Document Overview

This document is an investor presentation submitted under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, for the quarter ended June 30, 2026 (Q1 FY2027).

Operational & Financial Performance Highlights

Consolidated Financial Results (Q1 FY27)

  • Volume: 17.1 Million Tons (MnT), down 7% YoY and 14% QoQ
  • Revenue from Operations: ₹9,500 Crore, down 8% YoY
  • EBITDA: ₹1,589 Crore, down 19% YoY
  • EBITDA Margin: 16.7%, decreased by 2.3 percentage points YoY
  • EBITDA per Metric Ton: ₹931/Tonne, down 13% YoY
  • Reported PAT: ₹660 Crore, down 37% YoY
  • EPS (diluted): ₹2.32, down 34% YoY

Normalized PAT Reconciliation

Reported PAT of ₹660 Crore includes several adjustments:

  • Add: Voluntary Severance Scheme cost of ₹241 Crore (termination benefit)
  • Add: Tax Impact of ₹22 Crore
  • Add: Interest on Income Tax of ₹2 Crore
  • Less: Interest on Income Tax adjustment of ₹111 Crore
  • Normalized PAT: ₹595 Crore

Standalone Financial Results (Q1 FY27)

  • Volume: 11.7 MnT, up 2% YoY
  • Revenue from Operations: ₹6,328 Crore, up 3% YoY
  • EBITDA: ₹935 Crore, down 9% YoY
  • EBITDA Margin: 14.8%, decreased by 1.9 percentage points YoY
  • EBITDA per Metric Ton: ₹797/Tonne, down 10% YoY
  • PAT: ₹504 Crore, down 37% YoY
  • EPS (diluted): ₹2.03, down 37% YoY

Capacity Expansion and Operational Metrics

Current Capacity and Expansion

  • Current Cement Capacity: 109 MTPA as of June 30, 2026
  • Target Capacity: 119 MTPA by FY27
  • Trial Production Commenced: Dahej (1.2 MTPA), Salai Banwa (2.4 MTPA), Bathinda (1.2 MTPA), Jodhpur (2 MTPA)
  • Upcoming Trials: Kalamboli (1 MTPA) and Warisaliganj (2.4 MTPA) in Q2 FY27
  • Commissioning: Maratha clinker line (4 MTPA) scheduled for 2027

Operational Metrics

  • Clinker Factor: 63.7%, improved by 2.1 percentage points YoY
  • Blended Cement Share: 85%, up 5 percentage points YoY
  • Trade Share: 78%, up 4 percentage points YoY
  • Premium Cement: 34% of trade sales
  • Thermal Substitution Rate: 7.1%
  • Ready-Mix Concrete Plants: 119
  • Bulk Cement Terminals: 10
  • Captive Ships: 11
  • Channel Partners: 125,000+ across India

Cost Optimization Achievements

  • Cost Reduction: Achieved ₹206 per metric ton reduction sequentially in Q1 FY27
  • FY27 Target: ₹250 PMT reduction to achieve committed cost target of ₹4,250 PMT
  • Initiatives: Focus on blended cement production, long-term flyash sourcing, renewable energy optimization, domestic coal maximization

Sales and Market Strategy

Sales Operating Model

  • Hyperlocal and segmented sales strategy based on market share and contribution
  • Focus on value over volumes, trade and premium products
  • Lowest cost of sales operating model
  • AI-enabled sales and logistics operating model

Market Presence

  • Presence in 31 states & union territories and 665+ districts
  • 24 Integrated Units
  • 22 Grinding Units

Industry Outlook and Macro Environment

Economic Context

  • GDP projected to grow by 6.6%-6.8% in FY2027
  • CPI inflation expected to average 5% in FY2027
  • West Asia Conflict impacting Indian economy and creating headwinds
  • RBI Monetary Policy (Jun'26) maintained Repo rate at 5.25%

Cement Demand Drivers

  • Demand expected to stay soft at ~5% in FY27 amid headwinds
  • Long-term secular demand story remains intact
  • Key drivers: Rapid urbanization, increasing housing demand, government-led investments
  • Mega projects driving demand: High-speed rail, expressways, urban infrastructure, mass housing

ESG Performance

Ratings and Recognition

  • Sustainalytics Rating: #8 of 114 (lower score is better)
  • S&P CSA: 69/90 net/gross score
  • CDP Ratings: Climate B / Water A / SEA A
  • Indian Validation: ESG 1+ by CareEdge
  • Credit Ratings: Highest AAA/A1+ from CRISIL and CARE

ESG Dashboard

  • Green Power: 33% based on consumption
  • Circular Economy: 2.7 MnT waste-derived resources usage
  • Water Positive: 4.7x
  • Trees Planted: 2.27 million (till Q1 FY27)
  • Beneficiaries: 3.72 million (till FY'26)

Corporate Social Responsibility

Focus areas include Sustainable Livelihood, Women empowerment, Climate Action, Water Resource Management, Healthcare, Education, and Community Infrastructure Development.

Corporate Governance

Board Structure

  • Independent Directors: 100% of statutory committees chaired by IDs
  • Gender Diversity: Minimum 30% female directors
  • Board Experience: 40+ years average experience
  • Key Directors: Rajnish Kumar, Maheshwar Sahu, Praveen Garg, Ameet Desai, Gautam Adani (Chairman), Karan Adani, Vinod Bahety (WTD and CEO)

Committee Structure

Statutory Committees: Audit, Nomination & Remunerations, Stakeholder Relationship, Corporate Social Responsibility, Risk Management

Non-statutory Committees: IT & Data Security, Corporate Responsibility, Mergers and Acquisition, Legal/Regulatory & Tax, Reputation Risk, Public Consumer, Commodity Price Risk

Historical Financial Performance

Consolidated P&L (Published)

| Particulars | FY24 | FY25 | FY26 | Q1FY27 |

| Revenue from Operations (₹ Cr) | 33,160 | 35,336 | 40,656 | 9,500 |

| EBITDA (₹ Cr) | 6,400 | 5,971 | 6,539 | 1,589 |

| PAT (Reported) (₹ Cr) | 4,735 | 5,294 | 5,637 | 660 |

| PAT (Normalized) (₹ Cr) | 4,735 | 2,647 | 2,255 | 595 |

Consolidated Balance Sheet (Published)

| Particulars | 31-Mar-24 | 31-Mar-25 | 31-Mar-26 |

| Total Assets (₹ Cr) | 65,104 | 81,106 | 89,607 |

| Property, Plant and Equipment (₹ Cr) | 19,987 | 25,049 | 33,801 |

| Capital Work-in-Progress (₹ Cr) | 2,658 | 9,793 | 9,085 |

| Cash and Cash Equivalents (₹ Cr) | 15,999 | 10,125 | 1,770 |

| Total Equity (₹ Cr) | 50,843 | 63,947 | 71,846 |

Forward-Looking Statements

The document contains forward-looking statements relating to general business plans and strategy, future outlook and growth prospects, and future developments of the business and competitive environment. These statements are subject to risks and uncertainties including future changes in business, competitive environment, ability to implement strategies, and political, economic, regulatory and social conditions in India.