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Investing.com - ICICI Securities has upgraded JK Cement Ltd (NS:JKCE) from Add to Buy, while raising its price target to INR8,500.00 from INR7,100.00.
The upgrade comes as JK Cement accelerates its growth trajectory, with the company targeting a 16% CAGR capacity expansion over FY25-30, compared to 9% during FY15-25.
The cement manufacturer recently announced a 7mtpa project in Jaisalmer that, combined with existing projects, is expected to increase its capacity to approximately 38mtpa by Q2FY28 from about 24mtpa in FY25.
ICICI Securities notes that JK Cement has additional brownfield expansion potential of approximately 12mtpa, which should help the company reach its 50mtpa target by 2030.
The brokerage has revised its valuation approach, now valuing JK Cement at 22x FY27E EV/EBITDA compared to 18x previously, citing the company’s project execution capabilities and its industry-leading EBITDA per ton performance over the past decade.
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