The right answer depends on valuation, not size alone. UltraTech Cement is much larger on the latest reported figures, but that fact does not establish which share offers the better return. Compare JK Cement and UltraTech on identical consolidated periods, underlying earnings, operating margins, leverage, cash generation, capacity economics and, finally, share prices measured on the same date.
The latest evidence gives a useful operating starting point: JK Cement reported consolidated FY26 revenue from operations of ₹13,722.30 crore in its audited filing approved on 23 May 2026, while UltraTech reported FY26 consolidated net sales of ₹87,384 crore. A complete stock decision still requires a timestamped, like-for-like valuation set that is not established by these operating results alone.
As an Amazon Associate I earn from qualifying purchases.
What the latest FY26 figures actually show
Both companies report in Indian rupees and the figures below are consolidated. That matters because subsidiaries, joint ventures, acquisitions and financing can materially change the picture compared with standalone accounts.
| Metric | JK Cement | UltraTech Cement | How to read it |
|---|---|---|---|
| Reporting period | Year ended 31 March 2026; audited filing approved 23 May 2026 | FY26 results announced 27 April 2026 | Use the same fiscal period before calculating growth or multiples. |
| Consolidated revenue or net sales | ₹13,722.30 crore revenue from operations | ₹87,384 crore net sales | UltraTech’s reported top line is approximately 6.4 times JK Cement’s, an arithmetic scale comparison rather than a share-value conclusion. |
| PBIDT | Not stated in the cited FY26 filing summary | ₹17,598 crore consolidated PBIDT | Do not infer a JK Cement margin from a different profit definition. |
| Profit after tax | Not stated in the cited FY26 summary | ₹8,305 crore consolidated PAT before exceptional items | Keep exceptional items separate when comparing recurring profitability. |
| Net debt to EBITDA | A matching figure is not stated in the supplied FY26 summary | 0.94x at 31 March 2026, company-reported | Check each company’s definition before ranking leverage. |
| Domestic grey cement capacity | Not stated in the supplied material | 200.1 MTPA after 8.7 MTPA commissioned in April 2026 | The 200.1 MTPA figure follows commissioning after the 31 March year-end; it is not FY26 year-end capacity. |
UltraTech’s net sales, PBIDT and PAT figures come from its 27 April 2026 FY26 results. The capacity update is a separate April 2026 disclosure. JK Cement’s revenue comes from its NSE consolidated audited FY26 filing. Mixing those dates or treating the post-year-end capacity as a year-end result would create a misleading comparison.
#1 Best Overall
Why the larger company is not automatically the better stock
Revenue scale can provide purchasing reach, a broader plant network and more ways to serve regional demand, but investors buy a claim on future cash flows at a price. A large, high-quality business can still deliver a poor return if its share price already discounts strong growth. A smaller company can grow faster from a lower base, yet carry more execution, funding or regional-demand risk.
The comparison therefore has two separate questions:
- Which business is performing better? Examine volume, realizations, margins, utilization, cash conversion, leverage and returns on new capacity.
- Which stock is priced more attractively? Compare market capitalization, enterprise value and earnings multiples using the same date and the same earnings basis.
The available FY26 material answers part of the first question. It does not provide a common-date share-price and multiple set, so it cannot support a “cheap” or “expensive” verdict for either stock.
What’s actually slowing this PC down?
Pick the symptom - the matching free tool is one click away.
Step 1: Put both companies on the same accounting basis
Begin with a clean worksheet covering the same fiscal year or quarter. Use consolidated statements for both issuers. If one number is standalone and the other includes subsidiaries, the comparison is not like for like.
- Record the period and publication date. For this comparison, JK Cement’s audited year ended 31 March 2026 was filed on 23 May 2026; UltraTech’s FY26 results were reported on 27 April 2026.
- Label every profit measure. Revenue from operations, net sales, EBITDA, PBIDT, operating profit and PAT are not interchangeable. Preserve the company’s definition in the worksheet.
- Separate recurring and exceptional items. UltraTech’s ₹8,305 crore figure is PAT before exceptional items. A JK Cement PAT figure would need the same treatment before a margin or P/E comparison.
