Citi Predicts 7% Cement Capacity Growth by FY28; Investec Sees 19% JSW Upside

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Cement Capacity to Surge 7% by FY28: Citi; Investec Flags 19% Upside on JSW

JK Lakshmi Cement Ltd. | Shares of JK Lakshmi Cement declined 6.9% to its intraday low of 710 per share. Its third quarter volumes growth was strong but realisations declined 10% sequentially. This is likely due to higher non-trade share and change in market mix. The management has also announced a large capex as they move towards 30 MT target. Its net profit declined 23% in the third quarter to ₹57 crore, while its revenue increased 6.3% to ₹1,588 crore from the previous year. The company's EBITDA gained 2.1% to ₹205.5 crore, while its margin contracted to 12.9% from 13.4% in the year-ago period.

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CNBC TV18•20-02-2026, 08:51

Cement Capacity to Surge 7% by FY28: Citi; Investec Flags 19% Upside on JSW

•Citi projects Indian cement capacity to grow 7.4% CAGR (158 mt) by FY28, driven by major expansions.
•UltraTech Cement and Ambuja Cement lead planned expansions, accounting for over 50% of new capacity.
•Consolidation is strong, with top five players holding over 75% market share in most regions.
•Despite negative pricing CAGR, EBITDA per tonne is expected to expand due to cost efficiencies and volume growth.
•Investec initiates 'Buy' on JSW Cement with a target price of ₹146, citing strong execution and growth potential.

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