Source: JK Cement Limited Integrated Annual Report 2026 (Reporting Period: 1st April 2025 to 31st March 2026)
Quick Facts / Company Snapshot
| Metric / Parameter | Details |
|---|---|
| Company Name | JK Cement Limited |
| Corporate Identity Number (CIN) | L17229UP1994PLC017199 |
| NSE Ticker Symbol | JKCEMENT |
| BSE Scrip Code | 532644 |
| Registered Office | Kamla Tower, Kanpur – 208001, Uttar Pradesh, India |
| Corporate Office | Prism Tower, Ninaniya Estate, Gwal Pahari, Gurugram – 122102, Haryana, India |
| Managing Director | Dr. Raghavpat Singhania |
| Joint Managing Director & CEO | Mr. Madhavkrishna Singhania |
| Deputy Managing Director & CFO | Mr. Ajay Kumar Saraogi |
| Total Installed Grey Cement Capacity (Consolidated) | 32.26 MnTPA |
| White Cement & Wall Putty Capacity (Consolidated) | 3.05 MnTPA |
| Standalone Revenue from Operations (FY 2025-26) | ₹ 12,945.34 Crores |
| Consolidated Revenue from Operations (FY 2025-26) | ₹ 13,722.30 Crores |
| Permanent Workforce (Standalone) | 5,196 (4,952 employees and 99 permanent workers; plus trainees/others) |
Company Overview
JK Cement Limited is one of India’s leading cement manufacturers, ranked among the top five players by capacity. For over five decades, the Company has operated in the building materials industry, evolving from a pure-play grey cement manufacturer into an integrated building materials enterprise. Its current operations span the manufacturing of grey cement, white cement, wall putty, decorative paints, tile adhesives, grouts, gypsum plaster, construction chemicals, and ready-mix concrete (RMC). The Company operates across 25 States and Union Territories in India and maintains an international footprint for its white cement and dry-mix portfolio, exporting to over 40 countries.
Business Segments
JK Cement Limited operates primarily across the following core product divisions:
- Grey Cement: Comprises Ordinary Portland Cement (OPC 43 and OPC 53 Grade), Portland Pozzolana Cement (PPC), Portland Slag Cement (PSC), and Limestone Calcined Clay Cement (JK Super LC-3). In FY 2025-26, Grey Cement contributed ~83% of standalone net sales (₹ 12,568.16 Crores total net sales from goods). Grey business sales volume stood at 20.66 Million Tonnes.
- White Cement & Wall Putty (including Value-Added Products): Encompasses white cement, wall putty formulations, tile adhesives, grouts, gypsum plaster, and construction chemicals. This segment contributed ~17% of standalone net sales in FY 2025-26, recording sales volumes of 1.80 Million Tonnes.
- Paints: Operated primarily through wholly owned subsidiary JK Maxx Paints Limited, offering interior and exterior decorative emulsions and allied coatings. JK Maxx Paints Limited recorded revenue from operations of ₹ 394.09 Crores in FY 2025-26.
- Ready-Mix Concrete (RMC): Launched in FY 2025-26 with an initial footprint of 5 operational plants across Noida, Jabalpur, Udaipur, Bhopal, and Kanpur/Indore.
History and Evolution
Originating within the industrial conglomerate JK Organisation, the Company was incorporated on 24th November 1994 as J.K. Cement Limited. Over five decades of operational expansion, the entity developed manufacturing hubs initially centered in Rajasthan (Nimbahera, Mangrol, and Gotan) and Karnataka (Muddapur). Over the past five years, JK Cement more than doubled its grey cement capacity, crossing the 30 MnTPA installed capacity milestone in FY 2025-26 (reaching 32.26 MnTPA). Key strategic moves during FY 2025-26 included the amalgamation of Toshali Cements Private Limited (effective 15th October 2025, with an appointed date of 1st April 2024), adding units at Choudwar and Ampavalli in Odisha, and the acquisition of a 60% controlling stake in Saifco Cements Private Limited (renamed J. K. Cement Saifco Private Limited) in June 2025 to establish manufacturing presence in Jammu & Kashmir.
Founders
JK Cement Limited trace its lineage to the pioneering industrial heritage of the JK Organisation, founded by the Singhania family. Late Shri Yadupati Singhania served as the key architect and former Managing Director who guided the modern expansion and corporate restructuring of JK Cement Limited. The Company continues to be led by members of the Singhania family under the chairpersonship of Mrs. Sushila Devi Singhania, with Dr. Nidhipati Singhania as Vice Chairperson, Dr. Raghavpat Singhania as Managing Director, and Mr. Madhavkrishna Singhania as Joint Managing Director and CEO.
Products and Services
- Grey Cement: OPC 43 Grade, OPC 53 Grade, Portland Pozzolana Cement (PPC), Portland Slag Cement (PSC), JK Super Strong Concrete Special, JK Super Protect, and JK Super LC-3 (Limestone Calcined Clay Cement, IS 18189:2023 certified).
- White Cement & Wall Putty: JK White Cement, WallMaxX, WallMaxX Advanced, ShieldMaxX, ActivV, LevelMaxX, and LevelMaxX Plus.
- Paints: JK Maxx decorative paint solutions, including interior and exterior emulsions (WipEazy, WipEazy Duo+, Majesta Tru-shyn, Trendz Tru-Shyn, ProMaxx ICON).
- Adhesives and Grouts: JK Tylo tile adhesives, epoxy grouts, and surface care compounds.
