{ "company_id": "JKCEMENT", "company_name": "JK Cement Limited", "cin": "L17229UP1994PLC017199", "nse_code": "JKCEMENT", "bse_code": "532644", "fy": "2024-25", "vintage_date": "2026-05-27", "registered_office_state": "Uttar Pradesh", "primary_listing": "NSE/BSE", "brsr_source": { "primary_source_url": "https://nsearchives.nseindia.com/corporate/JKCEMENT_27062025000022_finL_AR.pdf", "primary_source_type": "nse_brsr_filing", "evidence_cache_path": "scripts/primary-source/evidence/nsearchives-nseindia-com/corporate-jkcement-27062025000022-finl-ar-pdf/2026-05-27T04-13-45-250Z", "brsr_pages_in_ar": "194-227 (Annexure-D)", "fetched_date": "2026-05-27", "fetched_via": "direct", "secondary_validation_source": null }, "identity": { "incorporated_year": 1994, "incorporation_date": "1994-11-24", "primary_business": "Cement & Cement Products", "nic_2_digit": "23", "nse_industry": "Construction Materials", "promoter_group": "JK Organisation (Singhania Family)", "paid_up_capital_inr_cr": 77.27, "subsidiaries_listed_in_brsr": [ "JK Cement (Fujairah) FZC (WOS, 100%)", "JK Cement Works (Fujairah) FZC (Step-Down, 90%)", "JK White Cement (Africa) Limited (Step-Down, 100%)", "JK Maxx Paints Limited (WOS, 100%)", "Toshali Cements Pvt. Limited (WOS, 100%)" ], "reporting_boundary": "Standalone (JK Cement Limited only)", "is_top_150_brsr_core_assurance_fy_2324": null, "is_top_250_brsr_core_assurance_fy_2425": true }, "operations": { "revenue_from_operations_inr_cr": 11093, "revenue_from_operations_source_page": "196 (Section A) and Highlights page 20", "net_sales_inr_cr": 10708, "net_worth_inr_cr": 6065, "profit_after_tax_inr_cr": 870, "ebitda_per_mt_inr": 1017, "eps_inr": 112.59, "plants_count": 13, "offices_count": 51, "total_locations": 64, "plants_list_summary": "13 plants in India: integrated cement plants at Nimbahera (Rajasthan), Mangrol (Rajasthan), Muddapur (Karnataka), Gotan (Rajasthan - White Cement), plus grinding units including Aligarh (UP), Prayagraj (UP - commissioned FY25), and others. White Cement plants at Gotan and UAE (Fujairah - via subsidiary, not in standalone scope).", "branches_count": 51, "states_with_operations_grey_cement": 22, "states_with_operations_white_cement": "Pan India", "international_operations": false, "international_operations_countries_via_subsidiaries": [ "UAE (Fujairah)", "Africa (via subsidiary)" ], "exports_share_of_turnover": "Negligible", "capacity_grey_white_total_mtpa": 24.34, "capacity_utilisation_h2_fy25_pct": 80, "capacity_utilisation_full_year_pct": 76 }, "workforce": { "employees_permanent_male": 4572, "employees_permanent_female": 200, "employees_permanent_total": 4772, "employees_other_male": 1584, "employees_other_female": 33, "employees_other_total": 1617, "employees_total": 6389, "workers_permanent_male": 82, "workers_permanent_female": 0, "workers_permanent_total": 82, "workers_other_male": 5275, "workers_other_female": 46, "workers_other_total": 5321, "workers_total": 5403, "calculated_total_workforce": 11792, "calculated_female_workforce_share_pct": 2.37, "calculated_female_permanent_share_pct": 4.12, "differently_abled_employees_permanent_male": 9, "differently_abled_employees_permanent_female": 0, "differently_abled_employees_total": 9, "differently_abled_workers_total": 0, "median_remuneration_male_employees_other_than_bod_kmp_inr_lakh": 9.08, "median_remuneration_female_employees_other_than_bod_kmp_inr_lakh": 6.15, "median_remuneration_ratio_female_to_male_employees": 0.677, "median_remuneration_male_workers_inr_lakh": 5.28, "median_remuneration_female_workers_inr_lakh": 5.40, "turnover_rate_permanent_employees_pct": 23.5, "turnover_rate_permanent_workers_pct": 20.7, "wages_above_minimum_wage_pct": 100, "gross_wages_to_females_pct_total_wages": 3.70, "union_membership_permanent_workers_pct": 100, "union_membership_permanent_employees_pct": 0 }, "wellbeing_social": { "wellbeing_spend_as_pct_revenue": 0.24, "wellbeing_spend_source_page": "205 (Principle 3 Essential Indicator 1c)", "insurance_health_coverage_permanent_employees_pct": 100, "insurance_accident_coverage_permanent_employees_pct": 100, "maternity_benefits_permanent_female_pct": 100, "paternity_benefits_permanent_male_pct": 100, "day_care_facility_permanent_pct": 100, "pf_coverage_pct": 100, "gratuity_coverage_pct": 100, "esi_coverage_pct": 