JK Lakshmi Cement's standalone revenue fell short of estimates due to weak volumes, and operational profitability was negatively impacted by higher-than-expected costs. The company plans to expand capacity, albeit with delays, and aims for growth in line with industry rates for FY2025. A merger of subsidiaries is expected to enhance corporate efficiency and strengthen the balance sheet, leading to a revised target price of Rs. 900, maintaining a BUY rating.