QoQ margin improvement in a seasonally weak Q2 is rare and JK Cement (JKCE) has surprised on this front with >200bps margin jump. As a result, EBITDA in Q2FY24 stood ~12% ahead of estimate at ~INR4.5bn. Calibrating the upbeat in H1FY24 and firm underlying cement prices in key markets of North and South India, we revise up our FY24E EBITDA by ~6% but keep FY25E largely intact.