100, "complaints_posh_received": 0, "complaints_posh_pending_at_year_end": 0, "complaints_posh_upheld": 0, "complaints_child_labour_received": 0, "complaints_forced_labour_received": 0, "complaints_discrimination_received": 0, "complaints_wages_received": 0, "complaints_working_conditions_received": 0, "complaints_health_safety_received": 0, "complaints_other_human_rights_received": 0, "complaints_conflict_of_interest_directors": 0, "complaints_conflict_of_interest_kmps": 0, "complaints_customer_other": 1625, "complaints_customer_pending": 26, "complaints_shareholders": 4, "training_human_rights_employees_permanent_pct": 100, "training_human_rights_workers_permanent_pct": 100, "training_hours_per_employee_fy25": 20.5, "csr_expenditure_inr_cr": 23.1, "csr_beneficiaries_count": 562841 }, "environment_principle_6": { "energy": { "total_energy_consumption_gj": 45663365, "non_renewable_energy_gj": 42907100, "renewable_energy_gj": 2756265, "renewable_electricity_gj": 2253315, "renewable_biomass_gj": 502950, "non_renewable_electricity_gj": 1751658.2, "non_renewable_fuel_gj": 41155441, "renewable_share_pct": 6.04, "energy_intensity_per_inr_lac_turnover_mj": 0.4, "energy_intensity_per_inr_cr_ppp_gj": 995, "energy_intensity_per_tonne_cementitious_gj": 2.37, "specific_thermal_energy_consumption_gj_per_tonne_clinker": 3.16, "specific_electrical_energy_consumption_kwh_per_tonne_cement": 64, "source_page": "214-215 (Principle 6, Q1)" }, "ghg_emissions": { "scope_1_tco2e": 10472587, "scope_2_tco2e": 420227, "scope_1_plus_2_tco2e": 10892814, "scope_3_total_tco2e": 1452883, "scope_1_plus_2_intensity_per_inr_cr_ppp_tco2e": 237.36, "scope_1_plus_2_intensity_per_tonne_cementitious_tco2e": 0.565, "scope_3_intensity_per_tonne_cementitious_tco2e": 0.08, "specific_co2_net_scope1_kg_per_tonne_cementitious": 517, "specific_co2_gross_scope1and2_kg_per_tonne_cementitious": 565, "ghg_methodology": "GHG Protocol Corporate Standard (implied via TUV/GRI assurance)", "ghg_assurance_provider": "TUV India Private Limited", "ghg_assurance_level": "Reasonable (BRSR Core) + Limited (remaining indicators / GRI Non-Financial)", "sbti_validated_near_term_target": true, "sbti_scope1_intensity_reduction_pct_by_2030_vs_2020": 20.4, "sbti_scope2_intensity_reduction_pct_by_2030_vs_2020": 44.7, "source_page": "216-217 (Principle 6, Q7) and 220 (Q2 Scope 3)" }, "water": { "water_withdrawal_total_kl": 3251598, "water_withdrawal_surface_kl": 2191478, "water_withdrawal_ground_kl": 1055735, "water_withdrawal_third_party_kl": 4403, "water_withdrawal_rainwater_kl": null, "water_consumption_kl": 2891949, "water_discharge_kl": 218037.6, "water_discharge_note": "Surface water, no treatment - represents excess water from minepits via seepage/rainwater post-monsoon", "water_recycled_share_pct": null, "water_intensity_per_inr_lac_turnover_kl": 2.93, "water_intensity_per_inr_cr_ppp_kl": 63.02, "water_intensity_per_tonne_cementitious_kl": 0.17, "water_stressed_areas_operations": true, "water_stressed_plants": [ "Mangrol (Chittorgarh) Rajasthan", "Nimbahera (Chittorgarh) Rajasthan", "Gotan (Nagaur) Rajasthan" ], "zero_liquid_discharge_status": "All manufacturing plants implement ZLD principles", "water_positivity_times_fy25": 4.7, "water_positivity_target_2030": 5, "source_page": "214-215, 218-219 (Principle 6 Q3-Q5)" }, "air_emissions": { "nox_mt_per_annum": 11182, "sox_mt_per_annum": 1583, "particulate_matter_mt_per_annum": 778, "voc_mt_per_annum": 89.27, "hap_mt_per_annum": 2.66, "pop_mt_per_annum": null, "source_page": "215 (Principle 6 Q6)" }, "waste": { "waste_total_tonnes": 10540, "waste_plastic_tonnes": 1341, "waste_e_waste_tonnes": 0, "waste_bio_medical_tonnes": 0.34, "waste_construction_demolition_tonnes": 0, "waste_battery_tonnes": 15.83, "waste_radioactive_tonnes": 0, "waste_other_hazardous_tonnes": 94.71, "waste_other_non_hazardous_tonnes": 9089, "waste_recovered_total_tonnes": 10939, "waste_recycled_tonnes": 10936, "waste_reused_tonnes": 3, "waste_disposed_tonnes": 0, "waste_intensity_per_tonne_cementitious_kg": 0.546, "plastic_negative_multiple": "6x (co-processed ~6 times the plastic packaging introduced)", "plastic_waste_co_processed_kt": 165, "source_page": "217 (Principle 6 Q9)" }, "biodiversity": { "operations_in_protected_areas": false, "biodiversity_management_plan_published": true, "biodiversity_park_location": "Ahirpura