Operational Performance Q1 FY27

  • Total Volume Sold: 3.81 million MT, increased by 15.0% YoY
  • Cement Volume Sold: 2.34 million MT, increased by 26.5% YoY
  • GGBS Volume Sold: 1.33 million MT, increased by 2.6% YoY
  • Cement realization increased by 6.0% QoQ
  • GGBS realization increased by 3.4% QoQ
  • Cement Trade ratio: 51%
  • Clinker factor: 55%
  • Lead distance: 285 km (Q1 FY27) vs 283 km (Q1 FY26) and 289 km (Q4 FY26)

Financial Performance Q1 FY27

  • Revenue from Operations: ₹1,896.4 crore, increased by 21.6% YoY
  • Operating EBITDA: ₹298.6 crore, decreased by 7.5% YoY, equating to ₹784/MT
  • Operating EBITDA (excluding North operations): ₹336 crore, increased by 4% YoY, equating to ₹979/MT
  • PAT: ₹153.4 crore
  • Other Income: ₹73.8 crore, increased by 234.6% YoY
  • Depreciation: ₹97.5 crore, increased by 25.2% YoY
  • Finance Costs: ₹97.4 crore, decreased by 4.7% YoY

Capital Structure and Debt Position

  • Net Debt: ₹3,856 crore as at June 30, 2026
  • Cash & cash equivalent: ₹357 crore
  • Net Debt/Equity: 0.57x
  • Net Debt/TTM EBITDA: 2.95x

Credit Rating Update

  • Long-term credit rating upgraded to IND AA- from IND A+ with "Stable" outlook by India Ratings and Research

Manufacturing Capacity and Expansion

Current Capacity (MTPA)

  • Grinding Capacity: 24.10 MTPA
  • South: 11.00 MTPA
  • West: 4.50 MTPA
  • East: 6.10 MTPA
  • North: 2.50 MTPA
  • Clinker Capacity: 9.74 MTPA
  • South: 2.81 MTPA
  • West: 2.31 MTPA (part of JSW FZC JV)
  • East: 1.32 MTPA
  • North: 3.30 MTPA

Expansion Plans

  • Target capacity: ~43 MTPA (from current 24.1 MTPA)
  • Future expansion options could take total to 68.3 MTPA clinker and 29.5 MTPA grinding

Key Project Updates

Nagaur Integrated Unit (3.3 MTPA Clinker + 2.5 MTPA Cement Grinding)

  • OLBC works in advanced stage, expected trials in August 2026
  • AFR co-processing system expected commissioning in August 2026
  • WHRS: STG synchronized with AQC boiler; PH boiler synchronization scheduled by August 2026
  • 1.0 MTPA Cement Grinding Unit: Civil works completed, commissioning expected September 2026
  • 2.5 MTPA Cement Grinding Unit: Engineering progressing, mill package awarded to M/s Loesche

Fujairah, UAE (1.65 MTPA Cement Grinding Unit)

  • Land lease agreement approval completed
  • EIA approval and Environment permit completed

Nandyal Integrated Unit

  • Chlorine Bypass System to increase Thermal Substitution Rate to ~25% by end FY27
  • Civil works 60% completed, fabrication works 75% completed

Mansa - Punjab (2.75 MTPA Cement Grinding Unit)

  • Final approval for wild life conservation plan granted
  • EC approval being pursued
  • Detail engineering of major structures progressing

Renewable Energy Additions

  • 56 MW wind capacity added in Q1 FY27 (32 MW for Dolvi Unit, 24 MW for Vijayanagar Unit)
  • Total renewable power capacity: 112 MW
  • Share of Green power increased from ~25% in Q4 FY26 to ~30% in Q1 FY27

GGBS Business Overview

Application in RMC

  • OPC only: 100% OPC
  • OPC + Fly Ash: Min 65% OPC, Max 35% FA
  • OPC + GGBS: Min 50% OPC, Max 50% GGBS
  • OPC + GGBS + FA: Min 55% OPC, Max 20% FA, Up to 25% GGBS

Growth Strategies

  • Multi-year supply contracts secured with JSW Steel plants
  • Co-location with JSW Steel plants minimizing logistics costs
  • Regulatory certifications from all relevant bodies
  • R&D led new product launches including Microfine GGBS
  • Continue increasing customer base and expanding into Tier 2 cities

Sustainability Performance

  • CO2 emission intensity: 269 kg/tcm (Scope 1 and Scope 2)
  • Near-term target: Reduce emission intensity by 32.9% by FY2034–35 vs FY24 baseline
  • Company's FY26 emission intensity was 52% lower than Indian peers and 50% lower than global peers
  • EPD certifications for Portland Slag Cement, CHD, GGBS, Microfine GGBS, and Concrete

Awards and Recognitions

  • Global ESG Award 2026 (Diamond) in Circular Economy category
  • Featured in S&P Global Sustainability Yearbook 2026
  • CSA score: 86/100 (Ranked #1 globally in construction materials sector)
  • ESG rating score: 70/100 (Highest among listed cement companies in India)
  • Vijayanagar Plant: "GOLD AWARD" at Green Enviro Environment Award & Summit
  • FICCI: 1st Runner-up for Resource Efficiency and Circular Economy
  • Shiva: Odisha Best Employer Brand Award and Best Innovation Award (EHS)

CSR Initiatives

  • CSR spend reached 6.6 lakh+ beneficiaries across six focus themes in FY26
  • Education: 59,062 beneficiaries (64,000+ reached, 67 schools on digital classes)
  • Rural Development: 2,41,454 beneficiaries (2,88,000+ benefited)
  • Livelihood and income generation: 76,531 beneficiaries (42,000+ benefited)
  • Health: 2,46,147 beneficiaries (2,46,000+ reached)
  • Sanitation: 31,205 beneficiaries
  • Child Protection: 9,350 beneficiaries (14 child marriages prevented, 3,000 pledges mobilised)

Market Context

  • India is 2nd largest cement consuming economy globally
  • Capacity share of top players continues to consolidate
  • Cement demand growth expected to outpace capacity additions
  • Government infrastructure programs driving consumption:
  • Pradhan Mantri Awas Yojana (Rural & Urban)
  • PM GatiShakti NMP
  • Bharatmala
  • Sagarmala
  • Rail Mobility (₹2.78 lakh crore budget in FY27)
  • Metro and Airports (1,155 km+ metro network in 26 cities)