Company Valuation: J.K. Cement Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 1,87,874 2,25,871 3,15,011 3,81,087 3,92,357 3,84,970 - -
Change - 20.22% 39.47% 20.98% 2.96% -1.88% - -
Enterprise Value (EV) 1 2,23,171 2,61,802 3,57,730 4,22,228 4,48,075 4,48,106 4,47,152 4,47,848
Change - 17.31% 36.64% 18.03% 6.12% 0.01% -0.21% 0.16%
P/E 27.7x 53x 39.8x 44.3x 39.5x 35.2x 27.1x 22.6x
PBR 4.34x 4.82x 5.87x 6.26x 5.58x 4.86x 4.19x 3.55x
PEG - -1.4x 0.5x 4.99x 2.6x 3.4x 0.9x 1.1x
Capitalization / Revenue 2.35x 2.32x 2.73x 3.21x 2.86x 2.43x 2.16x 1.93x
EV / Revenue 2.79x 2.69x 3.1x 3.55x 3.27x 2.83x 2.5x 2.25x
EV / EBITDA 15.1x 19.9x 17.4x 20.8x 18.9x 17x 13.7x 12.1x
EV / EBIT 19.6x 30.6x 24.1x 29.6x 26x 23.5x 18.7x 16.1x
EV / FCF -33x -112x 45.5x 192x -114x -33.6x 102x 35.8x
FCF Yield -3.03% -0.9% 2.2% 0.52% -0.88% -2.97% 0.98% 2.79%
Dividend per Share 2 15 15 20 15 20 19.66 20.88 28.09
Rate of return 0.62% 0.51% 0.49% 0.3% 0.39% 0.39% 0.42% 0.56%
EPS 2 87.9 55.17 102.4 111.4 128.4 141.7 183.6 220.6
Distribution rate 17.1% 27.2% 19.5% 13.5% 15.6% 13.9% 11.4% 12.7%
Net sales 1 79,908 97,202 1,15,560 1,18,792 1,37,223 1,58,540 1,78,521 1,99,029
EBITDA 1 14,822 13,143 20,598 20,271 23,742 26,288 32,645 37,037
EBIT 1 11,397 8,561 14,872 14,257 17,213 19,043 23,959 27,823
Net income 1 6,871 4,263 7,908 8,611 9,925 10,933 14,092 16,906
Net Debt 1 35,297 35,931 42,719 41,141 55,718 63,137 62,182 62,878
Reference price 2 2,431.45 2,923.20 4,076.85 4,932.00 5,077.85 4,982.25 4,982.25 4,982.25
Nbr of stocks (in thousands) 77,268 77,268 77,268 77,268 77,268 77,268 - -
Announcement Date 21/05/22 27/05/23 12/05/24 24/05/25 23/05/26 - - -
1INR in Million2INR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
35.17x2.83x17.05x0.39% 399.73Cr
14.52x1.72x8.37x1.9% 5.5TCr
17.88x2.45x9.69x2.89% 4.32TCr
33.99x5.87x17.51x0.71% 3.45TCr
32.51x3.37x17.28x0.97% 3.31TCr
27.68x4.34x14.56x0.85% 3.18TCr
11.58x1.39x6.47x2.66% 2.86TCr
20.21x6.3x12.42x2.15% 2.33TCr
67.98x4.25x65.8x0.34% 2.09TCr
14.97x1.9x7.67x1.45% 2.02TCr
Average 27.65x 3.44x 17.68x 1.43% 2.95TCr
Weighted average by Cap. 25.01x 3.32x 15.59x 1.62%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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