June 2006June 2006

Housing

Road Bridges

2

Disclaimer

Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of

risks, and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks

and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding our ability to

successfully implement our strategy, our growth and expansion plans, change in market prices for cement, changes in competitors’

pricing and other competitive strategies, change in weather patterns that affect consumer demand for cement, loss or shut down of

operations at any of our plants,adverse outcome in the legal proceedings in which we are involved, actions by our authorized dealers

and distributors that adversely affect business, labour unrest or other difficulties, change in interest rates and in exchange rates,

change in construction activity in India, change in cement demand and prices, change in raw material and energy prices, general

economic conditions affecting our industry. JK Cement may, from time to time, make additional written and oral forward looking

statements, including our reports to shareholders. The Company does not undertake to update any forward-looking statement that

may be made from time to time by or on behalf of the Company.

3

Agenda

ProjectsProjects

North India : Favourable EnvironmentNorth India : Favourable Environment

SummarySummary

An IntroductionAn Introduction

4

Leading Cement Producer with Significant Market Share

Cement operations since 1975 - over 30 years experience in the Indian cement industry

Third largest grey cement producer and fifth largest market share in Northern India (1) with aggregate grey cement capacity of 3.55 MnTPA

Second largest producer of White Cement (0.3 MnTPA) in a pre-dominantly two producer market (2)

(1) Source : CMA(2) Based on capacity and production published by select players in their annual report in white cement industry in India

Gotan

MangrolNimbahera

0.75 MnTPA Grey Cement

(2001)

2.8 MnTPA Grey Cement

(1975)

0.3 MnTPA White Cement

(1984)

Key grey cement market for JK CementKey grey cement market for JK Cement

Northern IndiaNorthern India

( ) Number in bracket represents year of ( ) Number in bracket represents year of commissioning of plantcommissioning of plant

State JK Cement Market Share

(FY06) Rank

Haryana 18.2% 1

Delhi 13.4% 3

Rajasthan 11.0% 6

Punjab 4.0% 6

Significant Market Share in Key Markets in North IndiaSignificant Market Share in Key Markets in North India

5

Second Largest White Cement Producer in a Predominantly Two Producer Market

Predominantly 2 producer market

Strong entry barriers

Limited access to high quality limestone reserves

Restricted market size

Stable cash flow Less volatile earnings during industry downturn in grey cement

Access to high quality limestone provides us with a competitive advantage

6

Large Reserves of High Quality Limestone Reserves

Access to large reserves of limestone for both grey and white cement operations

JK Cement being one of the first cement producers in Northern India was able to choose limestone reserves in an area with high quality limestone resources

High Quality High Quality Limestone Limestone MinesMines

Sufficient to support current and planned capacity for approximately 40 years for both grey and white cement

Large Large Reserves of Reserves of LimestoneLimestone

Our cement plants located in close proximity to our limestone reserves, resulting in lower transportation costs

Proximity to Proximity to minesmines

7

Experienced Management Team and Strong Processes

Professionally managed company - supported by an experienced senior management and operating team

Most of our senior management have been with the company for more than 20 years

Good labour relations

Nimbahera plant selected as the Regional Training Centre for Northen India, by the World Bank and DANIDA

Grey cement plant at Nimbahera :

ISO 9001 : 2000 QMS;ISO 14001 :2004 EMS certified

White cement plant at Gotan :

ISO 9001 : 2000 QMS; ISO 14001 : 1998 EMS and OHSAS 18001 : 2005 certified

1,636 1,699

1,9222,027

0

500

1,000

1,500

2,000

2,500

FY03 FY04 FY05 FY06 (t

on

/em

plo

yee)

ProcessProcessPeoplePeople

Continuously Improving Productivity(1)

(1) Combined production of grey and white cement divided by total number of full-time employees(2) Production in FY06 - 9 months annualised

(2)

8

Strong Sales and Distribution Network Well developed distribution network for Grey Cement in North India

Strong national distribution network for White Cement

Sales Handling Sales Handling TeamTeam

Cater to more than 1,400 industrial consumers(White Cement)

64 Warehouses

4,000 Retailers

Customer

Works closely with the distribution channel

Marketing TeamMarketing Team

Grey CementGrey Cement79 Members79 Members

White CementWhite Cement101 Members101 Members

Works closely with customers to retailers and increase awareness and usage of white cement producers

Strong BrandsStrong Brands

Co-ordinate with dealer network and direct consumer:

