast growth running into higher costs.

Net sales rose 21% to ₹3,561 crore, though they fell 9% on Q1, and first-half grey cement volumes grew 19% to 11.3 million tons. EBITDA was ₹500 crore against ₹440 crore a year earlier and ₹639 crore in Q1. Net debt rose to ₹4,571 crore, or 1.95 times EBITDA, and management expects the ratio to peak at 2.25 to 2.35 times around the end of FY27 as the Jaisalmer plant is built. The CFO said fuel cost will rise by ₹80 to ₹100 a ton in each of Q3 and Q4, that prices are up about ₹20 a bag since mid-September, and that another ₹10 to ₹15 is needed, possibly after Diwali.

It kept its 23 million ton volume guidance and would not commit to 24 million. The company commissioned a wall putty plant, approved a ₹130 crore paint plant, and aims to start Jaisalmer and Bikaner in the first half of FY28. No earlier promises were on file for comparison.