Q2 results, insider code amended, new statutory auditor recommended, Rs. 130 Crore paints plant approved
Board approved unaudited standalone and consolidated results for the quarter and half year ended September 30, 2026; the auditors issued an unmodified conclusion with an Emphasis of Matter on the CCI litigation.
By ScoutQuest · · 3 min read
| Line item | Latest | Year ago | YoY | Prev qtr | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 3,594.70 | 2,858.51 | +25.8% | 3,866.12 | −7% |
| Total income | 3,634.28 | 2,907.77 | +25% | 3,906.19 | −7% |
| Profit before tax | 274.74 | 260.61 | +5.4% | 423.13 | −35.1% |
| Profit after tax | 190.00 | 175.78 | +8.1% | 291.00 | −34.7% |
| Total comprehensive income | 189.88 | 174.96 | +8.5% | 290.88 | −34.7% |
| Basic EPS | 24.59 | 22.75 | +8.1% | 37.66 | −34.7% |
- Total income YoY growth
- +25%
- Period
- Three Months Ended 30.09.2026
Also decided at the meeting
- Approved amendments to the Insider Trading Code of Conduct and Code of Fair Disclosure of UPSI, effective immediately.
- Recommended appointment of Price Waterhouse Chartered Accountants LLP as Statutory Auditors for 5 years from the 33rd AGM (2027) till the 38th AGM (2032), subject to shareholder approval.
- S. R. Batliboi & Co. LLP, present Statutory Auditors, will complete their second 5-year term at the conclusion of the 33rd AGM.
- Approved JK Maxx Paints Limited (WOS) setting up a 75,000 KLPA water-based paint plant in Suryapet, Telangana at estimated capital cost of INR 130 Crore, within the INR 600 Crore paints investment.
Auditor's review
Conclusion: Unmodified
- Emphasis of Matter: attention drawn to Note 5(i) and 5(ii) describing uncertainty related to outcome of ongoing litigation with the Competition Commission of India; conclusion not modified.
- Other matter: results of erstwhile wholly owned subsidiary for period ended September 30, 2025 reviewed by its independent auditor; conclusion not modified.
Notes to the results
- CCI imposed penalty of ₹ 128.54 Crores (order dated 31 Aug 2016), upheld by NCLAT; revised demand ₹ 154.92 Crores incl. interest ₹ 26.38 Crores; Supreme Court stay; no provision made.
- CCI imposed separate penalty of ₹ 9.28 Crores (order 19 Jan 2017); NCLAT stayed the order; no provision made.
- During the quarter the Company commissioned a new 0.60 MnTPA White Cement based Wall Putty plant at Nathdwara, Rajasthan.
What the board approved
- Unaudited financial results, standalone and consolidated, for the quarter and half year ended September 30, 2026.
- Amendments to the Code of Conduct for Regulating, Monitoring and Reporting of Trading by Designated Persons, and to the Code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive Information, effective immediately.
- Recommendation to appoint Price Waterhouse Chartered Accountants LLP as statutory auditors for a term of 5 (five) consecutive years, from the conclusion of the 33rd Annual General Meeting in 2027 till the conclusion of the 38th AGM in 2032, subject to shareholder approval and statutory confirmations on eligibility and independence.
- S.R. Batliboi & Co. LLP, the present statutory auditors, will complete its second term of 5 (five) consecutive years at the conclusion of the 33rd AGM.
Paint capacity expansion by the wholly owned subsidiary
The board took note of and approved the decision of the board of JK Maxx Paints Ltd, a wholly owned subsidiary, to set up a new water-based paint manufacturing plant of 75,000 KLPA capacity at Raghunadhapalem, Suryapet District, Telangana. The estimated capital cost is INR 130 Crore, to be funded within the investment of INR 600 Crore in the paints business already approved by the board. JK Maxx currently has a capacity of 73,000 KLPA at Bhiwadi, Rajasthan, and the existing facility is projected to reach full utilisation, which is the stated rationale for the new plant.