Efforts to increase production of blended cement to meet growth in demand

9

Agenda

ProjectsProjects

North India : Favourable EnvironmentNorth India : Favourable Environment

SummarySummary

An IntroductionAn Introduction

10

JK Cement : The Journey

Grey Cement plant at Nimbahera commenced commercial production

White Cement plant established in Gotan

A captive thermal power plant was set up at

Bamania

Commissioning of 0.75 MnTPA grey cement

plant at Mangrol

Acquisition of cement business by JKCL from

JKSL

Public Issue of Shares of JK Cement

1975 1984 1987 1997 Nov ‘04 Feb ‘062001

Period of Financial Distress for JK Synthetics

Post Restructuring

Following the separation of our cement business from a BIFR company: We have recently

been sanctioned a working capital of Rs.650mm

Strengthen company by investing net proceeds in: Captive power

projects Capacity expansion

Part of a BIFR company (JK Synthetics) : Inability to build low cost

captive power sources No working capital

arrangement with banks

Future…

11

Waste Heat

Recovery System Pet Coke Based Thermal Plant

Upgradation of Thermal Power Plant Total

Capacity 13.2 MW 20 MW 10 MW 43 MW

Power availability for cement operation(1)

211 million KWh

Capital Cost Rs.1,110 mm Rs.850 mm Rs.85 mm Rs.2,045 mm

Fuel Requirement None Petcoke & Coal in Ratio of 70:30

Coal

Variable Cost (Rs. / Kwh) (1)

0.37 1.69

Average Cash Cost (Rs/kwh) (1)

1.33(2)

Expected Project Completion Date

Jun 2007 Apr 2007 Dec 2006

Approx 86% of our power requirement in FY05 can be

met from the low cost source of captive power proposed

Approx 86% of our power requirement in FY05 can be

met from the low cost source of captive power proposed

Correcting the Power Situation

Potential of using Waste Heat to generate power

Does not involve any fuel consumption Potential to generate revenue from carbon trading

Waste Heat Recovery project registered with United Nations Framework Convention on Climate Change (UNFCCC)

Amongst the few cement companies in the world to be registered for carbon trading

Expected to generate around 70,800 carbon credit (CER) per annum

Low operational cost due to ZERO fuel requirement

We expect to reduce our cost through captive power projects

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

(Rs.

/ K

wh

)

Average cost of Waste Heat and Petcoke Based Power

Projects

4.3

Power Cost (Rs./kwh)

1

Developing Captive Power Sources

Grid power purchase cost (September 30, 2005)

(1) Estimates as per techno-economic feasibility report by Holtec(2) In the second year of operation

1.33

Average power cost in FY05

3.9

12

Capacity Expansion

Capital Cost

Current Capacity

(MnTPA)

Post-Project Capacity

(MnTPA) Rs. mm Rs. / Tonne

Expected Completion

Date

Grey Cement 3.55 4.00 225 500 June 2006

White Cement 0.30 (0.35)(1) 0.40 90 1,800 (2) June 2006

Grey CementGrey Cement

Expansion at Nimbahera grey cement facility

Increase in grinding capacity to produce more blended cement (PPC)

Rs.190mm(3) out of project cost of Rs.225mm already incurred

Increased production of blended cement will reduce overall cost of production PPC constitutes 29% of our grey

cement sales(4)

(1) Trail run to expand from 0.30 to 0.35 million tonnes capacity currently under progress; expansion funded from internal accruals(2) Based on capital expenditure of Rs 90 mm to expand from 0.35 to 0.40 million tonnes(3) As on March 31, 2006; (4) By volume; for six months ended September 30, 2005

2

Increase in production capacity at white cement at Gotan

Phase I to increase capacity to 0.35MnTPA under commissioning and trial run – Funded from Internal Accruals

Rs.27mm(3) out of project cost of Rs.90mm for Phase II already incurred

White CementWhite Cement

Increasing Capacity of Grey and White Cement Plants

13

Agenda

ProjectsProjects

North India : Favourable EnvironmentNorth India : Favourable Environment

SummarySummary

An IntroductionAn Introduction

14

Indian Cement Industry Overview

Cement demand Cement demand

dependent on the dependent on the

general economic general economic

conditioncondition

Focus on Focus on

infrastructure infrastructure

developmentdevelopment

Increasing demand Increasing demand

from housing and from housing and

commercial commercial

constructionconstruction

4.4

8.56.8

10.69.6

6.9

14.9

-0.6

9.68.5 8.1

4.05.86.16.5

4.8

7.87.37.3 7.5 8.4

5.5

-4

0

4

8

12

16

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005%

Gro

wth

GDP Growth Cement Demand Growth

307290274270267262 263258252243233

110106979997858278726562

0

50

100

150

200

250

300

350

1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003

Kg

s /

An

nu

m

World India

(1) Source : CMIE, CMA(2) Source : CMA

Cement Demand GrowthCement Demand Growth(1)(1)

