Interim report
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Ambuja Cements Limited Registered Office: Adani Corporate House Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad – 382 421, Gujarat, India Ph +91 79-2656 5555 E mail: investors.relation@adani.com www.ambujacement.com CIN: L26942GJ1981PLC004717 October 29, 2026 To National Stock Exchange of India Limited Scrip Code: AMBUJACEM BSE Limited Scrip Code: 500425 Luxembourg Stock Exchange Code: US02336R2004 Sub.: Outcome of Board Meeting held on October 29, 2026 and submission of Unaudited Financial Results (Standalone and Consolidated) for the quarter and half year ended September 30, 2026 as per SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulation”). Dear Sir / Madam, Pursuant to the provisions of Regulation 30, 33 and other applicable provisions of the SEBI Listing Regulation, we wish to inform you that the Board of Directors of Ambuja Cements Limited (the “Company”), at its meeting held today i.e. October 29, 2026, has inter-alia: 1. considered and approved the Unaudited Financial Results (Standalone and Consolidated) of the Company for the quarter and half year ended September 30, 2026. The Unaudited Financial Results (Standalone and Consolidated) of the Company for the quarter and half year ended September 30, 2026 along with the Limited Review Report issued by the Statutory Auditors are enclosed herewith as Annexure A. 2. considered and approved acquisition of 26% equity shares of SWE Renewables Limited. The disclosure pursuant to the SEBI Listing Regulations read with SEBI Circular No. HO/49/14/ 14(7)2025-CFDPOD2/I/3762/2026 dated January 30, 2026, in relation to the aforesaid acquisition is enclosed herewith as Annexure B. The Board Meeting commenced at 11:00 a.m. and concluded at 02:20 p.m. The above-mentioned documents will be posted on the Company's website at www.ambujacement.com Kindly take the same on your record. Yours Sincerely, For Ambuja Cements Limited Manish Mistry Company Secretary & Compliance Officer Membership No.: F8373 Encl.: as above
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adani A mbuja Cement AMBUJA CEMENTS LIMITED CIN: L26942GJ1981PLC004717 Rcgistorod office: Adoni Corporate House, Shantigrom, Nc:,r Vaishnav Oc'Ji Circle, S. G. Highway, Khodiyar , Ahmcdabad, Gujarat 382421 Tel No.: +91 79 2656 5555 • Website: www.DmbuJ.1ccmcnt.com • E-mail: investors .rclatlon@:,danl.com St.itcmcnt of st.1nd.1lonc unaudited flnancl:il results for the quarter and she months ended September 30, 2026 3 Months Preceding 3 Corrcspanding 3 Year to date Yc.:ir ta date ended Months ended Months ended figures for the figures for the Sr. c;urrcnt period previous period No. Particulars 30109/2026 30/06/2026 30/09/2025 from 01/04/2026 from 01/04/2025 to to 30/09/2026 30/09/2025 Unnuditcd Unaudited Unaudited Unaudited Unaudited (Refer Note • Bl (Refer Note - 51\ lRehr Note - 8) (Refer Noto • 9) 1 Income a) Revenue from operations (Refer Note 17) 6,113 6,320 5,579 12,433 11.733 I b} Government Grants lnclud Ing dur.y credits/ refunds 8 8 9 16 3 c) Other income {Refer Note 5) 66 235 60 301 467 Total Income 6,187 6,563 5,648 12,750 12,203 2 E,cpenses a) Cost of materials consumed 685 729 931 1,414 1,740 b) Purchase of stock-in-trade (Refer Note 17) 1,086 1,237 954 2,323 1,774 c) Changes in Inventories of finished goods and work-in-progress (17) (122) (225) (139) (283) d) Employee benefits expense (Refer Note 16) 165 160 179 325 357 e) Finance costs (Refer Note 13) 142 76 55 218 93 f) Depreciat ion and amortisation expense (net} 501 468 473 969 918 g) Power and fuel (Refer Note 17) 1,450 1.348 1,216 2,798 2,663 h) Freight and forwarclng expense 1,200 1,283 1,067 2,483 2,283 I) Other expenses 806 758 739 1,564 1,451 Total Expense s 6,018 5,937 5,389 11,955 10,996 3 Profit before cxc:cptional items and tilx (1·2) 169 626 259 795 1,207 4 Exceptional Item, • E,pense (net) (Refer Note 7) 14 223 14 183 5 Profit boforc tu (3·4) 155 626 36 781 1,024 6 Tax expense a) Current ta,c ctiarge / {credit) (net) 26 214 b) Tax {write back)/ adjustment reliclting to ear1ier periods (net) (16) (1,180) (15) (1,203) c) Deferre d ta!( charge/ (credit) 41 138 32 179 58 Tobi TaK E)(penses / (Credit) (Refer Note 5 ;,nd 9) 41 122 (1,122) 163 (931) 7 Profit after ta>e (5·6) 114 504 1,158 618 1,955 8 Other comprehens ive income/ {loss) Items that will not be reclasstfled co prof tor loss in subsequent periods: Remeasurement gain on defined oeneflc plans 10 1 12 11 11 Income tax Impact on above (3) (0) (2) (3) (2) (Loss) on FVTOCI Investments Income tax impact an above Total other comprehensive income I (lou ) (net of tax) 7 1 10 8 9 9 Total comprchonsive income (net of ttuc) (7+8) 121 505 1,168 626 1,964 10 Paid-up e:::iuity share capital (Face value t 2 each) {Refer Note 8 and 9) 497 497 494 497 ! 494 11 Other equity I 12 Earnings per share or f 2 each (not annualised) a) Basic t 0 46 2.03 4.69 2.49 7.93 b) Diluted~ 0 46 2 03 4.67 2.49 7.89 adani Cvm cint For the yc.ir ended 31/03/2026 Audited Ct' In erorcl 25,052 9 766 25,827 3,856 4,159 (279) 692 173 2,035 5,553 4,903 3,247 24,339 1,488 321 1,167 (569) (1,251) (571) (2,391) 3,55B 2 (0) (2) (0) 3,558 494 52,064 14.41 14.34
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adani Ambuja Cement AMBUJA CEMENTS LIMITED CIN: L26942GJ1981PLC004717 adani Cement Registered office : Adani Corporate House, Shantigram, Near Vaishnav Devi Circle, S. G. Highway, Khodiyar, Ahmedabad, Gujarat 382421 Tel No. : +91 79 2656 5555 • Website: www.ambujacement.com • E-mail: investors.relation@adani.com Standalone Balance Sheet ~ in crore) As at As at Particulars September 30, 2026 March 31, 2026 Unaudited Audited ASSETS Non-current assets a) Property, plant and equipment 20,197 20,113 b) Right of use assets 770 810 c) Capital work-in-progress 6,045 4,967 d) Goodwill 2,576 2,576 e) Other intangible assets 4,923 4,918 f) Other intangible assets under development 41 36 g) Financial assets i) Investments in subsidiaries and joint ventures 18,968 21.560 ii) Investments 10 10 iii) Loans 4,260 945 iv) Other financial assets 1,023 1.180 h) Non-current ta x assets (net) 968 1,403 i) Other non-current assets 1.945 1,939 Total - Non-current assets 61,726 60,457 Current assets a) Inventories 2.484 2,471 b) Financial assets i) Trade receivables 2,065 1,199 ii) Cash and cash equivalents 57 221 iii) Bank balances other than cash and cash equivalents 31 31 Iv) Loans 4 4 v) Othe r financial assets 745 764 c) Current tax assets (net) 206 d) Other current assets 2,566 2,021 Total - Current assets 8,158 6,711 TOTAL - ASSETS 69,884 67,168 EQUITY ANO LIABILITIES Equity a) Equity share capital 497 494 b) Other equity 52,205 52,064 Total Equity 52,702 52,558 Liabilities Non-current liabilities a) Financial liabilities i) Borrowings 7 6 ia) Lease liabilities 662 684 ii) Other financial liabilit ies 161 142 b) Provisions 321 160 c) Deferred tax liabilities (net) 1,445 1,263 Total - Non-current liabilities 2,596 2,255 Current liabilities a) Financ ial liabilities i) Borrowings 4,923 8 ia) Lease liabilities 128 135 ii) Trade payables - Total outstanding dues of micro enterprises and small enterprises 326 377 - Total outstanding dues of creditors other than micro enterprises and small enterprises 3,783 4,839 iii) Other financial liabilities 3,996 3,66 4 b) Other current liabilities ' 1,362 3,195 -c) Provisions 37 49 d) Current tax liabilities (net) fi"~~ 31 88 Total - Current liabilities flc .. ' / "<....,, - 14,586 12,355 jt I ' * ll'.'v_N\ Ei\t~ Total Liabilities 1,~I QIJ.W, 1.:-, I 1/~o/ :'\\.): \\ 17,182 14,610 ~\ .,. ., J ::: l,:j( r<uv,-~I\ TOTAL - EQUITY ANO LIABILITIES ~:>,:\. /.t:-,.'Jj I 7o\ ' . ' I:. -: II 69,884 67,168 ~·~w D ACCO - ~~◊~
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adani A mbuja Cemen t adani Cement AMBUJA CEMENTS LIMITED CIN: L26942GJ1981PLC004717 Registered office : Adani Corporate House, Shantigram, Near Vaishnav Devi Circle, S. G. Highway, Khodiyar, Ahmedabad, Gujarat 382421 Tel No. : +91 79 2656 5555 • Website: www.ambujacement.com • E-mail: investors.relation@adani.com Standalone Statement of Cash Flows for the six months ended September 30, 2026 ~ in crore) Particulars For the six months For the six months ended September 30, ended September 30, 2026 2025 (Refer note 9) Unaudited Unaudited A) Cash flows from operating activities Profit before tax 781 1,024 Adjustments to reconcile profit before tax to net cash flows Depreciation and amortisation expense (net) 969 918 Exceptional items • Expense (net) - 183 Loss on sale/ write off of Property, plant and equipments and capital work in progress 4 3 (net) Gain on sale of current financial assets measured at FVTPL (net) (3) (27) Interest income (187) (203) Finance costs 218 93 Expected credit losses/ (reversal) on fina ncial assets (net) 3 (0) (Reversal) / Provision for slow and non moving store and spares (including write off) (23) 4 (net) Gain on fair valuation of investments/ liquid mutual fund measured at FVTPL (net) (0) Fair value gain in derivative instruments (net) (12) (13) Unrealised exchange loss (net) 65 54 Dividend income from subsidiary (94) (219) Dividend Income from joint venture (11) (4) Other non-cash items 0 (1) Operating profit before working capital changes 1,710 1,812 Changes in Working Capital Adjustments for Decrease I (Increase} in operating assets Inventories 10 (820) Trade receivab les (869) (76) Other financial assets 78 (78) Other assets (612) (295) Adjustments for Increase I (Decrease) in operating liabilities Trade payables (1,113) 3,007 Provisions 19 (3) Other financial liabilities (37) (42) Other liabil itie s (1,852) 157 Net Working Capital Changes (4,376) 1.850 Cash (used in) / generated from operations (2,666) 3,662 Income taxes refund (net) 314 49 Net cash (used in)/ generated from operating activities (A) (2,352) 3,711 8) Cash flows from investing activities Payment made on purchase of Property, plant and equipment and other intangible (1,669) (2,223) assets (Including capital work-in-progress , other intangible assets under develop ment and capital advances) Proceeds from sale of Property, plant and equipment 3 5 Proceeds on sale of units of mutual funds (net) 3 27 Inter corporate deposits given to subsidiaries and join t operation (3,478) (91) Inter corporate deposits received back from subsidiaries 163 Proceeds from indemnity claims . 40 Redemption of bank and margin money deposits (having original maturity for more than 107 1.218 3 months) (net) Proceeds from Government securities (net) 348 Payment made towards acquisition of Subsidiary Company (5.914) Investment in optionally convertible debentures of Subsidiary Companies (including (380) (442) companies acquired) Proceeds from redemption of investment in optionally convertible debentures of 2,973 Subsidiary Companies (including companies acquired) Dividend received from subsidiary companies 78 203 Dividend received from joint venture 11 4 Interest received 63 226 Net cash flows (used in) investing activities (8) (2,126) (6,599) C) Cash flows from financing activit ies . Proceeds from/ (Repayment) of current borrowings (net) (including of acquired 4,915 (319) Company and bank) Payment of principal port ion of lease liabilit ies (55} (54) Finance Costs Paid (including leases) (50) (61) Dividend paid {496) (493) Net cash generated from / (used in) financing activities (C) .. , . 4,314 (927) Net decrease in cash and cash equivalents (A>~~ --- (164) (3,815} Cash and cash equivalents ,~<c, \J "" l. Q ( :-:..,~ {ii'<.-! ~tN~~ . Cash and cash equivalents at the end of. e~ 10d ( ,~~ ~~\ 57 68 Cash and cash equivalents related toe 1 • amalgamated du ~ e period (0) 'I"". { t\llM \m \ ~\ , .. ' I? I 57 68 Cash and cash equivalents at the begi r.tfOd of the,Jl!nl:fa- / I l- \~£., /r..."'-1) 221 3,883 Net decrease in cash and cash equiva ill'~\ ~ i < '-.~b- ~ ()'// (164) (3,815) \ t'J\ ' .. ~- ~ ~I •-' ;, .. ~.'/, -
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./ adani Ambuja Cement Unaudited Standalone Financial Results for the quarter and half year ended September 30, 2026: adani Cement 1. The above standalone financial results of Ambuja Cements Limited ("the Company "), which includes a joint operation - Wardha Vaalley Coal Field Private Limited, have been reviewed by the Audit Committee and approved by the Board of Directors in their respective meetings held on October 29, 2026. 2. The Statutory Auditors have carried out limited review of the standalone financial results of the Company for the quarter and half year ended September 30, 2026 . 3. Subsequent to Share Purchase Agreement ("SPA") dated October 22, 2024 in previous year, on April 22, 2025, the Company completed the acquisition of Orient Cement Limited ("Orient") on purchase of 9.58,73,163 equity shares constituting 46 . 66% of the issued share capital of Orient from its promoters/ promoter group, for a cash consideration of ~ 3,791 Crore after all regulatory approvals were obtained for acquisition. The Company also took over the operational and financial control over Orient with effect from April 22, 2025 and thus, became the Company's subsidiary from the same date . Also, pursuant to an open offer made to the eligible public shareholders of the Orient by the Company under the SEBI (SAST) Regulations, the Company completed the acquisition of additional 5,34,19,567 (26 .00%) equity shares of the Orient at a price of~ 395.40 per equity shares for an aggregate consideration of'{ 2,112 Crore by June 18, 2025. Accordingly, post-acquisition of shares from promoters / promoter group, certain public shareholders and public shareholders through an open market offer, the Company's shareholding in Orient reached to 72.66 %. 4. On August 16, 2024, the Company obtained control in Penna Cement Industries Limited ("PCIL") (now amalgamated with the Company), pursuant to the Share Purchase Agreement {"SPA") dated July 1. 2024. Further, PCIL was amalgamated with the Company w.e.f. August 16, 2024, pursuant to the Order of the Hon'ble National Company Law Tribunal in the previous year dated March 30, 2026 (Refer Note 9). In terms of the SPA, the Company has filed various indemnity claims aggregating to ~ 199 Crore in respect of certain disputed matters of PCIL on erstwhile promoters of PCIL which are still pending settlement. Pending conclusion of the ongoing discussions between the Company and the erstwhile promoters of the PCIL, such claims have not been recorded in the books. 5. During the year ended March 31, 2026, the Company had re-assessed its tax positions in respect of certain matters based on favorable High Court decisions in the similar matters and for such matters the liabilities/ provisions were carried in the Company's books from the earlier years. Management assessed that in view of such favorable orders of Hon'ble High Court in similar matters, during the comparative quarter and half year ended September 30, 2025, certain tax provisions were no longer required/ to be carried in the books and accordingly, had reversed provisions/ liabilities of~ 1.180 Crore in the books (net of deferred tax charge) and disclosed the amount under (write back)/ tax adjustment relating to earlier periods (net) in the standalone financial results of the quarter/ half year ended September 30, 2025 and previous year ended March 31, 2026. Further, during the year ended March 31, 2026, a credit of'{ 71 Crore (including a credit of '{ 23 Crore for the half year ended September 30, 2025) was recognised as adjustment on account of revision of tax provision for the earlier years ended upto March 31. 2025 (including deferred tax
