J.K. Cement Limited

BSE:532644 Stock Report

Market Cap: ₹417.1b

J.K. Cement Management

Management criteria checks 2/4

J.K. Cement's CEO is Madhavkrishna Singhania, appointed in Aug 2020, has a tenure of 5.92 years. total yearly compensation is ₹311.81M, comprised of 35.9% salary and 64.1% bonuses, including company stock and options. directly owns 0% of the company’s shares, worth ₹1.13M. The average tenure of the management team and the board of directors is 6.2 years and 6.1 years respectively.

Key information

Madhavkrishna Singhania

Chief executive officer

₹311.8m

Total compensation

CEO salary percentage35.86%
CEO tenure5.9yrs
CEO ownership0.0003%
Management average tenure6.2yrs
Board average tenure6.1yrs

Recent management updates

Recent updates

Narrative Update • Jun 26

532644: Dividend Plans And Updated Assumptions Will Shape Fairly Balanced Outlook

Analysts have trimmed their price target for J.K. Cement from about ₹6,556 to roughly ₹6,124, citing updated assumptions that combine slightly higher revenue growth expectations with more measured profit margin and future P/E estimates. What's in the News for J.K. Cement J.K. Cement's board has recommended a final dividend of ₹20 per fully paid-up equity share of ₹10 each for the financial year 2025-26, subject to shareholder approval at the upcoming 32nd Annual General Meeting, according to company disclosures.
Narrative Update • Jun 12

532644: Revised Fair Value And Dividend Outlook Will Support Future Upside

The analyst fair value estimate for J.K. Cement has been revised from ₹7,534 to ₹7,400 as analysts balance higher modeled revenue growth and a lower discount rate with reduced profit margin expectations and a more moderate future P/E assumption. What's in the News Board meeting on May 23, 2026 to consider audited standalone and consolidated financial results for Q4 and the year ended March 31, 2026, dividend recommendation on equity shares for FY 2025-26, and changes to the board including appointment of an Additional Director and reappointment of an Independent Director (source: company board meeting notice).
Narrative Update • May 29

532644: Asset Purchase Plans And Board Changes Will Shape Balanced Future Outlook

Analysts now set their fair value estimate for J.K. Cement at about ₹4,831, down from roughly ₹4,965. This reflects updated assumptions around slightly lower discount rates, higher revenue growth, improved profit margins, and a reduced future P/E multiple.
Narrative Update • May 02

532644: Planned Asset Purchase And Higher Discount Rate Will Shape Future Upside

Analysts have maintained the fair value estimate for J.K. Cement at ₹4,964.89, with minor adjustments to the discount rate, revenue growth, profit margin, and future P/E assumptions supporting this unchanged price target. What's in the News Board plans to meet on Mar 27, 2026, at 11:25 Indian Standard Time to review an Asset Purchase Agreement for acquiring 0.24 MnTPA cement assets of Sri Chakra Cement Limited (Key Developments).
Narrative Update • Apr 17

532644: Higher Discount Rate And Lower P/E Expectations Will Restrain Upside

Analysts have trimmed their price target on J.K. Cement from about ₹5,164 to roughly ₹4,965, citing updated assumptions that include slightly different views on revenue growth, profit margins, and future P/E levels. What's in the News A board meeting is scheduled for Mar 27, 2026 at 11:25 Indian Standard Time to review a proposed Asset Purchase Agreement.
Narrative Update • Apr 03

532644: Planned Capacity Additions Will Support Future Upside Potential

Analysts have trimmed their price target for J.K. Cement slightly, with updated assumptions on fair value to ₹6,555.59, a modestly higher discount rate and small tweaks to revenue growth, profit margin and future P/E expectations. What's in the News A board meeting is scheduled on Jan 16, 2026 to review a proposed 1.00 MnTPA cement grinding capacity addition at JK Cement Works, Panna, and another 1.00 MnTPA cement grinding capacity addition at JK Cement Works, Hamirpur (company filing).
Narrative Update • Mar 20

