Slides
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| Q2 FY2027 | Investor Presentation | AMBUJA CEMENTS 29th October 2026
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Adani Group Profile 01 PRESENTATION OVERVIEW Performance Highlights 02 ESG Updates 03 Annexures 04 2
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ADANI GROUP PROFILE 3 Landmark Project (Built using Adani Cement): Navi Mumbai International Airport Limited (NMIAL) 01
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ADANI PORTFOLIO A WORLD CLASS INFRASTRUCTURE & UTILITY PORTFOLIO 4 1. ATGL: Adani Total Gas Ltd, JV with Total Energies | 2. Ambuja Cement’s shareholding does not include Global Depository Receipt of 0.04% but includes AEL shareholding of 0.35% received as part of the consideration against transfer of Adani Cementation Limited as per NCLT order dated 18th July’25 | 3. Cement includes 67.29% (67.33% on Voting Rights basis) stake in Ambuja Cements Ltd . as on 30 th Sep’ 26 which in turn owns 50.05% in ACC Limited . Adani directly owns 6.64% stake in ACC Limited & Ambuja Cements Ltd . holds 72.66% stake in Orient Cement Ltd . | 4. Data center, JV with EdgeConnex | 5. AAHL has entered into binding agreements to raise INR 9,825 crore (~USD 1 Bn) of primary equity capital from marquee Global Investors in the month of Sep’26, once completed, investors will hold 5.54% stake in AAHL | 6. Includes the manufacturing of Defense and Aerospace Equipment | AEL : Adani Enterprises Limited | APSEZ : Adani Ports and Special Economic Zone Limited | AESL : Adani Energy Solutions Limited | T&D : Transmission & Distribution | APL : Adani Power Limited | AGEL : Adani Green Energy Limited | AAHL : Adani Airport Holdings Limited | ARTL : Adani Roads Transport Limited | ANIL : Adani New Industries Limited | IPP : Independent Power Producer | NDTV : New Delhi Television Ltd | PVC : Polyvinyl Chloride | GCC : Global Capability Centre l Promoter’s holdings are as on 30 th September, 2026 . (%): Adani Family equity stake in Adani Portfolio companies (%): AEL equity stake in its subsidiaries (%): Ambuja equity stake in its subsidiaries A multi-decade story of high growth centered around infrastructure & utility core AGEL Renewables AESL T&D ATGL1 Gas Discom APL IPP (62.43%) (73.39%) (37.40%) (74.96%) APSEZ Ports & Logistics (66.03%) ANIL New Industries AdaniConneX4 Data Centre (100%) (50.00%) AAHL5 Airports ARTL Roads (100%) (100%) Energy & Utility Transport & Logistics NDTV (69.02%) Materials, Metal & Mining Ambuja Cements3 (67.29%)2 ACC2 (50.05%) Primary Industry Specialty Other AEL (71.97%) Incubator Flagship Copper, Aluminum Mining Services & Com. Mining (100%) (100%) PVC (100%) Listed cos Direct Consumer Infrastructure & Utility Core Portfolio Specialist Manufacturing6 (100%) GCC (100%) Orient2 (72.66%)
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ADANI PORTFOLIO BEST-IN CLASS GROWTH WITH NATIONAL FOOTPRINT 5 1,668 4,580 10,418 22,259 12,784 67,995 24,870 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 Tax paid Finance cost paid CAT (FFO) 94,834 EBITDA EBITDA (51%) (72%) (42%) (23%) Predictable, high and rising free cash flow EBITDA: Earning before Interest Tax Depreciation & Amortization I EBITDA: PAT + Share of profit from JV + Tax + Deferred Tax + Depreciation + Finance Cost + Forex Loss / (Gain) + Exceptional Items | FFO: Fund Flow from Operations l FFO : EBITDA – Actual Finance cost paid (excl. Capitalized Interest, incl. Int. on Lease Liabilities)– Tax Paid l AEL: Adani Enterprises Limited l APSEZ: Adani Ports and Special Economic Zone Limited l AGEL: Adani Green Energy Limited | ATGL: Adani Total Gas Limited l AESL: Adani Energy Solutions Limited l APL: Adani Power Limited National footprint with deep coverage AEL Ambuja Cement APSEZ AESL APL ATGL AGEL Adani’s Core Infra. Platform – 375 Mn Userbase All figures in INR cr
