Board Meeting Details

The Board of Directors meeting was held on 29 October 2026, commencing at 12:45 PM and concluding at 02:15 PM.

Financial Results - Quarter Ended 30 September 2026

  • Revenue from operations: ₹5,677.8 million (compared to ₹5,116.6 million in Q2 FY26)
  • Other income: ₹66.7 million (compared to ₹89.6 million in Q2 FY26)
  • Total income: ₹5,744.5 million (compared to ₹5,206.2 million in Q2 FY26)
  • Profit before tax: ₹226.1 million (compared to ₹334.7 million in Q2 FY26)
  • Tax expense: ₹58.4 million (₹57.7 million current tax, ₹0.7 million deferred tax)
  • Net profit: ₹167.7 million (compared to ₹249.3 million in Q2 FY26)
  • Basic and diluted EPS: ₹0.74 (compared to ₹1.10 in Q2 FY26)

Financial Results - Half Year Ended 30 September 2026

  • Revenue from operations: ₹11,958.9 million (compared to ₹11,092.0 million in H1 FY26)
  • Other income: ₹129.6 million (compared to ₹184.0 million in H1 FY26)
  • Total income: ₹12,088.5 million (compared to ₹11,276.0 million in H1 FY26)
  • Profit before tax: ₹635.8 million (compared to ₹980.6 million in H1 FY26)
  • Tax expense: ₹162.6 million (₹187.5 million current tax, ₹24.9 million deferred tax credit)
  • Net profit: ₹473.2 million (compared to ₹731.6 million in H1 FY26)
  • Basic and diluted EPS: ₹2.09 (compared to ₹3.23 in H1 FY26)

Operational Metrics

  • Sales volumes Q2 FY27: 1,154 KT (7.3% increase YoY from 1,075 KT)
  • Sales volumes H1 FY27: 2,453 KT (5.3% increase YoY from 2,329 KT)
  • EBITDA Q2 FY27: ₹482 million (8.5% margin, down 276 bps YoY)
  • EBITDA H1 FY27: ₹1,150 million (9.6% margin, down 355 bps YoY)
  • EBITDA per tonne Q2 FY27: ₹417 (22.0% decrease YoY)
  • EBITDA per tonne H1 FY27: ₹469 (25.3% decrease YoY)

Cost Analysis

  • Cost drivers: Higher raw materials, power and fuel costs primarily due to West Asia situation
  • Total operating cost including freight increased by approximately 6.6% per tonne year-on-year
  • Power sourcing: More than 50% from own generation, long-term and short-term power purchase agreements
  • Alternate fuels: Approximately 9% share in energy mix

Balance Sheet Position as at 30 September 2026

  • Total assets: ₹22,391.1 million (compared to ₹24,382.5 million as at 31 March 2026)
  • Cash and cash equivalents: ₹1,889.5 million (compared to ₹674.9 million as at 31 March 2026)
  • Bank balances other than cash: ₹772.5 million (compared to ₹3,403.5 million as at 31 March 2026)
  • Total cash and bank balance: ₹2,662.0 million
  • Inventories: ₹1,820.7 million (compared to ₹1,591.0 million as at 31 March 2026)
  • Trade receivables: ₹573.1 million (compared to ₹596.4 million as at 31 March 2026)
  • Equity share capital: ₹2,266.2 million (unchanged)
  • Other equity: ₹10,339.2 million (compared to ₹11,452.3 million as at 31 March 2026)

Cash Flow Statement - Six Months Ended 30 September 2026

  • Cash flow from operating activities: ₹838.0 million
  • Cash flow from investing activities: ₹116.4 million
  • Cash flow used in financing activities: ₹(1,651.4) million (primarily dividend payment of ₹1,578.2 million)
  • Net increase in cash and cash equivalents: ₹1,214.6 million

Management Appointment

The Board approved the designation of Ms. Anu Mehta, Director - Human Resources, as Senior Management Personnel (SMP) effective from 1 December 2026. She replaces Ms. Poonam Sharma, Director - Human Resources, who is superannuating from the company's services effective 30 November 2026.

Ms. Anu Mehta is a Human Resources professional with over 30 years of experience in strategic human resource management, organizational development, talent management, employee engagement and change management. She has been associated with Honda Cars India Limited and Honda Motor India since 2004 and has held various senior management positions. Her professional experience spans across Corporate HR, Sales HR, Factory HR, R&D HR, Industrial Relations, Administration, Safety, Security, Legal, Corporate Affairs and Corporate Social Responsibility (CSR).

She holds an MBA in Finance/Human Resources from Spicer Memorial College, Pune, and a B.Sc. (Honours) degree from the University of Delhi.

Dividend Distribution

The company distributed dividend of ₹7 per share pertaining to FY25-26.

Trading Window Closure

The Trading Window was closed from 1 October 2026 and reopened with effect from 1 November 2026 in accordance with the Company's Code of Conduct.

Segment Information

The company operates in a single segment - manufacture and sale of Cement.

Labour Codes Impact

The Ministry of Labour & Employment implemented four Labour Codes effective 21 November 2025, which resulted in an increase of ₹80.4 million in liabilities for defined benefit obligation and compensated absences during FY26. The company has assessed the impact of final Central Rules notified during Q1 FY27 and concluded no material financial impact.

Auditor's Review

The limited review was conducted by S N Dhawan & CO LLP, Chartered Accountants, who reported that nothing has come to their attention that causes them to believe the statement contains any material misstatement.