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 1 187,874 225,871 315,011 381,087 392,357 391,240 - -
Change - 20.22% 39.47% 20.98% 2.96% -0.28% - -
Enterprise Value (EV) 1 223,171 261,802 357,730 422,228 448,075 454,210 453,155 453,243
Change - 17.31% 36.64% 18.03% 6.12% 1.37% -0.23% 0.02%
P/E 27.7x 53x 39.8x 44.3x 39.5x 35.8x 27.6x 22.9x
PBR 4.34x 4.82x 5.87x 6.26x 5.58x 4.93x 4.26x 3.61x
PEG - -1.4x 0.5x 4.99x 2.6x 3.5x 0.9x 1.1x
Capitalization / Revenue 2.35x 2.32x 2.73x 3.21x 2.86x 2.47x 2.2x 1.97x
EV / Revenue 2.79x 2.69x 3.1x 3.55x 3.27x 2.87x 2.54x 2.29x
EV / EBITDA 15.1x 19.9x 17.4x 20.8x 18.9x 17.3x 13.9x 12.2x
EV / EBIT 19.6x 30.6x 24.1x 29.6x 26x 23.9x 18.9x 16.3x
EV / FCF -33x -112x 45.5x 192x -114x -34.1x 103x 36.2x
FCF Yield -3.03% -0.9% 2.2% 0.52% -0.88% -2.93% 0.97% 2.76%
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% 0.41% 0.55%
EPS 2 87.9 55.17 102.4 111.4 128.4 141.6 183.5 220.8
Distribution rate 17.1% 27.2% 19.5% 13.5% 15.6% 13.9% 11.4% 12.7%
Net sales 1 79,908 97,202 115,560 118,792 137,223 158,277 178,216 198,254
EBITDA 1 14,822 13,143 20,598 20,271 23,742 26,283 32,644 37,027
EBIT 1 11,397 8,561 14,872 14,257 17,213 19,040 23,966 27,815
Net income 1 6,871 4,263 7,908 8,611 9,925 10,931 14,091 16,922
Net Debt 1 35,297 35,931 42,719 41,141 55,718 62,970 61,915 62,003
Reference price 2 2,431.45 2,923.20 4,076.85 4,932.00 5,077.85 5,063.40 5,063.40 5,063.40
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.($)
35.52x2.85x17.18x0.39% 4.06B
18.64x2.56x10.12x2.75% 45.79B
25.32x3.41x12.04x-.--% 15.47B
12.64x3.42x6.98x5.89% 13.03B
13.6x0.59x2.74x4.59% 12.68B
42.35x3.2x15.47x0.71% 8.27B
8.32x1.2x4.68x1.99% 7.75B
22x7.23x13.43x4.38% 7.57B
13.47x1.46x5.48x3.02% 6.33B
26.29x1.38x6.74x2.13% 5.76B
Average 21.82x 2.73x 9.49x 2.58% 12.67B
Weighted average by Cap. 20.08x 2.69x 9.35x 2.75%

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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