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