limestone mine, Chittorgarh, Rajasthan" }, "compliance": { "non_compliance_with_environmental_laws_events": 0, "environmental_penalty_inr_cr": 0, "fines_settlements_brsr_section_a": "NIL", "designated_consumer_pat_units": 5, "pat_targets_achieved_count": 4, "pat_targets_in_progress_count": 1 } }, "brsr_core_9_attributes": { "ghg_emission_intensity_per_revenue_tco2e_per_inr_cr_ppp": 237.36, "ghg_emission_intensity_per_revenue_assurance_status": "Reasonable", "energy_footprint_per_revenue_gj_per_inr_cr_ppp": 995, "energy_footprint_assurance_status": "Reasonable", "water_footprint_per_revenue_kl_per_inr_cr_ppp": 63.02, "water_footprint_assurance_status": "Reasonable", "job_creation_in_smaller_towns_pct_wages_rural_plus_semi_urban": 11, "job_creation_smaller_towns_breakdown": { "rural_pct": 6, "semi_urban_pct": 5, "urban_pct": 27, "metropolitan_pct": 62 }, "job_creation_smaller_towns_assurance_status": "Reasonable", "spend_on_wellbeing_pct_revenue": 0.24, "spend_on_wellbeing_assurance_status": "Reasonable", "ltifr_employees_per_million_person_hours": 0, "ltifr_workers_per_million_person_hours": 0.09, "ltifr_assurance_status": "Reasonable", "gross_wages_paid_to_women_pct_total_wages": 3.70, "gross_wages_women_assurance_status": "Reasonable", "complaints_assurance_status": "Reasonable", "input_material_from_msme_smaller_producers_pct": 5, "input_material_directly_within_india_pct": 81, "msme_pct_assurance_status": "Reasonable" }, "cement_sector_specific": { "cement_production_grey_mt_fy25": 17.75, "cement_production_white_mt_fy25": 1.72, "cement_production_total_mt_fy25": 19.47, "clinker_factor_pct": 65, "thermal_substitution_rate_pct": 11.34, "thermal_substitution_rate_target_2030_pct": 35, "thermal_substitution_rate_source_page": "Highlights page 21", "alternative_fuel_types_used": [ "RDF (refuse-derived fuel)", "Municipal Solid Waste", "Plastic waste", "Biomass", "Other industrial waste" ], "share_green_power_pct_fy25": 51, "share_green_power_target_2030_pct": 75, "whrs_present": true, "whrs_capacity_mw_disclosed": null, "captive_renewable_energy_capacity_mw_disclosed": null, "low_carbon_cement_product_share_pct_blended": 68, "low_carbon_cement_product_examples": [ "PPC", "PPPC", "PSC", "Composite cement (under development)" ], "carbon_capture_pilots_status": "Pilot planned", "ccu_pilot_details": "DST-approved PPP-based CCU initiative with NCCBM and IIT Roorkee at Mangrol site - oxygen-based calciner, ~2 TPD capture; captured CO2 to be used for lightweight concrete and olefins", "ccs_capacity_planned_tco2_per_day": 2, "fly_ash_utilisation_pct_recycled_input": 19.7, "slag_utilisation_pct_recycled_input": 0.8, "cbam_transitional_declaration_filed": null, "cbam_in_scope_exports_to_eu_tonnes": null, "sbti_scope1_target_2030_kg_co2_per_t_cementitious": 532, "sbti_scope1_baseline_2020_kg_co2_per_t_cementitious": 680, "gcca_net_scope1_target_2030_kg_co2_per_t_cementitious": 465, "capacity_target_2030_mtpa": 50, "lca_conducted": true, "lca_standard": "ISO 14040/44", "lca_plants_covered": [ "Nimbahera", "Mangrol", "Muddapur" ] }, "governance_disclosure": { "board_size": 14, "women_directors_count": 3, "women_directors_share_pct": 21.4, "kmp_count": 4, "kmp_women_count": 0, "esg_committee_exists": true, "esg_committee_name": "CSR & Sustainability Committee", "esg_committee_chair_independent_woman": true, "esg_committee_chair": "Mrs. Deepa Gopalan Wadhwa (Independent, Non-Executive)", "highest_authority_for_brsr": "Mr. Madhavkrishna Singhania (Joint Managing Director and CEO)", "anti_corruption_policy_published": true, "anti_corruption_policy_url": "https://www.jkcement.com/frontTheme/pdf/Code-of-Conduct-Policy-15-12-22.pdf", "human_rights_policy_published": true, "supplier_code_of_conduct_published": true, "supplier_code_of_conduct_url": "https://www.jkcement.com/frontTheme/pdf/Supply-Chain-Sustainability-and-Suppliers-Code-of-Conduct-of-JK-Cement.pdf", "whistleblower_policy_published": true, "external_policy_evaluation_agency": "LRQA", "trade_associations_count": 12, "key_associations": [ "Cement Manufacturers' Association", "CII", "FICCI", "GCCA", "SBTi", "UN Global Compact", "UN Energy Compact" ] }, "assurance": { "brsr_core_assurance_required_fy_2425": true, "brsr_core_assurance_obtained_fy_2425": true, "brsr_core_assurance_provider": "TUV