- Keep restatements and acquisitions visible. If a business acquired capacity or subsidiaries during the year, note how much of the reported period includes those operations instead of presenting the growth as purely organic.
This discipline prevents a common error: dividing one company’s consolidated earnings by a market value while using another company’s standalone or post-exceptional earnings.
Step 2: Compare growth, margins and the source of change
Top-line growth is useful only when its source is understood. For each company, collect the prior-year comparable revenue, dispatch or volume data, realization, operating costs and profit. The supplied figures establish current FY26 scale, but the cited summaries do not provide a full matched set of prior-year values for both companies, so do not manufacture a growth ranking from them.
Revenue and volume
Separate volume growth from price or realization growth. More tonnes can increase revenue while reducing profitability if prices fall or freight rises. Conversely, flat volume with better realizations can improve earnings. Where reports disclose cement and clinker volumes, use a common unit and state whether the figures cover grey cement, white cement or another product.
Rank #2
- Comes with secure packaging
- Easy to read text
- It can be a gift option
Operating margin
UltraTech reported FY26 PBIDT of ₹17,598 crore against net sales of ₹87,384 crore. Dividing those two company-reported figures gives an approximate 20.1% PBIDT margin for that stated period. This calculation is meaningful only within UltraTech’s own definitions; it is not a JK Cement comparison because a matching JK Cement PBIDT figure is not stated in the available summary.
Cost drivers
Track energy, fuel, power, freight, raw materials and other operating costs separately when the filings provide them. Cement margins can move sharply when energy or logistics costs change. Do not attribute a margin movement to a specific input unless the relevant company disclosure supports that explanation.
Per-tonne economics
Per-tonne revenue, cash cost and EBITDA can reveal operational quality that a consolidated margin hides. Use them only when both companies define production, dispatches, capacity and cost on a sufficiently similar basis. A per-tonne figure based on sales volume for one company and production volume for the other is not comparable.
Step 3: Test the balance sheet and debt-servicing capacity
Growth plans require funding, and leverage can magnify both returns and downside. Review gross debt, cash, net debt, maturities, finance costs, interest coverage, debt-service coverage and operating cash flow.
Do these 3 things before closing this tab:
1Fix the driver behind crashes, sound loss and screen glitches2Repair Windows errors before they cause bigger problems3Scan for outdated or missing drivers - takes under a minuteNet debt and leverage
UltraTech reported net debt-to-EBITDA of 0.94x at 31 March 2026. That is a company-reported ratio, so verify the numerator, EBITDA period, treatment of leases and treatment of cash before comparing it with JK Cement. The supplied JK Cement summary notes that its FY26 filing includes debt-service and interest-service coverage ratios but does not state the numerical values here.
Coverage ratios
Interest coverage generally asks whether operating profit covers finance costs; debt-service coverage also considers scheduled principal repayment and related obligations. Definitions vary. Record the exact numerator and denominator from each filing, the period used and whether exceptional items are included. A ratio with a different definition should be shown separately rather than combined into a league table.
Cash conversion
Compare cash flow from operations with reported profit, then examine working-capital movements. Receivables, inventory, payables and advances can make accounting profit look stronger or weaker than cash generation in a single year. Follow operating cash flow through the cycle instead of relying on one annual number.
Refinancing and interest-rate exposure
List near-term maturities, floating-rate debt and committed facilities where disclosed. A low current leverage ratio does not eliminate refinancing risk if substantial capital spending is planned or debt falls due during a weak pricing cycle.
Step 4: Examine capacity, utilization and returns on expansion
Capacity is an option, not a guaranteed profit stream. New plants create value only when demand, pricing, utilization and return on invested capital justify the capital employed.
UltraTech’s disclosed capacity timing
UltraTech reported domestic grey cement manufacturing capacity of 200.1 MTPA after commissioning 8.7 MTPA in April 2026. Because that commissioning occurred after 31 March 2026, the figure should not be inserted into an FY26 year-end capacity column. Instead, show it as post-year-end capacity and assess how quickly the new assets can ramp.
What to collect for both companies
- Installed capacity at the period end, separated by geography and product.
- Utilization for the same period and the company’s definition of available capacity.
- Projects under construction, expected commissioning dates and remaining spending.
- Expected ramp-up, logistics access and the demand region served.