532644: Capacity Expansion Plans And Lower P/E Expectations Will Shape Future Upside

Analysts have trimmed their fair value estimate for J.K. Cement from about ₹5,252 to roughly ₹5,164, with the change linked to updated assumptions around the discount rate, revenue growth, profit margins, and expected future P/E levels. What's in the News A board meeting is scheduled on Jan 16, 2026 to consider expanding 1.00 MnTPA cement grinding capacity at JK Cement Works, Panna, and an additional 1.00 MnTPA at JK Cement Works, Hamirpur (company filing).
Narrative Update • Mar 05

532644: Upcoming Capacity Expansion Will Support Future Upside

Analysts have inched up their fair value estimate for J.K. Cement to about ₹6,607 from roughly ₹6,599, reflecting small tweaks to assumptions on discount rate, revenue growth, profit margins, and future P/E. What's in the News A board meeting is scheduled on Jan 16, 2026 to consider the expansion of 1.00 MnTPA cement grinding capacity at JK Cement Works, Panna, and 1.00 MnTPA at JK Cement Works, Hamirpur (company filing).
Narrative Update • Feb 19

532644: Upcoming Capacity Expansion And Board Review Will Support Future Upside

Analysts have left their fair value estimate for J.K. Cement unchanged at ₹6,599. A slightly lower discount rate and a marginally reduced forward P/E assumption suggest they see a similar earnings path as before, but with a modestly adjusted risk profile.
Narrative Update • Feb 04

532644: Capacity Expansion Plans Will Drive Future Upside

Analysts have trimmed their fair value estimate for J.K. Cement slightly to ₹6,599, reflecting marginal tweaks to assumptions on the discount rate, revenue growth, profit margin and future P/E expectations. What's in the News A board meeting is scheduled on January 16, 2026 to consider expanding 1.00 MnTPA cement grinding capacity at JK Cement Works, Panna, and 1.00 MnTPA at JK Cement Works, Hamirpur (company filing).
Narrative Update • Jan 21

532644: Higher Future P/E Assumptions Will Likely Cap Upside Potential

Analysts have increased their fair value estimate for J.K. Cement from ₹5,207.38 to ₹5,251.82. This change reflects updated assumptions on revenue growth, profit margins and a higher future P/E multiple.
Narrative Update • Jan 06

532644: Higher P/E Assumptions Will Likely Limit Future Upside Potential

Analysts have raised their fair value estimate for J.K. Cement from ₹4,623.35 to about ₹5,207.38, citing updated assumptions around the discount rate, revenue growth, profit margin, and future P/E as the key drivers of this change. What's in the News A board meeting is scheduled for January 17, 2026, to consider and approve unaudited financial results for the third quarter and nine months ended December 31, 2025.
Narrative Update • Dec 21

532644: Borrowing Limit Expansion Is Expected To Support Future Upside

Analysts have reduced their price target for J.K. Cement from ₹8,500 to ₹7,534, citing slightly higher discount rates along with more conservative assumptions on revenue growth, profit margins and future valuation multiples. What's in the News J.K. Cement has scheduled a Special and Extraordinary Shareholders Meeting on December 10, 2025, to be conducted via postal ballot in India (company filing).
Narrative Update • Dec 07

532644: Index Inclusion Will Drive Future Upside

Analysts have nudged their fair value estimate for J.K. Cement slightly higher to approximately ₹6,619 from about ₹6,610, citing marginally stronger long term revenue growth assumptions that more than offset a modest increase in the discount rate and a slightly lower projected profit margin. What's in the News J.K. Cement has scheduled a special and extraordinary shareholders meeting on December 10, 2025, to be conducted via postal ballot in India (company announcement).
Narrative Update • Nov 23

532644: Expansion Projects And Index Inclusion Will Drive Future Upside

Analysts have revised the fair value estimate for J.K. Cement from ₹6,885 to ₹6,610. This reflects slightly lower expected profit margins, even though there is marginally higher projected revenue growth and modest adjustments in valuation assumptions.
Narrative Update • Nov 05