India Private Limited", "brsr_core_assurance_level": "Reasonable", "brsr_remaining_indicators_assurance_level": "Limited", "brsr_remaining_indicators_assurance_provider": "TUV India Private Limited", "brsr_core_assurance_standard_followed": "Reasonable assurance on BRSR Core; Limited assurance on remaining indicators (BRSR Core + GRI Non-Financial scope per Principle 6 disclosures)", "full_brsr_voluntary_assurance_obtained": true, "gri_non_financial_assurance_provider": "TUV India Private Limited", "financial_assurance_provider": "S.R Batliboi & Co. LLP", "ghg_specific_assurance_separate": false }, "voluntary_frameworks": { "gri_report_published_fy_2425": true, "gri_standards_aligned": true, "ifrs_s1_voluntary_disclosure": null, "ifrs_s2_voluntary_disclosure": null, "tcfd_disclosure_published": true, "cdp_climate_response_filed": true, "cdp_water_response_filed": true, "cdp_climate_score_disclosed": null, "sbti_validated_target": true, "sbti_near_term_target_year": 2030, "sbti_long_term_target_year": null, "net_zero_target_year": null, "transition_plan_published": true, "frameworks_referenced": [ "UNGC", "UN-SDGs", "GRI Standards", "CDP Climate & Water", "SBTi", "TCFD", "IIRC", "BIS Standards", "ILO Principles", "WBCSD", "IGBC GreenPro", "GreenCo", "ISO 9001:2015", "ISO 14001:2015", "ISO 45001:2018", "ISO 50001:2018", "ISO 27001:2022", "GCCA" ] }, "qc_metadata": { "scraped_by": "Claude (automated) — Opus 4.7", "scraped_date": "2026-05-27", "source_format": "Integrated Annual Report 2024-25, Annexure-D (BRSR), pages 194-227 of AR; PDF filed with NSE 27 June 2025", "disclosure_completeness_estimate_pct": 82, "manual_review_completed": true, "manual_reviewer_required": "Ravi Patel", "notes": "JK Cement BRSR FY2024-25 is high-quality, well-structured disclosure. Key extractions: (1) Total workforce 11,792 (vs parser hint of 6,938 - the hint counted only employees not workers; full total = 6389 employees + 5403 workers). (2) Plants count 13 confirmed. (3) Assurance: BRSR Core Reasonable + remaining Limited, provider TUV India confirmed; financial audit by S.R. Batliboi & Co. LLP. (4) Revenue FY25 ₹11,093 cr, Net worth ₹6,065 cr, PAT ₹870 cr. (5) Scope 1 = 10.47 MtCO2e, Scope 2 = 0.42 MtCO2e, Scope 3 = 1.45 MtCO2e. (6) Energy 45.66 million GJ; renewable share only 6.04% of total energy by GJ (note: 'green power' share is 51% which refers only to electricity mix, not total energy). (7) Specific CO2 (absolute gross Scope 1+2) = 565 kg/t cementitious; net Scope 1 = 517 kg/t. (8) TSR 11.34% (target 35% by 2030). (9) Clinker factor 65%. (10) Cement production total 19.47 MT (17.75 grey + 1.72 white). (11) Capacity 24.34 MTPA; target 50 MTPA by 2030. (12) Energy intensity values in BRSR show MJ/H (0.4) and GJ/H Cr PPP (995) - the '0.4 MJ/H' appears to be per ₹ of revenue; care needed in comparison. (13) Scope 1+2 intensity per ₹ cr (PPP-adj) = 237.36 tCO2e/cr; per t cementitious = 0.565. (14) Water-stressed plants: 3 Rajasthan ICPs (Mangrol, Nimbahera, Gotan). (15) Water positivity 4.7x in FY25 vs 5x target. (16) ZLD across all manufacturing units. (17) LTIFR workers 0.09; employees 0. Zero fatalities. (18) Zero POSH, child labour, forced labour, discrimination, wages, working conditions, H&S, conflict of interest, bribery complaints reported across all human rights and ethics indicators. (19) Gross wages to females 3.70% of total - signals very low female participation in wage base. (20) Female permanent share 4.12%; total female workforce share 2.37%; FY25 target was 5% diversity by 2030, FY25 stands at 4.2% per company report. (21) MSME sourcing only 5% (down from 6.09% FY24) - possible BRSR Core area for improvement. (22) SBTi validated near-term targets: Scope 1 -20.4%, Scope 2 -44.7% by 2030 vs 2020 base. (23) GCCA-aligned net Scope 1 target 465 kg/t by 2030 (currently 517). (24) CCU pilot at Mangrol with NCCBM + IIT Roorkee, ~2 TPD via oxygen-based calciner. (25) CSR spend ₹23.1 Cr, 562,841 beneficiaries. (26) CBAM exposure not disclosed - exports are 'negligible' so likely de minimis EU exposure; flag for manual confirmation. (27) Subsidiaries (5): JK Cement Fujairah (UAE), JK Cement Works Fujairah, JK White Cement Africa, JK Maxx Paints, Toshali Cements. Reporting boundary is STANDALONE - international ops via Fujairah/Africa subsidiaries are NOT in this BRSR's scope. (28) No board independent count explicitly tabulated in BRSR section but Section A women dir = 3/14 = 21.4%. (29) Median remuneration F:M for employees-other-than-BoD/KMP = 6.15 / 9.08 = 0.677 (67.7%). (30) Training hours per employee FY25 = 20.5 (target 20 - over-achieved). (31) Capacity utilisation 76% full year, 80% H2FY25.", "identity_corrections": "None to entity identity. Initial parser snapshot underestimated workforce — actual total workforce per BRSR is 11,792 (6,389 employees + 5,403 workers), not ~6,938. Parser likely counted only employees.", "manual_review_questions": [ "Q1: Confirm whether the 'energy intensity per rupee of turnover (MJ/H)' value of 0.4 is correctly interpreted as 0.4 MJ per ₹ (which would imply 4 GJ/lakh = 400 GJ/cr) vs the PPP-adjusted 995 GJ/cr; unit basis for the non-PPP value needs cross-check against BRSR template.", "Q2: Renewable energy share at 6.04% (by GJ) is markedly different from the company's 'green power 51%' headline metric — confirm with Ravi whether the dataset should use the BRSR-disclosed energy-mix share or normalise differently for sector comparison.", "Q3: Confirm CBAM exposure treatment — exports declared 'negligible' but UAE operations exist via Fujairah subsidiary; these are outside the standalone BRSR scope. Flag for Anchor #3 CBAM dataset cross-link.", "Q4: PAT Cycle VII/VIII targets disclosed for 5 designated consumer units — verify whether this should populate a new field in cement_sector_specific.", "Q5: ESG committee chair confirmed independent woman (Mrs. Deepa Gopalan Wadhwa) - exceeds many peer disclosures; verify whether to add a flag for governance scoring." ], "notes_audit_2026_05_27": [ "PRIMARY-SOURCE PDF AUDIT 2026-05-27 (Ravi manual + Claude) on JK Cement Limited Integrated Annual Report 2024-25 (227-page PDF, 19.1MB, 2-up spread; printed pages 196-225 BRSR Annexure D + 227-233 dual-track TUV India Assurance Statements). Source: jkcement.com.", "(1) MATERIAL CCI EXPOSURE: JK Cement is the 3rd confirmed CCI cement-cartel exposed entity in 14-company sample after UltraTech (₹1,685.13 cr) and ACC (Emphasis of Matter Note 43(A)). Director's Report §14 discloses TWO separate CCI matters: (a) **₹12,854 Lakh = ₹128.54 cr penalty 31 August 2016** — NCLAT 25 July 2018 upheld CCI order; Supreme Court appeal admitted 5 October 2018; NCLAT interim stay continues — SAME 2016 cement-cartel vintage as UltraTech and ACC; (b) **₹928 Lakh = ₹9.28 cr penalty 19 January 2017** — separate Competition Act 2002 contravention; NCLAT stayed CCI order; pending NCLAT hearing. Total contingent CCI exposure = ₹137.82 cr. No provision made. Critical disclosure gap: **BRSR Principle 7 Q2 (anti-competitive corrective action) reports 'NA'** — does NOT carry the Director's Report CCI disclosure into the BRSR P7 question. Same pattern as UltraTech and worse than ACC (which carries Emphasis of Matter explicitly).", "(2) POSH FY 2024-25: NIL complaints filed, NIL upheld — JK Cement is the SECOND entity in 14-company sample (after Shree Cement) with zero POSH complaints across the disclosed period. Cross-confirmed in Director's Report §36.1 ('the Company has not received any complaint of sexual harassment'). Distinct from the Adani-pattern 100% upheld observed at UltraTech (6/6), ACC (2/2) and Dalmia (4/4).", "(3) Assurance: **TUV India Private Limited** under TUV NORD GROUP — BRSR Core 9 attributes Reasonable Assurance + GRI 2021 Limited Assurance, both under ISAE 3000 (Revised). Signed by **Manojkumar Borekar, Product Head – Sustainability Assurance Service** — Mumbai, **19 June 2025**, Project Reference 8123408539, Revision 01. Same signatory observed at Ambuja (15 May 2025), Dalmia (26 May 2025) — confirms TUV India / TUV NORD GROUP dominance of Indian cement sustainability assurance market (7 of 14 entities use TUV India: Ambuja, ACC, Dalmia, JK Cement, Nuvoco, Sagar, Orient). Separately, LRQA mentioned in BRSR Section B Q11 for POLICY framework assessment (not BRSR data assurance — different scope). Financial figures referenced in BRSR independently assured by **S.R Batliboi & Co. LLP** (statutory auditor; ICAI Firm Registration 301003E/E300005).", "(4) Reporting boundary: **STANDALONE — 13 manufacturing units** (5 