- Estimated incremental EBITDA and cash flow, if management discloses them.
High utilization in a tight regional market can support pricing, but new capacity may later increase supply and pressure realizations. Evaluate a project against its local market, not only against national capacity.
Step 5: Compare business mix and execution risk
Two cement companies can have different earnings sensitivity because of geography, product mix and downstream operations. Map each company’s exposure to grey cement, white cement and other building materials where the reports provide that information.
The Tool Desk
Outbyte PC Repair FREERepair Windows errors before they cause bigger problemsFix Now →Outbyte Driver Updater FREEScan for outdated or missing drivers - takes under a minuteDriver Scan →Geography
Regional concentration affects freight distance, competitive intensity, monsoon effects and exposure to local construction cycles. A company with a strong position in one region may enjoy pricing power there but have less diversification if that market weakens.
Integration and acquisitions
When capacity or businesses are acquired, check the purchase price, integration milestones, expected synergies, utilization and any restructuring charges. Do not treat announced synergies as realized earnings until the company reports evidence of delivery.
Product mix
Grey cement volumes, premium products, white cement and non-cement building materials can carry different margins and capital needs. Compare like with like and explain any residual mix difference rather than folding all products into a single per-tonne metric.
Step 6: Build a valuation comparison on one date
Valuation is the missing decision layer in the available comparison. Choose one trading date, record the closing share price for each company and use market data from that same date. Then calculate or source the following metrics consistently.
Recommended Free Tools
| Measure | Calculation | Required consistency check |
|---|---|---|
| Market capitalization | Share price × diluted shares outstanding | Use the same date and account for the appropriate share count. |
| Trailing P/E | Market capitalization ÷ last-12-month PAT | Use comparable consolidated PAT and keep exceptional items treatment consistent. |
| Forward P/E | Share price ÷ forecast EPS | Identify the forecast provider, publication date and assumptions; do not mix forecasts from different dates without saying so. |
| EV/EBITDA | Enterprise value ÷ EBITDA | Match lease, minority-interest, associate and debt treatments on both sides. |
| Dividend yield | Annual dividend per share ÷ share price | State whether the dividend is declared, proposed or paid and use the same price date. |
A multiple is not a verdict by itself. A premium can reflect stronger returns, lower leverage, better assets or more durable growth; a discount can reflect execution, cyclicality, balance-sheet or regional risks. Explain what the market may be paying for before labeling a gap attractive or unattractive.
Step 7: Stress-test the investment case
Run the same downside and upside questions for both stocks. Cement demand and realizations are cyclical, while energy and freight costs can change faster than selling prices.
- Pricing downside: What happens to EBITDA and cash flow if realizations weaken?
- Cost inflation: How much of an energy or freight increase can be passed through?
- Volume slowdown: Can utilization remain adequate if construction demand softens?
- Supply addition: Will new regional capacity increase competition before projects reach planned returns?
- Execution delay: What happens to interest expense and returns if a project is late?
- Funding need: Would expansion require additional borrowing or equity during a weak cycle?
Use company disclosures to attach each risk to the relevant project, geography or balance-sheet item. Do not convert a general industry risk into a company-specific allegation without supporting disclosure.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How to read the two FY26 disclosures without overreaching
JK Cement
The NSE consolidated audited filing approved on 23 May 2026 establishes FY26 revenue from operations of ₹13,722.30 crore for the year ended 31 March 2026. It also includes debt-service and interest-service coverage ratios. To complete a stock comparison, extract the numerical ratios, debt and cash balances, operating cash flow, capacity, utilization, product mix and profit measures directly from the filing. The available summary does not state those additional values, so they should remain “not stated” until verified.
UltraTech Cement
UltraTech’s 27 April 2026 FY26 results report consolidated net sales of ₹87,384 crore, PBIDT of ₹17,598 crore and PAT before exceptional items of ₹8,305 crore. The company reported net debt-to-EBITDA of 0.94x at 31 March 2026. Its separate April 2026 update says domestic grey cement manufacturing capacity reached 200.1 MTPA after 8.7 MTPA was commissioned that month. Keep the operating results, leverage date and post-year-end capacity event in their proper time buckets.