- Construction Chemicals: JKPROFIX range, including Liquid Waterproofing Polymer, Universal Repairing Product (SBR Latex), Roof Protec Classik, and Bitu Protec liquid membranes.
- Gypsum Plasters: JK Gypsum Plaster ready-to-use formulation.
- Ready-Mix Concrete: Synergised RMC solutions deployed via automated batching plants.
- Customer Advisory Platforms: “Prarambh” homebuilding assistance programme, offering soil testing, slab casting advisory, structural concrete testing, and allied services.
Brand Portfolio
- JK Super Cement: Core master brand for grey cement products.
- JK White Cement: Flagship architectural and decorative white binder brand.
- JK Cement WallMaxX: Surface-finishing and wall-levelling putty portfolio.
- JK Maxx Paints: Interior and exterior architectural paint line.
- JK Tylo: Specialized tile and stone fixing adhesives and joint grouts.
- JKPROFIX: Construction chemicals, waterproofing agents, and repair additives.
Geographical Presence
Domestic Manufacturing Units
- Integrated Cement Plants (ICPs): Nimbahera (Rajasthan), Mangrol (Rajasthan), Muddapur (Karnataka), Panna (Madhya Pradesh), Ampavalli (Odisha), and Gotan Lines 1 & 2 (Rajasthan – White Cement).
- Grinding Units (GUs): Jharli (Haryana), Aligarh (Uttar Pradesh), Balasinor (Gujarat), Hamirpur (Uttar Pradesh), Prayagraj (Uttar Pradesh), Ujjain (Madhya Pradesh), Choudwar (Odisha), Buxar (Bihar), and Katni (Madhya Pradesh – Putty unit).
- Subsidiary Plant: J. K. Cement Saifco Private Limited plant in Srinagar (Jammu & Kashmir).
- Under Construction / Planning: Integrated unit at Jaisalmer (Rajasthan; 4 MnTPA clinker, 3 MnTPA cement), split grinding units at Bikaner (Rajasthan; 2 MnTPA) and Bathinda (Punjab; 2 MnTPA), and a wall putty plant at Nathdwara (Rajasthan; 0.6 MnTPA).
- Footprint: 16 plants and 50 offices across India, covering 25 States and Union Territories with a dealer and retailer network of ~91,000 partners.
International Presence
Through overseas subsidiaries including J.K. Cement (Fujairah) FZC, J.K. Cement Works (Fujairah) FZC, JK Drychem Industries LLC, and J.K. White Cement (Africa) Limited in Tanzania, the Company serves 42 international markets across the Middle East, Africa, Europe, the Americas, and the Asia-Pacific region.
Board of Directors and Leadership Team
- Mrs. Sushila Devi Singhania: Chairperson (Non-Executive, Non-Independent)
- Dr. Nidhipati Singhania: Vice Chairperson (Non-Executive, Non-Independent)
- Dr. Raghavpat Singhania: Managing Director (Executive, Non-Independent)
- Mr. Madhavkrishna Singhania: Joint Managing Director & CEO (Executive, Non-Independent)
- Mr. Ajay Kumar Saraogi: Deputy Managing Director & CFO (Executive, Non-Independent)
- Mr. Paul Heinz Hugentobler: Non-Executive, Non-Independent Director
- Mr. Ashok Kumar Sharma: Independent, Non-Executive Director
- Mr. Ashok Sinha: Independent, Non-Executive Director
- Mrs. Deepa Gopalan Wadhwa: Independent, Non-Executive Director
- Mr. Mudit Aggarwal: Independent, Non-Executive Director
- Ms. Praveen Mahajan: Independent, Non-Executive Director
- Mr. Rakesh Sethi: Independent, Non-Executive Director
- Mr. Alok Dhir: Independent, Non-Executive Director (Appointed 1st November 2025)
- Key Management / Senior Executives: Ms. Bhumika Sood (Company Secretary & Compliance Officer), Mr. Anuj Khandelwal (Business Head – Grey Cement), Mr. Nitish Chopra (Business Head – Paints & White Cement), Dr. Andleeb Jain (Group President – People, Culture and Digital), and Mr. Pushp Raj Singh (Chief Marketing Officer).
If I were to describe FY 2025‑26 in a nutshell, it would be a year of building ahead. Ahead of demand. Ahead of the competition. Ahead of the scale that is coming. That is the way we approached this year, and I believe it was the right call.
Dr. Raghavpat Singhania, Managing Director
Parent
JK Cement Limited is an independent listed entity belonging to the industrial legacy of the JK Organisation. It does not have an ultimate corporate holding parent; promoter and promoter group entities hold equity ownership, while the Company controls domestic and international operating subsidiaries (such as J.K. Cement (Fujairah) FZC and JK Maxx Paints Limited).
Future Strategy
- Targeting 50 MnTPA by FY 2029-30: Advancing execution of the 7 MnTPA Greenfield Northern expansion, comprising the Jaisalmer integrated project (4 MnTPA clinker, 3 MnTPA grinding) and split grinding units in Bikaner (2 MnTPA) and Punjab (2 MnTPA) scheduled for commissioning in H1 FY28.
- Downstream Ready-Mix Network: Scaling RMC footprint from 5 operational plants in FY 2025-26 to 50+ plants by March 2027 and ~100 plants by March 2028 via an asset-light model.
