Business Performance Highlights
Q2FY27 Key Operational Metrics
- Domestic Cement Volume: 2.83 MTPA
- Operating EBITDA per tonne: ₹510 (increase of ₹177/t YoY)
- Consolidated EBITDA: ₹148 crore (34.3% increase YoY)
Capacity Expansion Roadmap
The company provided detailed capacity expansion plans with target to increase overall cement capacity from 14.45 MTPA to 17.55 MTPA by FY28:
- Dalavoi plant: Adding 0.40 MTPA (from 1.85 to 2.25 MTPA)
- Banswara plant: Adding 0.90 MTPA (from 1.50 to 2.40 MTPA)
- Chennai plant: Adding 1.80 MTPA (from 1.10 to 2.90 MTPA)
- Other plants (Sankar Nagar, Sankari, Chilamkur, Yerraguntla, Vishnupuram, Malkapur) maintaining existing capacities
Key Initiatives
- Conversion of 4/5 stage preheaters to 6 stage preheaters
- Cooler upgradation and process optimization
- 24 MW of Waste Heat Recovery System (WHRS)
- 263 MW of Renewable Energy power
- ₹2,000 crore investment approved for upgradation projects
- Upgradation projects started across plants, expected to continue in Q3 and Q4
Financial Performance Analysis
Q2FY27 Consolidated Financial Results (₹ crore)
| Particulars | Q2FY26 | Q2FY27 |
| Revenue from Operations | 1,117 | 1,142 |
| Raw materials consumed | 214 | 326 |
| Changes in inventory | 44 | (25) |
| Employee costs | 58 | 45 |
| Power and fuel | 367 | 448 |
| Logistics cost | 198 | 40 |
| Other expenses | 155 | 164 |
| Total expenses | 1,036 | 998 |
| Operating EBITDA | 81 | 144 |
| Other income | 29 | 4 |
| EBITDA | 110 | 148 |
| Depreciation & amortization | 25 | 24 |
| Finance costs | 74 | 72 |
| Profit before tax | (4) | 13 |
| Exceptional items | 0 | 0 |
| Tax expense | 6 | 0 |
| Profit after tax | 15 | 39 |
| Other comprehensive income | 9 | 39 |
Cost Structure Analysis
Power Cost Breakdown (Q2FY27 vs Q2FY26):
- Captive thermal power: 5.6% of mix at ₹9.75/kWh (vs 23.8% at ₹6.94/kWh)
- State grid and others: 63.1% of mix at ₹6.70/kWh (vs 63.2% at ₹6.33/kWh)
- Renewable energy: 24.7% of mix at ₹4.86/kWh (vs 7.1% at ₹1.54/kWh)
- Waste heat recovery: 6.6% of mix at ₹0.03/kWh (vs 5.9% at ₹0.09/kWh)
- Overall power cost: ₹5.98/kWh (vs ₹5.78/kWh)
- Total power consumed: 75.76 kWh/t of cement (vs 87.05 kWh/t)
- Power cost per tonne: ₹527 (vs ₹615)
Other Cost Factors:
- Increase in raw material cost
- Benefit of brand transition in marketing cost
- Operating leverage benefit
- Increase in Stores & RPM during shutdown for upgradation projects
- Impact of clinker purchase during shutdown for upgradation projects
Consolidated Financial Position (₹ crore)
| Particulars | March 2026 | September 2026 |
| Net fixed assets (incl. assets held for sale) | 11,717 | 12,175 |
| Non-current investments | 81 | 94 |
| Net working capital | 191 | 128 |
| Application of funds | 11,989 | 12,397 |
| Shareholder's fund (incl. minority interest) | 10,124 | 10,189 |
| Net debt | 1,271 | 1,591 |
| Deferred tax liability (Net) | 594 | 617 |
| Sources of funds | 11,989 | 12,397 |
Note: Fixed assets include revaluation reserves of ₹5,294 crore
ESG Updates
Current ESG Metrics
- Waste Heat Recovery System: 24 MW capacity
- Renewable Energy Power: 263 MW capacity
ESG Roadmap
- Plan to scale up Green Power (RE+WHRS) from 6% to 80% by FY29
Community Initiatives
- Lake pathway and renovation work in Dalavoi, Tamil Nadu
- Donation of sewing machines for economically weaker sections
- Agricultural support for local farmers promoting sustainable rural livelihoods
- Free medical camp in Mithabhaspalli covering over 300 beneficiaries