{ "company_id": "JKLAKSHMI", "company_name": "JK Lakshmi Cement Limited", "cin": "L74999RJ1938PLC019511", "isin": null, "nse_code": "JKLAKSHMI", "bse_code": "500380", "fy": "2024-25", "vintage_date": "2026-05-27", "registered_office_state": "Rajasthan", "primary_listing": "NSE/BSE", "brsr_source": { "primary_source_url": "https://www.jklakshmicement.com/wp-content/uploads/2025/09/Annual-Report-2024-25.pdf", "primary_source_type": "annual_report_brsr_section", "evidence_cache_path": "scripts/primary-source/evidence/jklakshmicement-com/wp-content-uploads-2025-09-annual-report-2024-25-pdf/2026-05-27T04-13-03-901Z", "brsr_pages": "138-175", "fetched_date": "2026-05-27", "fetched_via": "direct", "secondary_validation_source": null }, "identity": { "incorporated_year": 1938, "primary_business": "Cement & Cement Products", "nic_2_digit": "23", "nic_4_digit": "2394", "nse_industry": "Construction Materials", "promoter_group": "Hari Shankar Singhania Group", "market_cap_inr_cr_31_mar_2025": null, "market_cap_rank_31_mar_2025": null, "is_top_150_brsr_core_assurance_fy_2324": null, "is_top_250_brsr_core_assurance_fy_2425": true, "is_top_500_brsr_core_assurance_fy_2526_planned": true, "subsidiaries_count": 8, "joint_ventures_count": 0, "associates_count": 3, "merger_note": "Udaipur Cement Works Ltd (UCWL), Hansdeep Industries & Trading Company Ltd (HITCL) and Hidrive Developers and Industries Ltd (HDIL) merged with JKLC w.e.f. 31 July 2025 (Appointed Date 1 April 2024). FY 2024-25 non-financial information includes UCWL operations; not comparable to FY 2023-24 originally reported." }, "operations": { "revenue_from_operations_inr_cr": 6245.70, "revenue_from_operations_source_page": "140 (BRSR Section A) / 103 (Board's Report Sales & Other Income)", "turnover_inr_cr": 6245.70, "net_worth_inr_cr": 3579.46, "total_assets_inr_cr": null, "plants_count": 7, "plants_list": [ { "location_state": "Rajasthan", "type": "Integrated Cement Plant", "name": "Sirohi (Jaykaypuram)", "capacity_mtpa": null }, { "location_state": "Rajasthan", "type": "Integrated Cement Plant", "name": "Udaipur (Dabok)", "capacity_mtpa": 4.7 }, { "location_state": "Chhattisgarh", "type": "Integrated Cement Plant", "name": "Durg (Ahiwara) - 1.98 MTPA clinker / 2.7 MTPA cement", "capacity_mtpa": 2.7 }, { "location_state": "Gujarat", "type": "Grinding Unit", "name": "Kalol (Motibhoyan)", "capacity_mtpa": null }, { "location_state": "Gujarat", "type": "Grinding Unit", "name": "Surat (Dastan)", "capacity_mtpa": 1.5 }, { "location_state": "Haryana", "type": "Grinding Unit", "name": "Jhajjar (Bajitpur)", "capacity_mtpa": null }, { "location_state": "Odisha", "type": "Grinding Unit", "name": "Cuttack (Radhashyampur)", "capacity_mtpa": null } ], "branches_count": 28, "states_with_operations_count": 19, "international_operations": false, "international_operations_countries": [], "exports_pct_of_turnover": 0 }, "workforce": { "employees_permanent_male": 1673, "employees_permanent_female": 37, "employees_other_male": 66, "employees_other_female": 1, "workers_permanent_male": 235, "workers_permanent_female": 0, "workers_other_male": 2735, "workers_other_female": 116, "differently_abled_employees": 0, "differently_abled_workers": 2, "median_remuneration_male_employees_inr_lakh": 11.5638, "median_remuneration_female_employees_inr_lakh": 7.4448, "median_remuneration_male_workers_inr_lakh": 6.50372, "median_remuneration_female_workers_inr_lakh": 1.13196, "median_remuneration_ratio_female_to_male_employees": 0.6437, "turnover_rate_employees_pct": 15.8, "turnover_rate_workers_pct": 0.0, "wages_above_minimum_wage_pct_employees": 100.0, "wages_above_minimum_wage_pct_permanent_workers": 100.0, "wages_above_minimum_wage_pct_other_workers": 72.5, "calculated_total_workforce": 4863, "calculated_female_workforce_share_pct": 3.17, "calculated_female_workforce_share_pct_permanent_only": 1.86, "board_size": 6, "women_on_board_count": 3, "women_on_board_pct": 50.0, "kmp_total": 4, "kmp_women_count": 1, "kmp_women_pct": 25.0 }, "wellbeing_social": { "wellbeing_spend_inr_cr": null, "wellbeing_spend_as_pct_revenue": 0.17, "wellbeing_spend_source_page": "151", "insurance_group_medical_coverage_pct_employees": 100.0, "insurance_life_coverage_pct_employees": null, "insurance_accident_coverage_pct_employees": 100.0, "maternity_benefits_coverage_pct_female_permanent_employees": 100.0, "paternity_benefits_coverage": "Not disclosed (NA)", "day_care_facility_coverage_pct_female_permanent_employees": 100.0, "complaints_posh_received": 0, "complaints_posh_pending_at_year_end": 0, "complaints_child_labour_received": 0, "complaints_forced_labour_received": 0, "complaints_discrimination_received": 