Auditor's review conclusion
The statutory auditors, S.R. Batliboi & Co. LLP, issued an unmodified conclusion on the financial results. Their review report carries an Emphasis of Matter drawing attention to notes describing the uncertainty related to the outcome of ongoing litigation with the Competition Commission of India; the conclusion is not modified in respect of this matter.
The CCI matter in brief
A CCI order dated August 31, 2016 imposed a penalty of ₹ 128.54 Crores on the company. The company's appeal was heard by NCLAT, whose order dated July 25, 2018 upheld the CCI order with interest. The company has shared a statutory appeal before the Supreme Court, which admitted the appeal and directed that the interim order of stay passed by NCLAT will continue. The company, backed by legal opinion, believes it has a good case and accordingly no provision has been considered in the books of account.
Results at a glance (standalone)
- 'Revenue from operations' for the quarter ended September 30, 2026: Rs. 3,594.70 crore (statement is in Rs. in Crores).
- 'Profit after tax' for the quarter: Rs. 190.00 crore.
These are unaudited standalone figures; the update also contains unaudited consolidated results.
Other operational notes in the statement
- During the quarter the company commissioned a new white cement based wall putty manufacturing plant at Nadhwara, Rajasthan.
- The company is engaged in one business segment, cement and allied products.
- Interest and principal due dates on the company's non-convertible debentures are set out in the statement, along with a set of ratios such as debt-equity and interest service coverage.
How a retail investor can read this
The announcement is a quarterly results package with three extra decisions: a code amendment, a proposed change of statutory auditors (subject to shareholder approval), and a paint capacity addition inside a wholly owned subsidiary. The results carry a clean review conclusion, with the CCI litigation flagged as an emphasis of matter rather than a qualification.
Also from JK Cement
Auditors certify covenant compliance; security cover at 3.76 times for listed NCDs
24 Oct 2026
Q2 FY27 investor presentation: 32.3 MTPA capacity, 50 MTPA target by FY30, project-wise costs
24 Oct 2026
Subsidiary to set up 75,000 KLPA water-based paint plant in Telangana at estimated cost of INR 130 Crore
24 Oct 2026
More numbers
- Estimated capital cost of new paint plantINR 130 Crore
- New water-based paint plant capacity75,000 KLPA
- Existing JK Maxx Paints capacity at Bhiwadi73,000 KLPA
- Investment in paints business already approvedINR 600 Crore
- CCI penalty imposed on the company₹ 128.54 Crores
- Proposed statutory auditor term5 (five) consecutive years
- Total income, latest quarter3,634.28 (₹ in Crores)
- Total income, year-ago quarter2,907.77 (₹ in Crores)
- Total income, previous quarter3,906.19 (₹ in Crores)
- Total comprehensive income, latest quarter189.88 (₹ in Crores)
- Total comprehensive income, year-ago quarter174.96 (₹ in Crores)
- Total comprehensive income, previous quarter290.88 (₹ in Crores)
- Profit after tax, latest quarter190.00 (₹ in Crores)
- Profit after tax, year-ago quarter175.78 (₹ in Crores)
- Profit after tax, previous quarter291.00 (₹ in Crores)
- Revenue from operations, latest quarter3,594.70 (₹ in Crores)
- Revenue from operations, year-ago quarter2,858.51 (₹ in Crores)
- Revenue from operations, previous quarter3,866.12 (₹ in Crores)
- Profit before tax, latest quarter274.74 (₹ in Crores)
- Profit before tax, year-ago quarter260.61 (₹ in Crores)
- Profit before tax, previous quarter423.13 (₹ in Crores)
Nothing here is a view, opinion or recommendation of ScoutQuest, its parent, directors or employees. ScoutQuest is a technology company: this page was assembled automatically from public sources using artificial intelligence, and may contain errors or omissions. Confirm everything against the original source before you act on it. Any use of this page is at your own risk, and neither ScoutQuest nor its parent, directors or employees accepts liability for it.