Ambuja Cements Limited · NSE:AMBUJACEM
Ambuja Cements — Q2 FY2027 Earnings Presentation
40 slides from Ambuja Cements's earnings presentation, Oct 29, 2026
Slide 1: Regulation 30 cover letter to stock exchanges
October 29, 2026 To National Stock Exchange of India BSE Limited Luxembourg Stock Exchange Limited Scrip Code: AMBUJACEM Scrip Code: 500425 Code: US02336R2004 Sub.: Investor Presentation under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Dear Sir / Madam,
Slide 2: Ambuja Cements Q2 FY2027 Investor Presentation
AMBUJA CEMENTS | Q2 FY2027 | Investor Presentation | 29th October 2026
Slide 3: Presentation Overview
PRESENTATION OVERVIEW 01 02 03 04 Adani Group Performance ESG Updates Annexures Profile Highlights 2
Slide 4: Adani Group Profile
01 ADANI GROUP PROFILE 3 Landmark Project (Built using Adani Cement): Navi Mumbai International Airport Limited (NMIAL)
Slide 5: Adani Portfolio
ADANI PORTFOLIO A WORLD CLASS INFRASTRUCTURE & UTILITY PORTFOLIO Flagship Infrastructure & Utility Core Portfolio Primary Industry Other Incubator Materials, Metal Energy & Utility Transport & Logistics Specialty & Mining (71.97%) (62.43%) (74.96%) (66.03%) (67.29%)2 AEL AGEL APL APSEZ Ports & Logis
Slide 6: Adani Portfolio: Best-in-class growth with national footprint
ADANI PORTFOLIO BEST-IN CLASS GROWTH WITH NATIONAL FOOTPRINT All figures in INR cr Predictable, high and rising free cash flow National footprint with deep coverage EBITDA Tax paid 94,834 Finance cost paid CAT (FFO) 67,995 (72%) EBITDA 24,870 AEL 12,784 APSEZ (51%) 22,259 Adani’s Core Infra. AGEL (2
Slide 7: Repeatable, robust and proven transformative model of investment
ADANI PORTFOLIO REPEATABLE, ROBUST & PROVEN TRANSFORMATIVE MODEL OF INVESTMENT DEVELOPMENT1 OPERATIONS CONSUMERS 2 New C.E.O. Adani Infra (India) Limited | Cemindia Projects Ltd. | PSP Projects Ltd. Operations (AIMSL) Consumer I Employees I Other Stakeholders Origination Site Development Constructio
Slide 8: Performance Highlights
02 PERFORMANCE HIGHLIGHTS Landmark Project (Built using Adani Cement): Ganga Expressway
Slide 9: Pan India Presence
PAN INDIA PRESENCE PRESENCE IN 31 STATES & UNION TERRITORIES AND 665+ DISTRICTS For the Quarter Ended September 30, 2026 Gagal 113.5 MTPA 66.3% Cement Capacity Clinker factor Darla / Suli Ropar Nalagarh Asian Nalagarh Rajpura Bhatinda Roorkee Dadri 24 24 Rabriyawas Kymore Integrated Units Grinding U
Slide 10: Capacity Addition
CAPACITY ADDITION 113.5 MTPA +4.6 MTPA +5.6 MTPA +4.0 MTPA Commercial production commenced H2 FY’27: 3.2 MTPA ramping up; Maratha clinker line; expected in Q1 Current cement capacity in Q2 FY’27 2.4 MTPA to be commissioned FY’28 COMMISSIONED IN Q2 FY’27 | +4.6 MTPA live H2 FY’27 PIPELINE | +5.6 MTPA