0, "complaints_wages_received": 0, "complaints_other_hr_received": 0, "complaints_working_conditions_received": 0, "complaints_health_safety_received": 0, "complaints_communities_received": 0, "complaints_customers_received": 124, "complaints_shareholders_received": 25, "complaints_influencers_received": 1111, "training_hours_on_human_rights_disclosed": false, "human_rights_training_coverage_employees_pct": 83, "human_rights_training_coverage_workers_pct": 82 }, "environment_principle_6": { "energy": { "total_energy_consumption_gj": 29636878, "non_renewable_energy_gj": 27294488, "renewable_energy_gj": 2342390, "renewable_energy_electricity_gj": 1472007, "renewable_energy_fuel_gj": 870383, "renewable_share_pct": 7.9, "energy_intensity_per_inr_revenue_gj_per_rupee": 0.000474, "energy_intensity_per_t_cementitious_gj_per_t": 2.486, "energy_intensity_ppp_adjusted_gj_per_rupee_ppp": 0.0098, "specific_thermal_energy_consumption_mj_per_kg_clinker": null, "specific_electrical_energy_consumption_kwh_per_t_cement": 69, "renewable_share_of_electricity_pct": 48.57, "source_page": "162", "dqs": 4 }, "ghg_emissions": { "scope_1_tco2e": 7007134.00, "scope_1_co2_tco2": null, "scope_1_ch4_tco2e": null, "scope_1_n2o_tco2e": null, "scope_1_other_tco2e": null, "scope_2_location_based_tco2e": 237401.50, "scope_2_market_based_tco2e": null, "scope_3_total_tco2e": 80371.29, "scope_3_category_1_purchased_goods_tco2e": null, "scope_3_category_2_capital_goods_tco2e": null, "scope_3_category_3_fuel_energy_tco2e": null, "scope_3_category_4_upstream_transport_tco2e": null, "scope_3_category_5_waste_tco2e": null, "scope_3_category_6_business_travel_tco2e": null, "scope_3_category_7_employee_commute_tco2e": null, "scope_3_category_9_downstream_transport_tco2e": null, "scope_3_categories_disclosed": [ 1, 2, 3, 4, 5, 6, 7, 9 ], "ghg_methodology": "GHG Protocol Corporate Standard (implied); ISO 14064-1:2018 for Scope 1 & 2 carbon footprint report", "ghg_assurance_provider": "Bureau Veritas Industrial Services (I) Pvt. Ltd.", "ghg_assurance_level": "Limited", "ghg_emission_intensity_per_inr_turnover_kg_per_rupee": 0.1159, "ghg_emission_intensity_per_t_cementitious_kg_per_t": 607.77, "ghg_emission_intensity_ppp_adjusted_kg_per_rupee_ppp": 2.396, "scope_3_intensity_per_t_cementitious_kg_per_t": 6.74, "source_page": "165, 168", "dqs": 4 }, "water": { "water_withdrawal_kl": 1522439, "water_withdrawal_surface_kl": 729539, "water_withdrawal_groundwater_kl": 711931, "water_withdrawal_third_party_kl": 0, "water_withdrawal_seawater_kl": 0, "water_withdrawal_others_kl": 80969, "water_consumption_kl": 1141575, "water_discharge_kl": 0, "water_recycled_kl": null, "water_recycled_share_pct": null, "water_consumption_intensity_kl_per_t_cementitious": 0.096, "water_consumption_intensity_per_inr_turnover_kl_per_rupee": 0.0000183, "water_stressed_areas_operations": false, "zero_liquid_discharge_plants_count": null, "zero_water_discharge_declared": true, "water_positivity_multiple_fy2425": 4.49, "source_page": "163", "dqs": 4 }, "air_emissions": { "nox_tonnes_per_annum": 5230, "sox_tonnes_per_annum": 1019, "particulate_matter_tonnes_per_annum": 620, "voc_tonnes_per_annum": null, "pop_tonnes_per_annum": null, "hap_tonnes_per_annum": null, "source_page": "164", "dqs": 3 }, "waste": { "waste_total_tonnes": 23316, "waste_plastic_tonnes": 108.85, "waste_e_waste_tonnes": 8.56, "waste_bio_medical_tonnes": 0.19, "waste_construction_demolition_tonnes": 0, "waste_battery_tonnes": 18.64, "waste_radioactive_tonnes": 0, "waste_other_hazardous_tonnes": 26.04, "waste_other_non_hazardous_tonnes": 23154, "waste_fly_ash_tonnes": 20233, "waste_ms_scrap_tonnes": 2163.17, "waste_recovered_tonnes": 20246.77, "waste_recovered_recycled_tonnes": 0, "waste_recovered_reused_tonnes": 20246.77, "waste_recovered_other_tonnes": 0, "waste_recovered_share_pct": 86.84, "waste_disposed_tonnes": 3071.23, "waste_intensity_tonnes_per_inr_cr": 3.733, "waste_intensity_per_t_cementitious_mt_per_t": 0.001956, "source_page": "165-166", "dqs": 3 }, "biodiversity": { "operations_in_protected_areas": true, "ecologically_sensitive_area_operations": [ { "location": "JK Lakshmi Cement Ltd, Village Ghantikhal, Unit Radheshyampur, Cuttack, Odisha", "type": "Cement Grinding Unit", "approval_compliance": "Yes" } ], "biodiversity_management_plan_published": null, "wildlife_conservation_plan_in_place": true, "source_page": "166-167" }, "compliance": { "non_compliance_with_environmental_laws_events": 0, "environmental_penalty_inr_cr": 0, "source_page": "167" } }, "brsr_core_9_attributes": { "ghg_emission_intensity_per_revenue_kg_per_inr": 0.1159, "ghg_emission_intensity_per_revenue_assurance_status": "Limited", "energy_footprint_per_revenue_gj_per_inr": 