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PERFORMANCE 55%31% 14% Note : 1. Cemindia Projects Ltd. (formerly known as ITD Cementation India Ltd.): the total shareholding stands at 67.46%. PSP Projects Ltd.: the total shareholding stands at 34.41%.| 2. Adani Environmental Resource Management Services Ltd. (additional company is being proposed) | O&M: Operations & Maintenance l HVDC: High voltage direct current l PSU: Public Sector Undertaking (Public Banks in India) l GMTN: Global Medium-Term Notes l SLB: Sustainability Linked Bonds l AEML: Adani Electricity Mumbai Ltd. l AIMSL : Adani Infra Mgt Services Pvt Ltd l IG: Investment Grade l LC: Letter of Credit l DII: Domestic Institutional Investors l COP26: 2021 United Nations Climate Change Conference l AGEL: Adani Green Energy Ltd. l NBFC: Non-Banking Financial Company l AIIL: Adani Infra (India) Ltd. | AOCC : Airport Operations Control Center ACTIVITY CONSUMERS • Delivering exceptional products & services for elevated engagement • Differentiated and many P&Ls Inspired Purpose & Value Creation New C.E.O. Consumer I Employees I Other Stakeholders OPERATIONS • Life cycle O&M planning • Asset Management plan Operation Operations (AIMSL) 2 DEVELOPMENT1 • Site acquisition • Concessions & regulatory agreements • Engineering & design • Sourcing & quality • Project Management Consultancy (PMC) Site Development Construction Adani Infra (India) Limited | Cemindia Projects Ltd. | PSP Projects Ltd. Origination • Analysis & market intelligence • Viability analysis India’s Largest Commercial Port (at Mundra) Longest Private HVDC Line in Asia (Mundra - Mohindergarh) World’s largest Renewable Cluster (at Khavda) CAPITAL MANAGEMENT Strategic value Mapping Investment Case Development Growth Capital – Platform Infrastructure Financing Framework Duration Risk Matching Risk Management – Rate & Currency Governance & Assurance Diversified Source of Capital March 2016 Energy Network Operation Center (ENOC) Policy, Strategy & Risk Framework Human Capital Development • Leadership Development Initiatives • Investment in Human Capital AI enabled Digital Transformation • Power Utility Business - ENOC • City Gas Distribution - SOUL • Transportation Business - AOCC Continued Focus & Investment ENABLER Adani’s Core Infra. Platform – 375 Mn Userbase 9% 22% 22%1% 24% 3% 19% Mar’26 PSU Banks Pvt. Banks USD Bonds DII Global Int. Banks NBFCs & FIs Long Term Debt Capex LC ADANI PORTFOLIO REPEATABLE, ROBUST & PROVEN TRANSFORMATIVE MODEL OF INVESTMENT 6
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PERFORMANCE HIGHLIGHTS Landmark Project (Built using Adani Cement): Ganga Expressway 02
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PAN INDIA PRESENCE PRESENCE IN 31 STATES & UNION TERRITORIES AND 665+ DISTRICTS Navalakhi ACC Integrated Plants Grinding Units Bulk Terminal Ambuja Maratha cement works Darla / Suli Bhatapara Ropar Bhatinda Roorkee Dadri Nalagarh Sankrail Farakka Surat Lakheri Gagal Ametha Kymore Jamul Chaibasa Bargarh Wadi Chanda Tikaria Sindri Damodhar Madukkarai Kudithini Thondebhavi Vizag Dahej BCCI Mangalore Cochin Muldwarka Panvel Sanghi Asian NalagarhRajpura Tuticorin Patas Tandur Ganeshpahad Boyareddypalli Talaricheruvu Krishnapatnam Karaikal Gopalpur Kolkata Orient Chittapur Jalgaon Devapur Ambujanagar 8 113.5 MTPA Cement Capacity 66.3% Clinker factor 24 Integrated Units 24 Grinding Units 82% Share of Blended Cement 125 Ready-Mix Concrete plants 10 Bulk Cement Terminals 11 Captive Ships 7.3% Thermal Substitution Rate 1,25,000+ Channel partners across India For the Quarter Ended September 30, 2026 Rabriyawas Marwar Salai Banwa 973 MW Green Power Capacity 228 MW WHRS Capacity
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CAPACITY ADDITION 9 113.5 MTPA Current cement capacity +4.6 MTPA Commercial production commenced in Q2 FY’27 +5.6 MTPA H2 FY’27: 3.2 MTPA ramping up; 2.4 MTPA to be commissioned +4.0 MTPA Maratha clinker line; expected in Q1 FY’28 COMMISSIONED IN Q2 FY’27 | +4.6 MTPA live H2 FY’27 PIPELINE | +5.6 MTPA BROWNFIELD +1.2 MTPA 1.4 → 2.6 MTPA Dahej Grinding Unit Gujarat Ambuja Cements Limited ● Commercial production commenced GREENFIELD +2.4 MTPA New unit Salai Banwa Grinding Unit Uttar Pradesh ACC Limited ● Commercial production commenced BROWNFIELD +1.0 MTPA Total 3.0 MTPA Kalamboli Blending Unit Maharashtra ACC Limited ● Commercial production commenced 3.2 ramping up 2.4 commissioning STABILISED & RAMPING UP Bathinda 1.2 MTPA Jodhpur Penna 2.0 MTPA TO BE COMMISSIONED Warisaliganj 2.4 MTPA Total pipeline 5.6 MTPA
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CAPACITY PIPELINE 10 # Unit Name Source Type State Clinker Cement Completion By 1 Maratha – Line 2 Maratha CU Maharashtra 4.0 - May'27 2 Amravati Maratha GU Maharashtra - 2.9 Sep’27 3 Assam - Umrangso Assam CU Assam 4.0 - Dec'28 4 Assam - Rangia Assam GU Assam - 2.9 Dec'28 5 Assam - Hojai Assam GU Assam - 2.9 Dec'28 6 Mundra Mundra CU Gujarat 2.3 - May'28 7 Mundra Mundra GU Gujarat - 2.9 May'28 8 Godda Bhatapara & Jamul GU Jharkhand - 2.9 Mar'28 9 Muzaffarpur Bhatapara GU Bihar - 2.9 Mar'28 10 Hazira Sanghi GU Gujarat - 2.9 Mar'28 11 Raigad Sanghi GU Maharashtra - 2.9 Mar'28 12 Kalyan Maratha GU Maharashtra - 2.9 Mar'28 13 Dahanu - BU Maharashtra - 0.7 Mar'28 14 Dadri Line - 2 Jodhpur GU Uttar Pradesh - 2.9 Mar'28 Total addition 10.3 29.7 CU: Clinker Unit | GU: Grinding Unit | BU: Blending Unit | Capacities in MTPA 14 PROJECTS TO ADD 29.7 MTPA CEMENT CAPACITY WORK AWARDED AND MOBILIZATION STARTED 14 Projects +10.3 Clinker (MTPA) +29.7 Cement (MTPA) Cement capacity by region (MTPA) West 6 units 15.2 East 4 units 11.6 North 1 unit 2.9 Clinker capacity by region (MTPA) East 1 unit 4.0 West 2 unit 6.3