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adani Ambuja Cement adani Cement Further, in the other income of the quarter ended June 30, 2026 and half year ended September 30, 2026, the Company has recorded the interest income on' 111 Crore pursuant to the CIT(A) order giving effect dated May 2, 2026, for AY 2004-05 and order dated June 2, 2026 for AY 2014-15. Similarly, during the half year ended September 30, 2025, and previous year ended March 31, 2026, the Company had recorded the interest income of'{ 98 Crore, as other income , pursuant to the CIT(A) order giving effect dated August 5, 2024, for AY 2008-09, intimation order dated May 7, 2025, for AY 2024-25 and CIT (A) refund order for AY 2013-14. 6. The Competition Commission of India (CCI) vide its order dated August 31. 2016, had imposed a penalty of'{ 1,164 Crore on the Company on grounds of alleged cartelization . On Company's appeal, the Competition Appellate Tribunal (COMPAT), subsequently merged with National Company Law Appellate Tribunal (NCLAT), vide its interim Order dated November 21. 2016, had granted stay against the CCl's Order with the condition to provide a deposit of 10% of the penalty amount , through lien on bank deposit of such amount, which was deposited by the Company, Further as per the interim order, in case the Company's appeal is dismissed , interest at 12% p.a. would be payable on the penal amount from the date of the CCI order , NCLAT vide its Order dated July 25, 2018, dismissed the Company's appeal, and upheld the CC l's order. Against this order, the Company appealed before the Hon'ble Supreme Court. which by its Order dated October 5, 2018 , had admitted the appeal and directed to continue the Interim order passed by the NCLAT dated November 21. 2016. The matter is currently being heard before Hon'ble Supreme Court on reporting date. In a separate matter, pursuant to a reference filed by the Government of Haryana, the CCI by its order dated January 19, 2017, had imposed a penalty of'{ 30 Crore on the Company on grounds of alleged collusive bidding . On Company's appeal , COMPAT had stayed the operation of the CCl's Order. The matter was listed before the NCLAT on August 18, 2026, however adjourned and will be listed in due course of time for hearing . Based on the advice of external legal counsel, the Company believes it has a strong case on merits for successful appeal in both the aforesaid matters . Accordingly, no provision (including interest) is recognised in the books by the Company.
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adani Ambuja Cement adan· Cement 7. Details of exceptional items- Expense/ (Income) (net) are as under : (fin Crore) Particulars For the For the For the Year to Year to For the quarter quarter quarter date date year ended ended ended ended figures for figures for March 31, September June 30, September current previous 2026 30, 2026 2026 30,2025 period period from from 01/04/20 01/04/202 26 to 5 to 30/09/20 30/09/202 26 5 7a) Termination benefits under 14 - - 14 - - Voluntary Severance Scheme 7b) Stamp duty payable on - - - - - 90 account of amalgamat ions (Refer Note 9 below) 7c) Impact due to - - - - 58 implementation of new labour code 7d) Receivable, Recognition of - - - - (123) Infrastructure Development Cess and Environm ent Cess Credit , Chhattisgarh 7e) VAT/ CST incentive, disputed - - - 113 provided for 7f) Government Grant , West - - 223 - 223 223 Bengal state , fully provided for 7g) Indemnificat ion Claim - - - (40) (40) received Exceptional Items - Expense (net) 14 - 223 14 183 321 (?a). During the quarter and half year ended September 30, 2026, the Company has recognised a cost of~ 14 Crore towa rds termination benefits payable (including Gratuity and othe r statutory dues) under Voluntary Severance Scheme (VSS) fo r third party workforce at one of its produc tion facility , where operations are temporarily suspended (Refer Note 11). Considering the nature and materiality of the expenditure, the same has been disclosed separately as an exceptional item in the standalone financial results .
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adani Ambuja Cement adani Cement (7c). During the previous year on November 21, 2025, the Government of India notified four Labour Codes effective immediately replacing the existing 29 labour laws. The impact of implementation of the Labour Codes had resulted in an increase oft 58 Crore in the liabilities for defined benefit obligations and towards compensated absences of the employees of the Company. The amount was measured and recognised based on management's assessment of the impact on defined benefit obligation and compensated absences liabilities on such implementation and net incremental liabilities for past periods/ years were recognised in standalone financial results as an "Exceptional Items" during the year ended March 31. 2026. During the previous quarter ended June 30, 2026, the Government of India has further notified the final Central Rules under the Labour Codes. The Company has assessed the impact of aforesaid Central Rules and concluded that there is no material financial impact on the Company. The Company continues to monitor the finalisation of various State Rules and further Government clarifications on the implementation of the Labour Codes and will recognise the consequential impact, if any, based on such developments. (7d) During the previous year ended March 31, 2026. the Company had reassessed its position in respect of recognition of credit for its claim towards levy of Infrastructure Development Cess and Environment Cess on mineral bearing land in the state of Chhattisgarh and the Company had filed petition in the matter before Hon'ble High Court of Chhattisgarh since March 2007. The reassessment followed a judgment by the Hon'ble High Court of Chhattisgarh in the similar matter , wherein the levy of these Cess was challenged and court had vide its judgement in WPT 263/2023 dated October 8. 2025, held that Cess cannot be levied or collected on mining leases as no land revenue is leviable on mining leases . As a result . the Management supported by legal opinion, had assessed that it is entitled to get refund of all such Cess amounts paid since inception of the levy w.e.f. May 27. 2005, pending adjudication of the matter with Hon'ble High Court of Chhattisgarh. Pursuant to the above. the Company has outstanding recognised receivable/ credit of z 143 Crore as at September 30, 2026 in the books, including z 134 Crore recognised during the year ended March 31. 2026 which includes a credit of z 123 Crore disclosed under the "Exceptional item" pertaining to the amount paid relating to earlier years up to March 31, 2025 in the standalone financials results. Recently, the Government of India, vide Gazette notification dated August 17, 2026, enacted the Mines and Minerals (Development and Regulation) Amendment Act, 2026 ("MMDR Amendment Act"), amending the Mines and Minerals (Development and Regulation) Act, 1957 ("MMDR Act"), whereby refund of tax, cess or other levy already deposited with or recovered by a State Government before commencement of the MMDR Amendment Act shall not be liable to be refunded. However, the Management, based on the independent legal opinion obtained, has concluded that the aforesaid amendment does not adversely affect the Company's entitlement to its claims in the pending petition and, accordingly. continues to recognise its claim in the matter to be recoverable. (7e). During the previous year in a matter relating to eligibility of exemption limit under Sales Tax New Incentive Scheme for Industries, 1989 for the period from 2002 to 2008 in respect of Company's unit in Rajasthan . the Company's appeal before Hon'ble Supreme Court (SC) since 2014 was concluded by Hon'ble SC. On November 6, 2025 as per SC order, it partially allowed the Company's appeal by setting aside the interest demand of z 134 Crore but upheld the authorities demand of principal amount of z 113 Crore on the ground that Board for Industrial and Financial Reconstruction ("BIFR") did not have the power to grant the sales tax exemption, beyond policy of government without consent of the State Government. At the same time. the Hon'ble SC has categorically held that there was no default on part of the Company in the matter as it has relied on the order of the BIFR to claim exemption and therefore, no liability towards interest can be attributable to the .Company. The state of Rajasthan filed a miscellaneous application before the Hon'ble SC challenging the relief of non-levy Company, which w Hon'ble SC vide its order dated February 13, 2026 .
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adani Ambuja Cement adanD Cement Accordingly, an amount of'< 113 Crore, earlier accounted as recoverable in the books, had been expensed off as an exceptional item in the Standalone financial results for the year ended March 31, 2026, representing full and final settlement of the demand of principal liability under dispute . An amount of '< 30 ~rare deposited against partial interest since 2015 is now considered recoverable from the State of Rajasthan, as any claim for interest by the State has been set aside by the Hon'ble SC. The Company had filed its refund claim of'< 30 Crore towards interest deposited which has been disclosed as security deposit (other non-current financial assets). The State of Rajasthan has filed a Review Petition (Diary) No.26086/2026 before the Hon'ble SC, for the aforesaid interest claim of'< 134 Crore, which was dismissed by the Hon'ble SC on grounds of being defect ive and on merits . Subsequently the Company filed a Miscellaneous Application (Diary) No. 41334/2026, pursuant to which the Hon'ble court vide its order dated August 20, 2026 has directed the State of Rajasthan to refund the deposited amount of'< 30 Crore to the company within eight weeks. (?f). During the previous year, in the quarter ended June 30, 2025 , the Company became aware of the enactment of the "Revocation of West Bengal Incentive Schemes and Obligations in the Nature of Grants and Incentives Act, 2025 " w.e.f. April 2, 2025 (hereinafter referred to as the "Revocation Act") issued by the Government of West Bengal to rescind, revoke and discontinue all West Bengal Incentive Schemes granted by the Government of West Bengal/its authorised agents. to the industrial units setup in the State. Pursuant to the above. the Company had filed a writ petition in respect of its incentive claim oft 119 Crore recognised in the books in the earlier years relating to Farakka unit before Hon'ble Supreme Court under Article 32 of the Constitution . challenging the validity of the Revocation Act on retrospective basis denying benefits of past incentive schemes, overriding any judgement, order, decree of any court, or direction of any authority, etc. Subsequently , the Company withdrew the above writ petition from Hon'ble Supreme Court on August 25, 2025 and filed writ petition before Hon'ble Kolkata High Court for its incentive claims of Farakka and Sankrail units, which, by its order dated September 9, 2025, has stayed any coercive action for the amount of incentives already disbursed. The matters were listed for hearing on September 8, 2026 however adjourned to November 11. 2026. Further . the Company has also obtained an Independent legal opinion on the validity of the aforesaid Revocation Act, validity of its claims and possible outcome of the aforesaid writ petitions filed by the Company in this regard. Based on the management assessment, initially, the Company had concluded that its incentive claims oft 257 Crore (Gross value) relating to Farakka and Sankrail industrial units, already recognised in the books were good of recovery. However, subsequently during the quarter and half year ended September 30, 2025, considering the principles of prudence, the Company fully provided for such Government Grant of nett 223 Crore (at Fair value) which was accrued and recognised as receivable in the books. The same was disclosed as "Exceptional Item" in the standalone financial results .