Slide 11: Capacity Pipeline
CAPACITY PIPELINE WORK AWARDED AND MOBILIZATION STARTED 14 PROJECTS TO ADD 29.7 MTPA CEMENT CAPACITY Completion # Unit Name Source Type State Clinker Cement By 1 Maratha – Line 2 Maratha CU Maharashtra 4.0 - May'27 14 +10.3 +29.7 2 Amravati Maratha GU Maharashtra - 2.9 Sep’27 Projects Clinker (MTPA)
Slide 12: Growth Trajectory
GROWTH TRAJECTORY Firmed-up expansion of +29.7 MTPA to take capacity to 149 MTPA | Debottlenecking to scale it further to 155 MTPA Capacity (MTPA) Green Power Capacity (MW) 155 WHRS RE 119 1,122 113 973 376 68 228 40 83 At the time of As of 30th Sep’26 Target (FY’28) acquisition Green Power Share At
Slide 13: Merger Update
MERGER UPDATE AS ON 30TH SEPTEMBER 2026 Requisite shareholder approvals secured for both schemes | ‘One Cement Platform’ now moves to final NCLT sanction Board approval Stock exchange NOCs NCLT first-motion orders Shareholder approvals NCLT approvals & effectiveness 22 Dec'25 4 Jun'26 20 Jul'26 (Ori
Slide 14: Industry Outlook
INDUSTRY OUTLOOK WEST ASIA CONFLICT IMPACT THE INDIAN ECONOMY Macro Economic Factors Policy Tailwinds Cement Demand Drivers • Blended Cement: NITI Aayog’s roadmap • Industry: Activity remained resilient, • Housing & Infra: PMAY and PM Gati Shakti promotes higher blending and fly-ash supported by str
Slide 15: Impact of West Asia War
IMPACT OF WEST ASIA WAR Imported Petcoke CFR (USD/t) South African Coal FOB – RB1 (USD/t) Exchange Rate (USD to INR) 188 121 170 113 94.7 95.0 94.8 160 110 94.6 108 135 118 87 89.9 115 83 88.8 Sept'25 Dec'25 Mar'26 Jun'26 Sep'26 Oct'26 Sept’25 Dec’25 Mar’26 Jun’26 Sep’26 Oct'26 Sept’25 Dec’25 Mar’26
Slide 16: Consolidated H1FY'27 Highlights
CONSOLIDATED H1FY’27 HIGHLIGHTS FOCUS ON SUSTAINABLE EARNINGS TO MITIGATE INDUSTRY VOLATILITY Sales Volume (MnT) NSP (₹/bag Cement) Cement Cost (Rs/t) EBITDA (Rs PMT)* 35.0 259 256 4,244 1,064 33.6 4,324 852 H1FY'26 H1FY’27 H1FY'26 H1FY'27 H1FY’26 H1FY’27 H1FY’26 H1FY’27 Trade Sale (%) Clinker Facto
Slide 17: Consolidated Q2FY'27 Highlights
CONSOLIDATED Q2FY’27 HIGHLIGHTS FOCUS ON SUSTAINABLE EARNINGS TO MITIGATE INDUSTRY VOLATILITY Sales Volume (MnT) NSP (₹/bag Cement) Cement Cost (Rs/t) EBITDA (Rs PMT)* 17.1 258 4,410 1,061 16.6 16.5 257 255 4,155 4,241 931 770 Q2FY’26 Q1FY’27 Q2FY’27 Q2FY’26 Q1FY’27 Q2FY’27 Q2FY’26 Q1FY’27 Q2FY’27 Q
Slide 18: Builders of Progress in India
BUILDERS OF PROGRESS IN INDIA Key Investment Highlights 1 Capacity Addition 2 Capacity Roadmap 3 Cost Reduction Journey Cost target (per tonne) 113.5 MTPA 14 Projects Current cement capacity Planned greenfield & brownfield expansions ■ Commissioned in Q2 (+4.6 MTPA): Dahej (1.2 MTPA), Salai ₹4,250 ₹
Slide 19: Consolidated Performance Highlights: Cement Volumes