0.000474, "energy_footprint_assurance_status": "Limited", "water_footprint_per_revenue_kl_per_inr": 0.0000183, "water_footprint_assurance_status": "Limited", "job_creation_in_smaller_towns_pct_workforce": 57.13, "job_creation_smaller_towns_basis": "Rural (52.31%) + Semi-urban (4.82%) of wage cost", "job_creation_smaller_towns_assurance_status": "Limited", "spend_on_wellbeing_pct_revenue": 0.17, "ltifr_per_million_person_hours_employees": 0.0, "ltifr_per_million_person_hours_workers": 0.0, "ltifr_assurance_status": "Limited", "gross_wages_paid_to_women_pct_total_wages": 6.59, "gross_wages_women_assurance_status": "Limited", "complaints_received_per_inr_cr_revenue": null, "complaints_assurance_status": "Limited", "input_material_from_msme_smaller_producers_pct": 12.26, "input_material_within_india_pct": 68.56, "source_page": "160, 162, 163, 172" }, "cement_sector_specific": { "installed_cement_capacity_mtpa_fy2425": 16.40, "installed_clinker_capacity_mtpa_fy2425": 9.84, "installed_capacity_after_surat_expansion_mtpa": 18.0, "target_capacity_mtpa_2030": 30.0, "cement_sales_total_mt_fy2425": 11.42, "cement_and_clinker_sales_total_mt_fy2425": 12.13, "cement_production_total_mt": null, "clinker_production_total_mt": null, "cementitious_product_output_mt_implied": 11.92, "cementitious_output_basis": "Energy total (29636878 GJ) / energy intensity (2.486 GJ/t cementitious) = 11.92 MT cementitious", "calculated_clinker_factor_pct": null, "thermal_substitution_rate_pct": 10.39, "thermal_substitution_rate_baseline_fy2223_pct": 4.1, "thermal_substitution_rate_target_fy2030_pct": 20.0, "thermal_substitution_rate_source_page": "26, 165", "alternative_fuel_types_used": [ "industrial waste", "spent oil", "AFR pre-and co-processing" ], "afr_recycled_pct_of_input_raw_material": 22.20, "whrs_capacity_mw_fy2425": 45.4, "captive_solar_capacity_mw_fy2425": 112.10, "captive_renewable_energy_capacity_mw_total": null, "renewable_share_of_electricity_pct": 48.57, "renewable_energy_target_pct_fy2030": 60.0, "renewable_ppa_capacity_mw": null, "rec_purchases_mwh": null, "low_carbon_cement_product_share_pct": null, "low_carbon_cement_product_examples": [ "PPC (fly-ash blended)", "PSC", "Composite Cement", "OPC43", "OPC53" ], "carbon_capture_pilots_status": "None disclosed", "ccs_capacity_planned_tco2_per_year": null, "fly_ash_utilisation_t": 20233, "slag_utilisation_t": null, "cbam_transitional_declaration_filed": null, "cbam_in_scope_exports_to_eu_tonnes": 0, "pat_scheme_units": [ { "unit": "Sirohi", "cycle": "PAT VII", "target_spec_toe_per_t": 0.0881, "achieved_spec_toe_per_t": 0.0865, "status": "Target achieved" }, { "unit": "Durg", "cycle": "PAT VII-A", "target_reduction_pct": 6.36, "achieved_reduction_pct": 13.02, "escerts_recommended": 12476, "status": "Exceeded target" }, { "unit": "Udaipur", "cycle": "PAT V completed; now in CCTS Cycle 1 (baseline 2023-24)", "target_reduction_pct": 4.33, "achieved_reduction_pct": 13.44, "escerts_recommended": 8215, "status": "Exceeded target" } ] }, "governance_disclosure": { "board_size": 6, "independent_directors_count": 4, "independent_directors_share_pct": 66.67, "women_directors_count": 3, "women_directors_share_pct": 50.0, "esg_committee_exists": true, "esg_committee_name": "CSR & Sustainability Committee", "esg_committee_chair_independent": null, "ceo_kmp_remuneration_to_median_employee_ratio": null, "anti_corruption_policy_published": true, "human_rights_policy_published": true, "supplier_code_of_conduct_published": true, "whistleblower_policy_published": true, "ngrbc_principles_all_covered_by_policy": true, "policies_externally_assessed_by": "CARE Analytics and Advisory Private Limited", "source_page": "140-144" }, "assurance": { "brsr_core_assurance_required_fy_2425": true, "brsr_core_assurance_obtained_fy_2425": true, "brsr_core_assurance_provider": "Bureau Veritas India Private Limited", "brsr_core_assurance_level": "Limited", "brsr_core_assurance_standard_followed": "ISAE 3000", "brsr_core_assurance_criteria": "SEBI-BRSR Core criteria", "full_brsr_voluntary_assurance_obtained": true, "full_brsr_voluntary_assurance_provider": "Bureau Veritas India Private Limited", "full_brsr_voluntary_assurance_level": "Limited", "full_brsr_voluntary_assurance_standard": "AA1000AS V3 (per GRI universal standards 2021 'with reference')", "ghg_specific_assurance_separate": true, "ghg_specific_assurance_provider": "Bureau Veritas Industrial Services (I) Pvt. Ltd.", "ghg_specific_assurance_level": "Limited", "ghg_specific_assurance_standard": "ISO 14064-1:2018", "assurance_source_page": "102, 138" }, "voluntary_frameworks": { "gri_report_published_fy_2425": true, "gri_standards_version_used": "GRI