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 1 187,874 225,871 315,011 381,087 392,357 374,087 - -
Change - 20.22% 39.47% 20.98% 2.96% -4.66% - -
Enterprise Value (EV) 1 223,171 261,802 357,730 422,228 448,075 437,280 435,788 434,899
Change - 17.31% 36.64% 18.03% 6.12% -2.41% -0.34% -0.2%
P/E 27.7x 53x 39.8x 44.3x 39.5x 34.2x 26.3x 21.9x
PBR 4.34x 4.82x 5.87x 6.26x 5.58x 4.72x 4.07x 3.45x
PEG - -1.4x 0.5x 4.99x 2.6x 3.3x 0.9x 1.1x
Capitalization / Revenue 2.35x 2.32x 2.73x 3.21x 2.86x 2.36x 2.1x 1.89x
EV / Revenue 2.79x 2.69x 3.1x 3.55x 3.27x 2.76x 2.45x 2.19x
EV / EBITDA 15.1x 19.9x 17.4x 20.8x 18.9x 16.6x 13.3x 11.7x
EV / EBIT 19.6x 30.6x 24.1x 29.6x 26x 23x 18.2x 15.7x
EV / FCF -33x -112x 45.5x 192x -114x -32.8x 99.4x 34.8x
FCF Yield -3.03% -0.9% 2.2% 0.52% -0.88% -3.05% 1.01% 2.88%
Dividend per Share 2 15 15 20 15 20 19.66 20.93 28.18
Rate of return 0.62% 0.51% 0.49% 0.3% 0.39% 0.41% 0.43% 0.58%
EPS 2 87.9 55.17 102.4 111.4 128.4 141.7 183.8 221.5
Distribution rate 17.1% 27.2% 19.5% 13.5% 15.6% 13.9% 11.4% 12.7%
Net sales 1 79,908 97,202 115,560 118,792 137,223 158,217 178,217 198,261
EBITDA 1 14,822 13,143 20,598 20,271 23,742 26,285 32,661 37,030
EBIT 1 11,397 8,561 14,872 14,257 17,213 19,041 23,921 27,711
Net income 1 6,871 4,263 7,908 8,611 9,925 10,935 14,111 16,981
Net Debt 1 35,297 35,931 42,719 41,141 55,718 63,193 61,702 60,813
Reference price 2 2,431.45 2,923.20 4,076.85 4,932.00 5,077.85 4,841.40 4,841.40 4,841.40
Nbr of stocks (in thousands) 77,268 77,268 77,268 77,268 77,268 77,268 - -
Announcement Date 5/21/22 5/27/23 5/12/24 5/24/25 5/23/26 - - -
1INR in Million2INR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
34.17x2.76x16.64x0.41% 3.9B
18.77x2.58x10.18x2.73% 46.47B
26.2x3.47x12.37x-.--% 16.2B
12.64x3.42x6.98x5.89% 13.06B
13.98x0.61x2.85x4.47% 12.95B
43.53x3.3x15.96x0.69% 8.5B
8.23x1.19x4.62x2.01% 7.71B
20.6x6.79x12.6x4.67% 7.1B
13.94x1.49x5.6x2.92% 6.52B
25.7x1.36x6.61x2.18% 5.65B
Average 21.78x 2.70x 9.44x 2.6% 12.81B
Weighted average by Cap. 20.24x 2.67x 9.38x 2.73%

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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