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GROWTH TRAJECTORY Capacity (MTPA) 68 113 119 155 At the time of acquisition As of 30th Sep’26 Target (FY’27) Target (FY’30) Green Power Capacity (MW) 40 228 376 83 973 1,122 At the time of acquisition As of 30th Sep’26 Target (FY’28) WHRS RE Cost Reduction Journey Rs 4,447 PMT (Mar’26 Q) Rs 4,410 PMT (Q2 FY27) Rs ~4,250 PMT (FY’27 E) Rs ~4,000 PMT (FY’28 E) 11 Firmed-up expansion of +29.7 MTPA to take capacity to 149 MTPA | Debottlenecking to scale it further to 155 MTPA Green Power Share 7% (At the time of acquisition) 61% (Q2 FY’27) 60% (Target FY’28) Incl. approx. impact of escalated Geopolitical issues of ~Rs 228 PMT
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12 MERGER UPDATE Requisite shareholder approvals secured for both schemes | ‘One Cement Platform’ now moves to final NCL T sanction Board approval 22 Dec'25 Stock exchange NOCs 4 Jun'26 NCLT first-motion orders 20 Jul'26 (Orient) | 29 Jul'26 (ACC) Shareholder approvals 28 Sep'26 (Orient) | 29 Sep'26 (ACC) NCLT approvals & effectiveness | Expected completion by Jan’27 Overwhelming voting support • Reflects shareholders’ confidence in the strategic rationale, governance process, and long-term value creation potential. • Subject to completion, the amalgamation is expected to simplify the corporate structure, improve coordination across manufacturing and logistics, facilitate more effective resource allocation and unlock operating synergies. AS ON 30TH SEPTEMBER 2026 Corporate Simplification • Ambuja shareholders approved the proposed amalgamations of ACC Limited and Orient Cement Limited with Ambuja Cements Limited at the respective NCLT-convened meetings on 29 and 28 September 2026, advancing the One Cement Platform. • The amalgamations are expected to simplify the corporate structure, unlock operating synergies and support long-term stakeholder value; subject to requisite regulatory, statutory and NCLT approvals, completion is expected in FY’27.
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INDUSTRY OUTLOOK WEST ASIA CONFLICT IMPACT THE INDIAN ECONOMY 13 • Industry: Activity remained resilient, supported by strong manufacturing • Agriculture: Favourable Kharif sowing supported farm output and rural demand • RBI: FY27 inflation forecast raised to 5.2% (from 5.0%); GDP growth outlook raised to 7.1% (from 6.7%) • Geopolitics: Ongoing risks continue to weigh on the growth outlook Macro Economic Factors • Blended Cement: NITI Aayog’s roadmap promotes higher blending and fly-ash substitution, lowering clinker intensity, emissions and costs • CCTS: Emission-intensity targets incentivise decarbonisation and lower clinker use, with potential carbon-credit costs or benefits • Bulk Transportation: Rail-freight reforms and dedicated bulk cement terminals to improve distribution efficiency and multimodal logistics • GST: Reduced from 28% to 18% on cement, supporting affordability and demand Policy Tailwinds • Housing & Infra: PMAY and PM Gati Shakti continue to drive demand • Gati Shakti Pipeline: 352 projects worth ₹16.1 lakh crore evaluated, supporting medium-term demand • Large Projects: Mumbai–Ahmedabad Bullet Train adds incremental demand • Data Centres: ~USD 30 Bn cumulative construction opportunity by FY30 • Risks: Geopolitical conflicts and rising crude prices Cement Demand Drivers Segment-wise Cement Demand 55%30% 15% Housing Infrastructure Commercial Source: CRISIL FY27 Industry Outlook 6-7% FY27 cement demand growth (basis H1 volumes & estimates of H2) Demand to stay soft amid headwinds; long- term secular demand story remains intact Near term: Soft Long term: Intact Elevated Industry cost environment Higher petcoke, packing Bags and diesel prices along with constrained coal availability Petcoke ↑ Diesel ↑ Coal supply tight Source: IBEF
