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JK Lakshmi Cement is much smaller by the disclosed scale measures available here, but size alone does not tell investors which stock is more attractive. A useful comparison must keep capacity, sales volume, revenue and profitability separate—and account for different reporting periods and merger effects.
What the reported figures show—and what they do not
The disclosures below use different periods and measures. They provide scale context, not a like-for-like ranking. Shree Cement’s investor page does not specify the reporting basis in the information cited here, so its figures should not be treated as a strict consolidated-versus-standalone comparison until that basis is confirmed.
| Company | Reported measure | Period and basis | Source |
|---|---|---|---|
| JK Lakshmi Cement | Revenue from operations: ₹6,763 crore; PAT: ₹430 crore | FY2025–26, labelled “After Merger” on the company performance page | JK Lakshmi Cement performance page |
| UltraTech Cement | Domestic grey cement capacity: 188.66 MTPA; global cement capacity: 194.06 MTPA | After Q3 FY2025–26 additions; global total includes 5.4 MTPA in the UAE | 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; reporting basis not stated on the cited page | Shree Cement investor page |
| ACC | Annual sales volume: 43.9 million tonnes; revenue from operations: ₹25,962 crore; EBITDA margin: 13% | FY2025–26, as reported in ACC’s annual report page | ACC annual reports |
Revenue and installed capacity are not interchangeable: one is a financial-period measure and the other is a production capability measure. Nor should the companies’ profit figures be read as a margin ranking when reporting bases and periods may differ.
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Capacity indicates potential production, not actual sales. Where disclosures permit, investors should compare capacity with production and sales for the same period, and check whether the figure covers domestic grey cement, all cement types, or a global footprint.
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JK Lakshmi: production and sales in FY2024–25
JK Lakshmi’s FY2024–25 annual report records production of 114.21 lakh tonnes and sales of 121.29 lakh tonnes, up from sales of 119.89 lakh tonnes in FY2023–24. Sales can exceed production in a period because inventory movements and purchases affect the relationship; the two figures should not be confused with installed capacity. The report said total capacity would reach 18 million tonnes after completion of the Surat project. That is a statement in the FY2024–25 report, not confirmation of the project’s later completion status.
JK Lakshmi Cement annual reports
Peer capacity figures have different scope
UltraTech reported domestic grey cement capacity of 188.66 MTPA after commissioning 0.6 MTPA at Dhule and 1.2 MTPA at Nathdwara in its 24 January 2026 Q3 FY2025–26 results. Its global capacity figure of 194.06 MTPA includes 5.4 MTPA in the UAE, so it is not a domestic-only comparison. Shree Cement’s investor page lists 69.30 MTPA of capacity for FY2025–26. ACC’s cited FY2025–26 page reports sales volume rather than a directly comparable capacity figure.
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Read profitability with period and definition attached
For cement producers, EBITDA per tonne or a clearly defined margin can help explain operating economics, but only when the periods, calculation definitions and business scope align. A quarterly per-tonne figure should not be ranked against another company’s full-year net profit.
JK Lakshmi’s FY2024–25 results
JK Lakshmi reported FY2024–25 EBITDA of ₹918.27 crore, compared with ₹1,120.28 crore in FY2023–24, and net profit of ₹282.72 crore, compared with ₹488.23 crore. Its annual report attributed pressure to lower cement prices—describing them as the lowest in five years—and intense competition, with particular margin pressure in the first half. Those are the company’s account of market conditions, which it said varied by region.
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UltraTech’s quarterly unit figure
UltraTech reported Q3 FY2025–26 operating EBITDA of ₹1,051 per tonne, excluding India Cements. It also reported 77% capacity utilization for that quarter. The per-tonne figure and utilization are useful operating indicators, but they are quarterly and have a stated scope; neither establishes a full-year comparison with JK Lakshmi, Shree Cement or ACC.
ACC and Shree Cement disclosures
ACC reported FY2025–26 EBITDA margin of 13% and said premium cement accounted for 44% of trade sales. Shree Cement’s investor page lists FY2025–26 EBITDA of ₹4,788.07 crore, but the cited information does not establish whether that value is standalone or consolidated. Without that basis and aligned definitions, avoid treating these headline values as a definitive profitability league table.
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Adjust for reporting changes before comparing trends
- JK Lakshmi’s merger basis: Its FY2025–26 performance page labels its revenue and profit figures “After Merger.” Do not present them as a direct year-over-year trend against the standalone FY2024–25 annual-report figures without examining the merger’s accounting and consolidation effects.
- ACC’s year-end change: ACC states that FY2022–23 covered 15 months after a change in financial year-end. Historical growth rates that include that period need adjustment against 12-month years.
- UltraTech’s separate scopes: Domestic grey capacity and global capacity are different measures; its Q3 operating EBITDA per tonne also explicitly excludes India Cements.
- Shree Cement’s stated basis: Confirm whether the investor-page FY2025–26 financial values are standalone or consolidated before comparing them with another company’s figures.
Questions that matter beyond headline size
The cited company disclosures do not establish a verified, comparable four-company dataset for leverage, capital spending, regional economics or product mix. Those are essential next checks, not grounds for assuming one company has an advantage.
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- Valuation: Compare each company’s valuation with its own earnings and cash generation, using a consistent date and share-count basis. A larger business is not automatically a better-value stock.
- Balance sheet: Review net debt, interest costs and cash flows in the latest audited reports and results presentations.
- Capital allocation: Examine announced capex, acquisition spending, commissioning schedules and whether completed projects are delivering expected returns.
- Regional economics: Check plant locations, freight distances and local competitive conditions. Cement economics can differ by region.
- Realisation and product mix: Look at trade versus non-trade sales, premium products and cement type. ACC’s reported 44% premium share of trade sales is a company-specific disclosure, not a directly comparable mix figure for all four companies.
- Execution risk: Verify project status and expansion timing from later dated filings rather than relying on older forward-looking statements.
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.