- Decarbonisation and Green Transition: Achieving a 75% green power mix (renewables + WHRS) and 35% thermal substitution rate (TSR) by 2030; scaling LC-3 commercial deployment; and piloting oxyfuel CCUS (2 TPD pilot) and industrial symbiosis (steel slag utilisation with Tata Steel under LeadIT).
- Capex Outlay: Planned capital expenditure of ₹ 3,500–₹ 4,000 Crores in FY 2026-27 and ₹ 2,000–₹ 2,500 Crores in FY 2027-28 for ongoing expansions, raw material security (coal blocks: Mahan and West of Shahdol), and operational decarbonisation.
Key Strengths
- Integrated Asset Network: 32.26 MnTPA grey cement capacity coupled with strategic split grinding units located in high-growth demand centres.
- Robust Balance Sheet Discipline: Net debt-to-EBITDA ratio of 1.45x and net debt-to-equity of 0.48x on standalone basis despite ongoing capital expenditure.
- In-House Resource and Energy Security: 119.3 MW of Waste Heat Recovery Systems (WHRS) across all integrated plants and 171.41 MW contracted renewable power, yielding a 51.8% green power mix.
- Pioneering Green Product Portfolio: First cement producer in India to commercially manufacture and deploy Limestone Calcined Clay Cement (LC-3) under IS 18189:2023.
- Diversified Building Solutions Platform: Integrated channel offering grey cement, white cement, putty, paints, adhesives, waterproofing, and ready-mix concrete under a single distribution umbrella.
Key Challenges and Risks
- Input Fuel and Commodity Volatility: Vulnerability to imported pet coke, coal price fluctuations, and diesel freight costs aggravated by geopolitical conflicts in West Asia.
- Currency Depreciation: Foreign exchange swings impacting imported equipment, fuel procurement, and overseas debt commitments.
- Legal and Regulatory Disputes: Pending statutory appeals before the Hon’ble Supreme Court and NCLAT concerning Competition Commission of India (CCI) penalty orders of ₹ 128.54 Crores and ₹ 9.28 Crores.
- Intense Regional Competition: Supply additions across Northern, Central, and Eastern corridors leading to intermittent pricing and margin volatility.
- Climate and Water Risks: Managing water stress across arid production clusters in Rajasthan and transitioning operations to meet the mandatory Greenhouse Gases Emission Intensity Target Rules.
Conclusion and Strategic Outlook
During FY 2025-26, JK Cement Limited successfully expanded its grey cement production capacity beyond 32 MnTPA, crossed 20 Million Tonnes in grey cement sales volume, and achieved ₹ 12,945.34 Crores in standalone revenue from operations. Through balanced capital allocation, organic additions in Central India, strategic acquisitions in Jammu & Kashmir and Odisha, and expansion into paints and ready-mix concrete, the Company is positioned to execute its Vision 2030 roadmap toward reaching 50 MnTPA capacity while maintaining financial and operational discipline.
Official Site
Official corporate website: https://www.jkcement.com/
J.K. Cement Limited (NSE: JKCEMENT, BSE: 532644) is an Indian cement manufacturer operating across grey cement, white cement, wall putty, and allied building products.
Energy efficiency remains a structural lever for J. K. Cement Ltd. in strengthening competitiveness and advancing our decarbonisation pathway.
Integrated Annual Report 2026
Profit and loss
The table below presents the consolidated financial performance of J.K. Cement Limited for the financial years ended March 31, 2026, and March 31, 2025 (in ₹ Crores):
| Metric | FY 2025-26 | FY 2024-25 | YoY Growth (%) |
|---|---|---|---|
| Revenue from Operations | 13,722.30 | 11,879.15 | +15.52% |
| Other Income | 194.54 | 172.95 | +12.48% |
| Total Income | 13,916.84 | 12,052.10 | +15.47% |
| Cost of Materials Consumed | 2,017.65 | 1,730.19 | +16.61% |
| Purchase of Traded Goods | 307.73 | 250.98 | +22.61% |
| Changes in Inventories (Finished Goods, WIP, Traded) | (87.77) | 36.37 | +141.33% |
| Employee Benefit Expenses | 1,045.40 | 901.74 | +15.93% |
| Power and Fuel (Net) | 2,598.43 | 2,180.07 | +19.19% |
| Freight and Forwarding Expenses | 3,146.23 | 2,679.70 | +17.41% |
| Other Expenses | 2,320.38 | 2,072.96 | +11.94% |
| Operating Profit (EBITDA before Finance Costs, Depreciation & Tax) | 2,568.79 | 2,200.09 | +16.76% |
| Finance Costs | 424.27 | 459.18 | -7.60% |
| Depreciation and Amortisation Expenses | 652.98 | 601.46 | +8.57% |
| Total Expenses | 12,425.30 | 10,912.65 | +13.86% |
| Profit Before Exceptional Items & Tax | 1,491.54 | 1,139.45 | +30.90% |
| Exceptional Items – Loss / (Gain) | 47.80 | (102.35) | -53.30% |
| Share in Associates (Net of Tax) – Gain | (0.11) | (0.59) | -81.36% |
| Profit Before Tax | 1,443.85 | 1,242.39 | +16.22% |
| Current Tax | 335.99 | 222.71 | +50.86% |
| Adjustment of Tax Relating to Earlier Periods | 0.14 | 0.78 | -82.05% |
| Deferred Tax | 119.73 | 146.73 | -18.40% |
| Total Tax Expense | 455.86 | 370.22 | +23.13% |