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IMPACT OF WEST ASIA WAR 14 Key Impact & Mitigation • Energy cost on rise due to escalated Geopolitical issues & micro economic condition which could disrupt industry supply. • Q2 FY’27 operating conditions remained challenging, with geopolitical issues, monsoon-related disruptions, seasonal shutdowns and higher energy costs amid global uncertainty and constraints in domestic coal availability; Commercial diesel prices increased by 25-30% in past 6 months (Impact of escalated geopolitical issues of ~Rs 228 PMT in Q2 FY’27). • The broader demand environment, however, remains supported by continued infrastructure spending, urbanisation, rural housing and industrial activity. Imported Petcoke CFR (USD/t) South African Coal FOB – RB1 (USD/t) 83 87 110 108 121 113 Sept’25 Dec’25 Mar’26 Jun’26 Sep’26 Oct'26 Exchange Rate (USD to INR) 88.8 89.9 94.7 94.6 95.0 94.8 Sept’25 Dec’25 Mar’26 Jun’26 Sep’26 Oct'26 115 118 160 135 170 188 Sept'25 Dec'25 Mar'26 Jun'26 Sep'26 Oct'26 Source: Argus Source: Argus Source: RBI
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CONSOLIDATED H1FY’27 HIGHLIGHTS 15 FOCUS ON SUSTAINABLE EARNINGS TO MITIGATE INDUSTRY VOLATILITY Sales Volume (MnT) 35.0 33.6 H1FY'26 H1FY’27 NSP (₹/bag Cement) 259 256 H1FY'26 H1FY'27 Cement Cost (Rs/t) 4,244 4,324 H1FY’26 H1FY’27 EBITDA (Rs PMT)* 1,064 852 H1FY’26 H1FY’27 Trade Sale (%) 71% H1FY’26 76% H1FY’27 Clinker Factor (%) 66.4% H1FY’26 65.0% H1FY’27 EBITDA Margin (%)* 19.1% H1FY’26 15.3% H1FY’27 Trade share increased by 5 pp to 76% YoY and Premium products rose by 2 pp to 35% of trade sales. Trade mix will help in improved EBITDA in coming quarters. * EBITDA PMT (excl. impact of escalated geopolitical issues) Rs 1,018; EBITDA Margin (excl. impact of escalated geopolitical issues) 18.3 %
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CONSOLIDATED Q2FY’27 HIGHLIGHTS 16 FOCUS ON SUSTAINABLE EARNINGS TO MITIGATE INDUSTRY VOLATILITY Sales Volume (MnT) 16.6 17.1 16.5 Q2FY’26 Q1FY’27 Q2FY’27 NSP (₹/bag Cement) 258 257 255 Q2FY’26 Q1FY’27 Q2FY’27 Cement Cost (Rs/t) 4,155 4,241 4,410 Q2FY’26 Q1FY’27 Q2FY’27 EBITDA (Rs PMT)* 1,061 931 770 Q2FY’26 Q1FY’27 Q2FY’27 Trade Sale (%) 68% Q2FY’26 78% Q1FY’27 74% Q2FY’27 Clinker Factor (%) 66.9% Q2FY’26 63.7% Q1FY’27 66.3% Q2FY’27 EBITDA Margin (%)* 19.2% Q2FY’26 16.7% Q1FY’27 13.8% Q2FY’27 Trade share increased by 6 pp to 74% YoY and Premium products rose by 2 pp to 37% of trade sales. Trade mix will help in improved EBITDA in coming quarters. * EBITDA PMT (excl. impact of escalated geopolitical issues) Rs 998; EBITDA Margin (excl. impact of escalated geopolitical issues) 17.9%
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BUILDERS OF PROGRESS IN INDIA 17 Key Investment Highlights 1 Capacity Addition 113.5 MTPA Current cement capacity ■ Commissioned in Q2 (+4.6 MTPA): Dahej (1.2 MTPA), Salai Banwa (2.4 MTPA), Kalamboli (1.0 MTPA) ■ Ramp up in H2 FY’27 (+3.2 MTPA): Bathinda (1.2 MTPA), Jodhpur Penna (2.0 MTPA) ■ Expected commissioning in H2 (2.4 MTPA): Warisaliganj (2.4 MTPA) 2 Capacity Roadmap 14 Projects Planned greenfield & brownfield expansions +29.7 MTPA Cement capacity +10.3 MTPA Clinker capacity 3 Cost Reduction Journey Cost target (per tonne) ₹4,250 by FY’27 ₹4,000 by FY’28 ■ Initiatives on track to achieve cost targets of ₹4,250 PMT in FY’27 and ₹4,000 PMT in FY’28 4 Digitalisation Unified Master Data & Geo-Intelligent Mapping Geo-coded single source of truth; optimised pricing & freight, better cost/margin visibility Gen AI-Led Sales & Payment Automation AI-driven invoice-to-payment automation with instant sales KPI insights 5 Market Leadership 74% Trade share +6 pp YoY 82% Blended cement +5 pp YoY 37% Premium share of trade sales ■ Value-led growth and improving quality of earnings ■ Comprehensive focus on value and market share ■ Initiatives on track to achieve premium cement sale of 40% of trade sale 6 Balance Sheet Strength AAA / A1+ Highest credit ratings CRISIL CARE India Ratings ICRA ■ Healthy cash flows continue to sustain the Company’s capex programme
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CONSOLIDATED PERFORMANCE HIGHLIGHTS AMBUJA CEMENTS – CEMENT VOLUMES Cement Volumes (MnT) 16.6 17.1 16.5 Q2FY’26 Q1FY’27 Q2FY’27 -1% Trade Cement Sale (%) Q2FY’26 Q1FY’27 Q2FY’27 68% 78% 74% Blended Cement Mix (%) Premium Cement (%) (As % of Trade Sale) Q2FY’26 Q1FY’27 Q2FY’27 35% 34% 37% Q2FY’26 Q1FY’27 Q2FY’27 77% 85% 82% Trade Sale (%) up by 6 pp Y-o-Y • Continued focus on improving the trade mix, rationalising low-margin volumes and increasing the share of blended cement. • Trade volumes grew 8.6% YoY, and further improvement is expected in the coming quarters. Focus on accelerated Trade Volumes and calibrated Institutional Sales • Continued focus on institutional business growth through a solutions-led approach, with emphasis on value and profitability. 18
