J.K. Cement Limited (JKCEMENT.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-128.1%

-₹1,417.05

vs ₹5,046.90 price

Levered DCF

-₹2,170.74

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

2.83

Grey zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	39.55×	44.28×	41.86×	53.35×	27.34×	31.54×	14.68×	22.6×
P/B	5.58×	6.26×	6.17×	4.82×	4.34×	5.99×	2.39×	2.27×
P/S	2.86×	3.21×	2.87×	2.33×	2.35×	3.39×	1.25×	1.16×
EV / EBITDA	17.84×	21.04×	18.58×	20.83×	15.08×	16.32×	8.58×	10.45×
Gross margin	52.4%	62.9%	60.1%	55.7%	61.6%	64.6%	64.3%	60.4%
Operating margin	12.5%	32.4%	32.1%	28.0%	33.7%	37.6%	37.1%	30.8%
Net margin	7.2%	7.2%	6.8%	4.4%	8.6%	10.7%	8.5%	5.1%
Current ratio	0.93×	1.92×	1.3×	1.27×	1.32×	1.63×	1.22×	1.29×
Debt / equity	0.88×	0.99×	1.03×	1.13×	0.95×	0.97×	1.16×	1.1×
Interest coverage	4.06×	8.64×	8.2×	8.71×	10.37×	10.05×	7.97×	6.31×
Dividend yield	0.3%	0.4%	0.3%	0.5%	0.6%	0.0%	2.3%	1.4%
Payout ratio	11.7%	17.9%	14.6%	27.4%	16.9%	0.0%	33.0%	31.2%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	14.1%	14.1%	14.7%	9.0%	15.9%	19.0%	16.3%	10.0%
Return on invested capital	7.6%	17.6%	19.9%	15.9%	18.7%	19.1%	19.3%	16.4%
Return on assets	5.4%	5.2%	5.3%	3.2%	6.0%	7.2%	5.8%	3.6%
Free cash flow yield	-1.6%	0.6%	2.4%	-1.0%	-3.6%	3.7%	1.6%	1.3%
Earnings yield	2.5%	2.3%	2.4%	1.9%	3.7%	3.2%	6.8%	4.4%
Enterprise value	₹449.7B	₹427.9B	₹384.8B	₹276.4B	₹228.1B	₹258.7B	₹106.9B	₹87.6B
Net debt / EBITDA	2.27×	2.29×	2.6×	3.8×	2.66×	2.2×	2.78×	3.16×
Cash conversion cycle (days)	37	31	38	39	84	52	58	58