Guidance ledger · Q4 FY26

JK Cement Ltd JKCEMENT

5 revisions on record · 3 lowered · 2 raised — the strikethrough is what management used to say

gives specific guidance · held across quarters

Holding view → · latest concall · The pulse

↑ raised FY26 volume guidance Q2 FY26 → Q4 FY26

~~close to 20 million tons (Q2FY26)~~ → 20 million tons confirmed; double-digit growth guided for FY27 with minimum 2.5mn ton incremental

“we should get incremental definitely 2.5 million tons incremental volume, maybe more”

↑ raised FY26 CapEx guidance Q2 FY26 → Q4 FY26

~~Rs. 2,800 - 3,000 crores (Q2FY26)~~ → Executed below guidance (INR300cr Panna savings); FY27 now INR3,500-4,000 crores

“For this year, the capex should be in the range of INR3,500 crores to INR4,000 crores”

↓ lowered FY27 incentive income Q2 FY26 → Q4 FY26

~~Rs. 300 crores plus (Q2FY26 guide)~~ → INR250 crores (Q4FY26 explicit guidance; Aligarh exhausted, Nimbahera GST conflict)

“we feel that it will be around INR250 crores for FY27”

↓ lowered FY26 paint revenue guidance Q2 FY26 → Q4 FY26

~~closer to Rs. 400 crores (Q2FY26)~~ → INR380 crores actual (Q4FY26); FY27 guided INR500-550 crores

“the paint top line was INR380 crores”

↓ lowered Net debt to EBITDA peak Q2 FY26 → Q4 FY26

~~net debt increase of Rs. 2,000 crores expected for Jaisalmer (Q2FY26)~~ → 1.45 actual at March 2026 (better than 1.6 March guide from Q3FY26)

“the gross debt as on 31st March is INR5,136 crores. The net cash is INR1,765 crores and the net debt is INR3,370 crores. The net debt to EBITDA is 1.45”

Method. Revisions come from management's own stated numbers, compared quarter over quarter across the covered concalls; each carries the verbatim quote. “No revisions” can also mean guidance too vague to pin down — see the posture chip above. Not investment advice.