J k lakshmi

JK Lakshmi Cement – FY25 Q4 Highlights (May 2025) Industry & Demand Environment: - Industry growth forecast lowered to ~6.5–7% in FY26 from earlier 7.5–8%, but JK Lakshmi aims to outpace this with at least 10% volume growth. - Demand driven by post-election increased government CAPEX, rural and urban housing, and industrial/infrastructure sectors. - Price realization improved sequentially in Q4 FY25, with a 7% QoQ increase; prices expected to remain “flat” till monsoon (June-July). Operational & Financial Highlights: - FY25 Revenue: Rs. 2,468 crore, flat YoY, impacted by project delays. - EBITDA: Rs. 178 crore (7.2% margin), down from Rs. 260 crore in FY24 due to Rs. 62 crore in one-off project costs (UP medical projects). On an adjusted basis (excluding overruns), margin was 9.7%. - Net Profit & Cash: PAT at Rs. 25.66 crore; strong cash reserves of Rs. 1,150 crore; no explicit net debt figures provided. - Order Book: An all-time high Rs. 7,266 crore (+20% YoY); FY25 inflow Rs. 3,506 crore (ex-GST). 25% of order book from Adani, the rest diversified. Project Execution & Expansion: - Delays: Multiple projects (Dharoi Dam, GIFT City fintech, GBRC, SRFDCL, etc.) delayed due to land, design, client approvals; revenue impact estimated over Rs. 300 crore. - UP Medical Projects: 7 colleges completed; major overruns factored in but now mostly behind. - Major Projects in FY25: Ahmedabad airport, Coca-Cola plant, medical colleges, residential and commercial developments. - Upcoming Expansions: Surat doubling capacity by June-Sept 2025; Durg clinker & grinding units slated for Q3 FY27 (possible 1-month slip); bold multi-year capacity target of 30 MTPA by FY30.