| Profit for the Year | 987.99 | 872.17 | +13.28% |
| Profit Attributable to Equity Holders of the Parent | 992.49 | 861.12 | +15.26% |
| Profit Attributable to Non-Controlling Interests | (4.50) | 11.05 | -59.28% |
Balance sheet
The table below presents the consolidated balance sheet position of J.K. Cement Limited as of March 31, 2026, and March 31, 2025 (in ₹ Crores):
| Metric | As at March 31, 2026 | As at March 31, 2025 | YoY Growth (%) |
|---|---|---|---|
| Property, Plant and Equipment | 10,847.79 | 8,952.11 | +21.18% |
| Capital Work-in-Progress | 1,053.15 | 1,317.45 | -20.06% |
| Intangible Assets & Intangible Assets Under Development | 389.61 | 209.21 | +86.23% |
| Right-of-Use Assets | 175.12 | 197.23 | -11.21% |
| Goodwill | 174.86 | 160.23 | +9.13% |
| Non-Current Investments | 414.54 | 144.19 | +187.50% |
| Other Non-Current Financial Assets | 701.37 | 394.14 | +77.95% |
| Other Non-Current Assets | 581.80 | 303.47 | +91.72% |
| Total Non-Current Assets | 14,338.24 | 11,678.03 | +22.78% |
| Inventories | 1,524.91 | 1,175.13 | +29.77% |
| Current Investments | 32.72 | 456.72 | -92.84% |
| Trade Receivables | 760.06 | 786.55 | -3.37% |
| Cash and Cash Equivalents | 118.95 | 297.30 | -59.99% |
| Bank Balances Other than Cash & Cash Equivalents | 350.16 | 1,072.37 | -67.35% |
| Other Current Financial Assets | 888.51 | 732.99 | +21.22% |
| Current Tax Assets (Net) & Other Current Assets | 486.42 | 471.52 | +3.16% |
| Assets Classified as Held for Sale | 0.00 | 10.94 | -100.00% |
| Total Current Assets | 4,161.73 | 4,992.58 | -16.64% |
| Total Assets | 18,499.97 | 16,681.55 | +10.90% |
| Equity Share Capital | 77.27 | 77.27 | 0.00% |
| Other Equity | 6,959.98 | 6,011.71 | +15.77% |
| Non-Controlling Interests | 53.06 | (33.75) | +57.21% |
| Total Equity | 7,090.31 | 6,055.23 | +17.09% |
| Non-Current Borrowings | 4,661.79 | 4,600.34 | +1.34% |
| Non-Current Lease Liabilities | 86.91 | 111.25 | -21.88% |
| Other Non-Current Financial Liabilities | 572.69 | 531.31 | +7.79% |
| Non-Current Provisions | 25.01 | 33.52 | -25.39% |
| Deferred Tax Liabilities (Net) | 1,383.09 | 1,221.50 | +13.23% |
| Other Non-Current Liabilities | 205.67 | 220.49 | -6.72% |
| Total Non-Current Liabilities | 6,935.16 | 6,718.41 | +3.23% |
| Current Borrowings | 1,411.84 | 1,295.19 | +9.01% |
| Current Lease Liabilities | 22.45 | 21.45 | +4.66% |
| Trade Payables | 1,216.06 | 1,098.07 | +10.75% |
| Other Current Financial Liabilities | 457.01 | 350.98 | +30.21% |
| Other Current Liabilities | 1,030.52 | 975.44 | +5.65% |
| Current Provisions & Tax Liabilities (Net) | 336.62 | 166.78 | +101.83% |
| Total Current Liabilities | 4,474.50 | 3,907.91 | +14.50% |
| Total Equity and Liabilities | 18,499.97 | 16,681.55 | +10.90% |
Cash flow
The table below summarizes the consolidated cash flows of J.K. Cement Limited for FY 2025-26 and FY 2024-25 (in ₹ Crores):
| Metric | FY 2025-26 | FY 2024-25 | YoY Growth (%) |
|---|---|---|---|
| Cash Generated from Operations | 2,081.82 | 2,139.83 | -2.71% |
| Income Tax Paid (Net) | (208.83) | (200.44) | +4.19% |
| Net Cash Flow From Operating Activities | 1,872.99 | 1,939.39 | -3.42% |
| Purchase of Property, Plant & Equipment and Intangible Assets | (2,266.45) | (1,719.80) | +31.79% |
| Proceeds from Disposal of Property, Plant & Equipment | 17.95 | 21.48 | -16.43% |
| Acquisition of Cement Business | (149.79) | 0.00 | N/A |
| Proceeds from Maturity / (Investment in) Fixed Deposits (Net) | 331.43 | (151.62) | +118.59% |
| Purchase of Investments | (1,027.06) | (1,611.59) | -36.27% |
| Sale of Investments | 1,190.84 | 1,397.61 | -14.79% |
| Loans Given to Associates & Others | (3.04) | (8.44) | -63.98% |
| Interest Received | 160.66 | 162.66 | -1.23% |
| Net Cash Used In Investing Activities | (1,745.46) | (1,909.70) | -8.60% |
| Proceeds from Non-Current Borrowings | 609.00 | 1,259.03 | -51.63% |
| Repayment of Non-Current Borrowings | (589.34) | (708.62) | -16.83% |
| Proceeds from Current Borrowings (Net) | 145.83 | 148.24 | -1.63% |
| Payment towards Principal Portion of Lease Liabilities | (28.37) | (30.34) | -6.49% |
| Interest Paid on Lease Liabilities | (6.39) | (8.89) | -28.12% |
| Interest Paid | (399.55) | (431.16) | -7.33% |
| Dividend Paid | (115.87) | (154.43) | -24.97% |
| Net Cash Used In / From Financing Activities | (384.69) | 73.83 | +421.05% |
| Net Increase / (Decrease) in Cash and Cash Equivalents | (257.16) | 103.52 | +148.42% |
| Cash & Cash Equivalents at Beginning of Year | 297.30 | 174.41 | +70.46% |
| Cash Acquired on Business Acquisition / Foreign Exchange Impact | 78.81 | 19.37 | +306.87% |
| Cash & Cash Equivalents at End of Year | 118.95 | 297.30 | -59.99% |
Subsidiaries, associates, joint ventures
Subsidiaries (Direct & Step-down)
- JK Maxx Paints Limited (formerly JK Paints & Coatings Limited): Wholly Owned Subsidiary (100% equity shareholding), incorporated in India.