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adani Ambuja Cement adani Cement (7g) The Company's erstwhile subsidiary Sanghi Industries Limited (now amalgamated with the Company) ("Sanghi") has litigation with Chief Commissioner of State Tax, Government of Gujarat under Electricity Duty Act, 1958, regarding the exemption period for payment of electricity duty on captive electricity generation during the period November 1995 till March 2012. Sanghi commenced cement manufacturing in April 2002 and is seeking exemption of electricity duty for the period starting April 2002 to March 2012 although government authorities restricting exemption till November, 2005, interpreting that exemption would be applicable from the date of commissioning of DG sets i.e. from November 1995 and not manufacturing date. Sanghi had filed writ petition with Hon'ble Gujarat High Court in year 2006 and challenged department's demand orders claiming that Sanghi is entitled to exemption from the payment of electricity duty for a period of 10 years from March 2002 on the basis of Section 3(2)(vii) of the Electr icity Act. The Hon'ble High Court of Gujarat, in their interim order dated May 5, 2006, granted ad-interim relief in the matter. Since the matter is sub-judice, there is no open demand in the matter from the electricity department for the period upto March 2012. The matter was listed for final hearing on August 19, 2026, and the arguments from both parties are concluded and the matter is reserved for order. The Company acquired Sanghi as per Share Purchase Agreement (SPA) dated August 3, 2023, and in terms of SPA, Sanghi / Company raised indemnity claims amounting to ~ 84 Crore on erstwhile promoters of Sanghi against the electricity duty demand raised by authorities for the period post April 2012. During the comparative half year ended September 30, 2025 the Company had received < 40 Crore towards the indemnification claim as per the share purchase agreement and amount realised was disclosed as exceptional item. The Company has raised an additional indemnity claim as per the terms of SPA with Promoters of Sanghi for the interest demand of< 11 Crore as raised by Chief Commissioner of State Tax, Gujarat and Company's management, as per the terms of SPA, also has rights to raise further claims for the period pre-2012, in case the matter is ruled against Sanghi and demand is raised by the authorities. 8. During the quarter and half year ended September 30, 2025, the Hon'ble National Company Law Tribunal. Ahmedabad Bench ("NCL T") had pronounced the order sanctioning the Scheme of Amalgamation ("Scheme") of Adani Cementation Limited with the Company on July 18, 2025 . The Board of Directors of the Company ("Transferee Company" or "Company") had, vide its resolution dated June 27, 2024. approved the aforesaid Scheme of Amalgamation of Adani Cementation Limited ("Transferor Company") with the Company and their respective shareholders and creditors ("Scheme") pursuant to Sections 230 to 232 and other applicable provisions of the Companies Act, 2013 ("Act") . The Appointed Date of the Scheme is April 1, 2024 . Further all the conditions to make the Scheme effective, as specified under the Scheme, had been fulfilled and accordingly, the Scheme became effective from August 1, 2025 ("Effective Date") . Pursuant to the said scheme, Company recognised identifiable assets acquired (including intangibles), investment in Adani Cement Industries Limited (wholly owned subsidiary of Transferor Company) now a wholly owned subsidiary of the Company, and liabilities assumed w.e.f. August 1, 2025. In terms of Scheme, the Company issued and allotted its 87,00,000 Equity Shares of< 2/- each to Adani Enterprises Limited (a related party and sole shareholder of the Transferor Company) as per the Share Exchange Ratio defined under the Scheme. resulting in increase in paid up equity share capital of the Company by equivalent number of equity shares. The Company had accounted the aforesaid transaction as Acquisition of assets, and accordingly, the excess of Purchase Consideration paid by way of issue of its equity shares over and above fair value of net assets acquired has been allocated between the acquired individual identifi ,Lecasse~ and liabilities assumed based on their relative ,, • ., l /" • -:,"':-_ fair values as at the date of purchase/acquisition.
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adani Ambuja Ceme nt adani Cement The standalone financial results include financial results of erstwhile Adani Cementation Limited, the transferor Company from the effective date. Accordingly, the results for the quarter and half year ended September 30, 2026 are not comparable with quarter and half year ended September 30, 2025 to that extent. 9. (i) During the previous year ended March 31, 2026, the Ahmedabad Bench of the National Company Law Tribunal ('NCL T') vide its orders dated February 9, 2026 and March 30, 2026 respectively, had sanctioned the following Scheme of Arrangement with the Company with appointed date of April 1. 2024 and August 16, 2024 respectively, under section 230 to 232 and other applicable provisions of the Companies Act, 2013 read with the rules framed thereunder: i. The Scheme of Arrangement between the Company's subsidiary Sanghi Industries Limited ("Transferor Company') ("Scheme 1"), the Company and their respective shareholders under Sections 230 to 232 and other applicable provisions of the Companies Act, 2013 ("Act") read with the rules framed thereunder w.e.f , appointed date April 1, 2024. ii. The Scheme of Arrangement between the Company's subsidiary Penna Cement Industries Limited ("Transferor Company") ("Scheme 2"), the Company and their respective shareholders under Sections 230 to 232 and other applicable provisions of the Companies Act, 2013 ("Act") read with the rules framed thereunder w.e.f. appointed date August 16, 2024 . [Collectively the "Scheme 1" and "Scheme 2" be referred to as "Schemes"]. The aforesaid Schemes were approved by the Board of Directors of the Company, Transferor Company ("Scheme 1") and Transferor Company ("Scheme 2") vide their respective resolutions dated December 17, 2024. The said Schemes had become effective from March 12, 2026 and April 10, 2026 respectively, on compliance of all the conditions precedent mentioned therein . Consequently, above mentioned subsidiaries of the Company got amalgamated with the Company w.e.f. April 1, 2024 and August 16, 2024 respectively. Since the amalgamated transferor companies are under common control, the accounting of the said amalgamation had been done applying Pooling of Interest method as prescribed in Appendix C of Ind AS 103 'Business Combinations' w.e.f. earlier of the first day of previous period presented or the date of acquisition whichever is later, i.e. April 1, 2024 and August 16, 2024 respectively. While applying Pooling of Interest method, the Company has recorded all assets, liabilities and reserves attributable to the subsidiaries at their carrying values as appearing in the consolidated financial statements of the Company as per guidance given in ITFG Bulletin 9. Accordingly, the figures of quarter and half year ended September 30, 2025 have been restated .
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adani Ambuja Cement Summary of restatement is given below: Standalone Financial Results Particulars Total Income (Refer Note 17) Total Expenses (Refer Note 17) Profit before tax Profit after tax Total compreh ensive income Earnings per share - Basic • Diluted Standalone Cashflow Statement Particulars Net cash flows generated from operating activities Net cash flows (used in) investing acti vities Net cash flows (used in) financing activities adani Cement (t in Crore) 3 months ended 6 months ended 30-09-2025 30-09-2025 (Unaudited) (Unaudited) Reported Restated Reported Restated 5,255 5,648 11,224 12,203 4,748 5,389 9,651 10,996 285 36 1,350 1,024 1,388 1,158 2,243 1,955 1,396 1,168 2,250 1,964 5.62 4.69 9.09 7.93 5.62 4.67 9.09 7.89 (t in Crore) 6 months ended 30-09-2025 (Unaudited) Reported Restated 3,687 3,711 (6,499) (6,599) (884) (927) On becoming effective of Scheme 1 and Scheme 2, the authorised share capi t al of the Company had increased to ~ 10,904 Crore, consisting of ~ 8.554 Crore equity share capital having face value of z 2/- each and z 2,350 Crore preference share capital having face value of z 10/- each. As per the terms of Scheme 1, on April 10, 2026, the Company issued and allotted its 12,993,708 Equity Shares of~ 2/- each to the equity shareholders of the Transferor Company (other than Transferee Company), on the basis of share swap ratio of 12 equity shares of the face value oft 2 each fully paid of the Transferee Company, for every 100 equity shares of the face value oft 10 each fully paid held by them in the Transferor Company and are recorded at nominal value . Equity Shares held by the Transferee Company in the Transferor Company stood cancelled and extinguished as per Scheme 1. Further as per the terms of Scheme 2, the Company has paid to the equity shareholders holding 85,000 equity shares of the Transferor Company , representing 0.06% shareholding (other than Transferee Company), whose names are recorded in the registe r of members on the Record Date, cash consideration oft 321.50 for every 1 fully paid-up equity share oft 10 each held by them in the Transferor Company . Equity Shares held by the Transferee Company in the Transferor Company stood cancelled and ext inguished . L
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adani Ambuja Cement adani Cement Consequent to the amalgamation of subsidiary companies, Sanghi industries Limited and Penna Cement Industries Limited , into the Company with effect from appointed date , i.e - April 1, 2024 and August 76, 2024 respectively, the current tax and deferred tax expenses for the year ended March 31, 2025 and for nine months ended December 31, 2025 as recognised in the books by the Company and merged subsidiaries, was reassessed based on the special purpose financial statement of respective subsidiary company (ies) and the Company, respectively to give tax (credit) effect mainly on account of utilisation of carry forward tax losses, unabsorbed depreciation and additional depreciation on fair valuation of assets under the Income tax Act, 1961 and related impact on deferred tax asset/ (liabilities). Accordingly, tax expenses for the year ended March 31. 2026 of the Company included one-time deferred tax credit of< 1,187 Crore (other than deductible temporary difference) and reversal of current tax provision of<' 569 Crore. (ii) Additionally , as required under the Stamp Acts of relevant State, management had estimated and recognised a provision of< 90 Crore for the stamp duty liability payable on the order of the Hon'ble NCLT approving the Schemes after considering the provisions of the applicable stamp laws, judicial precedents and other relevant information available at the reporting date. The final stamp duty payable is subject to adjudication by the appropriate stamp authorities which is pending . The aforesaid provision had been disclosed as an Exceptional Item in the standalone financial results for the previous year ended March 31, 2026 . 10. During the year ended March 31. 2026, the Board of Directors of the Company ("Amalgamated Company" or "Transferee Company" or "Company") vide its resolutions dated December 22, 2025, approved - i. The Scheme of Amalgamation of the Company's subsidiary ACC Limited ("Amalgamating Company") ("Scheme 1") with the Company pursuant to Sections 230 to 232 and other applicable provisions of the Companies Act. 2013 ("Act") read with the rules framed thereunder w.e. f. appointed date January 1, 2026. ii. The Scheme of Amalgamation of the Company's subsidiary Orient Cement Limited ("Transferor Company") ("Scheme 2") with the Company pursuant to Sections 230 to 232 and other applicable provisions of the Companies Act , 2013 ("Act") read with the rules framed thereunder w.e.f. appointed date May 1, 2025. [Collectively the "Scheme 1" and "Scheme 2" be referred to as "Schemes "). Upon the Scheme 1 becoming effective, the Amalgamated Company will issue and allot to the equity shareholders of the Amalgamating Company (other than Amalgamated Company), 328 equity shares of the face value of~2 each fully paid of the Amalgamated Company, for every 100 equity shares of the face value of t10 each fully paid held by them in the Amalgamating Company . Equity Shares held by the Amalgamated Company in the Amalgamating Company shall stand cancelled and extinguished on implementation of Scheme 1. Upon the Scheme 2 becoming effective, the Transferee Company will issue and allot to the equity shareholders of the Transferor Company (other than Transferee Company), 33 equity shares of the face value of <'2 each fully paid of the Transferee Company, for every 100 equity shares of the face value of <'1 each fully paid held by them in the Transferor Company. Equity Shares held by the Transferee Company in the Transferor Company shall stand cancelled and extinguished on implementati _Scheme 2.
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adani Ambuja Cement adani Cement In respect of Scheme 1. pursuant to the order of the Hon'ble National Company Law Tribunal ("NCL T") dated July 29, 2026. meetings of the equity shareholders of the Amalgamating company and the Amalgamated company were convened on September 29, 2026, at which Scheme 1 was duly approved by the shareholders of the respective companies with the requisite statutory majority. Similarly, in respect of Scheme 2, pursuant to the order of the NCLT dated July 20, 2026, meetings of the equity shareholders of the Transferor Company and the Transferee Company were convened on September 28, 2026, at which Scheme 2 was duly approved by the shareholders of the respective companies with the requisite statutory majority, Thereafter, the Joint Company Petitions seeking sanction of Scheme 1 and Scheme 2 were presented before the NCL T on October 1. 2026 and September 30, 2026, respectively. By separate orders under Scheme 1 and Scheme 2, both dated October 8, 2026, the NCL T has fixed November 19, 2026 as the date of hearing of the respective Joint Company Petitions in respect of Scheme 1 and Scheme 2. 11. During the previous quarter ended June 30, 2026, the management of the Company have reviewed and approved temporary suspension of manufacturing operations at one of its production facility pursuant to a strategic review of production facilities across India including effect of Voluntary Severance Scheme for third party workforce . The decision is aimed at improving operational efficiency, optimising capital allocation and enhancing long-term competitiveness. The Company will continue to evaluate further modernisation, improvisation of business scenarios based on market conditions and economic viability of production facilities in foreseeable future. The management has evaluated such closures as temporary in nature, focused on long term value creation, and thus does not require provision of impairment in the carrying value of property, plant and equipment's of such plants as at reporting date. 12. During the financial year 2024-25, the Company's management became aware of an indictment filed by United States Department of Justice (US DOJ) and a civil complaint by Securities and Exchange Commission (US SEC) in the United States District Court for the Eastern District of New York (EDNY) against a non-executive director of the Company. The director is indicted on three counts, namely (i) alleged securities fraud conspiracy (ii) alleged wire fraud conspiracy and (iii) alleged securities fraud for making false and misleading statements and as per US SEC civil complaint, director omitting material facts that rendered certain statements misleading to US investors under Securities Act of 1933 and the Securities Act of 1934. The Company has not been named in these matters. As at March 31, 2026, pursuant to various filings made by the director through their legal counsels, the matter remained pending determination before the court . Having regard to the status of the above-mentioned matters as at reporting date, and the fact that the matters stated above do not pertain to the Company, there were no impact to the Company as at previous year ended March 31, 2026.
