Key takeaway: During the earnings conference call for Q4 and FY26, management reported a 7% growth in pan-India cement demand, reaching approximately 480 million tons, with a quarter-over-quarter increase of about 17%. However, demand moderated in March due to geopolitical tensions. The company noted a record annual capacity addition of 64 million tons, leading to a national capacity utilization of around 69%. Cement prices showed partial recovery, particularly in the non-trade segment, but competition limited significant price hikes. Management highlighted rising fuel costs and anticipated operational expenditure increases due to geopolitical factors. They expressed confidence in achieving a 30 million ton capacity by 2030 and discussed ongoing projects, including expansions in Durg and Northeast India. The management also emphasized a focus on sustainability and efficiency improvements through renewable energy and digital technologies. The call concluded with a Q&A session addressing various operational and financial queries.

Key takeaway: During the earnings conference call held on February 4, 2026, management of JK Lakshmi Cement discussed the company's performance for the third quarter and nine months ended December 31, 2025. Management noted a decline in trade share from 53% to 49%, attributed to increased non-trade sales following the commissioning of the Surat grinding station and a rise in demand in Gujarat. They explained that trade volumes faced challenges due to market confusion post-GST reduction and labor shortages during the Diwali season. Management reported that non-trade prices had decreased significantly, impacting overall realizations, but indicated that prices were beginning to recover in January. They confirmed a CAPEX of approximately Rs. 650 crores for FY26, with plans for further investments in the Durg project. The management expressed confidence in achieving double-digit growth in demand for the upcoming quarter.