Standards 2021 ('with reference')", "integrated_reporting_framework_followed": true, "sasb_framework_followed": true, "ifrs_s1_voluntary_disclosure": false, "ifrs_s2_voluntary_disclosure": false, "tcfd_disclosure_published": null, "cdp_climate_response_filed": null, "cdp_water_response_filed": null, "cdp_climate_score_disclosed": null, "sbti_validated_target": null, "sbti_committed": true, "sbti_validation_date": null, "sbti_near_term_target_year": null, "sbti_long_term_target_year": null, "re100_member": true, "re100_target_100pct_renewable_electricity_year": 2040, "ungc_member": true, "gcca_member": true, "net_zero_target_year": 2047, "transition_plan_published": true, "transition_plan_disclosure_framework": "RE100 + UNGC + GCCA" }, "qc_metadata": { "scraped_by": "Claude (Opus 4.7) automated extraction from cached PDF text", "scraped_date": "2026-05-27", "fields_extracted_approx": 175, "fields_disclosed_by_company_approx": 145, "fields_calculated_approx": 12, "fields_not_disclosed_approx": 30, "disclosure_completeness_pct_approx": 82.8, "calculated_disclosure_quality_score_aggregate": 3.7, "cross_validation_status": "pass", "cross_validation_log_ref": "qc-log.md#JKLAKSHMI-2425", "restatement_detected": true, "restatement_log_ref": "restatement-log.md#JKLAKSHMI-2425-UCWL-merger", "restatement_notes": "Major merger restatement: FY 2024-25 non-financial data includes UCWL operations (Udaipur Cement Works) for full year (Appointed Date 1 April 2024), per NCLT order dated 12 June 2025 with effective date 31 July 2025. FY 2023-24 originally reported was JKLC-only; FY 2024-25 is consolidated. Energy intensity also re-baselined from 'cement equivalent' to 'cementitious product' basis. Company explicitly states FY 2023-24 and FY 2024-25 are NOT comparable. Standalone Financial Statements were also revised (audit report dated 1 Aug 2025 supersedes original of 27 May 2025).", "manual_review_completed": true, "manual_review_date": "2026-05-27", "manual_reviewer": "Ravi (PDF audit) + Claude", "identity_corrections": [ "primary_listing brief noted as 'BSE Ltd. and NSE' on page 138; both listings confirmed.", "Promoter group confirmed as 'Hari Shankar Singhania Group' via Chairperson Vinita Singhania (distinct from Yadupati Singhania branch which controls JK Cement Ltd, a separate listed entity)." ], "manual_review_questions": [ "Q1: BRSR Section A Item 15 discloses 'Limited Assurance' (and Note on Assurance page 102 cites ISAE 3000 Limited for BRSR Core). Dataset-schema default assumes 'Reasonable'. Is JK Lakshmi inside Top 250 mandatory Reasonable scope for FY 2024-25 or has the company elected Limited despite scope? Cross-check SEBI Top 250 listing.", "Q2: Cement production tonnage not disclosed. Cement sales = 11.42 MT (Manufactured Capital chapter); implied cementitious output from energy intensity = ~11.92 MT. Which basis should sector-comparable intensities use?", "Q3: SBTi status — narrative says 'committed' but no validation status or target year. Schema's sbti_validated_target is boolean — captured as null + sbti_committed: true.", "Q4: Net-zero year 2047 (JKLC own vision) vs 2070 (India national goal) — captured 2047. Confirm.", "Q5: Wellbeing spend in absolute INR cr not disclosed (only as 0.17% of revenue). Per 'no inference' rule, left null." ], "notes": "Reporting boundary: standalone, all integrated + grinding units of JKLC INCLUDING merged UCWL operations for full FY 2024-25. Subsidiaries/JVs/Associates NOT included in BRSR boundary. Three integrated units (Sirohi, Udaipur, Durg) + four grinding units (Kalol, Surat, Jhajjar, Cuttack). Surat expansion to 3.0 MTPA in progress. Female workforce share calculated on TOTAL workforce (4863) including contract workers = 3.17%; permanent-only = 1.86%. Initial parser figure of 0.76% reflected a different subset and is corrected here.", "notes_audit_2026_05_27": { "audit_method": "Single-page PDF Read calls; JK Lakshmi Cement IAR FY2024-25 (324 pages, 9.1MB); BRSR section printed pages 138-175. Audit conducted 2026-05-27 by Ravi + Claude.", "pdf_metadata": { "file": "JK-2025.pdf (Integrated Annual Report 2024-25, 3rd Integrated Report)", "total_pages": 324, "size_mb": 9.1, "brsr_print_page_range": "138-175" }, "identity_findings": [ "🚨 NCLT Jaipur 12 June 2025 order approved Composite Scheme of Amalgamation: 3 transferor companies merged into JKLC — Udaipur Cement Works Limited (UCWL) + Hansdeep Industries & Trading Limited (HITCL) + Hidrive Developers and Industries Limited (HDIL). NOT just UCWL (article currently says UCWL only — needs correction).", "Original Standalone FS dated 27 May 2025 SUPERSEDED by Revised FS post-NCLT