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 1 187,874 225,871 315,011 381,087 392,357 385,781 - -
Change - 20.22% 39.47% 20.98% 2.96% -1.68% - -
Enterprise Value (EV) 1 223,171 261,802 357,730 422,228 448,075 448,974 447,483 446,594
Change - 17.31% 36.64% 18.03% 6.12% 0.2% -0.33% -0.2%
P/E 27.7x 53x 39.8x 44.3x 39.5x 35.2x 27.2x 22.5x
PBR 4.34x 4.82x 5.87x 6.26x 5.58x 4.87x 4.2x 3.56x
PEG - -1.4x 0.5x 4.99x 2.6x 3.4x 0.9x 1.1x
Capitalization / Revenue 2.35x 2.32x 2.73x 3.21x 2.86x 2.44x 2.16x 1.95x
EV / Revenue 2.79x 2.69x 3.1x 3.55x 3.27x 2.84x 2.51x 2.25x
EV / EBITDA 15.1x 19.9x 17.4x 20.8x 18.9x 17.1x 13.7x 12.1x
EV / EBIT 19.6x 30.6x 24.1x 29.6x 26x 23.6x 18.7x 16.1x
EV / FCF -33x -112x 45.5x 192x -114x -33.7x 102x 35.7x
FCF Yield -3.03% -0.9% 2.2% 0.52% -0.88% -2.97% 0.98% 2.8%
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% 0.39% 0.42% 0.56%
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 4,992.75 4,992.75 4,992.75
Nbr of stocks (in thousands) 77,268 77,268 77,268 77,268 77,268 77,268 - -
Announcement Date 5/21/22 A 5/27/23 A 5/12/24 A 5/24/25 A 5/23/26 A - - -
1INR in Million2INR
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
35.58x2.86x17.22x0.39% 4.12B
20.15x2.74x10.84x2.54% 50.43B
28.45x3.71x13.11x-.--% 17.6B
13.52x0.63x3.04x4.32% 13.27B
12.64x3.42x6.98x5.89% 13.12B
45.06x3.43x16.6x0.67% 8.91B
8.98x1.3x5.01x1.86% 8.4B
22.89x7.51x13.95x4.21% 7.93B
13.61x1.48x5.54x2.99% 6.42B
15.38x3.25x10.45x0.53% 5.97B
Average 21.63x 3.03x 10.27x 2.34% 13.62B
Weighted average by Cap. 20.90x 2.93x 10.12x 2.51%

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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