Integrated Cement Plants at Nimbahera, Gotan GL-1 & GL-2, Muddapur, Panna, Mangrol + 7 Grinding Units at Aligarh, Jhajjar, Balasinor, Hamirpur, Ujjain, Prayagraj, Katni White Putty + Corporate Office). EXCLUDED: JK Cement (Fujairah) FZC UAE; JK Cement Works Fujairah (90% step-down); JK White Cement (Africa) Tanzania step-down; JK Maxx Paints; Toshali Cements Pvt Ltd Orissa (NCLT merger pending); Mangrol CO2 capture pilot. Narrowest reporting boundary in the Adani-adjacent sample alongside Shree (also standalone India-only).", "(5) TUV India onsite + remote verification dates 19 Feb 2025 to 25 April 2025; onsite at Aligarh GU (19 Feb), Nimbahera ICP (20 Feb), Mangrol ICP (21 Feb), Gotan GL-1 & GL-2 (24-25 Feb), Muddapur ICP (25 Feb), Corporate Office Gurugram Prism Tower Ninaniya Estate Gwal Pahari (24-25 April); remote at Panna ICP (17 April), Katni Wall Putty (21 April), Hamirpur GU + Prayagraj GU (22 April), Jharli GU + Ujjain GU + Balasinor GU (23 April).", "(6) **TUV India flagged 3 improvement areas — first observed in sample as CSRD-prep recommendations**: (a) Conduct **Double Materiality Assessment (DMA) per CSRD framework** alongside current single-materiality assessment; (b) **Green Mobility — Company-Owned Vehicles** (EV/hybrid fleet for mines + corporate vehicles); (c) **Green Mobility — Outbound Logistics** (encourage suppliers to adopt green mobility for cement transport). Signals TUV India is starting to push CSRD-readiness recommendations into its Indian cement Reasonable Assurance engagements — worth watching as a sector-wide assurance-quality direction.", "(7) Workforce: Permanent employees 4,772 (Male 4,572 + Female 200; F% = 4.2%); Other-than-permanent employees 1,617 (Male 1,584 + Female 33); Total employees 6,389. Permanent workers 82 (ALL male — ZERO female permanent workers, same pattern as Shree Cement); Other-than-permanent workers 5,321 (Male 5,275 + Female 46); Total workers 5,403. Grand total workforce: 11,792. **Permanent workers 100% unionised (82/82)** — matches ACC pattern. Turnover rate Permanent Employees 23.5% (Male 23.3% / Female 28% — Female turnover higher); Permanent Workers 20.7%.", "(8) SAFETY FY 2024-25 (Principle 3 Q11): **ZERO FATALITIES — 0 employees + 0 workers** (vs 0/0 prior FY); LTIFR Employees 0; Workers 0.09 (improving from 0.19 prior FY). Total recordable injuries: 0 employees + 2 workers (vs 0 + 4 prior; improving). High consequence injuries: 0/0 (vs 0/2 prior). Q13 Working conditions complaints 0 + H&S complaints 0 (vs 128 + 6 prior FY — **material improvement, ~134 → 0 complaint resolution**). Note: 'Including contract workforce and excluding third party'. JK Cement and Shree Cement are now the two cleanest safety-disclosure entities in sample structurally (Shree NIL POSH + JK Cement ZERO fatalities + NIL POSH).", "(9) ENERGY: Total 45,663,365 GJ (+4.3% YoY). Renewable mix: electricity 2,253,315 GJ + Bio-mass fuel 502,950 GJ = 2,756,265 GJ = **6.04% renewable share by total energy GJ** (DOWN from 7.34% prior FY). Headline narrative discloses 'Green Power Mix 51%' — refers ONLY to electricity mix, not total energy. Same dual-basis disclosure pattern as Shree (5.7% TJ vs 56% electricity) and Dalmia (5.7% TJ vs 36% electricity). Energy intensity: 2.37 GJ/t cementitious (worsened from 2.32; +2.2%). Per ₹ turnover: 0.4 MJ/₹ (flat); PPP-adjusted: 995 GJ/Cr (vs 1,100 prior).", "(10) PAT Scheme compliance: **Cycle VII ACHIEVED at 4 of 4 designated plants — Nimbahera-ICP (0.0648 vs 0.0975 target), Mangrol-ICP (0.0787 vs 0.0854), Muddapur-ICP (0.0783 vs 0.0885), Gotan White-ICP (0.1126 vs 0.1272)**. Cycle VIII Aligarh-GU IN PROGRESS (achieved 0.0088 vs target 0.0080 — narrowly over target). All achievements direct (not via ESCerts purchase like ACC's Chaibasa/Thondebhavi/Kudithini). Best PAT-direct compliance disclosure in sample so far.", "(11) GHG: Scope 1 = 10,472,587 tCO2e (+1.3% YoY); Scope 2 = 420,227 tCO2e (+14% YoY); **Scope 3 = 1,452,883 tCO2e — DOWN 43% YoY from 2,529,576 prior FY**. The Scope 3 41% YoY drop without narrative explanation is a methodology-restatement flag — likely re-baselining of upstream/downstream category boundaries; warrants restatement_log entry. Total Scope 1+2 = 10.89 MMT. Intensity Scope 1+2 per t cementitious: **0.565 MT/t = 565 kg CO2/t** (flat vs prior 