Investor Update for Q4FY26 / FY26

Nature of Disclosure: Investor update on company performance for Q4FY26 and FY26, submitted pursuant to Regulation 30 read with Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Overview and Macro Context

  • India's real GDP grew 7.6% in FY26, with FY27 growth projected at 6.9% amid energy supply disruptions and currency volatility.
  • FY27 CPI projected at 4.6%; RBI held repo rate at 5.25% in April 2026 MPC.
  • Crude oil surged to over $114/bbl and INR fell to around ₹96.47 per dollar in May 2026.
  • Government support includes ₹20,000 crores over 5 years for Carbon Capture Utilization and Storage (CCUS).

Financial Performance - Q4FY26

Standalone Results (₹ in Crores):

  • Revenue: ₹2,618.32 (up 9% YoY from ₹2,404.90 in 4QFY25)
  • EBITDA: ₹385.01 (up 15% YoY from ₹333.85)
  • Finance Costs: ₹95.23 (down 16% YoY from ₹113.33)
  • Depreciation: ₹187.06 (up 3% YoY from ₹182.09)
  • Profit Before Tax (before Exceptional Items): ₹102.72 (up 167% YoY from ₹38.43)

Exceptional Items:

  • Profit on sale of non-core assets: ₹67.90 (up 527% YoY from ₹10.83)
  • Reversal for social security code 2025 impact: ₹6.27 (not applicable in 4QFY25)

Post-Exceptional Performance:

  • Profit Before Tax: ₹176.89 (up 259% YoY from ₹49.26)
  • Current Tax Expenses: ₹14.93 (vs ₹0.01 in 4QFY25)
  • Deferred Tax Expenses: ₹15.57 (down 15% YoY from ₹18.26)
  • Profit After Tax: ₹146.39 (up 372% YoY from ₹30.99)
  • Total Comprehensive Income: ₹143.80 (vs ₹8.62 in 4QFY25)

Consolidated Results (₹ in Crores):

  • Revenue: ₹2,622.08 (up 9% YoY)
  • Profit After Tax: ₹146.68 (up 491% YoY)

Financial Performance - FY26

Standalone Results (₹ in Crores):

  • Revenue: ₹9,055.92 (up 6% YoY from ₹8,539.10 in FY25)
  • EBITDA: ₹1,481.56 (up 16% YoY from ₹1,275.85)
  • Finance Costs: ₹419.35 (down 9% YoY from ₹458.76)
  • Depreciation: ₹736.20 (up 7% YoY from ₹691.18)
  • Profit Before Tax (before Exceptional Items): ₹326.01 (up 159% YoY from ₹125.91)

Exceptional Items:

  • Profit on sale of non-core assets: ₹573.52 (up 69% YoY from ₹339.83)
  • Impact of social security code 2025: (₹20.30) reduction (not applicable in FY25)

Post-Exceptional Performance:

  • Profit Before Tax: ₹879.23 (up 89% YoY from ₹465.74)
  • Profit After Tax: ₹693.62 (up 66% YoY from ₹417.39)
  • Total Comprehensive Income: ₹695.92 (up 70% YoY from ₹408.77)

Consolidated Results (₹ in Crores):

  • Revenue: ₹9,070.22 (up 6% YoY)
  • Profit After Tax: ₹692.00 (up 158% YoY)

Operational Highlights

Sales Volume:

  • Q4FY26 total sale volume increased by 5% YoY and 21% QoQ
  • FY26 total sale volume: 18.81 MnT (up 2% YoY)

Pricing:

  • Q4FY26 average cement prices improved by 3% YoY and 2% QoQ
  • FY26 average cement prices improved by 4% YoY

Regional Performance:

  • South East: B2C volume grew, B2B de-grew YoY; premium products share at 28% (vs 27% in 4QFY25); trade prices dropped 2% from Dec-25 exit price
  • Other Regions: B2C volume grew, B2B de-grew YoY; premium products share at 22% (vs 23% in 4QFY25); trade prices improved 5% from Dec-25 exit price

Cost Analysis (Per Ton)

Raw Materials: Increased due to levy of mineral bearing land tax @ ₹160 per ton of limestone in Tamil Nadu from April 2025:

  • Impact: ~₹37 Crores for 4QFY26, ~₹150 Crores for FY26
  • ₹86 per ton impact for FY26 at company level
  • Clinker conversion ratio improved from 1.42x in FY25 to 1.43x in FY26

Power and Fuel:

  • Q4FY26: Up by ₹42/Ton YoY; down by ₹16/Ton QoQ
  • Blended fuel consumption: 4QFY26: $120; 4QFY25: $121; 3QFY26: $127
  • Blended fuel cost per Kcal: 4QFY26: ₹1.62; 4QFY25: ₹1.50; 3QFY26: ₹1.57
  • 34% of total power in 4QFY26 from green power (31% in 4QFY25)
  • 40% of total power in FY26 from green power (36% in FY25)
  • Rupee depreciation ~4% during FY26 impacted fuel cost