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adani Ambuja Cement adani Cement Upon filing of request for entry of final judgement by US SEC before EDNY on May 15, 2026, EDNY has entered into final judgement on August 10, 2026 in the civil complaint filed by US SEC against the director of the Company, pursuant to his consent and without admitting the allegations. Pursuant to such final judgements, (i) EDNY has disposed of the civil complaint, and (ii) the director is permanently restrained and enjoined from violating specified sections of Securities Act of 1933 and the Securities Act of 1934 . Such final judgements required the director to pay certain civil monetary penalty and the same has been paid. Further , upon filing of motion of dismissal by US DOJ with EDNY on May 18, 2026, the indictment filed by US DOJ against such director has been dismissed and all the charges against him have been dropped by EDNY with prejudice in the matter pursuant to its order dated August 10, 2026, which means a complete dismissal where the defendant has been protected against future prosecution for the same allegations. Based on the above, the matter is concluded and accordingly there are no changes to the above conclusions as at and for the quarter and period ended September 30, 2026. 13. During the half year ended September 30, 2026, pursuant to the approval of the shareholders of the Company dated April 1. 2026, the Company has availed borrowings in the nature of Inter-Corporate Deposits (!CDs) aggregating to~ 4,403 Crore (including~ 503 Crore during the quarter ended September 30, 2026) and~ 512 Crore (including~ 62 Crore during the quarter ended September 30, 2026) from Company's subsidiary ACC Limited and Orient Cement Limited respectively . Such ICDs carry an interest rate of 8% per annum and are repayable on or before March 31. 2027. 14. During the quarter ended September 30, 2026, certain wholly owned subsidiary companies (including stepdown subsidiary) redeemed outstanding 0.01% / 0.10% Optionally Convertible Debentures (OCDs) aggregating to~ 2,973 Crore that were subscribed by the Company in the current and previous periods, as permitted under the respective OCD agreements . Further, the Company granted Inter-Corporate Deposits (ICDs) of~ 3,368 Crore carrying interest rate of 8% per annum to such wholly owned subsidiary companies (including stepdown subsidiary) companies during the quarter ended September 30, 2026. 15. The Company is mainly engaged in the business of cement (incl. intermediatory products) and cement related products. As per para 4 of Ind AS 108 "Operating Segments", if a single financial report contains both consolidated financial statements and the separate financial statements of the Parent Company, segment information is required only in consolidated financial statements . Thus, the information related to disclosure of operating segments required under Ind AS 108 "Operating Segments", is given in Consolidated Financial results. 16. Employee benefits expenses are net of costs allocated to/ from the subsidiaries based on cost sharing arrangements between the group Companies.
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adani Ambuja Cement adan° Cement 17. Company has reclassified the coal sales as Other operating income (Revenue from Operations) from earlier classification as netted off from Power and Fuel expense, considering the nature of such income and related coal cost as Purchase of stock in trade. Similarly receivables of such coal sales have been reclassified to Trade receivables from earlier classification of Other receivables.This reclassification has been given effect from the quarter ended December 31. 2025 and accordingly figures for the quarter and half year ended September 30, 2025, presented in standalone financial results have been accordingly regrouped. This reclassification is not material and does not have any impact on Company's standalone financ ial results. 18. The Standalone Financial Results of the Company are presented in< and all values are rounded to the nearest Crores, except when otherwise indicated. Amounts less than< 50,00,000 have been presented as "O", Ahmedabad October 29, 2026 For and on behalf of the Board of Directors inod Bahety hole-time Director and CEO DIN - 09192400
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SR BC & CO LLP 21st Floor, B Wing, Privilon Ambli BRT Road, Behind lskcon Temple Chartered Accountants Off SG Highway, Ahmedabad - 380 059, India Tel : +91 79 6608 3900 Independent Auditor's Review Report on the Quarterly and Year-to-Date Unaudited Standalone Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended Review Report to The Board of Directors Ambuja Cements Limited 1. We have reviewed the accompanying Statement of Unaudited Standalone Financial Results of Ambuja Cements Limited ('the Company ') which includes a joint operation for the quarter ended September 30, 2026 and year to date April 01, 2026 to September 30, 2026 (the "Statement") attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations "). 2. The Company 's Management is responsible for the preparation of the Statement in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 (Ind AS 34 ), "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 20 I 3 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The Statement has been approved by the Company's Board of Directors. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, "Review oflnterim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries , primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. 4. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standards (' Ind AS') specified under Section 133 of the Companies Act, 2013, as amended , read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. 5. We draw attention to Note 6 of the accompanying Statement which describes the uncertainty relating to the outcome of ongoing litigation with the Competition Commission of India, which is pending before the Honourable Supreme Court. Our conclusion is not modified in respect of this matter. SR BC & CO LLP, a Limited Liability Partnership with LLP Identity No. AAB-4318 Regd. Office: 22, Camac Street , Block 'B', 3rd Floor, Kolkata-700 016
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SR BC& CO LLP Chartered Accountants 6. Other Matters A) The comparative restated financial information of the Company for the quarter ended September 30, 2025 and year to date from April 0 I, 2025 to September 30, 2025, included in these standalone financial results total assets of Rs. 4,018 Crore as at September 30, 2025, total revenues of Rs. 530 Crore and Rs. 1,246 Crore, total net (loss)/profit after tax of Rs. (61) Crore and Rs. 8 Crore, and total comprehensive (loss)/income of Rs. (60) Crore and Rs. 9 Crore for the quarter ended September 30, 2025, and for the six months period ended September 30, 2025 respectively and net cash ( outflow) of Rs. ( 100) Crore for the period from April O 1, 2025 to September 30, 2025 pertaining to 1 (One) subsidiary on account of merger , as described in Note 9 to the Statement, which are based on financial statements and other financial infonnation prepared in accordance with the Companies (Accounting Standards) Rules, 2021, as amended, and reviewed by its statutory auditor whose report for the quarter ended September 30, 2025 and year to date from April 0 1, 2025 to September 30, 2025 dated October 29, 2025 pertaining to such merged subsidiary expressed an unmodified conclusion on those standalone financial statements. 8) The accompanying Statement of quarterly interim standalone financial results include the reviewed financial results in respect of l joint operation whose interim financial results and other financial information reflect total assets of Rs. 0 crore as at September 30, 2026; total revenues of Rs. Nil and Rs. Nil; total net (loss) after tax of Rs. (0) crore and Rs. (0) crore; and total comprehensive (loss) of Rs. (0) crore and Rs. (0) crore for the quarter ended September 30, 2026, and the six months period ended September 30, 2026, respectively ; and net cash (outflows) of Rs. (0) crore for the period from April 01, 2026, to September 30, 2026, as considered in the Statement which have been reviewed by the other auditor. The report of other auditor on interim financial results/financial info1mation relating to comparative period of the subsidiary and relating to joint operation has been furnished to us, and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of the subsidiary relating to the comparative period and the joint operation , is based solely on the report of such other auditors. Our conclusion on the Statement is not modified in respect of these matters. For S RB C & CO LLP C a, red Accountants I AI Firm registration number: 324982E /E300003 per ta~!i:£ Partner Membership o.: 093669 UDIN: 2G09J663 POTA-YU-32[,6 Place: Ahmedabad Date: October 29, 2026
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adani A mbuja Cement AMBUJA CEMENTS LIMITED CIN: U6942GJ1901PLC004717 Registered office : Ad:,ni Corpor.itc House, SMntigr3m , NciJr ValshMV Ocvl Circle, S. G, Hlghw;,y, l<hodiy.2r, Ahmcd.ib.ld. GuJ;1r3t 38242.1 Tel No.: +91 79 26S6 5555 • Website: www.ambuJaccmcnt.com • E•mall: lnvcston .rc lilt ion(,lodani .com Statement of can:;olfd.Jtt'd un;:iuditcd tin.1ncl.il rc:.ults for the quarter and six months ended Scptcmbcr 30, 2026 3 month:: Preceding 3 Corresponding 3 Ye.Jr to d3tc ended month:. endod months ended figurcs fer the Sr. Particulars current pt!:riod No. from 01/04/2026 30/09/2026 30/06/2026 30/09/2025 to 30/09/2026 Unaudited Unaudited Unaudited Unaudited (Refer Noto 8) (Rofo, Note 3) (Refer Note 3 and 9) 1 lneomo a) Revenue from operiJtions 9,166 9,474 9,130 18,640 b) Government Grants Including duty credit!./ refunds 31 26 45 5) c) Other Income (Refer Note 5) 56 169 25) 22) Tot.JI Income 9 ,255 9 ,669 9,432 18,924 2 Expenses a) Cose of materials consumed 1,308 1,526 1,608 2,834 b) Purchase of stock•in-trade 114 75 81 189 c) Changes in inver.tories of finished goods and work-in-progress (194) (212) (381) (406) d) Employee benefits expense 373 387 405 760 e) Finance costs 74 57 7) 131 f) Depreciation and amortisation expense (net) 877 834 840 1,711 g) Power and fuel 2,552 2,389 2,280 4,941 h) Freight and forwarding expense 2,180 2.258 2,063 4,4]8 i) Other eK:>enses 1,593 1,488 1.357 3,081 Total Eicpcnscs 8,877 8,802 8,330 17,679 3 Profit before share of profit of joint ventures and associiltc, exceptional items 378 867 1,102 1,Z4S ond tow (1·2) 4 Share or profit of joint ventures and associate (net of tat<) s 5 4 10 s Profit bcfoto t'kceptlanal ltt'ms and tax ()+4) 383 872 1,106 1,255 6 Exceptional Items • Expense (net) (Refer Note 7) 85 24 223 109 7 Profit boforc tax (5•6) 298 848 883 1,146 8 Tax expense a) Current tax charge (net) 63 91 241 154 b) Tax (write b.>ck) / adjustment relat ·ng co earlier periods (net) (16) (1,710) (16) c) O~ferred cax (credit)/ charge (1) 11J 16 112 Tobi Tax Expeniv / (Credit) (Rafcr Nata 5 ,1nd 9) 62 108 (1,453) 250 9 Profit after tax (7-8) 236 660 2,336 I 896 10 Other comprehensive Income I {loss} Items that will not be reclassified to profit or loss in subsequent porlods I i) Remeasurement gain on defined bereflt plans 4 8 3 55 ! 51 II) Share of remeasurement ga•n / (losses) on defined benefit plans of Jaine I \lentures and associates (net of ta>C) Income tax relating cc items t!'lat wm not bei reclasslfled t::i profit or loss (lJ) 0 {1 4) (13) iii) (Loss) on FVTOCI Investments Income tax relat1ng to items tnat will not be reclassified to profit or loss Items that will be reclassified to profit or Ion in sub:iequcnt periods I) Foreign currency translation reserve 13 (2) 0 11 Income ca,c relatlno to ltems cnac will be reclassifled to pro'it or loss Tot.ii othClt comprohc:nsivo Income (not of t.lM) 48 1 4Z 49 11 Total comprohcn3lvo lncomo (net of ta111:) (9+10) 284 661 2.378 945 12 Profit for the period attrloutable to Owners of the parem 193 577 1,n4 l 770 Ncn•eontrolllng Interest 43 83 562 126 Profit for tht> period 236 660 2,336 896 13 Other comprehensive Income attt ibucable to owners of the parem 35 0 25 I 35 Non-controlling Interest 13 1 16 14 Other comprehensive income 48 1 42 49 14 Total comprehensive income attribut able co Owners or the parent 228 577 1.BOO 805 Ncn-controllino Interest 56 B4 578 140 Total comprehonsivc Income 284 661 2,378 945 15 Palcl·UP equity share capital (Face valu e f 2 , ach) (Ref~r Nott? 8 and 9) 497 497 494 I 497 16 Other equity 17 Earnings per share of? 2 each (noc annualised) a) Basic r 0.78 2.32 7.19 3.10 D} Diluted ? 0.78 2.32 7.18 3.08 adani C t> mcnt Yc<1r to date I For the year figures for thC! ondcd previous period from 01/04/2025 to 30/09/2025 31/03/2026 Unaudited Audltod (Rofor Note 3) (Refer Note 3) (fin crorc) 19,374 40.446 90 210 513 834 19,9n 41,490 3,143 6,512 199 609 (509) (378) 823 1,603 144 224 1,607 3,570 4,793 10,0 24 4,486 9.497 2,807 6,250 17,493 37,911 2,484 3,579 9 20 2,493 3,599 183 301 2,310 3,298 614 151 (1,736) (1,6 25) 55 (865) (1,067) (2,339) 3,,n 5,637 48 5 0 (12) (1) (2) 1 72 37 74 3,414 5,711 2,643 4,728 734 909 3,377 5,637 25 73 12 1 37 74 2,668 4,801 746 910 3,414 5,711 494 494 58,853 10.72 19.15 10.72 19 05
