J.K. Cement's (JKC) has delivered a muted operational performance in 4QFY18 with its EBITDA growing by just 0.3% YoY and 7% QoQ to Rs1.8bn (vs. our estimate of Rs1.9bn) primarily owing to higher-than-estimated jump in Power & Fuel cost. Grey cement and white cement (including Wall Putty) EBITDA came in at Rs650mn (-48% YoY and -15% QoQ) and Rs1.17bn (+106% YoY and +24% QoQ), respectively. Continuing to remain saviour, value-added products contributed >64% to its total operating profit. Grey Cement EBITDA/tonne stood at mere Rs277 vs. Rs670 and Rs390 in 4QFY17 and 3QFY18, respectively. Notably, average NCR rose by 5.8% YoY and 1.9% QoQ to Rs3,887/tonne. Brownfield expansion at Mangrol and Nimbahera (2.5mnT clinker...