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JK Lakshmi Cement vs. UltraTech, Shree Cement and ACC: What Investors Should Compare

By Freedom251 Team · · 6 min read

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JK Lakshmi Cement is much smaller than the larger peers in this comparison on the reported measures available—but size alone does not tell investors which stock is more attractive. The useful comparison is a like-for-like one across cement volumes, capacity, operating profitability, reporting period, balance sheet, valuation and execution. The latest figures below come from different periods and reporting scopes, so they are context, not a league table.

Start with the measures—and their limits

Cement companies report several metrics that answer different questions. Capacity describes potential output; production and sales volumes show activity; revenue reflects both volume and realisation; EBITDA and profit show different layers of profitability. A large capacity figure cannot be compared directly with revenue, and a quarterly EBITDA-per-tonne figure is not a full-year profit margin.

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The table collects the most useful reported figures surfaced for each company. The periods and scopes are not uniform, and some reporting bases are not established in the cited company material, so these numbers should not be ranked as though they were a single-period comparison.

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Company Reported figure Period and basis How to read it
JK Lakshmi Cement 114.21 lakh tonnes produced; 121.29 lakh tonnes sold; EBITDA ₹918.27 crore; net profit ₹282.72 crore FY2024–25; annual report Company-reported production, sales and annual earnings. Sales were up from 119.89 lakh tonnes in FY2023–24, while EBITDA and net profit declined year over year. JK Lakshmi FY2024–25 annual report
JK Lakshmi Cement Revenue from operations ₹6,763 crore; PBIDT ₹1,128 crore; PBIT ₹804 crore; PAT ₹430 crore FY2025–26; labelled “After Merger” on the company performance page Do not treat this as a directly comparable year-on-year change from FY2024–25 without accounting for merger and consolidation effects. JK Lakshmi financial performance
UltraTech Cement Domestic grey cement capacity 188.66 MTPA; global cement capacity 194.06 MTPA; Q3 operating EBITDA ₹1,051 per tonne excluding India Cements Q3 FY2025–26 results, released 24 January 2026 The capacity figures followed commissioning additions; global capacity includes 5.4 MTPA in the UAE. Q3 utilization was 77%. UltraTech Q3 FY2025–26 results
Shree Cement Capacity 69.30 MTPA; revenue ₹19,310.52 crore; EBITDA ₹4,788.07 crore; net profit ₹1,706.25 crore FY2025–26; values displayed on the investor page The cited page does not establish here whether these figures are standalone or consolidated; verify the basis before making a strict comparison. Shree Cement investor information
ACC Annual sales volume 43.9 million tonnes; revenue from operations ₹25,962 crore; EBITDA margin 13% FY2025–26 annual report page ACC also reports premium cement at 44% of trade sales. Its FY2022–23 was a 15-month period after a year-end change, so that year needs adjustment in historical comparisons. ACC annual reports

Compare operating scale without confusing capacity and sales

JK Lakshmi’s FY2024–25 report gives actual production and sales volumes: 114.21 lakh tonnes produced and 121.29 lakh tonnes sold. Shree Cement’s FY2025–26 investor page reports 69.30 MTPA of capacity, while UltraTech’s Q3 FY2025–26 release reports 188.66 MTPA of domestic grey cement capacity. ACC’s FY2025–26 annual report page gives sales of 43.9 million tonnes. These measures differ in type and period: capacity is an annualised production capability, while production and sales are realized volumes over a reporting period.

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For a fair scale comparison, line up annual sales volumes for the same financial year and cement scope, then compare them with capacity for the same period. Check whether company figures are consolidated or standalone and whether acquisitions, commissioning, or changes in reporting perimeter affected them. UltraTech separates domestic grey cement capacity from its global total; its 194.06 MTPA global figure includes 5.4 MTPA in the UAE and should not be presented as a domestic capacity figure.

What JK Lakshmi’s recent results say about volume and profit

In FY2024–25, JK Lakshmi’s cement sales rose to 121.29 lakh tonnes from 119.89 lakh tonnes in FY2023–24, but EBITDA fell to ₹918.27 crore from ₹1,120.28 crore and net profit declined to ₹282.72 crore from ₹488.23 crore, according to its annual report. The figures show why volume growth alone is not enough: earnings also depend on realisations and costs.

