We reiterate Buy on JK Cement (JKCE) and with a revised TP of Rs1,180. During Q4FY18, while strong volume growth across both grey (+29% YoY) and white/putty (+11 YoY) drove 28% standalone revenue increase, grey realisation remained insufficient to pass on the cost inflation. Thus, EBITDA fell 5% YoY. On a downward revised PAT base of Q4FY17 and led by lower interest expense, PAT surged 105% YoY. JKCE's reduced debt on books leading to net D:E reduction to 1.1x in FY18 vs 1.6x YoY. We remain bullish on the company owing to stable outlook for white/putty business and increasing demand...