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• Elevated fuel and logistics costs, driven by higher petcoke and coal prices, constrained coal availability, and increased diesel and packaging costs, continue to weigh on margins. • Volumes are expected to grow ahead of the industry in H2 FY’27, supported by calibrated & returns- focused expansion strategy. CONSOLIDATED PERFORMANCE HIGHLIGHTS AMBUJA CEMENTS – KEY FINANCIAL METRICS Revenue (₹ Cr) 9,175 9,500 9,197 Q2FY’26 Q1FY’27 Q2FY’27 0% NSP (₹/bag Cement) 258 257 255 Q2FY’26 Q1FY’27 Q2FY’27 -1% EBITDA (Inc RMX) (₹ Cr) NSP (₹/bag Cement) 1,762 1,589 1,271 Q2FY’26 Q1FY’27 Q2FY’27 -28% EBITDA PMT (Inc RMX) 1,061 931 770 Q2FY’26 Q1FY’27 Q2FY’27 -27% 19
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CONSOLIDATED PERFORMANCE HIGHLIGHTS RAW MATERIAL MIX & COST OPTIMIZATION CONTINUES 20 77% 85% 82% Blended Share (%) 66.9% 63.7% 66.3% Q2FY26 Q1FY27 Q2FY27 Clinker Factor (%) Kiln Fuel (Rs/kcal) 1.60 1.66 1.87 Green Power (%) − Source mix optimization − BCFC transport mode of FlyAsh resulting in lower raw material costs; use of Wagon Tipplers − New Capacity additions will bring down these costs down further − Higher Power and fuel cost due to sharp increase in global coal prices − Fuel mix optimization, reducing reliance on imports, higher use of WHRS and AFR − Petcoke consumption optimized in kiln with more use of domestic coal Raw Material (₹/ton) Power and Fuel (₹/ton) 797 674 573 Q2FY’26 Q1FY’27 Q2FY’27 -28% 737 624 H1 FY’26 H1 FY’27 -15% 1,299 1,311 1,463 Q2FY’26 Q1FY’27 Q2FY’27 +13% 1,328 1,386 H1 FY’26 H1 FY’27 +4% 41% 48% 61% Q2FY26 Q1FY27 Q2FY27
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CONSOLIDATED PERFORMANCE HIGHLIGHTS AMBUJA CEMENTS – FREIGHT & FORWARDING COST AND OTHER EXPENSES ✓ Cost are higher YoY mainly due to: ▪ Higher packing material cost impacted by West-Asia war ▪ Maintenance costs led by Planned kiln shutdown ✓ One Cement platform, digital initiatives and synergies with group will bring down these cost in the coming quarter 59% 58% 57% Direct Dispatch (%) Primary lead (kms) 265 249 254 Q2FY26 Q1FY27 Q2FY27 − Maximizing home market sales at plant level − Source to market mapping, optimizing the lead − Modal shift in transport mode, − Fleet optimization − Reduction in Secondary lead from current level 38 Kms to 30 Kms with warehouse network optimization. − EV induction already started . By end of Dec 2027 , total 150 EV trucks will be running for clinker and cement 21 Freight & Forwarding (₹/ton) Other Expenses (₹/ton) 1,224 1,295 1,290 Q2FY’26 Q1FY’27 Q2FY’27 +5% 1,266 1,293 H1 FY’26 H1 FY’27 +2% 799 850 944 Q2FY’26 Q1FY’27 Q2FY’27 +18% 786 896 H1 FY’26 H1 FY’27 +14%
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CONSOLIDATED PERFORMANCE HIGHLIGHTS AMBUJA CONSOLIDATED 22 Particulars UoM Quarter Ended Half Year Ended Sep’26 Sep’25 YoY Change Jun’26 QoQ Change H1 FY’27 H1 FY’26 YoY 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%) EBITDA ₹ Cr 1,271 1,762 (28%) 1,589 (20%) 2,860 3,722 (23%) EBITDA Margin % 13.8% 19.2% (5.4pp) 16.7% (2.9pp) 15.3% 19.1% (3.8pp) EBITDA (PMT) ₹ /Ton 770 1,061 (27%) 931 (17%) 852 1,064 (20%) PAT Reported ₹ Cr 236 2,336 (90%) 660 (64%) 896 3,377 (73%) PAT Normalised1 ₹ Cr 300 652 (54%) 595 (50%) 895 1,612 (44%) EPS (diluted) ₹ 0.78 7.18 (89%) 2.32 (67%) 3.08 10.72 (71%) 1. Reconciliation of ‘Reported PAT to Normalized PAT’ provided ion slide 23
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CONSOLIDATED PERFORMANCE HIGHLIGHTS AMBUJA CONSOLIDATED– PAT RECONCILIATION 1. Termination benefit under voluntary severance scheme. Refer Note no 7(a) to the consolidated financial statements. 2. Interest income pursuant to the CIT (A) order for AY 2004-05 Note no 5 (ii) to the consolidated financial statements. 3. There has been reversal of tax provisions in both the standalone and consolidated financials of Ambuja Cements during FY26, primarily on account of reassessing of tax position of earlier year on basis of favorable high court decision. Refer Note no 5(i) of consolidated financial statement. 23 Particulars Quarter Ended Half Year Ended 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 85 24 109 Tax Impact 22 1 Less: Deferred Tax credit Income Tax provision reversal3 (1,697) (1,697) Indemnification Claim received (40) Interest on Income Tax2 (205) (111) (111) (205) Tax Impact (21) (5) (46) Normalised PAT 300 652 595 895 1,612