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The company attributed pricing pressure to cement prices falling to their lowest level in five years, especially affecting margins in the first half, and described intense competition and capacity expansion as pressures. That is the company’s account of FY2024–25 market conditions, with regional variation—not a universal independent measurement of every market.

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JK Lakshmi’s performance page reports FY2025–26 revenue from operations of ₹6,763 crore and PAT of ₹430 crore under an “After Merger” label. Because merger and consolidation effects can change the reporting base, those figures should not be read as a clean growth comparison against the standalone FY2024–25 annual-report figures.

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Compare profitability on a like-for-like basis

Profitability comparisons are most informative when they use the same period, scope and definition. EBITDA per tonne or EBITDA margin can help investors assess operating economics, but neither is automatically comparable across companies if one figure is quarterly, another annual, or definitions differ.

UltraTech reported Q3 FY2025–26 operating EBITDA of ₹1,051 per tonne excluding India Cements. That is a quarterly unit-profitability measure. It should not be ranked against full-year PAT amounts from JK Lakshmi, Shree Cement or ACC: PAT is after interest, tax and other items, and the periods do not match. ACC’s reported FY2025–26 EBITDA margin of 13% is a full-year percentage, but the surfaced figures do not provide a matched margin for all four companies. Shree Cement’s FY2025–26 EBITDA and net profit figures are useful context, subject to confirming their reporting basis.

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For a deeper comparison, use audited filings or results presentations to calculate the same measures for the same year: revenue per tonne, EBITDA per tonne, EBITDA margin, depreciation, finance costs and PAT. Reconcile exceptional or one-time items before interpreting changes. UltraTech’s Q3 release, for example, reported normalised PAT of ₹1,792 crore and PAT of ₹1,725 crore after an ₹88 crore one-time labour-code expense; those are quarterly results, not directly comparable with the peers’ annual totals.

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Adjust for reporting periods, mergers and geography

  • JK Lakshmi merger basis: FY2025–26 figures are marked “After Merger,” while the cited FY2024–25 annual report supplies the prior-year operating and earnings figures. Confirm the merger’s accounting and consolidation effects before drawing a trend from the two years.
  • ACC financial year: ACC says FY2022–23 covered 15 months following a change in year-end. Compare that period with 12-month years only after adjusting the duration or using an appropriate annualised measure.
  • UltraTech capacity scope: distinguish domestic grey cement capacity from global capacity. The Q3 FY2025–26 global total includes UAE capacity, and the reported per-tonne EBITDA excludes India Cements.
  • Shree Cement reporting basis: verify whether the investor-page values are standalone or consolidated before combining them with another company’s figures.
  • Product and regional mix: plant location, freight, trade versus non-trade sales, premium products and cement type can alter realisations and unit costs. The disclosed figures here do not establish a comparable four-company breakdown, so assess these in each company’s latest filings rather than assuming equivalent economics.

Questions to answer before comparing the shares

Operating performance is only one part of an equity comparison. Before deciding whether one company’s shares are more attractive, examine the following in recent audited reports and investor presentations:

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  • Valuation: compare market value and enterprise value with earnings, cash flow and capacity or volume only where the denominator is clearly defined and periods match.
  • Balance sheet: check net debt, interest expense, working capital and lease obligations. The figures above do not establish a verified, comparable four-company balance-sheet dataset.
  • Capital allocation: assess announced and completed capex, acquisitions, commissioning timelines and expected returns. JK Lakshmi’s FY2024–25 report described a plan to reach 18 million tonnes of total capacity after the Surat project and an Assam limestone-mine acquisition supporting eastern-market ambitions; treat these as statements made in that report, and verify subsequent status in later filings.
  • Regional economics: investigate where capacity and sales are located, how much freight is required, and the mix of trade, non-trade and premium products.
  • Execution: check whether capacity additions are commissioned on schedule and whether new output can be sold at returns that justify the investment.

The available company disclosures establish meaningful differences in scale and offer useful starting figures, but they do not support a complete four-way ranking or a stock recommendation. A sound comparison keeps each metric, period and reporting basis visible, then adds valuation and balance-sheet analysis before reaching an investment view.

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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.

ACCcement stocksinvestingJK Lakshmi CementShree CementUltraTech Cement

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