532644: Future Margins Will Benefit From New Plant Investment Approvals

Analysts have slightly reduced their price target for J.K. Cement, lowering it from ₹6,933 to ₹6,885. Updated forecasts reflect marginally lower revenue growth estimates but improved profit margins for the company.
Narrative Update • Oct 22

Analysts Lift J.K. Cement Price Target as Expansion and Management Changes Announced

J.K. Cement's analyst price target has nudged slightly higher from ₹6,925.96 to ₹6,933.27 as analysts adjust forecasts to reflect modest changes in growth and margin expectations. What's in the News J.K. Cement Limited has been added to the FTSE All-World Index (USD) (Key Developments) A Board Meeting is scheduled for November 1, 2025, to consider and approve the Unaudited (Consolidated and Standalone) Financial Results for the Second Quarter and Half Year ended September 30, 2025 (Key Developments) The company approved a major greenfield expansion for a 7 Million Tonnes Per Annum cement line, including new clinkerisation and grinding units in Rajasthan and Punjab, with a proposed investment of Rs. 4,805 Crores (Key Developments) Ms. Bhumika Sood has been appointed as Company Secretary and Compliance Officer, effective November 1, 2025, following Mr. Shambhu Singh’s superannuation (Key Developments) Raghav Moreshwar Tare has been appointed as Group Financial Controller under Senior Management, effective August 1, 2025 (Key Developments) Valuation Changes Consensus analyst price target has increased slightly from ₹6,925.96 to ₹6,933.27.
Narrative Update • Oct 08

Government Programs And Urbanization Will Expand Indian Cement Markets

Analysts have raised their price target for J.K. Cement from ₹6,749.93 to ₹6,925.96, reflecting incremental confidence in the company’s near-term prospects. What's in the News J.K. Cement Limited has been added to the FTSE All-World Index (USD) (Key Developments).
Narrative Update • Sep 05

Government Programs And Urbanization Will Expand Indian Cement Markets

Despite the Consensus Analyst Price Target remaining unchanged at ₹6750, J.K. Cement’s Future P/E has increased slightly—indicating higher growth expectations or valuation risk—while the Discount Rate was largely stable. What's in the News J.K. Cement approved a Green Field expansion project adding 7 MnTPA, including a clinkerisation unit of 4 MnTPA and cement grinding of 3 MnTPA at Jaisalmer, Rajasthan, plus two split grinding units of 2 MnTPA each in Rajasthan and Punjab; total investment Rs. 4805 Crores.
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New Narrative • Dec 20

Expansion And Green Initiatives Set To Transform Cement Producer's Growth Trajectory

Expansion plans and coal block acquisitions aim to enhance production capacity and reduce fuel costs, boosting revenue and net margins.

CEO Compensation Analysis

How has Madhavkrishna Singhania's remuneration changed compared to J.K. Cement's earnings?
DateTotal CompensationSalaryCompany Earnings
Mar 31 2026₹312m₹112m

₹10b

Dec 31 2025n/an/a

₹10b

Sep 30 2025n/an/a

₹10b

Jun 30 2025n/an/a

₹10b

Mar 31 2025₹245m₹45m

₹9b

Dec 31 2024n/an/a

₹7b

Sep 30 2024n/an/a

₹8b

Jun 30 2024n/an/a

₹9b

Mar 31 2024₹240m₹40m

₹8b

Dec 31 2023n/an/a

₹7b

Sep 30 2023n/an/a

₹4b

Jun 30 2023n/an/a

₹4b

Mar 31 2023₹155m₹30m

₹4b

Dec 31 2022n/an/a

₹5b

Sep 30 2022n/an/a

₹6b

Jun 30 2022n/an/a

₹7b

Mar 31 2022₹137m₹27m

₹7b

Dec 31 2021n/an/a

₹7b

Sep 30 2021n/an/a

₹8b

Jun 30 2021n/an/a

₹8b

Mar 31 2021₹81m₹18m

₹7b

Dec 31 2020n/an/a

₹7b

Sep 30 2020n/an/a

₹6b

Jun 30 2020n/an/a

₹4b

Mar 31 2020₹13m₹13m

₹5b

Compensation vs Market: Madhavkrishna's total compensation ($USD3.27M) is above average for companies of similar size in the Indian market ($USD656.16K).

