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JK Cement’s (JKCE) 4QFY25 result was above our estimates, primarily driven by higher volumes (+7% vs. estimate). EBITDA grew ~37% YoY to INR7.6b (+17% vs. estimate).

Kolte Patil Developers (KPDL) reported pre-sales of INR6.3b in 4QFY25, down 15%/7% YoY/QoQ, (31% below estimate). In FY25, pre-sales were at INR28b, flat YoY and 9% below estimates due to delay in launches.

Grey cement volumes at 5.3mt (ex-clinker volumes) rose by ~14% YoY as presence in key operating regions like Central India helps

Q4FY25 revenue grew 6%/26% YoY/QoQ to Rs 119.1bn, aided by volume gains of 4%/27% YoY/QoQ, while realisations stay put

Reported a healthy pipe margin in Q4FY25, despite operating amidst weak demand conditions and falling resin prices

Capacity ramp-up, demand upswing, stable prices in its key operating regions (North/Central) and various cost optimisation measures aided JK Cement’s overall performance.

The Meghalaya clinker-unit stabilisation along with the better demand-pricing environment in its operating region (East/North east) aided Star’s overall performance.

A steady execution pace, continued operating profitability and steady orders make HG Infra’s FY25 results comforting with one-off margins in Q4. This sets the tone for an even better performance ahead.