- JK Cement Foundation: Wholly Owned Subsidiary (100% equity shareholding), incorporated in India on April 8, 2025.
- J. K. Cement (Fujairah) FZC: Wholly Owned Subsidiary (100% equity shareholding), registered in Fujairah, United Arab Emirates.
- J. K. Cement Saifco Private Limited (formerly Saifco Cements Private Limited): Subsidiary (60% equity shareholding), acquired on June 6, 2025, operating in Jammu & Kashmir, India.
- Saifco Cements Estate Private Limited: Step-down Subsidiary (100% owned by J.K. Cement Saifco Private Limited), incorporated in India.
- J. K. Cement Works (Fujairah) FZC: Step-down Subsidiary (90% equity shareholding held via J.K. Cement (Fujairah) FZC), operating in Fujairah, UAE.
- J. K. White Cement (Africa) Limited: Step-down Subsidiary (100% equity shareholding), operating in Dar es Salaam, Tanzania.
- J. K. White Cement Fujairah LLC: Step-down Subsidiary (100% equity shareholding), registered in Fujairah, UAE.
- JK Drychem Industries LLC: Step-down Subsidiary (100% equity shareholding), registered in Ras Al Khaimah, UAE on October 6, 2025.
- Toshali Cements Private Limited: Erstwhile Wholly Owned Subsidiary, merged with J.K. Cement Limited pursuant to NCLT order dated October 13, 2025 (appointed date January 1, 2024; effective date October 15, 2025).
Associates
- DCC Green Energy Private Ltd.: Associate (49% shareholding), India.
- Rekart Green Energy Private Ltd.: Associate (49% shareholding), India.
- FP Centaurus Private Limited: Associate (34.91% shareholding), India.
- Clean Max Matahari Private Limited: Associate (26% shareholding), India.
- Nay Energy Pvt. Ltd.: Associate (26% shareholding), India.
- O2 Renewable Energy V Private Limited: Associate (28.96% shareholding), India.
- O2 Renewable Energy XXXIV Private Limited: Associate (45.01% shareholding), India.
- TRUERE 100 Energy Private Limited: Associate (26% shareholding), India.
- Truere Guj SPV Private Limited: Associate (26% shareholding), India.
- Truere Current Private Limited: Associate (26% shareholding), India.
Joint Ventures
- None: The Group explicitly discloses that it does not have any joint venture arrangements.
Other Investments
Minority equity holdings and strategic debt/bond investments made by J.K. Cement Limited as of March 31, 2026, include:
- Amp Solar Technologies Private Ltd.: 230 Equity Shares.
- Atria Wind Power (Chitradurga) Private Ltd.: 322,823 Equity Shares (₹7.30 Crores).
- Nay Energy Private Ltd.: 6,213,073 Equity Shares (₹7.27 Crores).
- FP Centaurus Private Ltd.: 20,445 Equity Shares (₹3.50 Crores).
- Clean Max Matahari Private Ltd.: 55,729 Equity Shares (₹9.19 Crores).
- Amplus RJ Solar Private Ltd.: 1,530,000 Equity Shares (₹1.53 Crores).
- AMP Solar Urja Private Ltd.: 550,570 Equity Shares (₹0.55 Crores) and 49,572 Compulsory Convertible Debentures (₹4.96 Crores).
- O2 Renewable Energy V Private Ltd.: 11,023,673 Equity Shares (₹11.57 Crores).
- O2 Renewable Energy XXXIV Private Ltd.: 12,480,000 Equity Shares (₹12.48 Crores).
- FPEL Ujwal Private Ltd.: 166,405 Equity Shares (₹3.18 Crores).
- Fourth Partner Solar Power Private Ltd.: 1,142,055 Equity Shares (₹5.70 Crores).
- Truere 100 Energy Private Ltd.: 1,725,000 Equity Shares (₹1.73 Crores).
- Truere Guj SPV Private Ltd.: 18,085,600 Equity Shares (₹22.41 Crores).
- Truere Current Private Ltd.: 9,438,100 Equity Shares (₹12.81 Crores).
- Stratify 3D Private Limited: 4,000 Equity Shares (₹1.35 Crores).
- Corporate Debentures & Perpetual Bonds:
- Shriram Finance Non-Convertible Debentures: ₹20.08 Crores.
- Tata Capital Ltd. Debentures: ₹10.05 Crores.