0.565) — confirms article's GHG intensity claim. Intensity per ₹ turnover: 9.8 MT/₹ Lacs (flat); PPP-adjusted 237.36 vs 269 prior FY. SBTi-validated targets: Scope 1 intensity -20.4% by 2030 vs FY 2020 base; Scope 2 -44.7%. Net Scope 1 (GCCA basis) target 465 kg/t by 2030 vs current 517 kg/t. Section B FY 2030 absolute Gross GHG Scope-1+2 target 532 kg/t (SBTi) — gap of 33 kg/t to current 565.", "(12) WATER: Total withdrawal 3,251,598 KL (+12% YoY). Surface 2,191,478 KL (+24%); Groundwater 1,055,735 KL (+5%); Third party 4,403 KL (new); Rainwater harvested 0 (vs 122,589 prior — reclassified out?). Total consumption 2,891,949 KL = 89% consumption rate. Water intensity: 0.17 KL/t cementitious = **170 L/t** (vs 150 L/t prior; WORSENING +13%) — now SECOND-WORST in sample (Sagar 645 worst; Dalmia 167; Shree 68.6 best). Water discharge: 218,037.6 KL all 'No treatment' — flagged with asterisk as 'Excess water accumulated in the minepits through seepage and rainwater which is abstracted to continue the mining activity especially in the post monsoon period and requires no specific treatment'. ZLD claimed across all manufacturing plants. Water positivity 4.7x FY 2024-25 vs 5x by FY 2029-30 target.", "(13) **WATER-STRESS facility disaggregation: 3 facilities (Mangrol + Nimbahera Chittorgarh + Gotan Nagaur — ALL Rajasthan ICPs) at 1,796,306 KL combined = 55% of total withdrawal**. Per-plant breakouts: Nimbahera 845,756 KL (vs 934,091 prior); Mangrol 550,819 KL (vs 509,644); Gotan 399,731 KL (vs 415,122). Water-stress concentration similar magnitude to Shree's 57% — both Rajasthan-heavy operations. JK Cement and Shree are the two entities in sample with HIGH water-stress-area concentration; Dalmia at 14%; ACC, Ambuja, UltraTech do not disclose stress-area breakouts.", "(14) AIR EMISSIONS: **NOx 11,182 MT (+23% YoY from 9,118) — material deterioration**; SO2 1,583 MT (vs 1,515; +4.5%); PM 778 MT (vs 692; +12%). VOC 89.27 MT (vs 50.28; +78%). HAP 2.66 MT (new disclosure). POP not measured. JK Cement NOx 11,182 ranks between Shree (16,217) and ACC (8,003); SO2 and PM are mid-pack. The +23% NOx YoY worsening is third-largest absolute deterioration in sample after Shree NOx 16,217 (vs 14,262 prior FY; +14%) and Dalmia NOx 16,884 (vs 10,727; +57%).", "(15) WASTE: Total 10,540 MT (+5% YoY). Composition: Plastic 1,341 MT (+32% vs 1,020 prior FY); E-waste 0 (vs 28; reclassified); Battery 15.83 (vs 26); Bio-medical 0.34 (vs 2); Other Hazardous 94.71 (Used Oil + Cotton + Paint drums + Oil filters etc.); Other Non-Hazardous 9,089 MT. **Recovery: 10,939 MT recycled+re-used (vs 9,640 prior) — best-in-sample at ~100% recovery rate (10,939/10,540 — exceeds total slightly due to prior-year carry-over residue counted in current recovery)**; zero landfill, zero incineration. Cleaner waste-disposal posture than Dalmia (24,240 MT to 'other disposal'), ACC, Shree.", "(16) EIA pipeline (P6 Essential Indicator 12): 4 active environmental clearance projects — (a) Ongoing Brownfield Expansion at Buxar Bihar (3 MTPA greenfield grinding capacity per Director's Report); (b) Proposed IU Greenfield Expansion at Jaisalmer Rajasthan (new project); (c) Ongoing Expansion at Hamirpur UP; (d) Proposed Expansion of Karunda Limestone Mines from 3.45 → 4.05 MTPA at Nimbahera Rajasthan. Geography: Bihar + Rajasthan + UP — concentrated North India footprint; narrower than Shree (Karnataka + Gujarat + Maharashtra + Chhattisgarh) and Dalmia (South + East India + Northeast). Environmental compliance: NIL non-compliances disclosed under P6 Q13.", "(17) **P7 TRADE AFFILIATIONS — 12 (broadest in 14-company sample so far)**: top 10 listed — Cement Manufacturers Association (CMA) National, Confederation of Indian Industry (CII) National, **CII India Business & Biodiversity Initiative** National, **UN Energy Compact** International, FICCI National, **Global Cement and Concrete Association (GCCA)** National & International, Member of JK Organisation National, Merchants Chamber of UP State, **Science Based Targets Initiative (SBTi)** International, **UN Global Compact** National & International. Climate-alliance breadth (UN Energy Compact + UN Global Compact + SBTi + GCCA + CII Biodiversity Initiative) rivals Shree's RE100 + 24/7 CFE positioning but with different alliance mix (Shree heavier on