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adani Ambuja C e ment AMBUJA CEMENTS LIMITED CIN: L26942GJ1981PLC004717 Registered offica : Adani Corpor.ite House, Shantigram , Near V.Jlshnav Devi Circle, S. G. Highw.iy, Khodiyar, Ahmedilbad, Gujar.:at 382421 Tel No. : +91792656 5555 • Website : www . .1mbujacoment.com • E•miJil: investors.rclation@llad.Jni.com Consolidated Sagment wise Revenue, Results, ASSC!ts and Liabilities 3 months PrccedinQI 3 Corresponding 3 Vear to date Year to date ended months ended months ended figures for the figures for the Sr. PiJrticulars current period previous period No. from 01/04/2026 from 01/04/2025 30/09/2026 30/06/2026 30/09/2025 to 30/09/2026 to 30/09/2025 Un.1udited unaudited Un.1uditcd Unaudited Unaudited (R•fer Note 8) (Refer Note 3) (Refer Note 3 and (Refer Note 3) 8) 1 Segment Revenue (Including Gove rnment Gran ts. Inter-segment revenue) a Cement 8.742 9.062 8,754 17.804 18.666 b Ready M ix Concrete 54 6 507 46 2 1.053 883 Tot~I 9,288 9.569 9,216 18,857 19.549 Lus: !mer Segment Revenue 91 69 41 160 85 Total Revenue from Operations Including Government Gr.ants 9,197 9.500 9,175 18.697 19,464 2 Segment Results a Cement 350 757 910 1.10 7 2,121 b Ready Mix Concrete 53 5 32 58 47 Total 403 762 942 1,165 2,168 Less: I Financ e coses 74 57 77 131 14 4 ii Ot her Un-allocable Expendit ure net of (5) (6) 5 (11) (36) Un-allocable Cinco me) I E,rnense Add : Interest and Dividend Incom e 44 156 24 2 zoo 424 Tot.al Profit before Exceptional item , share of pro fit of associ;,tc and Joint 378 867 1.102 1,245 2,484 ventures and t ax Less: Except io:ial lteMS· Expen se (ne:) {Refer Note 7) 8 5 24 223 109 183 Add: Share of prof it of Joint ventures and associate (net of caJC) 5 5 4 10 9 Total Profit before tax 298 848 883 1,146 2,310 3 Segment Assets a Cement 86.78 4 85,9 0 1 69.66 3 86.7 84 69,663 b Ready M ix Concrete 1,186 1.110 1,558 1.1 86 1.558 C Unallocated 3,594 4.225 17.399 3.59 4 17.399 Total Assets 91.564 91.236 88.620 91,564 88.620 4 Segment Liabilities • Cement 14.34 2 13,793 13.24 4 14.342 13,24 4 b Ready M ix Concr ete 718 760 576 718 576 C Unalloca ted 4.26 6 4,729 5,249 4.266 5.249 Total Liat,llitles 19,326 19,282 19.069 19.326 19,069 L adani Ce m ent ('fin c:rarc) For the veur ended 31/03/2026 Audited (Refer Note 3) 38.8 9 8 1.9 65 40,863 207 40.656 3,135 122 3,257 22• (70) 476 3,579 301 20 l ,298 82.733 2.365 4,50 9 89,607 12,70 9 979 4,0 72 17,760
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adani A mb uja Ceme nt AMBUJA CEMENTS LIMITED CIN: L26942GJ1981PLC004717 adani Cement Registered office : Adani Corporate House, Shantigram, Near Vaishnav Devi Circle, S, G. Highway, Khodiyar, Ahmedabad, Gujarat 382421 Tel No. : +91 79 2656 5555 • Website: www.ambujacement.com • E-mail: investors .relation@adani.com Consolidated Balance Sheet Particulars ASSETS Non-current assets a) Property, plant and equipment b) Rig ht of use assets c) Capital work-in-progress d) Goodwill e) Other intangible assets f) Other Intangible assets under development g) Investments in associates and joint ventures h) Financial assets i) Investments ii) Loans iii) Other financial assets i) Non-current tax assets (net) j) Deferred tax assets (net) k) Other non-current assets Total • Non-current assets Current assets a) Inventories b) Financial assets i) Trade receivables ii) Cash and cash equivalents iii) Bank balances other than cash and cash equivalents iv) Loans v) Other financial assets c) Current tax assets (net) d) Other current assets Total • Current assets TOTAL-ASSETS EQUITY AND LIABILITIES Equity a) Equity share capital b) Other equity Total • Equity attributable to owners of the Parent c) Non-controlling Interest Total Equity Liabilities Non-current liabilities a) Financial liabilities i) Borrowings ia) Lease liabilities ii) Other financial liabilities b) Provisions c) Deferred tax liabilities (net) d) Other non-current liabilities Total • Non-current liabilities Current liabilities a) Financial liabilities i) Borrowings ia) Lease liabilities ii) Trade payables -Total outstanding dues of micro enterprises and small enterprises -Total outstanding dues of creditors other than micro enterprises and small enterprises iii) Other financial liabilities b) Other current liabilities c) Provisions d) Current tax liabilities (net) Total • Current liabilities Total Liabilities TOTAL · EQUITY AND LIABILITIES l!.11 r fl \W I l'' As at September 30, 2026 Unaudited 34,711 1,730 9,727 13,546 9,362 42 70 40 4 3,578 1,102 35 3,372 77,319 4,711 2,233 395 55 10 1,449 206 5,186 14,245 91,564 497 59,175 59,672 12,566 72,238 47 753 300 481 3,592 192 5,365 B 195 750 4,144 5,470 2,553 211 630 13,961 19,32EI l 91,564 " ~ in Crore) As at March 31, 2026 Audited - 33.801 1,483 9,085 13,546 9,433 36 74 40 5 3.769 1,535 33 3,052 75,892 4,552 1,867 892 68 10 1,794 4,532 13,715 89,607 494 58,853 59,347 12,500 71,847 45 622 142 237 3,466 153 4,665 B 192 771 3,414 5,394 2,494 259 ~ ·.--.,.1\ CA ,........_, 563 ~r '(;,•_::.::__• (' "'\.'\13,095 - / Al '\,,.\\ -; / /'I\{ l(V ) ;:>17,760 ~ v• J_::::." -/,.>.,_ /,-,., '.,?'9,607 (Y * ~ -
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adani Ambuja Cement AMBUJA CEMENTS LIMITED CIN : L26942GJ1981PLC004717 adani Cement Registered office : Adani Corporate House, Shantigram, Near Vaishnav Devi Circle, S. G. Highway, l<hod iyar, Ahmedabad. Gujarat 382421 Tel No. : +91 79 2656 5555 • Website: www.ambujacement.com • E-mail: investors.relation@adani.com Consolidated Statement of Cash Flows for the six months ended September 30, 2026 ~ in Crore) For the six months ended For the six months ended Particulars September 30, 2026 September 30, 2025 Unaudited Unaudited A) Cash flow from operating activities Profit before tax 1.146 2,310 Adjustments ta reconcile profit before tax ta net cush flows Depreciation and amortisa tion expense (net) 1,711 1,607 Loss on sale/ write off of Property, plant and equipment and capital work in progress (net) 3 10 Exceptional Items- Expense (net) 183 Gain on sale of current fina ncial assets measured at FVTPL (11) (63) Net gain on Fair valuation of current financial assets measured at FVTPL (1) (2) Finance costs 131 144 Interest income (146) (425) Reversal for slow and non moving store and spares (including write off) (net) (18) (1) Expected Credit losses on trade receivable (net) 11 (1) Unreali sed foreign exchange loss (net) 81 51 Fair value gain in derivative instruments (net) (12) (26) Share of profit in associates and joint ventures (net of tax) (10) (9) Other non cash items 0 (1) Operating profit before working capital changes 2,885 3,787 Changes in Working Capital Adjustments for Decrease/ (Increase) in operating assets Inventories (141) (816) Trade receivable (377) 10 Other financial assets 311 (57) Other assets (843) (635) Adjustments for (Decrease)/ Increase in operating liabil ities Trade payables 701 293 Provisions 53 (12) Other financial Liabilites (59) (281) Other liabil ities 98 (695) Cash generated from operations 2,628 1,594 Income taxes refund/ (paid) (Net) 268 (189) Net cash generated from operating activities (A) 2,896 1.405 B) Cash flow from Investing activities Payments made on purchase of Property, Plant & Equipment and other intangible assets (Including Capital (2,967) (3,561) work-in-progress, Intangible Assets under Development and Capital Advances) Proceeds from sale of property. plant and equipment 4 396 Proceeds from sale of gove rnment securities (net) 1,824 Payment made towards acquisition of Subsidiary Companies - (5,903) Proceeds fro m inde mnity claims 40 Proceeds from sale of units of mutual funds (net) 11 63 Redemption of bank and margin money deposits (having original maturity for more than 3 months) (net) 210 1,812 Dividend received from associates and joint venture 14 7 Inte rest received 70 288 Net cash (used in) investing activities (Bl {2,658) (5,034) C) Cash flows from financing activities Proceeds from Interest free loan from government 4 Proceeds from/ (Repayment) of current borrowings (net) (including of acquired subsidiary and bank) (369) Finance Costs Paid (including leases) (65) (BO) Payment of principal portion of lease liabilities (103) (88) Dividend paid (496) (493) Dividend paid to non -contr olling Intere st (73) (73) Net cash (used in) financing activities (CJ (737) (1,099) Net decrease in cash and cash equivalents (A + B + C) (499) (4,728) Cash and cash equivalents Cash and cash equivalents at the end of the period 395 366 Adjustm ent for gain on fair valuation of current financial assets measured at FVTPL (1) 0 394 366 Cash and cash equivalents at the beginning of the period 892 5,043 Gain on account of exchange rate difference 1 Cash and cash equivalents related to entities acquired during the period 51 893 5.094 Net decrease in cash and cash equivalents (499) (4,728)
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adan~ Ambu j a C e m ent adani Cement Unaudited Consolidated Financial Results for the quarter and half year ended September 30, 2026: 1. The above consolidated financial results of Ambuja Cements Limited which includes a joint operation (the "Holding Company") and its subsid iaries, including their joint operations (the Holding Company and its subsidiaries together referred to as "the Group"), its associate and joint ventures have been reviewed by the Audit Committee and approved by the Board of Directors in their respective meetings held on October 29, 2026 . 2. The Statutory Auditors have carried out limited review of the consolidated financial results of the Group for the quarter and hal f year ended September 30, 2026 . 3. (i) Subsequent to Share Purchase Agreement ("SPA") dated October 22, 2024 in previous year, on April 22, 2025 , the Holding Company completed the acquis ition of Orient Cement Limited ("Orient") on purchase of 9,58,7 3,163 equity shares constituting 46.66% of the issued share capital of Orient from its promoters/ promoter group for a cash consideration oft 3,791 Crore aft er all regulatory approvals were obtained for acquisition . The Holding Company also took over the operational and financial control over Orient with effect from April 22, 2025 and thus , became the Holding Company's subsidia ry from the same date . Also, pursuant to an open offer made to the eligible public shareholders of the Orient by the Holding Company under the SEBI (SAST) Regulations, the Holding Company completed the acquisition of additional 5,34,19,567 (26 .00%) equity shares of the Orient at a price oft 395.40 per equity shares for an aggregate consideration oft 2,112 Crore by June 18, 2025 . Acco rdingly , post-acquisition of shares from promoters / promoter group, certain public shareholders and public shareholders through an open market offer , the Holding Company 's shareholding in Orient reached to 72.66%. (ii) The consolidated financial results include financial results of Orient from the acquisition date i.e. April 22, 2025. Accordingly , the results for the half year ended September 30, 2026 are not comparable with the half year results ended September 30, 2025 to that extent. (iii) During the year ended March 31, 2026 , the Holding Company concluded final determination of fair values of identified assets acquired and liabilities assumed of Orient for the purpose of purchase price allocation as at the acquisition date as per the requirements of Ind AS 103. Accordingly, the Holding Company has restated the reported result for the quarter and half year ended September 30, 2025 to that effect . Deta ils of reconciliation of the reported and restated results of quarter are as follows : Consolidated Financial Results t in Crore 3 Months Ended For the half year ended 30/09/2025 30/09/2025 Particulars Reported Restated Reported Restated Revenue from operations 9,130 9,130 19,374 19,374 Profit before ta x 838 883 2,233 2,310 Profit after tax 2,302 2,336 3,319 3,377 Total Comprehensive income 2,345 2,378 3,357 3,414
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adani Ambuja C e ment adan~ Cement 4. On August 16, 2024, the Holding Company obtained control in Penna Cement Industries Limited ("PCIL") (now amalgamated with the Holding Company), pursuant to the Share Purchase Agreement ("SPA") dated July 1, 2024 . During the previous financial year 2025-26, the Holding Company concluded the final determination of fair values of identified assets acquired and liabilities assumed of PCIL for the purpose of purchase price allocation as at the acquisition date as per the requirements of Ind AS 103. Further, PCIL was amalgamated with the Holding Company w.e.f. August 16, 2024. pursuant to the Order of the Hon'ble National Company Law Tribunal dated March 30, 2026 (Refer Note 9). In terms of SPA, the Holding Company has filed various indemnity claims aggregating to< 199 Crore in respect of certain disputed matters of PCIL on erstwhile promoters of PCIL which are still pending settlement. Pending conclusion of the ongoing discussions between the Holding Company and the erstwhile promoters of the PCIL such claims have not been recorded in the books of Holding Company . 5. (i) During the year ended March 31 , 2026 the Holding Company and the Subsidiary Company ACC Limited ("ACC") has re-assessed their tax positions in respect of certain matters based on favorable High Court decisions in the similar matters and for such matters the liabilities/ provisions were carried in the books of Holding Company and ACC from the earlier years. Management assessed that in view of such favorable orders of Hon'ble High Court in similar matters, during the comparative quarter and half year ended September 30, 2025, certain tax provisions were no longer required/ to be carried in the books and accordingly, had reversed provisions/ liabilities of'{ 1,180 Crore and< 659 Crore in the books (net of deferred tax charge) of Holding Company and ACC respectively and disclosed the amount under (write back)/ tax adjustment relating to earlier periods (net) in the consolidated financial results of the quarter/ half year ended September 30, 2025 and previous year ended March 31, 2026 . Further , during the year ended March 31. 2026, the Holding Company recognised a credit of< 71 Crore (including a credit of< 23 Crore for the half year ended September 30, 2025) and ACC recognised charge of'< 65 Crore, as adjustment on account of revision of tax provision for the earlier years (including deferred tax adjustments) . (ii) In the Other Income of the quarter ended June 30, 2026 and half year ended September 30, 2026, the Holding Company has recorded the interest income of< 111 Crore pursuant to the CIT(A) order giving effect dated May 2, 2026 , for AY 2004-05 and order dated June 2, 2026 for AY 2014-15. Similarly, the Holding Company had recorded the interest income of< 98 Crore, as other income , pursuant to the CIT(A) order giving effect dated August 5, 2024, for AY 2008-09, intimation order dated May 7, 2025, for AY 2024-25 and CIT (A) refund order for AY 2013-14 during the half year ended September 30, 2025 and the year ended March 31, 2026 and ACC recorded interest of< 205 Crore pursuant to the order(s) giving effect to CIT(A) orders pertaining to AY 2015-16, AY 2018-19 and rectification order for AY 2024-25 during the quarter and half year ended September 30, 2025 and year ended March 31, 2026.