CONSOLIDATED PERFORMANCE HIGHLIGHTS AMBUJA CEMENTS – CEMENT VOLUMES 78% 74% 68% Cement Volumes (MnT) Trade Cement Sale (%) Trade Sale (%) up by 6 pp Y-o-Y Q2FY’26 Q1FY’27 Q2FY’27 -1% 85% 82% 77% 16.6 17.1 16.5 Blended Cement Mix (%) Q2FY’26 Q1FY’27 Q2FY’27 35% 34% 37% Premium Cement (%) (As % of Tra
Slide 20: Key Financial Metrics
CONSOLIDATED PERFORMANCE HIGHLIGHTS AMBUJA CEMENTS – KEY FINANCIAL METRICS Revenue (₹ Cr) NSP (₹/bag Cement) • Elevated fuel and logistics 0% -1% costs, driven by higher 9,175 9,500 9,197 258 257 255 petcoke and coal prices, constrained coal availability, and increased diesel and packaging costs, Q2
Slide 21: Raw Material Mix & Cost Optimization
CONSOLIDATED PERFORMANCE HIGHLIGHTS RAW MATERIAL MIX & COST OPTIMIZATION CONTINUES Blended Share (%) Clinker Factor (%) Raw Material (₹/ton) − Source mix optimization 85% − BCFC transport mode of FlyAsh resulting -28% 82% -15% 77% 797 737 in lower raw material costs; use of 674 624 573 66.9% Wagon T
Slide 22: Freight & Forwarding Cost and Other Expenses
CONSOLIDATED PERFORMANCE HIGHLIGHTS AMBUJA CEMENTS – FREIGHT & FORWARDING COST AND OTHER EXPENSES Freight & Forwarding (₹/ton) Direct Dispatch (%) Primary lead (kms) − Maximizing home market sales at plant level − Source to market mapping, optimizing the lead +5% +2% − Modal shift in transport mode,
Slide 23: Ambuja Consolidated
CONSOLIDATED PERFORMANCE HIGHLIGHTS AMBUJA CONSOLIDATED Quarter Ended Half Year Ended Particulars UoM YoY QoQ YoY Sep’26 Sep’25 Jun’26 H1 FY’27 H1 FY’26 Change Change Change Volume MnT 16.5 16.6 (1%) 17.1 (3%) 33.6 35.0 (4%) Revenue from Operations ₹ Cr 9,197 9,175 0% 9,500 (3%) 18,697 19,464 (4%) E
Slide 24: Ambuja Consolidated PAT Reconciliation
CONSOLIDATED PERFORMANCE HIGHLIGHTS AMBUJA CONSOLIDATED – PAT RECONCILIATION Quarter Ended Half Year Ended Particulars Sep'26 Sep'25 Jun'26 H1 FY’27 H1 FY’26 Reported PAT 236 2,336 660 896 3,377 Add: Government Grant/Incentive 223 223 Stamp Duty Impact of new labour code Voluntary Severance Scheme1
Slide 25: EBITDA Bridge YoY
CONSOLIDATED PERFORMANCE HIGHLIGHTS AMBUJA CONSOLIDATED – EBITDA BRIDGE YOY ₹ Cr Key takeaways 1,762 17 18 80 376 ▼ ₹490 Cr YoY EBITDA decline (28%): ₹1,762 Cr → ₹1,271 Cr 1,271 • Impact due to geopolitical tension of ₹376 Cr drove ~77% of the decline • Price impact (₹80 Cr), volume impact (₹18 Cr)
Slide 26: Clinker and Cement Sales Volumes
CONSOLIDATED PERFORMANCE HIGHLIGHTS CLINKER AND CEMENT (CLC) SALES VOLUMES MnT Companies Sep'25 Q Jun'26 Q Sep'26 Q Listed companies Ambuja (Incl Sanghi, Penna) 11.6 12.0 11.5 ACC (Incl Rajpura) 10.2 10.2 9.9 Orient 1.4 1.5 1.5 Gross Cement Sales 23.2 23.7 22.9 (-) Cement Sales (under MSA) (6.6) (6.