order; Emphasis of Matter on Note 73; subsequent events audit 28 May → 1 August 2025. Auditor sign: 1 August 2025.", "Statutory Auditor: S.S. Kothari Mehta & Co LLP (Firm Reg 000756N/N500441; Partner Deepak Kumar Gupta, M.No 411678, New Delhi).", "Board: Vinita Singhania Chairperson & MD; Shrivats Singhania DY MD (w.e.f. 1 Aug 2025); Dr R.P. Singhania, Bhaswati Mukherjee, Sadhu Ram Bansal — Directors; Arun Kumar Shukla President & Director; Sudhir A. Bidkar ED Corp Affairs & CFO; Amit Chaurasia CS. Bharat Hari Singhania Chairman Emeritus. Independents: Bhaswati Mukherjee, S.R. Bansal, Vimal Bhandari (w.e.f. 1 Aug 2025), Shwetambara Shardul Shroff Chopra.", "CIN: L74999RJ1938PLC019511 (incorporated 1938). Registered office Jaykaypuram, Sirohi, Rajasthan.", "7 Manufacturing Plants: 3 integrated (Sirohi RJ; Udaipur RJ; Durg CG) + 4 grinding (Kalol GJ, Surat GJ, Jhajjar HR, Cuttack OD).", "Reporting boundary: >90% of business footprint for non-financial data; subsidiaries + JVs excluded.", "Frameworks: GRI Standards 2021; IIRC; BRSR; NGRBC; SASB 2023 (FIRST YEAR) for Construction Materials; GCCA; SDGs." ], "assurance_structure_findings": [ "🚨 MULTI-LAYER ASSURANCE — most layered structure in audited sample (5 providers across domains):", "Layer 1 — Bureau Veritas India Pvt Ltd: IAR ESG parameters, GRI Universal Standards 2021 'with reference', AA1000AS V3 Limited Assurance", "Layer 2 — Bureau Veritas India Pvt Ltd: SEBI BRSR Core criteria, ISAE 3000 Limited Assurance (NOT Reasonable — likely just below Top-250 threshold or chose not to upgrade)", "Layer 3 — Bureau Veritas Industrial Services (I) Pvt Ltd (DISTINCT entity): Scope 1+2 Carbon footprint, ISO 14064-1:2018 Limited Assurance", "Layer 4 — CARE Analytics and Advisory Private Limited (CareEdge ESG): independent ESG policy assessment across all 9 NGRBC principles (Section B Q11)", "Layer 5 — National Productivity Council: water data assurance", "Layer 6 — Third-party stack monitoring (MoEFCC/CPCB/SPCB-approved agency): air emissions", "Certificates URL: jklakshmicement.com/assurance-certificate/", "🚨 Note: Article currently classifies JKLC under 'Limited Assurance' bucket. The structure is correctly Limited (not Reasonable) but the disclosure-quality + transparency is sector-leading due to the multi-provider, multi-standard layering." ], "p1_governance_findings": [ "Training: BoD 2/100%, KMP 4/100%, Employees other than BoD/KMP 444/100%, Workers 451/100%.", "🚨 P1 Q2 FINES — JKLC IS 5th CCI CEMENT-CARTEL ENTITY in audited 9-company sample: ₹6.55 Crores CCI penalty on 19 January 2017 (Govt of Haryana reference). Sector total ₹205.73 cr on 7 cement companies; JKLC was FIRST to file appeal (Transfer Appeal No. 39 of 2017; earlier appeal 2 of 2017 before COMPAT). COMPAT stay → transferred to NCLAT post-merger.", "🚨 MOST TRANSPARENT BRSR CCI DISCLOSURE IN SAMPLE — JKLC discloses CCI matter in FOUR venues: (1) BRSR P1 Q2 Fines table (uniquely classified under NGRBC Principle 9-consumer, not P7); (2) P1 Q3 Appeal details; (3) P7 Q2 Anti-competitive corrective action (verbatim repeat); (4) SASB EM-CM-520a.1 'cartel activities' Pricing Integrity disclosure (first audited entity to make SASB mapping explicit). Contrast: UltraTech/JK Cement/Nuvoco all report 'NA' under P7 Q2; ACC only via Auditor EoM.", "Defensive corrective-action language: 'ethically and socially responsible Company...never been part of bid rigging or any other wrongdoing'.", "Anti-Bribery + Vigil/Whistleblower Mechanism policies disclosed with weblinks.", "P1 Q5 Bribery disciplinary actions: NIL both years (Directors/KMPs/Employees/Workers).", "P1 Q6 Conflict of Interest complaints: NIL both years.", "Accounts Payable days: 40 FY24-25 vs 34 FY23-24 — DETERIORATION (+18% pay-cycle).", "🚨 P1 Q9 RPT (UCWL MERGER EFFECT): Purchases 0% (was 6.84% — absorbed); Sales 0% (was 2.84%); L&A 100% both years; Investments 0% (was 97% — UCWL holding eliminated). Methodology: post-merger RPT lines re-shaped because transferor companies are no longer separate counterparties.", "Sales concentration: 56% dealers (5,308 dealers vs 5,055); top 10 dealers 8%." ], "p2_sustainable_findings": [ "P2 R&D: 1% FY24-25 vs 3% prior — DECLINING.", "P2 Capex specific tech: 99% (vs 97%).", "Sustainable sourcing 100% Y; 94% local material preference.", "🚨 P2 LCA CONDUCTED (positive) — Cradle-to-Gate on OPC43/53, PPC, PSC, Composite Cement covering 90% turnover; independent external agency Yes; results NOT in public domain. Contrast: Birla Corp 'exploring scope'; ACC + UltraTech have LCAs.", "AFR-Recycled input material 22.20% FY24-25 vs 24.91% prior (asterisk: methodology change to AFR/Total Raw ratio).", "EPR 100% target