JK Lakshmi Cement delivered a healthy 9MFY26 performance, though realizations declined sequentially from Q1 to Q3. Current geopolitical uncertainties may drive fuel cost inflation, putting near-term pressure on margins, partly offset by emerging industry price hikes. The ongoing capex could lead to higher leverage, with management guiding for a net debt/EBITDA of 33.5x. The stock currently trades at 7.2x 1-year forward EV/EBITDA. Therefore, we value JKLC at ~9x EV/EBITDA, with a...