Demand Potential : Low per Capita Cement ConsumptionDemand Potential : Low per Capita Cement Consumption (2)(2)

15

Demand Drivers

(1) Source : CRIS INFAC, Data represents construction in infrastructure(2) Source : CMIE; Capital Investments includes proposed, announced and under implementation projects(3) Includes Airports and Ports, Telecom and Tourism

InfrastructureInfrastructure

Government has indicated commitment to developing infrastructure and undertaking large projects involving construction of ports, airports, power plants and highways linking different parts of the country

859 827

526

255

136195

352351

546

345

871

196

0

200

400

600

800

1,000

Irrigation Roads Urban Infra. Pow er Railw ays Others

Rs bn

IX Plan X Plan

(3)

Housing SectorHousing Sector

Housing Sector growth driven by declining retail interest rates and incentives for housing loans

IX Plan (1997-2002) Rs. 1,925 bn

X Plan (2002-2007) Rs. 3,535 bn

CAGR 12.9%

India: Investing in Infrastructure(1)

Commercial ProjectsCommercial Projects

India Inc.: Capital Investment Plans (2)

5,000

7,000

9,000

11,000

13,000

15,000

17,000

19,000

21,000

Jul-98

Mar-99

Nov-99

Jul-00

Mar-01

Nov-01

Jul-02

Mar-03

Nov-03

Jul-04

Mar-05

Rs bn

Increased focus on infrastructure development, together with increasing demand for housing and commercial construction expected to drive growth in cement industry

16

North East South West Central India

1 Year Growth (FY05-06)

10.7%

17.8%

5.4%

0.8%

10.1%11.5%

0.0%

5.0%

10.0%

15.0%

20.0%

5 Year CAGR (FY01-06)

11.1%10.2%

5.8%5.0%

8.5%10.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

(1) Source: CMA data

(2) Includes export of cement and clinker; FY05 data; All regions capacities adjusted for non-operational plants

Northern India : Favourable Environment

Capacity : 28.8Production : 29.7Capacity Utilization : 103%

Capacity : 22.2Production : 20.1Capacity Utilization : 90%

Capacity : 47.9Production : 45.4Capacity Utilization : 95%

Capacity : 28.7Production : 27.1Capacity Utilization : 94%

Capacity : 21.2Production : 22.5Capacity Utilization : 106%

North South East West Central

Northern India : High Capacity Utilization (FY05) Northern India : High Capacity Utilization (FY05) (1)(2)(1)(2)

Northern India : High Growth Demand RegionNorthern India : High Growth Demand Region (1)(1) Northern India has reported capacity utilization consistently higher than any other region

3 Year CAGR (FY03-05)

10.1%9.5%

6.3%5.0%

8.0%8.3%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

17

Cement Retail Price (1)

110

120

130

140

150

160

170

180

190

200

210

Apr-02 Oct-02 Apr-03 Oct-03 Apr-04 Oct-04 Apr-05 Oct-05 Apr-06

Price (Rs/bag)

Northern India : Favourable Environment

(1) Retail price of Cement in Delhi; Source: CRIS INFAC

18

Agenda

ProjectsProjects

North India : Favourable EnvironmentNorth India : Favourable Environment

SummarySummary

An IntroductionAn Introduction

19

Financial SummaryPlease refer to page 25 (Presentation of Financial Data) for discussion on financials

Net Sales Net Sales (1)(1)

6,066

7,635

8,737

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

FY04 FY05 FY06

EBITDAEBITDA White Cement : Low Earnings VolatilityWhite Cement : Low Earnings Volatility

(Rs. mm)

324

853

1,414

0

200

400

600

800

1,000

1,200

1,400

1,600

FY04 FY05 FY06

(Rs. mm)

(1) Excludes Excise Duty and Sales tax

381

300

273

313

247

208

0

50

100

150

200

250

300

350

400

450

FY01 FY02 FY03 FY04 FY05 FY06

Wh

ite

Ce

me

nt

EB

ITD

A (

Rs

.mm

)

20

Summary : JK Cement Investment Case

North India : Favourable EnvironmentNorth India : Favourable Environment

Leading Cement Player

White Cement Producer in a Pre-Dominantly 2 Producer Market

High Quality Limestone Reserves

Strong Sales & Distribution Network

Experienced Management Team and Strong Processes

21

Summary

FY08

Restructuring wherein cement business was acquired by JK CementRestructuring wherein cement business was acquired by JK Cement