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adani Ambu ja Cement adani Cement 6. The Competition Commission of India (CCI), vide its order dated August 31. 2016, had imposed a penalty of {1,164 Crore on the Holding Company and { 1,148 Crore on its subsidiary , ACC Limited ("ACC") on grounds of alleged cartelisation. On appeal by the Holding Company and ACC Limited, the Competition Appellate Tribunal (COMPAT), subsequently merged with National Company Law Appellate Tribunal (NCLAT). vide its interim Orders dated November 21. 2016 and November 7, 2016, respectively , for the Holding Company and ACC Limited, had granted stay against the CCl's Order with the condition to provide a deposit of 10% of the penalty amount through lien on bank deposit of such amount. which was deposited by the Holding Company and ACC. Further as per the interim order. in case the Holding Company's and ACC's appeal is dismissed, interest at 12% p.a. would be payable on the penal amount from the date of the CCI order. NCLAT, vide its Order dated July 25. 2018, dismissed the appeal by the Holding Company and ACC Limited, and upheld the CCl's order. Against this order, the Holding Company and ACC Limited appealed before the Hon'ble Supreme Court, which. by its Order dated October 5, 2018. had admitted the appeal and directed to continue the Interim order passed by the NC LAT dated November 21, 2016 and November 7, 2016 respectively for the Holding Company and ACC Limited. The matter is currently being heard before Hon'ble Supreme Court on reporting date. In a separate matter, pursuant to a reference filed by the Government of Haryana, the CCI by its Order dated January 19, 2017, had imposed a penalty of { 30 Crore on the Holding Company and { 35 Crore on ACC Limited on grounds of alleged collusive bidding . On appeal by the Holding Company and ACC Limited, COMPAT had stayed the operation of the CC l's Order. The matter was listed before the NC LAT on August 78, 2026, however adjourned and will be listed in due course of time for hearing. Based on the advice of external legal counsel, the Holding Company and ACC Limited believes they have a strong case on merits for successful appeal in both the aforesaid matters. Accordingly. no provision (including interest) is recognised in the books by the Group.
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adani Ambuja Cement 7. Details of exceptional Items- Expense/ (Income) (net) are as under : Particulars For the For the For the quarter quarter quarter ended ended ended September June 30, September 30, 2026 2026 30, 2025 7 a) Termination 85 24 - benefits under Voluntary Severance Scheme 7 b) Stamp duty payable - - - on account of amalgamations (Refer note 9 below) 7 c) Impact due to - - - implementation of new labour law 7 d) Receivable, - - - Recognition of Infrastructure Development Cess and Environment Cess Credit, Chhattisgarh 7 e) VAT/ CST incentive , - - disputed provided for 7 f) Government Grant. - - 223 West Bengal state, fully provided for 7 g) Indemnification - - - Claim received Exceptional Items Expense 85 24 223 {net) adani Cement ({ in Crore) Year to date Year to date For the figures for figures for year current previous period ended period from from March 01/04/2026 01/04/2025 to 31, to 30/09/2025 2026 30/09/2026 109 - - - 90 - 120 - - (205) - 113 - 223 223 (40) (40) 109 183 301 (?a). The Holding Company and the Subsidiary Company ACC Limited has recognised a cost of z 85 Crore for the quarter ended September 30, 2026 and z 109 Crore (includ ing z 24 Crore for the quarter ended June 30, 2026) for the six months ended September 30 , 2026, towards termination benefits payable (including Gratu ity and other statutory dues) under Voluntary Severance Scheme (VSS) for th ird party wo rkforce and permanent employees at _ various product ion faci lities (including facilities where operation s are temporarily suspended , refer note 13) . . ,....~ con sidering the nature and materiality of the expenditure , the same has been dis • • as , al item in the consolidated financ ial result s.
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adani Ambuja Cement adani Cement (7c). During the previous year on November 21, 2025, the Government of India notified four Labour Codes effective immediately replacing the existing 29 labour laws. The impact of implementation of the Labour Codes has resulted in an increase of'{' 120 Crore in the liabilities for defined benefit obligations relating to permanent and contractual employees (third party) and towards compensated absences of the employees of the Group. The amount was measured and recognised ·based on management's assessment of the impact on defined benefit obligation and compensated absences liabilities on such implementation and net incremental liabilities for past periods / years were recognised as an "Exceptional Items" in the consolidated financial results for the year ended March 31, 2026. During the previous quarter ended June 30, 2026, the Government of India has further notified the final Central Rules under the Labour Codes. The Group has assessed the impact of aforesaid Central Rules and concluded that there is no material financial impact on the Group. The Group continues to monitor the finalisation of various State Rules and further Government clarifications on the implementation of the Labour Codes and will recognise the consequential impact, if any, based on such developments. (7d). During the previous year ended March 31, 2026, the Holding Company and its subsidiary, ACC Limited ('ACC') had reassessed its position in respect of recognition of credit for their claim towards levy of Infrastructure oe·velopment Cess and Environment Cess on mineral bearing land in the state of Chhattisgarh and the Holding Company and ACC had filed petitions in the matter before the Hon'ble High Court of Chhattisgarh since March 2007. The reassessment followed a judgment by the Hon 'ble High Court of Chhattisgarh in the similar matter, wherein the levy of these Cess was challenged, and court had vide its judgement in WPT 263/20023 dated October 8, 2025, held that Cess cannot be levied or collected on mining leases as no land revenue is leviable on mining leases. As a result, the Management supported by legal opinion, had assessed that it is entitled to get refund of all such Cess amounts paid since inception of the levy w.e.f. May 27, 2005, pending adjudication of the matter with Hon'ble High Court of Chhattisgarh. Pursuant to the above, the Holding Company and ACC has outstanding recognised receivable/ credit oft 143 Crore and t 96 Crore respectively, as at September 30, 2026 in the books, including'{' 134 Crore and'{' 91 Crore of Holding Company and ACC recognised respectively, for the year ended March 31. 2026, which includes a credit oft 205 Crore disclosed under Exceptional item pertaining to the amount paid relating to earlier years up to March 31. 2025, in the consolidated financial results. Recently, the Government of India, vide Gazette notification dated August 17, 2026, enacted the Mines and Minerals (Development and Regulation) Amendment Act, 2026 ("MMDR Amendment Act"), amending the Mines and Minerals (Development and Regulation) Act, 1957 ("MMDR Act"), whereby refund of tax , cess or other levy already deposited with or recovered by a State Government before commencement of the MMDR Amendment Act shall not be liable to be refunded . However, the Management based on the independent legal opinion obtained has concluded that the aforesaid amendment does not adversely affect the Holding Company 's and ACC's entitlement to their claims in the pending proceedings and, accordingly, continues to recognise their claims in the matter to be recoverable . (7e). During the previous year, in a matter relating to eligibility of exemption limit under Sales Tax New Incentive Scheme for Industries, 1989 for the period from 2002 to 2008 in respect of Holding Company's unit in Rajasthan, the Holding Company's appeal before Hon'ble Supreme Court (SC) since 2014 was concluded by Hon'ble SC. On November 6, 2025 as per SC order, it partially allowed the Holding Company 's appeal by setting aside the interest d_g_mand of'{' 134 Crore but upheld the authorities demand of principal amount of'{' 113 Crore on the ground that i:':-<f/C~s.~ld~~-r:~fndustr ial and Financial Reconstruction ("BIFR") did not have the power to grant the sales tax exem tion, .v,......... . ti:,, be of government without consent of the State Government . At the same time, t held that there was no default on part of the Holding Company in the matter as i IFR to claim exemption and therefore, no liability towards interest can be attributa
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adan' Ambuja C ement adani Cement Company. The State of Rajasthan had filed a miscellaneous application before the Hon'ble SC challenging the relief of non-levy of interest on the Holding Company, which was dismissed by the Hon'ble SC vide its order dated February 13, 2026 . Accordingly, an amount oft 113 Crore. earlier accounted as recoverable in the books has been expensed off as an exceptional item in the Consolidated financial results for the year ended March 31, 2026, representing full and final settlement of demand of the principal liability under dispute. An amount oft 30 Crore deposited against partial intere st since 2015 is now considered recoverable from the State of Rajasthan, as any claim for interest by the State has been set aside by the Hon'ble SC. The Holding Company has filed its refund claim oft 30 Crore towards interest deposited which has been disclosed as Security Deposit (other non -current financial assets). The State of Rajasthan filed a Review Petition (Diary) No.26086/2026 before the Hon 'ble SC, for the aforesaid interest claim oft 134 Crore, which was dismissed by the Hon'ble SC on grounds of being defective and on merits. Subsequently the Company filed a Miscellaneous Application (Diary) No. 41334/2026, pursuant to which the Hon'ble court vide its order dated Augu st 20 , 2026 has directed the State of Rajasthan to refund the deposited amount oft 30 Crore to the Holding Company within eight weeks. (7f) During the previous year, in the quarter ended June 30, 2025 , the Holding Company became aware of the enactment of the "Revocation of West Bengal Incentive Schemes and Obligations in the Nature of Grants and Incentives Act , 2025 " w.e.f. April 2, 2025 (hereinafte r referred to as the "Revocation Act ") issued by the Government of West Bengal to rescind. revoke and discontinue all West Bengal Incentive Schemes granted by the Government of West Bengal/its authorised agents , to the industrial units setup in the St ate. Pursuant to the above, the Holding Company had filed a writ petition in respect of its incentive claim of { 119 Crore recogn ised in the books in the earlier years relating to Farakka unit before Hon 'ble Supreme Court under Article 32 of the Constitution, challenging the validity of the Revocation Act on retrospect ive basis denying benefits of past incentive schemes, overr iding any judgement. order, decree of any court, or direction of any authority, etc . Subsequently the Hold ing Company withdrew the above writ petition from Hon'ble Supreme Court on August 25, 2025 and filed writ petition before Hon'ble Kolkata High Court for its incentive claims of Farakka and Sankrail units , which, by its order dated September 9, 2025, has stayed any coercive action for the amount of incentives already disbursed . The matte rs were listed for hearing on September 8, 2026 however, adjourned to November 11, 2026 . Further, the Holding Company has also obtained an Independent legal opinion on the validity of the aforesaid Revocati on Act, validity of its claims and possible outcome of the aforesa id wri t petitions filed by the Holding Company in this regard. Based on the management assessment , initially, the Holding Company had concluded that its incentive claims of'{ 257 Crore (Gross value) relating to Farakka and Sankrai l industrial units. already recognised in the books were good of recovery. However, subsequently during the quarter and half year ended September 30, 2025, considering the principles of prudence. the Holding Company fully provided for such Government Grant of net '{ 223 Crore (at Fair value) which was accrued and recognised as receivable in the books. The same was disclosed as "Exceptional Item" in the consolidated financial results.