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CONSOLIDATED PERFORMANCE HIGHLIGHTS AMBUJA CONSOLIDATED – EBITDA BRIDGE YOY 24 ₹ Cr Key takeaways ▼ ₹490 Cr YoY EBITDA decline (28%): ₹1,762 Cr → ₹1,271 Cr • Impact due to geopolitical tension of ₹376 Cr drove ~77% of the decline • Price impact (₹80 Cr), volume impact (₹18 Cr) and higher maintenance cost (₹17 Cr) 1,762 1,271 17 18 80 376 Q2 FY’26 Impact due to Geopolitical issue Maintenance cost Volume Price Q2 FY’27
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CONSOLIDATED PERFORMANCE HIGHLIGHTS CLINKER AND CEMENT (CLC) SALES VOLUMES 25 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) (6.7) (6.4) Net Cement Sales (Ambuja Consolidated) 16.6 17.1 16.5 Net Clinker Sales 0.2 0.3 0.2 Net CLC Sales Volume 16.9 17.3 16.7 MnT
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CASH AND CASH EQUIVALENT 26 Continue to remain debt free, highest rating of Crisil, CARE, IndiaRatings & ICRA - AAA (Stable) / A1+ 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) Income Tax 268 Cash Flow from Operating Activities (A) 2,916 Finance Expenses (Incl Lease Payment) (168) Dividend paid (569) Cash Flow from Financing Activities (B) (737) Finance Income (Incl Dividend Received) 84 Capex (2,963) Cash Flow from Investing Activities (C) (2,879) Opening balance (D) 1,770 Net increase / (decrease) (E = A+B+C) (700) Closing balance (D+E) 1,070 1,813 1,770 1,070 Sep’25 Mar’26 Sep’26
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ESG OVERVIEW Landmark Project (Built using Adani Cement): Chenab Railway Arch Bridge 03
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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 #7 / #6 of 109 Ambuja / ACC in Sustainalytics; lower score is better S&P CSA NET STRENGTH 80 / 82 Ambuja / ACC net CSA scores; top within peer table INDIAN VALIDATION ESG 1+ CareEdge leadership category for Ambuja and ACC GLOBAL ESG RATINGS INDIAN ESG RATINGS Company S&P CSA Net / Gross CDP Climate / Water / SEA Sustainalytics Risk rank MSCI CareEdge CRISIL NSE Ambuja 80 / 90 B / A / A 21.4 (7/109) BBB Average 80.3 ESG 1+ 60 Adequate 61 ACC 82 / 89 A / A / A 21.0 (6/109) Not rated 84.1 ESG 1+ 62 Strong 68 Strategic implication Continue focused engagement with rating agencies; improve public disclosures for low-score areas and build a visible improvement roadmap. 28
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ESG UPDATES Q2 PERFORMANCE 29 CLIMATE & ENERGY Gross scope 1 CO₂ emissions kg CO₂ / tonne of cement AMBUJA ACC 584 541 2.7% YoY Green power share of total power AMBUJA ACC 30.3%* 34.4% 13.5% YoY CIRCULAR ECONOMY Waste-derived resources used million tonnes AMBUJA ACC 2.41 2.17 12.1% YoY WATER & NATURE Water positive times AMBUJA ACC 24.7× 5.46× Trees planted million | till Q2 FY27 AMBUJA ACC 2.48 4.60 PEOPLE & COMMUNITY CSR Outreached million | till FY26 AMBUJA ACC 3.72 2.76 CLIMATE & ENERGY WATER & NATURE *At Ambuja consolidated level, the share of green power consumed plus sold equals 61% of total power consumption. 17.5% YoY 3.4% YoY
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ESG UPDATES BOARD & COMMITTEE STRUCTURE Board of Directors Pathway to strengthen Corporate Governance • Tenure of IDs – upto 3 years for max. 2 terms • Gender Diversity – Min. 30% female directors • Management Ownership – CEO and member of executive committees to have share ownership • Related Party Transactions – Independent 3rd party review & certification • Training & Education – Min. 4 sessions in a year for education of IDs Statutory Committees - Audit 🗹 - Nomination & Remunerations 🗹 - Stakeholder Relationship 🗹 - Corporate Social Responsibility 🗹 - Risk Management 🗹 Non-statutory Committees - IT & Data Security 🗹 - Corporate Responsibility 🗹 - Mergers and Acquisition 🗹 - Legal, Regulatory & Tax 🗹 - Reputation Risk 🗹 - Public Consumer 🗹 - Commodity Price Risk 🗹 100% IDs Chaired by IDs > 50% Comprised of only Independent Directors 100% of Statutory Committees Chaired by Independent Directors 7 Additional Business specific committees 29% Fully comprised of Independent Directors 100% Chaired by Independent Directors Chairman of Audit committee; Chairperson of Nomination and Remuneration committee Chairperson of Corporate Res ponsibility committee I ID: Independent Director I NID: Non-Independent Director | WTD: Whole Time Director l CEO: Chief Executive Officer