Prabhudas Lilladher Recommends 'Accumulate' on JK Cement; Sets Target at Rs 6199

• JK Cement reported inline Q3FY26 EBITDA, driven by 23% YoY grey cement volume growth.
• Strong demand uptick in Dec’25 from non-trade segment and expanded footprint in Central/Eastern markets contributed to growth.
• Blended realizations declined 4% QoQ due to higher non-trade volumes and lower pricing in Central/Eastern markets.
• EBITDA/tonne moderated to Rs 928 (-7% YoY), but cost control measures helped, including lower P&F costs and other expenses.
• Prabhudas Lilladher maintains 'Accumulate' rating with a revised target price of Rs 6,199, valuing at 15x EV of Mar’28E EBITDA.

Why It Matters: Prabhudas Lilladher recommends accumulating JK Cement, projecting strong growth and setting a target of Rs 6199.