JK Lakshmi Cement (JKLC) is part of JK group mainly focused in North, West and Eastern regions of India with a consolidated capacity of 12.5MT as on FY17 and is one of the most cost efficient players. JKLC reported a healthy revenue growth of 15.9% in Q1FY18 aided by 8% growth in volume and strong 12.6% growth in realisation. EBITDA grew marginally by 2.4% YoY due to sharp increase in fuel cost. EBITDA margin declined by 170bps YoY, but increased by 450bps QoQ. Management expects pet coke prices to soften going forward which is...