- Motilal Oswal Finvest Ltd. Debentures: ₹10.00 Crores.
- Bank of India Perpetual Bonds: ₹50.81 Crores.
- Union Bank of India Perpetual Bonds: ₹10.14 Crores.
- Punjab National Bank Perpetual Bonds: ₹104.67 Crores.
- Canara Bank Perpetual Bonds: ₹91.91 Crores.
- Poonawalla Fincorp Perpetual Bonds: ₹9.98 Crores.
- Hero Fincorp Ltd. Perpetual Bonds: ₹9.96 Crores.
- Godrej Finance Ltd. Perpetual Bonds: ₹9.82 Crores.
- SBI Magnum Low Duration Fund: ₹0.36 Crores.
Physical properties
Manufacturing Facilities
- Grey Cement Integrated & Grinding Units (India):
* Nimbahera, District Chittorgarh, Rajasthan
* Mangrol, District Chittorgarh, Rajasthan
* Muddapur, District Bagalkot, Karnataka
* Sotipura / Panna, District Panna, Madhya Pradesh
* Jhajjar, Haryana
* Aligarh, Uttar Pradesh
* Balasinor, Gujarat
* Ujjain, Madhya Pradesh
* Hamirpur, Uttar Pradesh
* Prayagraj, Uttar Pradesh
* Buxar, Bihar
* Ampavalli, District Koraput, Odisha (merged)
* Choudwar, District Cuttack, Odisha (merged)
* Srinagar, Jammu & Kashmir (via J.K. Cement Saifco) - Grey Cement Units Under Construction:
* Jaisalmer, Rajasthan
* Bikaner, Rajasthan
* Bathinda, Punjab - White Cement & Wall Putty Facilities:
* Gotan, District Nagaur, Rajasthan
* Badwara / Katni, District Katni, Madhya Pradesh - Thermal Power & Waste Heat Recovery Systems (WHRS):
* Captive Thermal Power Plants: Nimbahera, Mangrol, Gotan, Muddapur.
* Waste Heat Recovery Power Plants: Nimbahera, Mangrol, Muddapur, Sotipura (Panna). Total WHRS capacity expanded from 82.3 MW to 119.3 MW. - Paint Manufacturing Facilities:
* Unit I and Unit II, Bhiwadi, District Alwar, Rajasthan (JK Maxx Paints) - Overseas Manufacturing Facilities:
* Fujairah, United Arab Emirates (White Cement Plant)
* Dar es Salaam, Tanzania (Packing and Distribution Facility)
* Ras Al Khaimah, United Arab Emirates (Drychem Manufacturing)
Commercial & Corporate Offices
- Registered Office: Kamla Tower, Kanpur – 208001, Uttar Pradesh.
- Corporate Office: Prism Tower, Ninaniya Estate, Gwal Pahari, Gurugram, Haryana – 122102.
- Delhi Office: Padam Tower, 19, DDA Community Centre, Okhla Phase 1, New Delhi – 110020.
- Regional Network: 50 marketing and zonal offices across India.
Research & Development Facilities
- Research and commercialization centers focused on Limestone Calcined Clay Cement (LC3) formulation at Mangrol, Rajasthan (developed in partnership with IIT Delhi).
- R&D testing setup for electric calcination, green hydrogen, and AI-driven thermal optimization in partnership with Cemvision, Tata Steel, and IIT-ISM Dhanbad under the LeadIT umbrella.
Investments and capital expenditure
R&D Allocations
- Percentage of R&D Spent on Sustainability: In FY 2025-26, 28.6% of total R&D and capex investments were allocated toward specific technologies to improve environmental and social impacts (up from 0.1% in FY 2024-25).
- R&D Focus Areas: Low-carbon product development, alternative material integration, commercial scale deployment of LC3 technology (IS 18189:2023 certified), and digital energy technologies.
Capital Expenditure (Capex) Details
- Environmental & Decarbonization Capex: 22.9% of total capex in FY 2025-26 was directly dedicated to environmental and social impact improvements (up from 0% in FY 2024-25).
- Energy Conservation Capital Outlay (FY 2025-26): ₹65 Crores invested in targeted energy initiatives delivering 1,384 Lakh kWh electrical savings, equivalent to ₹48 Crores in cost savings:
1. Process Optimisation: ₹6 Crores capex | ₹17 Crores annual savings.
2. Installing Energy-Efficient Equipment: ₹6 Crores capex | ₹5 Crores annual savings.
3. In-House Small Modifications: ₹0.50 Crores capex | ₹2 Crores annual savings.
4. Downsizing Existing Equipment: Negligible capex | ₹0.02 Crores annual savings.
5. Improving Production & Operational Efficiency: ₹49 Crores capex | ₹14 Crores annual savings.
6. Improving Thermal Efficiency: ₹0 capex | ₹8 Crores annual savings.
7. VFD Installation: ₹1 Crore capex | ₹0.20 Crores annual savings.
8. Adoption of R&D and Digital Energy Technologies: ₹2.9 Crores capex | ₹1.4 Crores annual savings. - WHRS Expansion Capex: Upgraded WHRS capacity at Mangrol from 29.10 MW to 39.10 MW and at Panna from 22 MW to 49 MW.
- Planned Capex for FY 2026-27: Committed strategic investment of approximately ₹48 Crores for critical fan/baghouse upgrades, VFD installations, solar power at mines, and plant lighting energy savers (projected annual savings of ₹26 Crores).