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adani A m buja Cement adan: Cement (7g) The Holding Company's erstwhile subsidiary Sanghi Industries Limited·(now amalgamated with the Holding Company) ("Sanghi") has litigation with Chief Commissioner of State Tax, Government of Gujarat under Electricity Duty Act, 1958, regarding the exemption period for payment of electricity duty on captive electricity generation during the period from November 1995 till March 2012. Sanghi commenced cement manu·facturing in April 2002 and is seeking exemption of electricity duty for the period starting April 2002 to March 2012 although government authorities are restricting exemption till November, 2005, interpreting that exemption would be applicable from the date of commissioning of DG sets i.e. from November 1995 and not manufacturing date. Sanghi had filed writ petition with Hon'ble Gujarat High Court in year 2006 and challenged department's demand orders claiming that Sanghi is entitled to exemption from the payment of electricity duty for a period of 10 years from March 2002 on the basis of Section 3(2)(vii) of the Electricity Act . The Hon'ble High Court of Gujarat, in their interim order dated May 5, 2006, granted ad-interim relief in the matter. Since the matter is sub-ju dice, there is no open demand in the matter from the electricity department for the period upto March 2012. The matter was listed for final hearing on August 19, 2026, and the arguments from both parties are concluded and the matter is reserved for order. The Holding Company acquired Sanghi as per Share Purchase Agreement (SPA) dated August 3, 2023, and in terms of SPA, Sang hi/ Holding Company raised indemnity claims amounting to~ 84 Crore on erstwhile promoters of Sang hi against the electricity duty demand raised by authorities for the period post April 2012. During the comparative half year ended September 30, 2025 the Holding Company had received r 40 Crore towards the indemnification claim as per the share purchase agreement and amount realised is disclosed as exceptional item. The Holding Company has raised an additional indemnity claim as per the terms of SPA with Promoters of Sanghi for the interest demand of r 11 Crore as raised by Chief Commissioner of State Tax, Gujarat and the Holding Company's management, as per the terms of SPA, also has rights to raise further claims for the period pre-2012 . in case the matter is ruled against Sanghi and demand is raised by the authorities. 8. During the quarter and half year ended September 30, 2025, the Hon'ble National Company Law Tribunal. Ahmed a bad Bench ("NCL T") has pronounced the order sanctioning the Scheme of Amalgamation ("Scheme") of Adani Cementation Limited with the Holding Company on July 18, 2025. The Board of Directors of the Holding Company ("Transferee Company" or "Company") had, vide its resolution dated June 27, 2024, approved the aforesaid Scheme of Amalgamation of Adani Cementation Limited ("Transferor Company ") with the Holding Company and their respective shareholders and creditors ("Scheme") pursuant to Sections 230 to 232 and other applicable provisions of the Companies Act, 2013 ("Act"). The Appointed Date of the Scheme is April 1, 2024. Further all the conditions to make the Scheme effective , as specified under the Scheme, have been fulfilled and accordingly, the Scheme became effective from August 1, 2025 ("Effective Date"), Pursuant to the said scheme, the Holding Company recognised identifiable assets acquired (including intangibles), investment in Adani Cement Industries Limited (wholly-owned subsidiary of Transferor Company) now a wholly-owned subsidiary of the Holding Company, and liabilities assumed w.e.f . August 01, 2025. In terms of Scheme, the Holding Company issued and allotted its 87,00,000 Equity Shares of ~ 2 each to Adani Enterprises Limited (a related party and sole shareholder of the Transferor Company) as per the Share Exchange Ratio defined under the Scheme. resulting in increase in paid up equity share capital of the Holding Company by equivalent number of_e_quity shares. ,,.....- :;- - - ~ c~ •
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adani Ambu ja Cement adan~ Cement The Holding Company concluded final determination of fair values of identified assets and liabilities for the purpose of Purchase Price Allocation and, based on the final fair valuation report of external independent expert, accounted the fair value of the assets acquired and liabilities assumed as at the effective date as per the requirements of Ind AS 103. The consolidated financ ial results include financial results of erstwhile Adani Cementation Limited, the transferor Company and Adani Cement Industries Limited from the effective date . Accordingly, the results for the quarte r and half year ended September 30, 2026 are not comparable with quarter and half year ended September 30 , 2025 to that extent . 9. (i) During the year ended March 31, 2026 , the Ahmedabad Bench of the Hon'ble National Company Law Tribunal ('NCL T) vide orders dated February 9, 2026 and March 30, 2026 respectively, have sanct ioned the following scheme of arrangement with the Holding Company ("Company") with appointed date of April 1, 2024 and August 16, 2024 respectively, under section 230 to 232 and other applicable provisions of the Companies Act , 2013 read with the ru les framed thereunder. i. The Scheme of Arrangement between the Holding Company's subsidiary Sanghi Industries Limited ("Transferor Company") ("Scheme 1"), the Company and their respective shareholders under Sections 230 to 232 and other applicab le provisions of the Companies Act , 2013 ("Act") read with the rules framed thereunder w.e.f. appointed date April 1, 2024. ii. The Scheme of Arrangement between the Holding Company's subsidiary Penna Cement Industries Limited ("Transferor Company") ("Scheme 2"), the Company and their respective shareholders under Sect ions 230 to 232 and other applicable provisions of the Companies Act, 2013 ("Act") read with the rules framed thereunder w.e.f. appointed date August 16, 2024 . [Collectively the "Scheme 1" and "Scheme 2" be referred to as "Schemes"]. The aforesaid Schemes were approved by the Board of Directors of the Company, Transferor Company ("Scheme 1") and Transferor Company ("Scheme 2") vide their respective resolutions dated December 17, 2024 . The said Schemes have become effective from March 12, 2026 and April 10, 2026 respectively, on compliance of all the cond itions precedent ment ioned therein . Consequently, above mentioned subsidiaries of the Holding Company got amalgamated with the Holding Company w.e.f . April 1, 2024 and August 16, 2024 respectively . Since the amalgamated entit ies are under common control, the accounting of said amalgamation has been done applying Pooling of Interest method as prescribed in Appendix C of Ind AS 103 'Business Combinations' w.e.f. earlier of the first day of previous period presented or the date of acquisition whichever is later i.e., April 1. 2024 and August 16, 2024 respectively. While applying Pooling of Interest method, the Holding Company has recorded, in its standalone financial statements , all assets. liabilities and reserves attributable to the subsidiar ies at their carrying values as appearing in the consolidated financial statements of the Holding Company as per guidance given in ITFG Bulletin 9. The aforesaid scheme has no impact on the consolidated financial result of the Group since the scheme of amalgamation was within the parent company and subsidiar ies.
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adan· Ambuja Cement adan· Cement On becoming effective of Scheme 1 and Scheme 2, the authorised share capital of the Holding Company had increased to { 10,904 Crore, consisting of { 8,554 Crore equity share capital having face value of z 2/- each and z 2,350 Crore preference share capital having face value oft 10/- each. As per the terms of Scheme 1, on April 10, 2026, the Holding Company issued and allotted its 12,993,708 Equity Shares of'{ 2/- each to the equity shareholders of the Transferor Company (other than Transferee Company), on the basis of share swap ratio of 12 equity shares of the face value of'< 2 each fully paid of the Transferee Company, for every 100 equity shares of the face value of z 10 each fully paid held by them in the Transferor Company and are recorded at nominal value. Equity Shares held by the Transferee Company in the Transferor Company stood cancelled and extinguished as per the Scheme 1. Further as per the terms of Scheme 2, the Holding Company has paid to the equity shareholders holding 85,000 equity shares of the Transferor Company, representing 0.06% shareholding (other than Transferee Company), whose names are recorded in the register of members on the Record Date, cash consideration oft 321. 50 for every 1 fully paid-up equity share oft 10 each held by them in the Transferor Company. Equity Shares held by the Transferee Company in the Transferor Company stood cancelled and extinguished. Consequent to the amalgamation of subsidiary companies, Sanghi industries Limited and Penna Cement Industries Limited, into the Holding Company with effect from appointed date, i.e. - April 1, 2024 and August 16, 2024 respectively, the current tax and deferred tax expenses for the year ended March 31, 2025 and for the nine months ended December 31, 2025 as recognised in the books by the Holding Company and merged subsidiaries, was reassessed based on the special purpose financial statement of respective subsidiary company (ies) and the Holding Company, respectively to give tax (credit) effect mainly on account of utilisation of carry forward tax losses, unabsorbed depreciation and additional depreciation on fair valuation of assets under the Income tax Act, 1961 and related impact on deferred tax asset / (liabilities). Accordingly, tax expenses for the year ended March, 31, 2026 of the Holding Company include one-time deferred tax credit of t 1,187 Crore (other than deductible temporary differences) and reversal of current tax provision oft 569 Crore. (ii) Additionally, as required under the Stamp Acts of relevant State, management has estimated and recognised a provision of z 90 Crore for the stamp duty liability payable on the order of the Hon'ble NCL T approving the Schemes after considering the provisions of the applicable stamp laws, judicial precedents and other relevant information available at the reporting date. The final stamp duty payable is subject to adjudication by the appropriate stamp authorities which is pending. The aforesaid provision has been disclosed as an Exceptional Item in the consolidated financ ial results for the year ended March 31, 2026. 10. During the year ended March 31, 2026, the Board of Directors of the Holding Company ("Amalgamated Company" or "Transferee Company" or "Company") vide its resolutions dated December 22, 2025, approved - i. The Scheme of Amalgamation of the Holding Company's subsidiary ACC Limited ("Amalgamating Company") ("Scheme 1") with the Company pursuant to Sections 230 to 232 and other applicable provisions of the Companies Act, 2013 ("Act") read with the rules framed thereunder w.e.f. appointed date January 1, 2026. ii. The Scheme of Amalgamation of the Holding Company's subsidiary Orient Cement Limited ("Transferor ..,.~.-~--~"":-.. Company") ("Scheme 2") with the Company pursuant to Sections 230 to 232 and other applicable provisions ~·~:-, r., ~ C ....... , ,, .; ,.....---~ e Companies Act, 2013 ("Act") read with the rules framed thereunder w.e.f. appoint 5. ~->/ .'. -/ ~ ctively the "Scheme 1" and "Scheme 2" be referred to as "Schemes"].
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adani Ambuj a Cement adani Cement Upon the Scheme 1 becoming effective, the Amalgamated Company will issue and allot to the equity shareholders of the Amalgamating Company (other than Amalgamated Company) , 328 equity shares of the face value of'{ 2 each fully paid of the Amalgamated Company, for every 100 equity shares of the face value of'{ 10 each fully paid held by them in the Amalgamating Company. Equity Shares held by the Amalgamated Company in the Amalgamating Company shall stand cancelled and extinguished on implementation of the Scheme 1. Upon the Scheme 2 becom ing effective, the Transferee Company will issue and allot to the equity shareholders of the Transferor Company (other than Transferee Company), 33 equity shares of the face value of'{ 2 each fully paid of the Transferee Company, for every 100 equity shares of the face value of'{ 1 each fully paid held by them in the Transferor Company . Equity Shares held by the Transferee Company in the Transferor Company shall stand cancelled and extinguished on implementation of the Scheme 2. In respect of Scheme 1. pursuant to the order of the Hon'ble National Company Law Tribunal ("NCL T") dated July 29, 2026, meetings of the equity shareholders of the Amalgamating Company and the Amalgamated Company were convened on September 29, 2026, at which Scheme 1 was duly approved by the shareholders of the respective companies with the requisite statutory majority . Similarly, in respect of Scheme 2, pursuant to the order of the NCLT dated July 20, 2026, meet ings of the equity shareholders of the Transferor Company and the Transferee Company were convened on September 28, 2026, at which Scheme 2 was duly approved by the shareholders of the respective companies with the requisite statutory majority . Thereafter , the Joint Company Petitions seeking sanction of Scheme 1 and Scheme 2 were presented before the NCL T on October 1, 2026 and September 30, 2026 , respectively. By separate orders under Scheme 1 and Scheme 2, both dated October 8, 2026, the NCLT has fi xed November 19, 202 6 as the date of hearing of the respective Joint Compan y Petitions in respect of Scheme 1 and Scheme 2. 11 . During the financ ial year 2024-25 , the Holding Company's management became aware of an indictment filed by United States Department of Justice (US DOJ) and a civil complaint by Securities and Exchange Commiss ion (US SEC) in the United States District Court for the Eastern District of New York (EDNY) against a non -executive director of the Holding Company . The director is indicted on three counts, namely (i) alleged securities fraud conspiracy (ii) alleged wire fraud conspiracy and (iii) alleged securities fraud for making false and misleading statements and as per US SEC civil complaint . director omitting material facts that rendered certain statements , misleading to US investors under Securities Act of 1933 and the Securities Act of 1934 . The Holding Company has not been named in these matters . As at March 31. 2026 , pursuant to various filings made by the director through their legal counsels, the matter remained pending determination before the court . Having regard to the status of the above-ment ioned matters as at reporting date , and the fact that the matters stated above do not pertain to the Holding Company , there were no impact to the Holding Company as at previous year ended March 31, 2026 . Upon filing of request for entry of final judgement by US SEC before EDNY on May 15, 2026, EDNY has entered into final judgement on August 10, 2026 in the civil compla int fil ed by US SEC against the director of the Holding Company , pursuant to his consent and without admitting the allegations . Pursuant to such final judgements , (i) • • - .. - • osed of the civil complaint. and (ii) the director is permanently restrained and enjoined from violating ns of Securities Act of 1933 and the Securities Act of 1934 . Such final judg n · i t he ertain civil monetary penalt y and the same has been paid. Further, upon filing /, ~~ sal EDNY on May 18. 2026, the indictment filed by US DOJ against such direct :!;} s b~ di '!t ed ges against him have been dropped by EDNY with prejudice in th e matter rder
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adan· A mbuja Cement adani Cement dated August 10, 2026, which means a complete dismissal where the defendant has been protected against future prosecution for the same allegations . Based on the above, the matter is concluded and accordingly there are no changes to the above conclusions as at and for the quarter and period ended September 30, 2026. 12. In a matter relating to subsidiary Company ACC Limited ("ACC"), it has ongoing dispute with Department of Mines e, Geology (DMG), Karnataka, over the basis of royalty calculation since earlier years in respect of captive limestone mining lease operations for manufacturing of cement plant in Wadi, Karnataka . ACC had made various representations in the matter including before Hon'ble Revisional Authority (RA) and it also approached Hon'ble High Court of Karnataka to ensure continuing mining for manufacturing operations of Wadi Plant on provisional deposit of { 125 Crore on October 30, 2024 under protest against the demand of DMG. During the year ended March 31. 2026, the Hon'ble Revisionary Authority had set aside the demand and held that the State Government could not have adopted the notional limestone consumption factor of 1:1.42 for computation of royalty payable in absence of any dispute regarding the weighment mechanism. Accordingly, the matter of additional demand of royalty { 492 Crore since 1995-96 to 2021-22 was remanded back to the State Government . In view of the order of the Revisionary Authority, ACC has sought refund of { 125 Crore and execution of supplementary lease deed. The State Government has filed a writ petition on December 2, 2025, challenging the order of the Revisionary Authority, which was pending before the Hon'ble Karnataka High Court . The dispute also led to delay in executing and concluding the supplementary lease deed with government authorities and the matter relating to the show cause for not entering into supplementary lease agreement and demand thereof { 482 Crore towards allegation of illegal mining, was pending before Hon'ble High Court of Karnataka . ACC had challenged the demand which was pending before the Hon'ble Karnataka High Court. Pending settlement of additional demand of royalty matter and thus delay in execution of the supplementary lease deed, the DMG appointed Deputy Commissioner, Kalaburagi for recovery of the dues on March 3, 2026, but based on hearing in the matter by Hon'ble High Court of Karnataka on April 21, 2026, the State Government had assured that it shall not take precipitative action and the Hon'ble High Court had noted the same. During the quarter ended September 30, 2026, the Hon'bfe High Court of Karnataka , vide its order dated September 8, 2026, allowed the ACC's petition, holding that the State's demand for royalty on a notional consumption basis was unjustified: the Court accordingly set aside the impugned demand notice and directed the State to restore full access to the Company's ILMS portal, along with execution of the Supplementary Lease Deed without insisting on a no-dues certificate and the court has also directed refund of { 125 Crore which ACC had deposited pursuant to the interim order dated October 29, 2024. Subsequent to the quarter ended September 30, 2026, the State Government has filed a Special Leave Petition ('SLP') before the Hon'ble Supreme Court. The SLP is presently under defect and not yet registered: consequently, ACC has not received any notice.