Higher cement pricesHigher cement prices Sanction of Working Capital FacilitySanction of Working Capital Facility

Capacity expansionCapacity expansion Replacement of existing non-operational 7.5 MW turbine with 10.0 MW turbine at BamaniaReplacement of existing non-operational 7.5 MW turbine with 10.0 MW turbine at Bamania

Captive power projects to reduce cost of productionCaptive power projects to reduce cost of production

FY07

FY06

FY05

Annexure

23

Restructuring Exercise

As part of restructuring of JK Synthetics, the cement operations were hived off into JK Cement

Purchase consideration was used by JK Synthetics for one-time settlement with Banks / Financial Institutions / Secured Lenders

One share of JK Cement issued for every 10 shares held by shareholders of JK Synthetics; Consequently, JK Cement was listed on BSE on June 30, 2005

There exists no cross-holding of shares between JK Synthetics and JK Cement

ShareholdersShareholders

LendersLenders

JK SyntheticsJK Synthetics

Man-made FibresMan-made Fibres

Kota, Jhalawar

CementCement(Grey, White)(Grey, White)

Nimbahera, Mangrol, Gotan

JK CementJK Cement

Rs.5,300 mm

Business Transfer with effect from Nov 4, 2004

Issue of shares

~ 14 %post issue capital

Debt

Rs.4,970 mm

PromotersPromoters

~ 86 % post issue capital

24

Presentation of Financial Data

Pursuant to the Scheme of Rehabilitation, with effect from November 4, 2004, the JKSL Cement Division was acquired by the Company. Prior to such acquisition, the Company did not have any significant operations.

The financial information for fiscal 2003 and 2004 and as of and for the six months ended September 30, 2004 represents financial information relating to the JKSL Cement Division, which was one of the two business segments of JKSL prior to its acquisition by the Company. The other business segment of JKSL was the JKSL Man-made Fibre Division

As the Scheme of Rehabilitation became effective in the middle of fiscal 2005, in order to facilitate a more meaningful comparison, we have presented the aggregate of the results of the JKSL Cement Division for the period from April 1, 2004 to November 3, 2004 and the results of the Company for the period from November 4, 2004 to March 31, 2005 as our results of operations (until the line item “profit before depreciation, interest and tax” in our profit and loss account) in fiscal 2005. However, the actual results of the Company would vary from the information presented for fiscal 2005 had the Scheme of Rehabilitation become effective as of April 1, 2004

In addition, certain administrative and other expenses incurred by JKSL were not allocated to either the JKSL Man-made Fibre Division or the JKSL Cement Division in its audited financial statements. We have for purposes of presentation of the financial information allocated 50% of such expenses to the results of operations of the JKSL Cement Division

You are cautioned not to place undue reliance on this financial information comparison.

25

Promoter and Promoter Group

61.4%

Free Float38.6%

Shareholding Pattern : Increasing Public Float post Offering

Pre-Issue Pre-Issue

Promoter and Promoter Group

86.0%

Free Float14.0%

Post-Issue (post March 10, 2006)Post-Issue (post March 10, 2006)

26

Financial Summary

(Rs. mm) 31-Mar-05 31-Mar-06

Net Block (1) 9,211 9,549

Less : Revaluation Reserve 3,371 3,184

Net Block excl revaluation reserve 5,840 6,365

Investment - -

Net Current Assets (excl cash) 473 317

Cash 681 2,854

Miscellaneous expense (not written off) 17 19

Total Assets 7,011 9,555

Net Worth 3,933 6,743

Less : Revaluation Reserve 3,371 3,184

Net Worth excl revaluation reserve 563 3,559

Debt (2) 6,413 5,822

Deferred Tax Liability 36 174

Total Liabilities 7,011 9,555

(1) Includes Capital Work in Progress(2) Includes secured and unsecured debt(3) Includes registered office and corporate office expenses and prior period items(4) Includes JKSL cement division financials pre-acquisition and Company financials post-acquisition

(Rs. mm) FY05(4) FY06 FY06 – Q4

Income

Net Sales 7,744 8,737 2,459

Other Income 95 93 33

Total Income 7,839 8,830 2,492

Expenses

Raw materials 775 904 269

Stores & spares 761 744 183

Power 2,688 2,856 790

Salary & Wages 372 412 113

Freight & Handling 1,575 1,877 562

Admin & Other expenses(3) 741 779 213

Provision for sales tax exemption 110

Stock adjustment (36) 156 (127)

Total Expenditure 6,986 7,416 2,003

EBITDA 853 1,414 489

Balance SheetBalance Sheet Income StatementIncome Statement