Independent Directors Non-Independent Directors Gautam Adani Chairman Skill & Expertise • Entrepreneurial Vision • Business Leadership Karan Adani Director Skill & Expertise • Industry expert • Strategic development • Operational efficiency 40+ Yrs of Experience Skill & Expertise • Human Resource Management • Leadership Management Purvi Sheth 40+ Yrs of Experience Skill & Expertise • Banking • Corporate credit & project finance Rajnish Kumar 40+ Yrs of Experience Skill & Expertise • Business strategy & Policies • Finance • Regulatory Compliance Ameet Desai 33+ Yrs of Experience Skill & Expertise • Corporate Strategy • Finance • ESG & Climate Change Praveen Garg Maheshwar Sahu 40+ Yrs of Experience Skill & Expertise • Strategic Management • Corporate Governance Vinod Bahety WTD and CEO 25+ Yrs of Experience Skill & Expertise • Banking & Finance • Manufacturing • Professional Entrepreneur • Business Strategies & Policies 30
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ESG UPDATES CORPORATE SOCIAL RESPONSIBILITY - PEOPLE AND COMMUNITY 31 Q2 FY27 CSR: building resilient communities across water, agriculture, livelihood & health Water Management 55 Water harvesting structures 22 RRWHS, 31 farm ponds, 2 ponds 40.89 Micro-irrigation coverage 17 Community awareness camps Agriculture 125 Trainings on agriculture practices 3,057.905 Biomass supplied to Ambuja Cements Sustainable Livelihood 47 New Self-Help Groups (SHGs) formed 1,420 Youth trained for employability Health & WASH 19,872 Truckers & allied population reached 4,577 Beneficiaries screened for NCDs 527 WASH awareness sessions • Integrated community model: interventions span water security, sustainable farming, women-led livelihoods and community health, creating durable social value. • Farm-to-plant linkage: farmer-sourced biomass supplied to Ambuja Cements connects rural incomes with plant operations; 19,872 truckers & allied population covered under health outreach.
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GLIMPSE OF SPECIAL EVENTS CONNECTING WITH MARKETS AND COMMUNITIES 32 Industry Partnerships Recognising long-serving colleagues for their valued contribution to Adani Cement’s success Long Service Awards Ceremony Annual Dealer Conference Deepening engagement with the construction and real-estate ecosystem through CREDAI and NAREDCO Bringing our dealer network together to strengthen channel relationships
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ACCOLADES & AWARDS Q2 FY’27 33 Adani Cement felicitated with 10 awards for excellence in energy efficiency at the CII 27th Energy Excellence Summit 2026 Adani Cement has bagged 3 prestigious ET Digi+ Awards for excellence in festive marketing, branded content & integration and B2B marketing Adani Cement receives top honours at the 8th ICC OH&S Awards 2026 with 11 awards in different categories
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34 ANNEXURE Land Mark Project: Samruddhhi Highway 04
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HISTORICAL FINANCIAL PERFORMANCE CONSOLIDATED PROFIT & LOSS (PUBLISHED) 33.6 MnT Volume ₹ 18,697 Cr Revenue from Operations ₹ 2,860 Cr EBITDA ₹ 852/ Tonne EBITDA/ Tonne 15.3% EBITDA Margin H1FY’27 InsightsParticulars Unit FY26 H1FY'27 Revenue from Operations ₹ Cr 40,656 18,697 Other Income ₹ Cr 834 227 Total Income ₹ Cr 41,490 18,924 Raw Material Cost ₹ Cr 6,743 2,617 Employee Benefit Cost ₹ Cr 1,603 760 Power and Fuel Cost ₹ Cr 10,024 4,941 Freight and Forwarding Cost ₹ Cr 9,497 4,438 Other Expenses ₹ Cr 6,251 3,081 Total Operating Expenses ₹ Cr 34,117 15,837 Operating EBITDA ₹ Cr 6,539 2,860 Depreciation and Amortization ₹ Cr 3,570 1,711 Finance Costs ₹ Cr 224 131 Taxes ₹ Cr (2,338) 250 Exceptional Items - Expense/ (Income) ₹ Cr 301 109 Sub-total ₹ Cr 1,756 2,201 Add: Share of Profit from Associates/ JVs ₹ Cr 20 10 Reported PAT ₹ Cr 5,637 896 Normalised PAT ₹ Cr 2,6471 8952 1. Reconciliation of ‘Reported PAT to Normalized PAT’ provided in Q1 FY’27 Investor Presentation 2. Reconciliation of ‘Reported PAT to Normalized PAT’ provided in slide no 23 35