Best Value
A practical comparison worksheet
Populate the following fields before making an investment judgment. A blank or “not stated” cell is a signal to retrieve the primary filing, not an invitation to estimate.
| Category | JK Cement entry | UltraTech entry | Decision question |
|---|---|---|---|
| Period and basis | FY26 consolidated; year ended 31 March 2026 | FY26 consolidated; results reported 27 April 2026 | Are the periods and consolidation policies aligned? |
| Revenue/net sales | ₹13,722.30 crore | ₹87,384 crore | What portion is volume, realization or acquired capacity? |
| Operating profit | Not stated in the supplied summary | PBIDT ₹17,598 crore | Are definitions and margins comparable? |
| Recurring PAT | Not stated in the supplied summary | PAT before exceptional items ₹8,305 crore | What earnings belong to continuing operations? |
| Leverage | Matching net debt/EBITDA not stated | 0.94x net debt/EBITDA at 31 March 2026 | Do numerator and EBITDA definitions match? |
| Capacity | Not stated in the supplied summary | 200.1 MTPA domestic grey cement after April 2026 commissioning | What was available at year-end, and what is newly commissioned? |
| Valuation date | To be collected | To be collected | Are price, shares and earnings measured on one date? |
Decision framework: what each type of investor should verify
If scale and resilience matter most
Study network breadth, regional diversification, product mix, balance-sheet flexibility and the ability to fund projects through a downcycle. UltraTech’s reported FY26 scale is clear, but scale must still be weighed against the price paid and the returns generated on that asset base.
If growth is the priority
Compare organic and acquired capacity additions, utilization ramp-up, local demand and incremental returns. A smaller base can produce a higher percentage growth rate, but only if new assets fill at economic prices.
Quick wins for a faster PC:
Clear out junk files and repair common Windows errorsFree Scan →Scan for outdated or missing drivers - takes under a minuteDriver Scan →Repair Windows errors before they cause bigger problemsFix Now →If cash returns and balance-sheet safety matter most
Prioritize operating cash flow, interest and debt-service coverage, net debt, maturities, maintenance capex and dividend policy. Use the same definitions and period for each company.
If valuation discipline matters most
Do not choose until both stocks have a common-date price, market capitalization, enterprise value and comparable trailing or forward earnings. The FY26 operating figures alone cannot answer that question.
Common mistakes that invalidate the comparison
- Comparing JK Cement’s consolidated revenue with UltraTech’s standalone revenue, or reversing the mismatch.
- Using UltraTech’s April 2026 capacity as if it existed at the 31 March 2026 FY26 year-end.
- Comparing PAT after exceptional items with PAT before exceptional items.
- Ranking a company on a leverage ratio without checking how debt, cash, leases and EBITDA are defined.
- Calling a stock cheap because its P/E is lower without considering growth, returns, cyclicality and earnings quality.
- Using share prices from different dates, especially across a major result announcement or capacity update.
- Treating announced capacity as earned profit before utilization and pricing are demonstrated.
- Projecting a single strong or weak year indefinitely across a cyclical industry.
Bottom line for this comparison
On the latest reported FY26 numbers, UltraTech is the much larger business: ₹87,384 crore of consolidated net sales versus JK Cement’s ₹13,722.30 crore of consolidated revenue from operations. UltraTech also reported ₹17,598 crore of PBIDT, ₹8,305 crore of PAT before exceptional items and 0.94x net debt-to-EBITDA at 31 March 2026. Those figures describe scale, profitability and reported leverage; they do not identify the better stock.
To decide between the shares, complete the missing JK Cement operating and balance-sheet fields, align every definition, and then add a common-date valuation using trailing or clearly sourced forward earnings. Until that price-and-multiple comparison is performed, the defensible conclusion is that the businesses can be compared, but neither stock can be called more attractive from the supplied FY26 operating figures alone.
Crashes, No Sound, or Screen Glitches?
Random freezes, missing sound and display glitches usually trace back to one bad driver. Find and replace yours safely.Free scan · under a minuteWindows Errors? Fix Them Before They Spread
Repair common Windows errors and clear accumulated junk for a smoother, more stable PC - no reinstall needed.Free scan · no reinstallQuick Recap
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