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adan· Ambuja Cemen t adan~ Cement 13. During the previous quarter ended June 30, 2026, the management of the Holding Company and Subsidiary Company ACC Limited had reviewed and approved temporary suspension of manufacturing operations at certain facilities pursuant to a strategic review of production facilities across India including effect of Voluntary Severance Scheme for third party workforce and permanent employees . The decision is aimed at improving operational efficiency, optimising capital allocation and enhancing long-term competitiveness. The Group will continue to evaluate further modernisation, improvisation of business scenarios based on market conditions and economic viability of production facilities in foreseeable future . The management has evaluated such closures as temporary in nature, focused on long term value creation , and thus does not require provision for impairment in the carrying value of property , plant and equipment's of such plants as at reporting date. 14. The Group is mainly engaged in the business of cement (incl . intermediatory products) and Ready-Mix Concrete. 15. The Consolidated Financial Results of the Group are presented in 't and all values are rounded to the nearest crores, except when otherwise indicated . Amounts less than 't 50,00,000 have been presented as "O". For and on behalf of the Board of Directors Ahmed a bad Vinod Bahety October 29, 2026 Whole-time Director a d CEO DIN: 09192400
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., SR BC & CO LLP 2 1st Floor, B Wing, Privilon Ambli BRT Road, Behind lskcon Temple Char t ered Accountants Off SG Highway, Ahmedabad - 380 059 , India Tel : +9 1 79 6608 3900 Independent Auditor's Review Report on the Quarterly and Year-to-Date Unaudited Consolidated Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended Review Report to The Board of Directors Ambuja Cements Limited 1. We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of Ambuja Cements Limited which includes a joint operation (the "Holding Company") and its subsidiaries including their joint operations (the Holding Company and its subsidiaries together referred to as "the Group") , its associate and joint ventures for the quarter ended September 30, 2026 and the year-to-date period from April O 1, 2026 to September 30, 2026, (the "Statement ") attached herewith , being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended (the " Listing Regulations"). 2. The Holding Company's Management is responsible for the preparation of the Statement in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 (Ind AS 34 ), " Interim Financial Reporting " prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations . The Statement has been approved by the Holding Company's Board of Directors. Our responsibility is to express a conclusion on the Statement based on our review . 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquirie s, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequentl y does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly , we do not express an audit opinion. We also performed procedures in accordance with the Master Circular issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations , to the extent applicable . 4. The Statement includes the results of the following entities: Holding Company: 1. Ambuja Cements Limited (including its Joint operation - Wardha Vaalley Coal Field Private Limited) Subsidiaries : ACC Limited Orient Cement Limited (acquired w.e.f . April 22, 2025) Adani Cement Industries Limited (acquired w.e.f. August 01, 2025) S R B C g co LLP, a Limited liability Part nership wit h LLP Identit y No. AAB-43 18 Regd. Office : 22, Camac Street. Block 'B', 3rd Floor, Kolkata-700 016
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SR BC& CO LLP Chartered Accountants 1v. M. G. T. Cements Private Limited v. Chemical Limes Mundwa Private Limited v1. Ambuja Shipping Services Limited vu. Foxworth Resources and Minerals Limited viii. Onelndia BSC Private Limited 1x. LOTIS IFSC Private Limited x. Ambuja Concrete North Private Limited x1. Ambuja Concrete West Private Limited xii. Pioneer Cement Industries Limited xiii. Singha Cement (Private) Limited Step-down Subsidiaries (Including their ioint operations): 1. Bulk Cement Corporation (India) Limited 11. ACC Mineral Resources Limited including following four joint operations a) MP AMRL (Semaria) Coal Company Limited b) MP AMRL (Morga) Coal Company Limited c) MP AMRL (Marki Barka) Coal Company Limited d) MP AMRL (Bicharpur) Coal Company Limited iii. Lucky Minmat Limited 1v. Singhania Minerals Private Limited v. ACC Concrete South Limited v1. ACC Concrete West Limited v11. Asian Concretes and Cements Private Limited viii. Asian Fine Cements Private Limited 1x. Marwar Cement Limited x. Anantroop Infra Private Limited x1. Eqacre Realtors Private Limited xn. Krutant Infra Private Limited xiii. Kshobh Realtors Private Limited xiv. Prajag Infra Private Limited xv. Satyamedha Realtors Private Limited xvi. Varang Realtors Private Limited xvii. Victorlane Projects Private Limited xviii. Vihay Realtors Private Limited xix. Vrushak Realtors Private Limited xx. Foresite Realtors Private Limited xxi. Peerlytics Projects Private Limited xxii. West Peak Realtors Private Limited xxiii. Trigrow Infra Private Limited xxiv. Akkay Infra Private Limited xxv. Chasepoint Projects Private Limited (acquired w.e.f. November 19, 2025) xxv1. Pine Hills Realtors Private Limited (acquired w.e.f. November 19, 2025) Alcon Cement Company Private Limited
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SR BC& CO LLP Chartered Accountants Joint Ventures: 1. Aakaash Manufacturing Company Private Limited 11. Counto Microfine Products Private Limited 5. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of other auditors referred to in paragraph 7 below , nothing has come to our attention that causes us to believe that the accompanying Statement , prepared in accordance with recognition and measurement principles laid down in the aforesaid Indian Accounting Standards , specified under Section 133 of the Companies Act, 2013 , as amended , read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the infonnation required to be disclosed in terms of the Listing Regulations , including the manner in which it is to be disclosed , or that it contains any material misstatement. 6. We draw attention to Note 6 of the accompanying Statement which describes the uncertainty relating to the outcome of ongoing litigations with Competition Commission of India, which are pending before the Honourable Supreme Court. Our conclusion is not modified in respect of these matters. 7. The accompanying Statement includes the unaudited interim financial results and other financial information in respect of: • 26 subsidiaries (including step-down subsidiaries and 4 joint operations of a step-down subsidiary) and I joint operation of holding company whose unaudited interim financial results include total assets of Rs. 11,122 Crore as at September 30, 2026; total revenues of Rs. 1,003 Crore and Rs. 1,984 Crore, total net profit after tax of Rs. 69 Crore and Rs. 223 Crore ; and total comprehensive income of Rs. 85 Crore and Rs. 237 Crore for the quarter ended September 30, 2026, and the six months period ended September 30, 2026 , respectively; and net cash (outflows) of Rs. (105) Crore for the period from April 01, 2026 , to September 30, 2026, as considered in the Statement whose quaiterly and year to date financial results have been reviewed by their respective independent auditors. • I associate and 2 joint ventures whose unaudited interim financial results include Group's share of net profit of Rs. 5 Crore and Rs. 10 Crore and Group's share of total comprehensive income of Rs. 5 Crore and Rs. 10 Crore for the quarter ended September 30, 2026 and for the six months period ended September 30, 2026 respectively , as considered in the Statement whose interim financial results have been reviewed by their respective independent auditors. The independent auditor's reports on the interim financial results of these subsidiaries (including step-down subsidiaries and joint operations of a step-down subsidiary), the associate, the joint operation and the joint ventures , have been furnished to us by the Management , and our conclusion on the Statement , in so far as it relates to the amounts and disclosures in respect of these subsidiaries, the associate , the joint operation and the joint ventures, is based solely on the reports of such auditors and the procedures performed by us as stated in paragraph 3 above. accompanying Statement includes the unaudited interim financial results and other financial • f 1ation in respect of 11 subsidiaries (including step-down subsidiaries) whose interim financial re µ1}' include total assets of Rs. 636 Crore as at September 30, 2026 ; total revenues of Rs. 8 Crore 13 Crore total net (loss) after tax of Rs. (2) Crore and Rs. ( 6) Crore; and total comprehensive
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SR BC& CO LLP Chartered Accountants (loss) of Rs. (2) Crore and Rs. (6) Crore for the quarter ended September 30, 2026, and the six months period ended September 30, 2026, respectively; and net cash inflows of Rs. 3 Crore for the period from April O I, 2026, to September 30, 2026. The unaudited interim financial results of these subsidiaries (including step-down subsidiaries) have not been reviewed by their independent auditors and have been approved and furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the affairs of these subsidiaries is based solely on such unaudited interim financial results/information. According to the information and explanations given to us by the Management , these unaudited interim financial results are not material to the Group. 9. Our conclusion on the Statement is not modified in respect of the matters stated in paragraphs 7 and 8 above, relating to our reliance on the work done and the reports of the other auditors and the financial results/financial information certified by the Management. For S RB C & CO LLP Chartered Accountants IC Firm registration number: 324982E/E300003 per Santos Partner Membership o.: 093669 umN: 2Go~ 3&6-:LS ~ v o:r rv 0 si .0 Place: Ahmedabad Date: October 29, 2026
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Ambuja Cements Limited Registered Office: Adani Corporate House Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad – 382 421, Gujarat, India Ph +91 79-2656 5555 E mail: investors.relation@adani.com www.ambujacement.com CIN: L26942GJ1981PLC004717 Annexure B Details under amended Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read along with SEBI Circular bearing reference no. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026, dated January 30, 2026. Acquisition (including agreement to acquire) of 26% Shares of SWE Renewables Limited: Sr. No. Particulars Details 1 Name of the target entity, details in brief such as size, turnover etc. SWE Renewables Limited (CIN: U40300GJ2016PLC092737) (Suzlon) was incorporated on June 30, 2016. The Company is engaged in the business of setting-up of independent power projects and such other incidental and ancillary activities. The Turnover of the Company as on March 31, 2026 was NIL 2 Whether the acquisition would fall within related party transaction(s) and whether the promoter/ promoter group/ group companies have any interest in the entity being acquired? If yes, nature of interest and details thereof and whether the same is done at “arm’s length” No. 3 Industry to which the entity being acquired belongs. Infrastructure and Renewable Energy. 4 Objects and impact of acquisition (including but not limited to, disclosure of reasons for acquisition of target entity, if its business is outside the main line of business of the listed entity). The objective of the proposed acquisition is to optimise the Company’s electricity cost and increase the share of renewable energy in its overall energy mix by procuring wind power through a captive structure. The acquisition of the requisite equity stake in SWE Renewables Limited will enable the Company to meet the prescribed captive-user requirements, including the minimum 26% equity holding and 51% consumption criteria, and secure access to renewable wind power. The transaction is expected to reduce dependence on conventional grid power,
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Ambuja Cements Limited Registered Office: Adani Corporate House Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad – 382 421, Gujarat, India Ph +91 79-2656 5555 E mail: investors.relation@adani.com www.ambujacement.com CIN: L26942GJ1981PLC004717 Sr. No. Particulars Details provide greater long-term visibility and optimisation of power costs, support the Company’s sustainability and decarbonization objectives, and enhance the use of renewable energy in its operations. 5 Brief details of any governmental or regulatory approvals required for the acquisition. None 6 Indicative time period for completion of the acquisition. It is expected that the acquisitions of shares will be made in one or more trenches within a period of 15 months, subject to agreed extensions. 7 Consideration - whether cash consideration or share swap or any other form and details of the same. Cash Consideration pursuant to the Share Subscription and Shareholders Agreement. 8 Cost of acquisition and/or the price at which the shares are acquired. Approximately INR 33.75 Crore. 9 Percentage of shareholding / control acquired and / or number of shares acquired. It is proposed to purchase equity shares and other instruments totaling 26% or more of the Share Capital of SWE Renewables Limited. 10 Brief background about the entity acquired in terms of products / line of business acquired, date of incorporation, history of last 3 years turnover, country in which the acquired entity has presence and any other significant information (in brief). SWE Renewables Limited (CIN: U40300GJ2016PLC092737) was incorporated on June 30, 2016. The Company is engaged in the business of setting-up of independent power projects and such other incidental and ancillary activities. Total revenue for the last three years as per the Audited Financial Statements is as under: (Rs. in Crore) Particulars FY 2025 - 26 FY 2024- 25 FY 2023- 24 Total Revenue / Turnover NIL NIL NIL PAT 0.11 0.04 0.00 Net Worth 24.14 24.03 23.99