JK Cement Q2 Results, October 24, 2026: Revenue Up 24% but Fuel Costs Squeeze Margins

The JK Cement Q2 results tell a familiar monsoon-quarter story with a sharper edge this year. Volumes grew strongly on new capacity and the top line jumped, but costlier fuel and the usual rainy-season pricing weakness kept profit growth to single digits. The company reported its July-September 2026 numbers on October 24, 2026, along with an investor presentation and a few board decisions worth a look.

JK Cement Q2 results: the headline numbers

All figures below are consolidated unless we say otherwise, and come from the company’s Q2 FY27 investor presentation filed with NSE.

• Revenue from operations: ₹3,733 crore, up 24% from ₹3,019 crore a year ago, but down 7% from ₹4,032 crore in the June quarter.
• EBITDA: ₹507 crore, up 14% from ₹447 crore year on year, and 22% lower than Q1’s ₹648 crore.
• EBITDA margin: 14.2%, against 15.2% in Q2 FY26 and 16.6% in Q1 FY27.
• Net profit: ₹169 crore, up 6% from ₹159 crore, and 38% below the ₹275 crore of the previous quarter.

So the revenue line grew four times faster than profit. That gap is the real story of this quarter.

Volumes did the heavy lifting

On a standalone basis, JK Cement sold 5.37 million tonnes of grey cement, 21% more than a year earlier, and 0.49 million tonnes of white cement, up 13%. The company credits the grey cement jump to capacity expansion, while the sequential dip was the usual seasonal slowdown. Cement capacity utilisation for the grey standalone business was 67%, and clinker utilisation was 95%.

Pricing barely moved. Net sales realisation in grey cement was ₹4,963 a tonne, almost unchanged from ₹4,958 in Q1. Premium products made up 20% of trade sales, up from 18% in the June quarter.

Where the margin went

Fuel is the culprit. In the grey standalone business, fuel cost per kilocalorie rose 12% from Q1 and 10% from a year ago. The presentation says imported pet coke prices started climbing from June 2026 because of the geopolitical situation. Employee and other costs per tonne also rose quarter on quarter as fixed costs got spread over lower volumes. The result: standalone EBITDA per tonne fell to ₹852, from ₹902 a year ago and ₹983 in Q1.

Debt is rising with the capex

Net debt climbed to ₹4,571 crore at the end of September 2026 from ₹3,370 crore at the end of March, a 36% increase. Net debt to EBITDA stood at 1.95 times. Much of the spending is going into a 7 MTPA grey cement expansion in north India, led by the Jaisalmer plant, which carries a project cost of ₹3,630 crore, has seen ₹1,831 crore spent so far and is scheduled for commissioning in H1 FY28. Grey cement capacity is 32.3 MTPA today, and the company is targeting 40 MTPA by FY28 and 50 MTPA by FY30.

Other board decisions

According to the board meeting outcome filed with NSE, the paints subsidiary JK Maxx Paints will set up a 75,000 KLPA water-based paint plant in Suryapet district, Telangana, at an estimated cost of ₹130 crore. Its existing 73,000 KLPA Bhiwadi plant is running at 60% utilisation and is expected to hit full use by FY28. The board also recommended Price Waterhouse Chartered Accountants LLP as statutory auditor for five years from the 2027 AGM, as S. R. Batliboi & Co. LLP completes its second term.

What it means

We would read this as a volume-led quarter with cost risk on top. The growth engine is working, since new plants are filling up. But with realisations flat and pet coke still costly, margins depend on whether cement prices firm up after the monsoon. That is the number to watch in Q3, along with how quickly debt grows as Jaisalmer moves towards completion.

For a peer comparison, see our take on Shree Cement’s Q2 results. If you want a framework for reading numbers like these, our guide on how to analyse quarterly results of a company walks through it step by step.

Disclaimer: This article is for information and education only and is not investment advice. Please do your own research or consult a SEBI-registered adviser before making any investment decision.