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HISTORICAL FINANCIAL PERFORMANCE CONSOLIDATED BALANCE SHEET (PUBLISHED) 36Note: Cash and Cash equivalents includes Bank Balances, Bank Deposits and Fixed Deposits with banks Particulars Unit As on As on 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 13,546 Other Intangible Assets ₹ Cr 9,469 9,404 Other Non-Current Assets ₹ Cr 8,508 8,201 Total Non-Current Assets ₹ Cr 75,892 77,319 Current Assets Cash and Cash Equivalents ₹ Cr 1,770 1,070 Inventories ₹ Cr 4,552 4,711 Trade Receivables ₹ Cr 1,867 2,233 Other Assets ₹ Cr 5,526 6,231 Total Current Assets ₹ Cr 13,715 14,245 Total Assets ₹ Cr 89,607 91,564 Liabilities Equity Equity Share Capital ₹ Cr 494 497 Other Equity ₹ Cr 58,853 59,175 Non-Controlling Interest ₹ Cr 12,500 12,566 Total Equity ₹ Cr 71,847 72,238 Liabilities Borrowings ₹ Cr 53 55 Trade Payables ₹ Cr 4,185 4,894 Tax Liabilities ₹ Cr 4,029 4,222 Other Liabilities ₹ Cr 9,493 10,155 Total Liabilities ₹ Cr 17,760 19,326 Total Equity and Liabilities ₹ Cr 89,607 91,564
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STANDALONE PERFORMANCE HIGHLIGHTS AMBUJA STANDALONE 37 NOTE: Previous periods have been restated on account of merger of Sanghi & Penna with Ambuja Particulars UoM Quarter Ended Half Year Ended Sep’26 Sep’25 YoY Change Jun’26 QoQ Change H1 FY’27 H1 FY’26 YoY 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 ₹ Cr 746 727 3% 935 (20%) 1,681 1,751 (4%) EBITDA Margin % 12.2% 13.0% (0.8pp) 14.8% (2.6pp) 13.5% 14.9% (1.4pp) EBITDA (PMT) ₹ /Ton 653 630 4% 797 (18%) 726 729 (0%) PAT Reported ₹ Cr 114 1,158 (90%) 504 (77%) 618 1,955 (68%) EPS (diluted) ₹ 0.46 4.67 (90%) 2.03 (77%) 2.49 7.89 (68%)
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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 future developments of the business and the competitive and regulatory environment, and statements which contain words or phrases such as ‘will’, ‘expected to’, etc., or similar expressions or variations of such expressions. Actual results may differ materially from these forward-looking statements due to number of factors, including future changes or developments in their business, their competitive environment, their ability to implement their strategies and initiatives and respond to technological changes and political, economic, regulatory and social conditions in India. This presentation does not constitute a prospectus, offering circular or offering memorandum or an offer, or a solicitation of any offer, to purchase or sell, any shares and should not be considered as a recommendation that any investor should subscribe for or purchase any of Ambuja’s shares. Neither this presentation nor any other documentation or information (or any part thereof) delivered or supplied under or in relation to the shares shall be deemed to constitute an offer of or an invitation by or on behalf of Ambuja. Ambuja, as such, makes no representation or warranty, express or implied, as to, and does not accept any responsibility or liability with respect to, the fairness, accuracy, completeness or correctness of any information or opinions contained herein. The information contained in this presentation, unless otherwise specified is only current as of the date of this presentation. Ambuja assumes no responsibility to publicly amend, modify or revise any forward- looking statements, based on any subsequent development, information or events, or otherwise. Unless otherwise stated in this document, the information contained herein is based on management information and estimates. The information contained herein is subject to change without notice and past performance is not indicative of future results. Ambuja may alter, modify or otherwise change in any manner the content of this presentation, without obligation to notify any person of such revision or changes. No person is authorized to give any information or to make any representation not contained in and not consistent with this presentation and, if given or made, such information or representation must not be relied upon as having been authorized by or on behalf of Ambuja. This presentation does not constitute an offer or invitation to purchase or subscribe for any securities in any jurisdiction, including the United States. No part of this presentation should form the basis of or be relied upon in connection with any investment decision or any contract or commitment to purchase or subscribe for any securities. None of our securities may be offered or sold in the United States, without registration under the U.S. Securities Act of 1933, as amended, or pursuant to an exemption from registration therefrom. 38
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39© 2026 Private And Confidential For further info, please contact: CA Deepak Balwani, Head - Investor Relations deepak.balwani@adani.com 39© 2026 Private And Confidential 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