Employee Cost: Increased due to annual increments and additional manpower for construction chemicals business

Other Expenditure: Increased due to higher brand promotion spend for construction chemicals and increase in repairs & maintenance expenses

Logistics Metrics

  • Rail Coefficient for cement despatches: 4QFY26: 12% (4QFY25: 13%; 3QFY26: 8%); FY26: 9% (FY25: 9%)
  • Average lead distance: 4QFY26: 276 KMs (4QFY25: 278 KMs; 3QFY26: 256 KMs); FY26: 260 KMs (FY25: 260 KMs)

Financial Position (Standalone, ₹ in Crores)

As of March 2026:

  • Total Assets: ₹16,680.52 (vs ₹16,374.10 in FY25)
  • Fixed Assets including CWIP: ₹13,905.87 (vs ₹13,724.33)
  • Investments: ₹103.82 (vs ₹135.15)
  • Loans and Advances: ₹617.97 (vs ₹554.13)
  • Inventories: ₹1,029.72 (vs ₹1,016.18)
  • Trade Receivables: ₹792.69 (vs ₹729.59)
  • Cash and Bank Balances: ₹227.29 (vs ₹209.15)

Liabilities and Equity:

  • Equity Share Capital: ₹23.63 (unchanged)
  • Reserves & Surplus: ₹8,118.74 (vs ₹7,470.13)
  • Borrowings: ₹3,852.05 (vs ₹4,652.10)
  • Deferred Tax Liabilities, net: ₹1,213.63 (vs ₹1,075.92)
  • Trade Payables: ₹1,200.53 (vs ₹939.43)
  • Provisions: ₹154.32 (vs ₹138.01)

Cash Flow (Standalone, ₹ in Crores)

FY26:

  • Net cash flow from Operating Activities: ₹1,611.08 (vs ₹1,402.22 in FY25)
  • Net cash flow used in Investing Activities: (₹336.90) (vs (₹545.19))
  • Net cash flow used in Financing Activities: (₹1,256.74) (vs (₹781.90))
  • Net increase in Cash and Cash Equivalents: ₹17.44 (vs ₹75.13)

Key Ratios (Standalone)

| Metric | 4QFY26 | 4QFY25 | 3QFY26 | FY26 | FY25 |

| EBITDA Ratio (%) | 15% | 14% | 14% | 16% | 15% |

| PBT Ratio including Exceptional Items (%) | 7% | 2% | 23% | 10% | 5% |

| PAT Ratio (%) | 6% | 1% | 18% | 8% | 5% |

| EPS, Not Annualized (₹) | 6.19 | 1.31 | 16.36 | 29.33 | 17.65 |

| Debt-Equity Ratio (x) | 0.47 | 0.62 | 0.52 | 0.47 | 0.62 |

| Debt Service Cover Ratio, Annualized (x) | 3.15 | 0.96 | 1.09 | 1.19 | 1.29 |

| Interest Service Cover Ratio (x) | 3.52 | 2.54 | 2.24 | 3.05 | 2.40 |

| Current Ratio (x) | 1.20 | 1.05 | 1.13 | 1.20 | 1.05 |

Capex & Borrowings Update

Capex:

  • FY26 capex: ₹997 Crores; Q4FY26 capex: ₹174 Crores
  • FY27 capex estimate: ₹800 Crores
  • Capacity expansion plan: Target ~31 MTPA including debottlenecking and brown field expansion at Kolimigundala during FY27
  • WHRS capacity of 15 MW expected in Kolimigundala along with Kiln Line-2 in FY27

Non-Core Asset Monetization:

  • ₹1,098 Crores realized through sale of non-core assets over past two years
  • Remaining identified non-core assets valued at ~₹150 Crores being disposed
  • 59% of total mining lands and 13% of total factory lands acquired for Karnataka Green Field project

Borrowings (₹ in Crores):

  • Total Borrowings: ₹3,852.05 (vs ₹4,652.10 in FY25)
  • Net Debt: ₹3,664.24 (vs ₹4,481.30)
  • Net Debt/EBITDA: 2.47x (vs 3.51x)

Credit Ratings:

  • ICRA: Long Term Debt - AA+; Short Term Debt - A1+; Non-Convertible Debentures - AA+
  • CRISIL: Short Term Debt - A1+

Awards & Accolades

  • Jayanthipuram unit won "Global SHEROES" awards for Best in HR Technology and Best HR - Head
  • Jayanthipuram unit awarded Industrial Safety Leadership award by CII
  • Alathiyur & RRN unit won 13 awards at 33rd Mines Environment and Mineral Conservation Week

Construction Chemicals Business

  • Standalone revenue: ₹93.98 Crores in FY26 (up 59% YoY)
  • Consolidated revenue: ₹349.40 Crores in FY26 (up 66% YoY)
  • Does not include captive consumption used in cement division of ₹12.84 Crores (eliminated at company level)