India's JK Cement rises; ICICI Securities raises PT to Street high

ICICI Securities

01/09/2025 08:54

** J K Cement JKCE.NS rise 1.6% to 7,059 rupees

** ICICI Securities upgrades to "buy" from "add"

** Lifts PT to Street-high of 8,500 rupees from 7,100 rupees, per data complied by LSEG

** Notes 10-year analysis of cement majors suggests co to be most improved entity, not just in EBITDA margins but also in terms of RoE

** Says co mirrors Shree Cement's SHCM.NS high-growth phase (FY14–18) when it commanded an average premium valuation of 22x EV/EBITDA

** Expects capacity to grow from ~24mtpa in FY25 to ~38mtpa by Q2 FY28, driven by new projects in Jaisalmer; potential brownfield expansions in Muddapur and Panna will put co on track to surpass 50mtpa swiftly

** YTD, JKCE gains 54%

 (Reporting by Urvi Dugar)

 ((UrviManoj.Dugar@thomsonreuters.com))