achieved (70% End-of-Life + 30% Recycling); Plastic Cat I 10 MT + Cat II 14,148 MT EPR-recycled." ], "p3_safety_findings_consolidated": [ "Permanent Employees: 1,710 (M 1,673 / F 37 = 2.16% female).", "Other-than-permanent employees: 67 (M 66 / F 1).", "Permanent Workers: 235 (M 235 / F 0 = ZERO female permanent workers).", "Other-than-permanent workers: 2,851 (M 2,735 / F 116 = 4.07% female).", "🚨 DATA QUALITY ISSUE: Union table Q7 shows Permanent Employees = 526 (M 509 / F 17) — vs Q1 = 1,710. Likely Q7 scope-restricted to union-eligible cadre; no footnote.", "Union: 0% employees; 100% permanent workers (235/235).", "Training H&S: 100% emp + 77% workers (vs 100%/100% prior — worker H&S coverage DROPPED 23pp).", "Skill upgradation: 84% emp + 77% workers.", "Wellbeing spend: 0.17% of revenue (vs 0.14% prior) — matches article.", "PF/Gratuity 100% covered; ESI per Act; deposited Yes.", "Equal opportunity policy 'being developed' — gap.", "🚨 P3 Q11 SAFETY — BEST-IN-SAMPLE RECORD: LTIFR Employees 0 + Workers 0 FY24-25 (vs 0/0.10 prior); Recordable injuries 0/0; FATALITIES 0/0 (vs 0/1 prior — 1 worker fatality eliminated YoY); High-consequence injuries 0/0. 5th confirmed zero-fatality FY24-25 entity (JK Cement, Dalmia ex-contractors, Birla Corp, JK Lakshmi, +others).", "ISO 45001:2018 all units; digital OHS Management System rolled out post-merger; LOTOTO + PTW + 'Zero Harm' goal.", "P3 Q13 Complaints (Working Conditions + H&S): NIL both years.", "P3 Q14 Assessments: 100% plants for H&S + Working Conditions.", "P3 Leadership Q5 Value chain assessment: 100% H&S + Working Conditions (standard contract terms)." ], "p4_stakeholder_findings": [ "9 stakeholder groups: Shareholders, Institutional Investors, Industry Associations, Employees & Workers, Customers, Value Chain Partners, Communities, Statutory Body, Media.", "Only Communities = Yes (Vulnerable/Marginalised) — consistent with sector.", "CSR & Sustainability Committee reviews stakeholder feedback; engages masons + petty contractors as vulnerable groups." ], "p5_human_rights_findings": [ "HR training: Employees 83% (vs 80%); Workers 82% (vs 79%).", "Min wage: 100% permanent paid above min wage; 27% other-than-permanent workers AT min wage (783/2851) — coverage gap.", "🚨 GENDER PAY GAP — BoD-ED MEDIAN INVERSION: Female ED ₹24,97,01,584 vs Male ED ₹5,39,25,502 — Female ED median 4.6x male ED (Vinita Singhania, Chairperson & MD, drives the inversion as single female ED). KMP: 2 Male ₹5.38 cr median; Female KMP = NIL. Joins Dalmia in female-ED-board-median > male inversion.", "Other employees median: Male ₹11,56,380 vs Female ₹7,44,480 — male 1.55x female (typical gender gap below board).", "Workers median: Male ₹6,50,372 vs Female ₹1,13,196 — male 5.74x female (massive gap).", "Gross wages to females: 6.59% (vs 8.09% prior) — DECLINING.", "🚨 P5 Q6 ALL HR complaint categories NIL both years (Sexual Harassment, Discrimination, Child Labour, Forced Labour, Wages, Other).", "🚨 POSH FY 2024-25: 0/0 — JK LAKSHMI IS 4TH NIL-POSH-BOTH-YEARS ENTITY (after Shree, JK Cement, Birla Corp).", "🚨 Q10 OWN-PLANT HR ASSESSMENTS: 0% — disclosure-quality gap (no formal HR assessments conducted).", "P5 Q4 Value chain HR assessment: 100% all categories — strong contrast vs 0% own-plant." ], "p6_environment_findings_consolidated": [ "🚨 REPORTING BOUNDARY: FY 2024-25 includes UCWL post-merger; FY 2023-24 JKLC standalone only — NOT COMPARABLE per company's own footnote. Cementitious basis FY24-25; cement-equivalent basis FY23-24 (restatement).", "Total energy 29,636,878 GJ (vs 26,003,067 prior post-merger inflation).", "Renewable share: 2,342,390 / 29,636,878 GJ = 7.91% (mid-sample; Birla 0.59% sample low).", "🚨 PPP-adjusted intensity disclosures (SEBI Dec 2024 compliant): Energy 0.0098 GJ/₹ PPP; Water 0.00037 KL/₹ PPP; GHG 2.396 kgCO2/₹ PPP; Waste 77.123 t/₹cr PPP. PPP conversion factor ₹20.66/USD (IMF). JKLC IS FIRST AUDITED ENTITY TO DISCLOSE ALL 4 PPP-ADJUSTED INTENSITIES per Dec 2024 SEBI circular.", "Energy intensity 2.486 GJ/MT cementitious (FY23-24 '70' figure appears OCR error in source — flagged for verification).", "🚨 PAT Scheme: All 3 integrated units are DCs, all targets achieved/exceeded:", " - Sirohi PAT VII: SPEC 0.0865 TOE/MT (target 0.0881) ✓", " - Durg PAT VII-A: 13.02% reduction vs 6.36% target — 12,476 ESCerts recommended", " - 🚨 Udaipur PAT V: exceeded by 13.44%; ~8,215 ESCerts to be awarded; FIRST CCTS DRAFT INCLUSION — Carbon Credit Trading Scheme Cycle 1, baseline FY23-24, targets FY25-26 + FY26-27 per draft Gazette", " - Total ESCerts pipeline: ~20,691 — JKLC = FIRST AUDITED ENTITY to disclose CCTS draft inclusion + quantified ESCert assets.", "Energy assurance: Bureau Veritas India Pvt Ltd ✓", "Reporting boundary: integrated plants cradle-to-gate; grinding units gate-to-gate.", "Water: 1,522,439 KL total withdrawal post-merger; Surface 47.9% + Groundwater 46.8% (711,931 KL groundwater — material); 80,969 KL 'Others'. Consumption 1,141,575 KL. Intensity 0.096 KL/T cementitious.", "Water assurance: National Productivity Council (separate from Bureau Veritas).", "🚨 ZERO LIQUID DISCHARGE (ZLD) STATUS — water discharge Not Applicable; 100% treated water reused for cooling/dust-suppression/greenbelt.", "🚨 AIR EMISSIONS — BEST-IN-SAMPLE IMPROVEMENT:", " - NOx: 5,230 t (vs 7,005) = -25% (Birla +28%)", " - SOx: 1,019 t (vs 6,553) = -84% (massive reduction; Birla +52%)", " - PM: 620 t (vs 574) = +8%", " - POP/VOC/HAP: NA", " - Stack monitoring by MoEFCC/CPCB/SPCB-approved third-party agency.", "🚨 Scope 1: 7,007,134 tCO2e (post-UCWL); Scope 2: 237,401.50 tCO2e; intensity 607.77 kgCO2/MT cementitious FY24-25 vs 584 cement-equivalent FY23-24. GCCA-aligned disclosure confirms 607.77.", "GHG assurance: Bureau Veritas Industrial Services (I) Pvt Ltd (distinct entity from Bureau Veritas India) under ISO 14064-1:2018 Limited Assurance.", "🚨 CLIMATE COMMITMENTS: SBTi member + RE100 member; 100% renewable electricity by 2040 committed (stronger than Birla, comparable to UltraTech 2050).", "🚨 SCOPE 3 DISCLOSED — 80,371.29 tCO2e FY24-25 vs 136,442 prior (-41%); intensity 6.74 KgCO2e/t cementitious; 8 categories disclosed (1-Purchased Goods, 2-Capital Goods, 3-Fuel, 4-Upstream T&D, 5-Waste, 6-Business Travel, 7-Employee Commuting, 9-Downstream T&D). NO independent assurance on Scope 3 (matches Bureau Veritas IAR exclusion footnote).", "Waste: Total 23,316 MT (vs 38,174 prior — -39%); Fly Ash 20,233 + MS Scrap 2,163 + Other 758 + small categories. NO independent waste assurance.", "Waste recovery: 20,246.77 MT re-used; 0 recycled; 0 other recovery (clarity gap on circular economy claims).", "🚨 ECOLOGICALLY SENSITIVE AREAS: 1 facility — Ghantikhal Cement Grinding Unit, Cuttack OD.", "🚨 EIA projects (4 active): (1) Durg cement clinker 1.98→5 MTPA + CPP 20→40 MW + WHRB 10→25 MW + Limestone 4.8→8 MTPA — EC presented 23 April 2025; (2) Mining Lease I 4.8→8 MTPA Semaria/Ghikuria/Nandinin Khundini Durg; (3) Mining Lease II 0.3→1.35 MTPA Durg; (4) Hariyav-Jaspura Limestone Block Udaipur (UCWL legacy) — public hearing 5 March 2025. All via M/s Anacon Laboratoris Nagpur (independent agency).", "Environmental law compliance: NIL non-compliances both years.", "🚨 Water-stress: 'Not Applicable' — JKLC declares NO facilities in water-stress areas despite Rajasthan+Haryana+Gujarat operations (potential under-disclosure flag).", "🚨 Leadership P6 — Sirohi TSR 7% → 14.5% (significant; ECOSTAR Screen + MJ Shredder + AFR feeding system; 20MW CPP -29% dependency).", "🚨 Udaipur SECOND FLOATING SOLAR 2.75 MW commissioned — 44.86 lakh kWh renewable/yr; 3,395 MT CO2 reduction (innovative water-body utilisation).", "🚨 Durg Green Initiatives: RE share 56%→77% (huge jump); TSR 6.62%→10.87%; Water consumption 0.20→0.13 KL/T clinker (-35%).", "🚨 Sirohi WHR+Solar = 42.97% of electricity (renewable-electricity high in sample).", "P6 Q7 Value chain ESG assessment: 'started process' — partial; no % disclosed." ], "p7_p8_p9_findings": [ "🚨 P7 Q2: CCI matter VERBATIM REPEATED with defensive 'no wrongdoing' language — uniquely transparent vs UltraTech/JK Cement/Nuvoco who report 'NA' under P7.", "P7 Q1: 10 trade affiliations (Nat Council for Cement, NSC, CII, Cement Mfrs Assoc, Coal Consumer Assoc, RMC Mfrs Assoc, PHD CCI, Indian CCI, Rajasthan CCI, Mines Safety Udaipur).", "P7 Leadership Q1: 4 policy positions (Renewable energy/AFR, Alternative building materials, Carbon emission reduction in cement, Water conservation) — but info NOT in public domain.", "P8 SIA: NA; R&R: NA.", "P8 Q4 MSME sourcing: 12.26% FY24-25 (vs prior split PP Bags 75% + Spares 11% + Raw Material 5% — methodology change to single %). India sourcing 68.56% (vs split with PP Bags 100%, Spares 90%, Raw Material 100% in prior FY).", "🚨 P8 Q5 Job creation wage geography (post-merger 4-cat split; prior was 2-cat): Rural 52.31% (vs 42.18% in 2-cat) — STRONG RURAL CONCENTRATION; Semi-urban 4.82%; Urban 21.74%; Metropolitan 21.13%.", "🚨 P8 Q2 LEADERSHIP — Aspirational District CSR: Sirohi (Rajasthan) ₹1,47,38,631 = ₹1.47 cr (materially higher than Birla Corp's ₹3.24 lakh).", "P8 Q3 Preferential procurement from marginalised: 'No Preferential Policy' — gap (matches Birla Corp pattern).", "P8 Q6 CSR beneficiaries (6 flagship programmes): JK Lakshmi Aarogya (Health) 100,170 (76% vulnerable); JK Lakshmi Vidya (Education) 32,174 (61%); JK Lakshmi Aajivika (Livelihood) 30,132 (56%); JK Lakshmi Swajal & Swachhta (Water/Sanitation) 65,182 (66%); JK Lakshmi Gramin Vikas (Rural Dev) 83,096 (68%); JK Lakshmi Kaushal Prashikshan (Skill Dev) 1,825 (65%). Total ~312,579 beneficiaries.", "P9 100% products carry env/social + safe-usage + recycling info per BIS guidelines.", "P9 Q3 Consumer complaints FY24-25: Data privacy 0; Advertising 0; Cyber-security 0; Essential services NA; Restrictive Trade NA; Unfair Trade NA; Other '-' — all clean.", "P9 Q4 Recalls: Voluntary 0 / Forced 0 ✓.", "P9 Q5 Cybersecurity policy: jklakshmicement.com/wp-content/themes/jk-laxmi/pdf/cyber-security-policy.pdf", "P9 Q7 Data breaches: ZERO instances + 0% PII + no adverse impact ✓.", "P9 Leadership: 'Mr. Perfect' equivalents — Toll-free helpline 1800-102-5097 + WhatsApp Vaani 2.0 + Technical Mobile Vans + Rohit Sharma brand endorsement." ], "strategic_findings_from_cfs": [ "🚨 Note 75 Captive Renewable Power Equity Investments (NOT consolidated as Associates per Captive User model):", " - 35% in Sungaze Power Pvt Ltd (SPPL) cost ₹2.10 cr — 6.50 MW solar CPP at Durg, CG", " - 26% in Amplus Helios Pvt Ltd cost ₹21.61 cr — 50 MW solar CPP at Durg, CG (acquired FY 2023-24)", "Note 76(a): Reversed ₹36.38 cr land tax provision (Rajasthan Finance Dept notification F4(2)FD/Tax/2024-65 dated 8 Feb 2024 — exemption from land tax effective 8 Feb 2024).", "🚨 Note 77 Business Combinations FY 2023-24: Acquired 85% stake in Agrani Cement Private Limited (ACPL) for ₹325.11 cr on 2 February 2024. PPA: Fair value of mining rights ₹325 cr (the entire purchase price); Goodwill ₹0.13 cr. ACPL has 3 WoS jointly granted mining rights: (i) Avichal Cement Pvt Ltd, (ii) Mahabal Cement Pvt Ltd, (iii) Trivikram Cement Pvt Ltd. Purchase paid ₹130.11 cr; balance ₹195 cr payable on milestone achievement — FUTURE GREENFIELD EXPANSION + MINERAL RESERVE PLAY.", "🚨 AOC-1 Subsidiaries (5): Ram Kanta Properties Pvt Ltd (100% direct WoS, ₹11,540.67 lakh total assets); Agrani Cement Pvt Ltd (85% direct, ₹21.86 lakh); Avichal Cement Pvt Ltd (85% indirect, ₹1.61 lakh); Mahabal Cement Pvt Ltd (85% indirect, ₹9,633.72 lakh assets — most material indirect subsidiary); Trivikram Cement Pvt Ltd (85% indirect, ₹311.28 lakh).", "AOC-1 Associate: Dwarkesh Energy Limited (DEL) 33.38% holding 11,350,000 shares ₹11.35 cr cost; FY24-25 LOSS ₹29.05 cr (Consolidated; share of loss ₹1.85 cr considered in CFS).", "FY 2024-25 Annual Report 3rd Integrated Report; signed by Auditor 1 August 2025; Notes 73 (EoM trigger) and 75-77 (RPT + captive renewable + acquisitions) are key disclosure venues." ], "cross_entity_running_tally_post_jklakshmi": { "cci_flag_entities": "UltraTech ₹1,685 cr; ACC EoM Note 43(A); JK Cement ₹137.82 cr; Nuvoco COMPAT Note 48(c); JK Lakshmi ₹6.55 cr — 5/9 audited entities (56%) have active/stayed CCI 2016-17 cement-cartel exposure", "cci_brsr_disclosure_transparency_winner": "JK Lakshmi — uniquely discloses CCI matter in 4 venues (BRSR P1 Q2 + P1 Q3 + P7 Q2 + SASB EM-CM-520a.1); all 4 other CCI-exposed entities report 'NA' under P7 Q2", "zero_fatality_FY2425": "JK Cement, Dalmia (emp+perm only), Birla Corp, JK Lakshmi (4-5/9)", "zero_ltifr_FY2425": "JK Lakshmi (UNIQUE — only entity with Employees 0 + Workers 0 LTIFR)", "posh_nil_both_years": "Shree, JK Cement, Birla Corp, JK Lakshmi (4/9)", "scope_3_disclosed": "UltraTech, JK Cement, Dalmia, JK Lakshmi, Shree, Orient, Sagar — 7/9; ACC + Nuvoco + Birla Corp NIL (3/9)", "lca_conducted": "JK Lakshmi (Cradle-to-Gate 90% turnover) + ACC + UltraTech; Birla Corp 'exploring'", "ppp_intensity_disclosed_all_4": "JK Lakshmi — FIRST AUDITED ENTITY to disclose all 4 PPP-adjusted intensities (Energy, Water, GHG, Waste) per Dec 2024 SEBI circular", "cctss_draft_inclusion": "JK Lakshmi — FIRST AUDITED ENTITY to disclose CCTS Cycle 1 draft inclusion (Udaipur unit baseline FY23-24)", "escerts_quantified": "JK Lakshmi 20,691 ESCerts pipeline (12,476 Durg + 8,215 Udaipur)", "assurance_layers": "JK Lakshmi = 6 (BV India AA1000AS GRI / BV India ISAE 3000 BRSR Core / BV Industrial Services ISO 14064-1 GHG / CARE Analytics ESG policy / National Productivity Council water / Third-party MoEFCC stack monitoring) — most layered in sample", "sasb_construction_materials_2023_alignment": "JK Lakshmi — FIRST AUDITED ENTITY to align with SASB 2023 Construction Materials Industry Standard", "female_ed_board_inversion": "Dalmia + JK Lakshmi (2/9 entities where Female ED median > Male ED median)", "ucwl_3subsidiary_merger": "JK Lakshmi — NOT just UCWL: Composite Scheme amalgamated UCWL + HITCL + HDIL per NCLT Jaipur order 12 June 2025 (article update needed)" } }, "cross_validation_completed_date": "2026-05-28" } }