Date: October 24, 2026

Financial Results (Standalone)

| Particulars | Q2 FY27 | Q1 FY27 | QoQ (%) | Q2 FY26 | YoY (%) | H1 FY27 | H1 FY26 | YoY (%) |

| Revenue from operations (₹ crore) | 3,595 | 3,866 | -7% | 2,859 | +26% | 7,461 | 6,049 | +23% |

| Net sales (₹ crore) | 3,516 | 3,786 | -7% | 2,754 | +28% | 7,301 | 5,823 | +25% |

| EBITDA (₹ crore) | 500 | 639 | -22% | 440 | +14% | 1,138 | 1,113 | +2% |

| EBITDA margins (%) | 14.2% | 16.9% | -2.7pp | 15.9% | -1.7pp | 15.5% | 19.1% | -3.6pp |

| Profit after tax (₹ crore) | 190 | 291 | -35% | 176 | +8% | 481 | 508 | -5% |

| EPS (₹) | 24.6 | 37.6 | -35% | 22.7 | +8% | 62.2 | 65.7 | -5% |

| EBITDA per tonne (₹) | 852 | 983 | -13% | 902 | -6% | 921 | 1,075 | -14% |

Operational Highlights:

  • Grey cement volume: 5.37 MT (Q2 FY27), up 21% YoY
  • White cement volume: 0.49 MT (Q2 FY27), up 13% YoY
  • Net sales realization: ₹4,963/tonne (vs. ₹4,958/tonne in Q1FY27)
  • Trade mix: 71% (vs. 69% in Q1FY27)
  • Blended cement: 68% (vs. 67% in Q1FY27)
  • Premium products: 20% of trade sales (vs. 18% in Q1FY27)
  • RMC & CC Revenue exceeded ₹50 Crores in grey business

Cost Structure:

  • Employee cost: Increased QoQ due to operating deleverage
  • Lead distance: Lower YoY due to commissioning of Bihar grinding unit
  • Pet coke costs: Increased from June 2026 due to geopolitical situation

Financial Results (Consolidated)

| Particulars | Q2 FY27 | Q1 FY27 | QoQ (%) | Q2 FY26 | YoY (%) | H1 FY27 | H1 FY26 | YoY (%) |

| Revenue from operations (₹ crore) | 3,733 | 4,032 | -7% | 3,019 | +24% | 7,765 | 6,372 | +22% |

| Net sales (₹ crore) | 3,561 | 3,896 | -9% | 2,932 | +21% | 7,457 | 6,167 | +21% |

| EBITDA (₹ crore) | 507 | 648 | -22% | 447 | +14% | 1,155 | 1,134 | +2% |

| EBITDA margins (%) | 14.2% | 16.6% | -2.4pp | 15.2% | -1.0pp | 15.5% | 18.4% | -2.9pp |

| Profit after tax (₹ crore) | 169 | 275 | -38% | 159 | +6% | 444 | 483 | -8% |

| EPS (₹) | 22.3 | 35.9 | -38% | 20.7 | +8% | 58.3 | 62.7 | -7% |

White Business Impact: UAE operations adversely affected by Iran war, though India operations improved due to impact on imports

Expansion / Capex Updates

Projects in Progress (7 MTPA Grey Cement Expansion in North India):

Jaisalmer, Rajasthan:

  • 4 MTPA clinker and 3 MTPA cement capacity
  • Project cost: ₹3,630 crore
  • Expenditure (YTD Sep-26): ₹1,831 crore
  • Scheduled commissioning: H1 FY28
  • Status: Ordering & Engineering completed; Civil construction, mechanical and erection work progressing as per schedule

Bikaner, Rajasthan:

  • 2 MTPA split grinding unit
  • Project cost: ₹565 crore
  • Expenditure (YTD Sep-26): ₹315 crore
  • Scheduled commissioning: H1 FY28
  • Status: Ordering & Engineering work completed; Civil construction, mechanical & erection work going on as per schedule

Bhatinda:

  • Project cost: ₹610 crore
  • Expenditure (YTD Sep-26): ₹108 crore
  • Scheduled commissioning: H1 FY28
  • Status: 100% land acquired; EC/CTE approvals expected shortly; Major plant and equipment ordering completed

Project Completed (Q2 FY27):

  • Nathdwara, Rajasthan: 6 lakh MT wall putty plant
  • Project cost: ₹195 crore
  • Expenditure (YTD Sep-26): ₹160 crore
  • Commissioned on August 12, 2026 with regular dispatches ongoing

Debt Profile

  • Net Debt/EBITDA: 1.95x (as of September 30, 2026)
  • Net Debt/Equity: 0.63x (as of September 30, 2026)

ESG Updates

Recognition and Ratings:

  • S&P Global DJSI ESG Score: 76/100
  • NSE Sustainability Ratings Analytics Score: 67 (highest rated cement company)
  • CDP Water Security Score: A
  • CDP Supplier Engagement Assessment Score: A
  • CDP Climate Change Score: B
  • Member in S&P Global DJSI Yearbook 2026

Sustainability Performance (YTD Sep'26 vs FY30 Targets):

  • CO₂ emission: 559 kg/tonne of cementitious material (FY30 target: 532)
  • Green power mix: 56.9% (FY30 target: 75%)
  • Thermal substitution rate: 11.9% (FY30 target: 35%)
  • Water positivity: 4.9x (FY30 target: 5x)

CSR and Awards

CSR Outreach (YTD Sep'26):

  • Education: ~55,000 beneficiaries, ₹12.19 crore spend (school infrastructure, scholarships, bags distribution)
  • Health: ~330,000 beneficiaries, ₹5.62 crore spend (medical & eye camps, mobile medical units, contribution to IIT-K for 500-bed hospital)
  • Social development: ~210,000 beneficiaries, ₹7.24 crore spend (vocational training, cattle breeding, community infrastructure, flood relief)

Awards and Accolades:

  • Joint MD Madhavkrishna Singhania recognized as Fortune India's 40 under 40
  • National Award for Excellence in Energy Management for Nimbahera plant