- Total Property, Plant & Equipment Additions (FY 2025-26): Consolidated gross additions of ₹2,439.96 Crores (including ₹128.06 Crores from business acquisition).
Shareholding pattern
The table below presents the shareholding structure of J.K. Cement Limited as of March 31, 2026, compared with March 31, 2025:
| Category | Shares | % Stake | Previous % Stake |
|---|---|---|---|
| Promoter and Promoter Group | 35,278,087 | 45.66% | 45.68% |
| Yadu International Limited (Promoter) | 31,050,918 | 40.19% | 40.19% |
| Mrs. Sushila Devi Singhania (Promoter) | 3,335,957 | 4.32% | 4.32% |
| Other Promoters & Promoter Trusts | 891,212 | 1.15% | 1.17% |
| Public, Institutional & Non-Promoter Shareholders | 41,990,164 | 54.34% | 54.32% |
| Total | 77,268,251 | 100.00% | 100.00% |
Financial Statements
Standalone Statement of Profit and Loss
| Financial Metric (₹ in Crores) | FY 2025-26 | FY 2024-25 (Restated) | YoY Growth (%) |
|---|---|---|---|
| Revenue from operations | 12,945.34 | 11,187.20 | +15.72% |
| Other income | 193.40 | 170.03 | +13.74% |
| Total Income | 13,138.74 | 11,357.23 | +15.69% |
| Cost of materials consumed | 1,739.04 | 1,487.79 | +16.89% |
| Purchase of traded goods | 558.30 | 385.67 | +44.76% |
| Changes in inventories of finished goods, work-in-progress and traded goods | (94.61) | 44.09 | +114.58% |
| Employee benefits expenses | 937.98 | 821.74 | +14.15% |
| Finance costs | 415.66 | 449.83 | -7.60% |
| Depreciation and amortisation expenses | 556.30 | 518.03 | +7.39% |
| Power and fuel (net) | 2,447.56 | 2,067.06 | +18.41% |
| Freight and forwarding expenses | 2,954.99 | 2,520.73 | +17.23% |
| Other expenses | 2,083.78 | 1,891.67 | +10.16% |
| Total Expenses | 11,599.00 | 10,186.61 | +13.87% |
| Profit before exceptional items & tax expense | 1,539.74 | 1,170.62 | +31.53% |
| Exceptional items – (gain)/loss | 46.00 | (54.38) | -15.41% |
| Profit before tax | 1,493.74 | 1,225.00 | +21.94% |
| Tax expense | 460.40 | 373.73 | +23.19% |
| Profit for the year (PAT) | 1,033.34 | 851.27 | +21.39% |
| Other comprehensive (loss) for the year, net of tax | (0.47) | (3.36) | -86.01% |
| Total comprehensive income for the year, net of tax | 1,032.87 | 847.91 | +21.81% |
| Basic Earnings Per Share (in ₹) | 133.73 | 110.17 | +21.39% |
| Diluted Earnings Per Share (in ₹) | 133.73 | 110.17 | +21.39% |
Standalone Balance Sheet
| Balance Sheet Item (₹ in Crores) | As at 31 March 2026 | As at 31 March 2025 (Restated) | YoY Growth (%) |
|---|---|---|---|
| Property, plant and equipment | 9,906.61 | 8,163.62 | +21.35% |
| Capital work-in-progress | 1,046.40 | 1,313.39 | -20.33% |
| Intangible assets | 123.84 | 120.02 | +3.18% |
| Right-of-use assets | 174.28 | 196.60 | -11.35% |
| Non-current financial investments | 1,725.04 | 1,241.36 | +38.96% |
| Other non-current financial assets | 696.10 | 388.40 | +79.22% |
| Other non-current assets | 574.69 | 302.44 | +90.02% |
| Total Non-Current Assets | 14,246.96 | 11,725.83 | +21.50% |
| Inventories | 1,346.86 | 1,014.75 | +32.73% |
| Current financial investments | 32.72 | 456.72 | -92.84% |
| Trade receivables | 616.53 | 671.64 | -8.21% |
| Cash and cash equivalents | 28.89 | 255.75 | -88.70% |
| Bank balances other than cash and cash equivalents | 302.21 | 1,065.90 | -71.65% |
| Other current financial assets | 961.20 | 729.76 | +31.71% |
| Current tax assets (net) | 9.87 | 43.18 | -77.14% |
| Other current assets | 412.51 | 380.24 | +8.49% |
| Assets classified as held for sale | – | 10.78 | – |
| Total Current Assets | 3,710.79 | 4,617.94 | -19.64% |
| Total Assets | 17,957.75 | 16,354.55 | +9.80% |
| Equity share capital | 77.27 | 77.27 | 0.00% |
| Other equity | 6,883.41 | 5,966.44 | +15.37% |
| Total Equity | 6,960.68 | 6,043.71 | +15.17% |
| Non-current borrowings | 4,661.79 | 4,600.34 | +1.34% |
| Non-current lease liabilities | 19.71 | 41.61 | -52.63% |
| Other non-current financial liabilities | 572.16 | 526.79 | +8.61% |
| Non-current provisions | 25.01 | 20.83 | +20.07% |
| Deferred tax liabilities (net) | 1,330.24 | 1,205.12 | +10.38% |
| Other non-current liabilities | 205.67 | 220.49 | -6.72% |
| Total Non-Current Liabilities | 6,814.58 | 6,615.18 | +3.01% |
| Current borrowings | 1,387.40 | 1,260.34 | +10.08% |
| Current lease liabilities | 12.02 | 12.68 | -5.21% |
