Date: November 6, 2026
Financial Results (Standalone & Consolidated)
Consolidated Performance (₹ in millions)
- Net Revenue: Q3 2026: ₹54,241; Q2 2026: ₹51,402; Q3 2025: ₹44,348; CY 2025: ₹167,911
- Other Operating Income: Q3 2026: ₹618; Q2 2026: ₹270; Q3 2025: ₹409; CY 2025: ₹1,547
- Revenue from Operations: Q3 2026: ₹54,859; Q2 2026: ₹51,672; Q3 2025: ₹44,757; CY 2025: ₹169,458
- Reported EBITDA: Q3 2026: ₹8,630; Q2 2026: ₹9,683; Q3 2025: ₹6,363; CY 2025: ₹21,854
- Adjusted EBITDA: Q3 2026: ₹8,566; Q2 2026: ₹9,935; Q3 2025: ₹6,481; CY 2025: ₹22,749
- Adjusted EBITDA Margin: Q3 2026: 15.6%; Q2 2026: 19.2%; Q3 2025: 14.5%; CY 2025: 13.4%
- Profit Before Tax: Q3 2026: ₹3,580; Q2 2026: ₹5,010; Q3 2025: ₹1,913; CY 2025: ₹4,345
- Tax Expense, net: Q3 2026: ₹1,147; Q2 2026: ₹1,600; Q3 2025: ₹610; CY 2025: ₹2,986
- Non-controlling Interest: Q3 2026: ₹326; Q2 2026: ₹448; Q3 2025: ₹243; CY 2025: ₹934
- Reported Profit After Tax: Q3 2026: ₹2,107; Q2 2026: ₹2,962; Q3 2025: ₹1,060; CY 2025: ₹425
- Adjusted Profit After Tax: Q3 2026: ₹2,035; Q2 2026: ₹3,173; Q3 2025: ₹1,149; CY 2025: ₹1,178
- Adjusted Earnings Per Share in (₹): Q3 2026: ₹6.05; Q2 2026: ₹9.43; Q3 2025: ₹3.42; CY 2025: ₹3.50
Reconciliation of Profit Before Tax to Reported EBITDA (₹ in millions)
- Profit Before Tax: Q3 2026: ₹3,580; Q2 2026: ₹5,010; Q3 2025: ₹1,913; CY 2025: ₹4,345
- Depreciation and amortisation expense: Q3 2026: ₹2,541; Q2 2026: ₹2,447; Q3 2025: ₹2,357; CY 2025: ₹9,218
- Finance costs: Q3 2026: ₹2,662; Q2 2026: ₹2,514; Q3 2025: ₹2,373; CY 2025: ₹9,217
- Interest income: Q3 2026: (₹153); Q2 2026: (₹288); Q3 2025: (₹280); CY 2025: (₹926)
- Reported EBITDA: Q3 2026: ₹8,630; Q2 2026: ₹9,683; Q3 2025: ₹6,363; CY 2025: ₹21,854
Reconciliation of Adjusted EBITDA and PAT for Q3 2026 (₹ in millions)
- Reported EBITDA: ₹8,630
- Reported PAT: ₹2,107
- Adjustments/Exceptional items:
- Expenses towards non-recurring items: EBITDA adjustment (₹45), PAT adjustment (₹45)
- Foreign exchange loss/(gain) on inter-company debt note: EBITDA adjustment (₹19), PAT adjustment (₹19)
- Tax impact on above adjustments: PAT adjustment (₹8)
- Adjusted EBITDA: ₹8,566
- Adjusted PAT: ₹2,035
Segment Performance Q3 2026 vs Q3 2025
Carbon Segment
- Revenue increased 22% driven by higher realisations in Calcination and Distillation, supported by US Dollar and Euro appreciation (USD appreciated 9.5%, EUR appreciated 7.8% vs INR YoY). Partly offset by lower Calcination volumes due to shipment timing.
- Adjusted EBITDA increased 38% driven by margin contribution from lower-cost inventory carried over from earlier periods, disciplined cost management, and favourable foreign exchange movements.
Advanced Materials Segment
- Revenue increased 28% driven by supply-driven price increases (supported by Euro appreciation of ~7.8% against INR) and higher Chemical Intermediates volumes reflecting improved demand and customer engagement.
- Adjusted EBITDA increased 42% driven by improved margins from disciplined cost and pricing management and favourable currency movements, despite volatile raw material and energy costs.
Cement Segment
- Revenue increased 12% driven by higher volumes across regions, despite heightened competition in South India following acquisitions by pan-India players.
- Adjusted EBITDA declined due to sharp increases in energy and freight costs, which offset the benefit of higher volumes and realisations.
- Telangana Expansion Project is on hold until pricing improves sufficiently to recover higher energy and freight costs.
Debt Profile and Summary of Cash Flows
Debt Profile (US$ in Millions)
| Particulars | Sep. 2026 | Dec. 2025 |
| Euro-denominated Senior Secured Term Loan (due by October 2028) | 316 | 365 |
| USD-denominated Senior Secured Notes (due in September 2029) | 445 | 445 |
| Senior Bank Debt and Other debt | 46 | 19 |
| Gross Term Debt | 807 | 829 |
| Add: Working Capital Debt | 217 | 190 |
| Less: Deferred Finance Cost | 8 | 12 |
| Total Debt | 1,016 | 1,007 |
| Less: Cash and Cash Equivalents | 165 | 170 |
| Net Debt | 851 | 837 |
| LTM Adjusted EBITDA | 337 | 261 |
| Net Debt to EBITDA | 2.53 | 3.21 |
Note: Euro-denominated Term Loan stated as Euro 278.3 million @ 1.14 (Dec 31, 2025 - Euro 310.6 million @ 1.18)
Summary of Cash Flows (₹ in millions)
| Particulars | 9M 2026 | 9M 2025 |
| Operating Activities | 14,927 | 9,597 |
| Investing Activities | (735) | (1,055) |
| Financing Activities | (8,722) | (10,792) |
- Net cash inflows from operating activities increased by ₹5.33 billion YoY, driven by improved profitability and partly offset by higher working capital (US$493 million in Dec. 2025 to US$588 million in Sep. 2026).
- Net cash outflows from investing activities primarily reflect maintenance capital expenditure of ₹4.4 billion (US$46 million), partly offset by ₹3.6 billion of net fixed deposit maturities and interest income.
- Net cash outflows of ₹8.72 billion from financing activities reflect the prepayment of €32 million of the Term Loan B in Germany, together with interest payments and lease obligations.
Business Outlook
- Navigate near-term uncertainty: Manage geopolitical risks and low water levels on European riverways prudently.
- Manage planned maintenance: Annual outages at several sites will temporarily reduce production while ensuring reliable operations.
- Build long-term resilience: Leverage supply-chain investments and alternative raw materials; advance battery-anode and energy-storage materials.
- Strengthen margins and balance sheet: Optimise costs and raw materials, and maintain operational discipline.
- Reduce interest costs: Normalise working capital and evaluate refinancing of the High Yield Bonds around March 2027.
Other Operational / Legal / Strategic Disclosures
- The presentation contains forward-looking statements subject to risks and uncertainties.
- Total Recordable Incident Rate (TRIR) reporting now includes all three business segments (since 2024).
KMP / Board / Auditor Changes
Not Specified
Dividend Declaration or Non-Declaration
Not Specified
Board Meeting Outcomes
Not Specified
Auditor’s Report
Not Specified
Disinvestment / Strategic Actions
Not Specified