electricity-led RE; JK Cement heavier on SBTi + GCCA + UN framework). Public policy advocated (Leadership): 5 named positions — Green power procurement (BEE + MNRE + CII), Carbon markets (CII + BEE + CMA + MoEF&CC), Fly ash regulations (CMA + MoEF&CC), Decarbonisation Net Zero (BEE + MoEF&CC + GCCA + SBTi + TERI + FICCI + CDP + CMA), Cement sector SDG alignment (GCCA).", "(18) P8 INCLUSIVE GROWTH: MSME procurement **5%** (DOWN from 6.09% — material decline); Domestic within India **81%** (DOWN from 91.23% — material 10pp drop, suggests increased import-reliance on specialised inputs likely refractories/grinding-media/pet-coke). Job creation: Rural 6%, Semi-urban 5%, Urban 27%, **Metropolitan 62% — HIGHEST in 14-company sample** (vs Shree 37%, Dalmia 44%, Adani-adjacent similar to Dalmia). Reflects JK Cement's corporate HQ Gurugram + Kanpur registered office + Mumbai marketing concentration. Aspirational districts CSR: NONE disclosed (gap vs Shree 2 districts + Dalmia 3 districts + ACC). CSR beneficiaries 562,841 total (Healthcare 63,997 + Education 97,770 + Livelihood 63,313 + Rural Transformation 222,450 + Environment 81,723 + Others 33,588).", "(19) P9 CONSUMER: Consumer complaints 'Others' 1,625 received + 26 pending FY 2024-25 (vs 1,369 + 27 prior). Data privacy / Advertising / Cyber-security / Delivery / Restrictive Trade / Unfair Trade complaints: ALL 0 in both years. Voluntary product recalls: 0; Forced recalls: 0. **Cybersecurity policy posture: 'in the process of releasing an exclusive cyber security policy'** — dedicated policy NOT YET RELEASED at reporting cutoff; current coverage via Code of Conduct and IT security practices. NIST or DPDPA-specific compliance framework NOT explicitly disclosed (contrast with Dalmia NIST + DPDPA-ready). Data breaches: 0 instances. Marketing presence across 21 Indian states; consumer.care@jkcement.com + 1800-266-2606 toll-free.", "(20) GENDER & DIVERSITY: Female permanent employees 200 of 4,772 = **4.19%** (Section A); Section B 2030 target 5% women — currently 4.2%, gap of 0.8pp. **Gross wages paid to females: 3.70% of total wages (UP from 2.9% prior FY)** — among lowest in sample (Shree 1.42%, Dalmia 2.72%). Median wages (P5 Q3a): BoD Male 11 / Female 3 (refer Corporate Governance for amounts); KMP Male 4 / Female 0 (no female KMP); Employees other Male 6,141 / median ₹9.08 Lakh / Female 230 / median ₹6.15 Lakh (F:M ratio 67.7%); Workers Male 5,357 / median ₹5.28 Lakh / Female 46 / median ₹5.40 Lakh (Female median > Male — female workers in contract-only segment likely earning specialised wages). CSR & Sustainability Committee chaired by **Mrs. Deepa Gopalan Wadhwa (Independent Non-Executive Chairperson)** — independent woman director-led ESG governance is rare and exceeds many peers.", "(21) FINANCIAL (per Director's Report): Standalone Revenue ₹11,093.18 cr (+1.6% YoY); PBT ₹1,243.39 cr; PAT ₹870.01 cr (+4.7%). Grey cement production 17.75 MnT (+4.96%); White Cement+Wall Putty 17.15 Lakh tonne (+3.62%). Capacity expansion roadmap: **24.34 → 30 MTPA by FY 2026** via 6 MTPA expansion (3.6 MTPA clinker line Panna + 3 MTPA grinding across Panna/Hamirpur/Prayagraj + 3 MTPA greenfield grinding Buxar Bihar) — also acquiring 60% in **Saifco Cements (J&K entry, June/July 2026)**. CCU pilot at Mangrol via NCCBM + IIT Roorkee partnership (~2 TPD oxygen-based calciner). Sustainability KPIs in subsidiary: JK Cement (Fujairah) FZC UAE turnover ₹605.75 cr profitable ₹108.69 cr PBT; JK White Cement (Africa) Tanzania step-down ₹97.72 cr turnover.", "(22) RPT DISCLOSURE FLAG: **RPT Loans & advances jumped from 0.05% to 0.86% YoY (17x increase)**; RPT Purchases doubled 4% → 8%. While in BRSR Principle 1 disclosure, the YoY scale of RPT loans-and-advances movement deserves cross-reference to AOC-2 statement (Form AOC-2 indicates no material RPT requiring shareholder approval per Section 188(1) — but the in-the-ordinary-course threshold movement is notable for governance scoring). Accounts payable days extended 51 → 64 days (+25%) — vendor-term extension consistent with broader cash-management posture; well below sample-high but worth flagging." ], "manual_review_date": "2026-05-27", "manual_reviewer": "Ravi (PDF audit) + Claude", "cross_validation_status": "pass", "cross_validation_completed_date": "2026-05-28" } }