| Trade payables (Micro and small enterprises) | 184.06 | 194.24 | -5.24% |
| Trade payables (Other creditors) | 845.02 | 755.02 | +11.92% |
| Other current financial liabilities | 454.69 | 349.79 | +29.99% |
| Other current liabilities | 995.97 | 958.94 | +3.86% |
| Current provisions | 190.30 | 146.87 | +29.57% |
| Current tax liabilities (net) | 113.03 | 17.78 | +535.71% |
| Total Current Liabilities | 4,182.49 | 3,695.66 | +13.17% |
| Total Equity and Liabilities | 17,957.75 | 16,354.55 | +9.80% |
Standalone Cash Flow Statement
| Cash Flow Direction (₹ in Crores) | FY 2025-26 | FY 2024-25 (Restated) | YoY Growth (%) |
|---|---|---|---|
| Operating Profit Before Working Capital Changes | 2,326.57 | 1,969.65 | +18.12% |
| Cash Generated From Operations | 2,045.61 | 2,227.59 | -8.17% |
| Income tax paid (net) | (206.47) | (199.98) | +3.25% |
| Net Cash Flow From Operating Activities (A) | 1,839.14 | 2,027.61 | -9.30% |
| Purchase of property, plant, equipment & intangibles | (2,121.65) | (1,758.42) | +20.66% |
| Proceeds from disposal of PPE | 15.88 | 29.62 | -46.39% |
| Net bank fixed deposits (placed) / matured | 373.56 | (154.22) | +142.23% |
| Net purchase/sale of investments | (49.66) | (260.45) | -80.93% |
| Loans given to subsidiaries & others (net) | (87.32) | (8.44) | +934.60% |
| Interest received | 159.86 | 156.42 | +2.20% |
| Net Cash Used In Investing Activities (B) | (1,709.33) | (1,995.49) | -14.34% |
| Proceeds from non-current borrowings | 609.00 | 1,259.03 | -51.63% |
| Repayment of non-current borrowings | (589.34) | (708.85) | -16.86% |
| Net movement in current borrowings | 156.23 | 171.95 | -9.14% |
| Principal & interest payment of lease liabilities | (19.00) | (17.06) | +11.37% |
| Interest paid | (397.69) | (428.79) | -7.25% |
| Dividend paid | (115.87) | (154.43) | -24.97% |
| Net Cash (Used in)/Flow From Financing Activities (C) | (356.67) | 121.85 | +192.71% |
| Net (Decrease)/Increase In Cash & Cash Equivalents (A+B+C) | (226.86) | 153.97 | +47.34% |
| Cash and Cash Equivalents at the beginning of the year | 255.75 | 101.78 | +151.28% |
| Cash and Cash Equivalents at the end of the year | 28.89 | 255.75 | -88.70% |
Shareholding Distribution as of 31st March 2026
| Shareholding Range (No. of Shares) | Number of Shareholders | Number of Shares Held | % Total Shareholding |
|---|---|---|---|
| Up to 500 | 82,916 | 1,983,805 | 2.57% |
| 501 to 1000 | 416 | 294,069 | 0.38% |
| 1001 to 2000 | 129 | 192,374 | 0.25% |
| 2001 to 3000 | 48 | 119,725 | 0.15% |
| 3001 to 4000 | 35 | 123,442 | 0.16% |
| 4001 to 5000 | 21 | 93,977 | 0.12% |
| 5001 to 10000 | 55 | 388,825 | 0.50% |
| 10001 and above | 235 | 74,072,034 | 95.86% |
| Total | 83,855 | 77,268,251 | 100.00% |
Frequently Asked Questions
What is JK Cement Limited’s current total grey cement capacity?
As of 31st March 2026, JK Cement Limited operates an aggregate installed grey cement capacity of 32.26 MnTPA (including its subsidiary J. K. Cement Saifco Private Limited), up from 24.34 MnTPA in the prior year.
What is the recommended dividend for FY 2025-26?
The Board of Directors recommended a final dividend of ₹ 20 per equity share (200% on face value of ₹ 10 each) for the financial year ended 31st March 2026, entailing a total cash outflow of ₹ 154.54 Crores.
What is JK Super LC-3 cement?
JK Super LC-3 is a Limestone Calcined Clay Cement manufactured under IS 18189:2023. It reduces carbon emissions by up to 40% compared to Ordinary Portland Cement by replacing over 50% of clinker with calcined clay and limestone. Commercial production began in June 2025 at the Mangrol plant in Rajasthan.
What were the major capacity additions executed during FY 2025-26?
JK Cement added 7.92 MnTPA of capacity in FY 2025-26 via the 3.0 MnTPA Buxar greenfield grinding unit, 1.0 MnTPA additions each at Panna, Hamirpur, and Prayagraj, debottlenecking at Muddapur (1.0 MnTPA) and Ujjain (0.5 MnTPA), and the acquisition of Saifco Cement (0.42 MnTPA).
What are the Company’s green power and sustainability targets for 2030?
Under its SBTi commitments and UN Energy Compact roadmap, JK Cement targets reducing gross GHG intensity to 532 kg CO2 per tonne of cementitious material, achieving a 75% green power mix, a 35% thermal substitution rate (TSR), and maintaining 5x water positivity by FY 2029-30.
