Hold JK Lakshmi Cement; target of Rs 505: ICICI Direct

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ICICI Direct's research report on JK Lakshmi Cement

JK Lakshmi mainly caters to North, West & Eastern markets with total capacity of 13.3MT (Incl. subsidiary). It has integrated units at Sirohi, Udaipur (Rajasthan), and Durg (Chhattisgarh) while grinding units are located at Jhajjar (Haryana), Cuttack (Odisha), Kalol and Surat (Gujarat). It also has 117MW power plant (74MW CPP, 33MW WHRS, and 10MW Solar) that fulfils its 75% of total power requirements. The company is now adding 2.5MT cement capacity (1.5MT clinker) through its subsidiary unit UCWL at cost of ~Rs1650 crore. The company intends to take its total cement capacity to 30MT by 2030.

Outlook

We continue to maintain HOLD rating on the stock. We value co. at Rs505 i.e.5.6x FY24E EV/EBITDA.

For all recommendations report, click here

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JK Lakshmi Cement - 290722 - ic