Compensation vs Earnings: Madhavkrishna's compensation has increased by more than 20% in the past year.

CEO

Madhavkrishna Singhania (38 yo)

5.9yrs
Tenure
₹311,807,501
Compensation

Mr. Madhavkrishna Singhania served as Deputy Managing Director & Chief Executive Officer at J.K. Cement Limited since August 31, 2020 until July 20, 2024 & serves as Joint MD & CEO since July 20, 2024and s...

Leadership Team

NamePositionTenureCompensationOwnership
Madhavkrishna Singhania
Joint MD5.9yrs₹311.81m0.00027%
₹ 1.1m
Ajay Saraogi
Deputy MDno data₹108.84m0.0043%
₹ 18.0m
Raghavpat Singhania
MD & Director6.4yrs₹313.44m0.00027%
₹ 1.1m
Anoop Shukla
President of Accounts & Consolidationno datano datano data
Atul Bagla
President of Corporate Finance & Treasuryno datano datano data
Prashant Seth
President of Business Information & Investor Relationsno datano datano data
Bhumika Sood
Company Secretary & Compliance Officerless than a yearno datano data
Andleeb Jain
Group President of People Culture & Digital8.8yrsno datano data
Anil Agarwal
Group President of Management Servicesno datano datano data
Ajay Mathur
Head of UAE Operationsno datano datano data
S. Rathore
Manufacturing Head of Grey Cementno datano datano data
R.B.M. Tripathi
President & Unit Head of Grey Cement of Rajasthanno datano datano data
6.2yrs
Average Tenure
51yo
Average Age

Experienced Management: 532644's management team is seasoned and experienced (6.2 years average tenure).

Board Members

NamePositionTenureCompensationOwnership
Madhavkrishna Singhania
Joint MD6.1yrs₹311.81m0.00027%
₹ 1.1m
Ajay Saraogi
Deputy MD6.1yrs₹108.84m0.0043%
₹ 18.0m
Raghavpat Singhania
MD & Director6.1yrs₹313.44m0.00027%
₹ 1.1m
Paul Hugentobler
Non-Executive Non-Independent Director12.2yrs₹15.67mno data
Ashok Sinha
Non-Executive Independent Director7.2yrs₹2.34m0.000010%
₹ 41.7k
Alok Dhir
Non-Executive Independent Director1.5yrs₹903.00kno data
Ashok Sharma
Independent Non-Executive Director3.3yrs₹2.61m0.00078%
₹ 3.3m
Sushila Singhania
Non-Executive Non-Independent Chairman of the Board12yrs₹3.88m4.32%
₹ 18.0b
Nidhipati Singhania
Vice Chairman5.2yrs₹3.47m0.71%
₹ 3.0b
Deepa Wadhwa
Non-Executive Independent Director7.7yrs₹2.31mno data
Mudit Aggarwal
Additional Non-Executive Independent Director4.9yrs₹2.28mno data
Praveen Mahajan
Non-Executive Independent Director2.4yrs₹2.32mno data
6.1yrs
Average Tenure
70.5yo
Average Age

Experienced Board: 532644's board of directors are considered experienced (6.1 years average tenure).

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/07/12 07:21
End of Day Share Price 2026/07/10 00:00
Earnings2026/03/31
Annual Earnings2026/03/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

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Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

J.K. Cement Limited is covered by 46 analysts. 26 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Amit Srivastava360 ONE Capital Market Private Limited
Manish ValechaAnand Rathi Shares and Stock Brokers Limited
null nullAntique Stockbroking Ltd.