Slide 27: Cash and Cash Equivalent
CASH AND CASH EQUIVALENT Synopsis of the movements in Cash & Cash Equivalent Cash & Cash Equivalent (Rs Cr) Particulars H1 FY'27 Operating EBITDA 2,860 Change in Working Capital and others (212) 1,813 1,770 Income Tax 268 Cash Flow from Operating Activities (A) 2,916 Finance Expenses (Incl Lease Pay
Slide 28: ESG Overview
03 ESG OVERVIEW Landmark Project (Built using Adani Cement): Chenab Railway Arch Bridge
Slide 29: ESG Updates: ESG credentials and credit ratings
ESG UPDATES IMPRESSIVE ESG CREDENTIALS AND RESILIENT CREDIT RATINGS Ratings confirm a differentiated ESG position; priority is to convert leadership into investor confidence, disclosure credibility and targeted upgrades in low-scoring areas. SUSTAINALYTICS RATING S&P CSA NET STRENGTH INDIAN VALIDATI
Slide 30: ESG Updates: Q2 Performance
ESG UPDATES Q2 PERFORMANCE CLIMATE & ENERGY CLIMATE & ENERGY CIRCULAR ECONOMY Gross scope 1 CO₂ emissions Green power Waste-derived resources used kg CO₂ / tonne of cement share of total power million tonnes AMBUJA ACC AMBUJA ACC AMBUJA ACC 584 541 30.3%* 34.4% 2.41 2.17 2.7% YoY 13.5% YoY 12.1% YoY
Slide 31: Board & Committee Structure
ESG UPDATES BOARD & COMMITTEE STRUCTURE 100% Chaired by IDs IDs Board of Directors Statutory Committees > 50% Independent Directors - Audit 🗹 Comprised of only Independent - Nomination & Remunerations 🗹 Directors - Stakeholder Relationship 🗹 100% of - Corporate Social Responsibility 🗹 Statutory…
Slide 32: Corporate Social Responsibility - People and Community
ESG UPDATES CORPORATE SOCIAL RESPONSIBILITY - PEOPLE AND COMMUNITY Q2 FY27 CSR: building resilient communities across water, agriculture, livelihood & health Water Management Agriculture Sustainable Livelihood Health & WASH 55 19,872 Water harvesting structures 22 RRWHS, 31 farm ponds, 2 ponds 125 4
Slide 33: Glimpse of Special Events
GLIMPSE OF SPECIAL EVENTS CONNECTING WITH MARKETS AND COMMUNITIES Industry Partnerships Long Service Awards Ceremony Annual Dealer Conference Deepening engagement with the Recognising long-serving colleagues for Bringing our dealer network together to construction and real-estate ecosystem their val
Slide 34: Accolades & Awards
ACCOLADES & AWARDS Q2 FY’27 Adani Cement felicitated with 10 awards Adani Cement has bagged 3 prestigious Adani Cement receives top honours at for excellence in energy efficiency at the ET Digi+ Awards for excellence in the 8th ICC OH&S Awards 2026 with CII 27th Energy Excellence Summit 2026 festive
Slide 35: Annexure
04 ANNEXURE 34 Land Mark Project: Samruddhhi Highway
Slide 36: Historical Financial Performance: Consolidated P&L
HISTORICAL FINANCIAL PERFORMANCE CONSOLIDATED PROFIT & LOSS (PUBLISHED) Particulars Unit FY26 H1FY'27 H1FY’27 Insights Revenue from Operations ₹ Cr 40,656 18,697 Other Income ₹ Cr 834 227 Total Income ₹ Cr 41,490 18,924 33.6 MnT Raw Material Cost ₹ Cr 6,743 2,617 Volume Employee Benefit Cost ₹ Cr 1,
Slide 37: Historical Financial Performance: Consolidated Balance Sheet
HISTORICAL FINANCIAL PERFORMANCE CONSOLIDATED BALANCE SHEET (PUBLISHED) As on As on Particulars Unit 31-Mar-26 30-Sep-26 Assets Non-Current Assets Property, Plant and Equipments ₹ Cr 33,801 34,711 Right of Use Assets ₹ Cr 1,483 1,730 Capital Work-in-Progress ₹ Cr 9,085 9,727 Goodwill ₹ Cr 13,546 13,
Slide 38: Standalone Performance Highlights
STANDALONE PERFORMANCE HIGHLIGHTS AMBUJA STANDALONE Quarter Ended Half Year Ended Particulars UoM YoY QoQ YoY Sep’26 Sep’25 Jun’26 H1 FY’27 H1 FY’26 Change Change Change Volume MnT 11.4 11.5 (1%) 11.7 (3%) 23.2 24.0 (4%) Revenue from Operations ₹ Cr 6,121 5,588 10% 6,328 (3%) 12,449 11,736 6% EBITDA
Slide 39: Disclaimer
DISCLAIMER Certain statements made in this presentation may not be based on historical information or facts and may be “forward-looking statements,” including those relating to general business plans and strategy of Ambuja Cements Limited (“Ambuja”), the future outlook and growth prospects, and futu
Slide 40: Ambuja Cements Limited contact details
Ambuja Cements Limited Registered office: Adani Corporate House, Shantigram, Near Vaishno Devi Circle, S.G. Highway, Ahmedabad – 382421. Ph: +91 79265 65555; www.ambujacement.com CIN: L26942GJ1981PLC004717 For further info, please contact: CA Deepak Balwani, Head - Investor Relations deepak.balwani@