Interim report
Page 1
ACC Limited Registered Office: Adani Corporate House Shantigram, S. G. Highway, Khodiyar, Near Vaishnodevi Circle Ahmedabad – 382 421, Gujarat, India Ph +91 79-2656 5555 www.acclimited.com Email: acc-investorsupport@adani.com CIN: L26940GJ1936PLC149771 October 27, 2206 To, National Stock Exchange of India Limited BSE Limited Scrip Symbol: ACC Scrip Code: 500410 Sub.: Outcome of Board Meeting held on October 27, 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 33 and other applicable provisions of SEBI Listing Regulations, we wish to inform you that the Board of Directors (“the Board”) of ACC Limited (the “Company”), at its meeting held today i.e. October 27, 2026, has inter-alia considered and approved the Unaudited Financial Results (Standalone and Consolidated) of the Company for the quarter and half year ended on September 30, 2026. The Unaudited Financial Results (Standalone and Consolidated) of the Company for the quarter and half year ended on September 30, 2026 along with the Limited Review Report issued by the Statutory Auditors of the Company are enclosed herewith. The Board Meeting commenced at 11:45 a.m. and concluded at 2.50 p.m. The above-mentioned documents will also be posted on the Company's website at www.acclimited.com. Kindly take the same on your record. Yours faithfully, For, ACC Limited Bhavik Parikh Company Secretary & Compliance Officer Membership No.: A40719 Encl.: As above
Page 2
adani ACC ACC LIMITED CIN: L26940GJ1936PLC149n1 Registered Office : Adanl Corporate House, Shantigram, Near Vaishnav Devi Circle, S. G. Highway, Khodiyar , Ahmedabad, Gujarat 382421 Tel. No.: +91 79 2656 5555; Website: www.acclimited.com: e-mail : ACC•lnvestorSupport@ladani.com Statement of standalone unaudited financial results for the quarter and half year ended September 30, 2026 3 months Preceding Corresponding Year to date Year to date ended 3 months 3 months figures for figures for ended ended current period preceding period Particulars from from 30•09-2026 30 •06·2026 30•09-2025 01-04-2026 01-04·2025 to to 30-09-2026 30·09-2025 Unaudited Unaudited Unaudited Unaudited Unaudited 1 Income a) Revenue from operations (Refer note• 10} 5,612 5,748 5,890 11,360 12,146 b) Government grants including duty credits/refunds 23 18 36 41 87 c) Other income (Refer note • 5) 122 59 223 181 292 Total Income 5,757 5,825 6,149 11,582 12,525 2 Expenses a) Cost of mat erials consumed (Refer noce - 3(d}} 879 947 999 1,826 2,110 b} Purch ases of stoc k•in-crade (Refer not e• 10) 1,828 1,791 1,607 3,619 3,276 c) Changes in inventories of finished goods and work•m•progress (182) (34) (161) (216) (242) d} Employee benefits expense (Refer note - 7} 167 183 177 350 380 e) Finance costs 40 27 29 67 59 f) Depreciation and amortisation expense 256 244 257 500 495 g) Power and fuel (Refer note • 10) 857 773 891 1,630 1,741 h) Freight and forwarding expense 1.065 1,066 1,073 2,131 2,231 i) Other expenses 647 606 520 1,253 1,145 Total eMpenses 5,557 5,603 5,392 11,160 11,195 3 Profit before exceptional Items and tax (1-2) 200 222 757 422 1,330 4 Exceptional items- Expense/ (Income) (net) (Refer note · 3) 71 24 95 5 Profit before tax (3-4) 129 198 757 327 1,330 6 Ta x expense a) Current tax (net} 41 55 173 96 325 b) Tax write back relating to earlier periods (net) (671} (671) c} Deferred tax (net) (13) (5) 143 (18) 179 Total tax oxpenses (Refer Noto• 5) 28 50 (355) 78 (167) 7 Profit after tax (5•6) 101 148 1,112 249 1,497 B Other comprehensive income/ (loss) (CCI} Items that will not be reclassified to profit or loss in subsequent period Re-measurement incom e/ (loss) on defined benefit plans 34 2 42 36 33 Income tax relating co items that will not be reclassified (9) 0 (11} (9) (8) to profit or loss Other comprehensive income/ (loss) for the period (net of tax) 25 2 31 27 25 9 Total comprehensive income (net of tax) (7+8) 126 150 1,143 276 1,522 10 Paid-up equity share capital (face value per share f 10) 188 188 188 188 188 11 Other equity 12 Earnings per share off 10 each (not annualised) a) Basic ~ 5.38 7.88 59,22 13,26 79.70 b) Diluted ~ 5.37 7.86 59.07 13,23 79.49 adani C~ment (' in Crore) For the year ended 31,03-2026 Audited 25,566 200 404 26,170 4,333 6,937 (112) 735 111 1,042 3,609 4,83 0 2,530 24,015 2,155 (152) 2,307 600 (594) 14 20 2,287 (1) 0 (1) 2,286 188 20,228 121.78 121.46
Page 3
adani ACC ACC LIMITED CIN: L269 40GJ1936PLC 149771 adani Ceml!rt Registered Off ice : Adani Corporate House, Shantigram, Near Vaishnav Devi Circle, S. G. Highway, Khodiyar, Ahmedabad, Gujarat 38242 Tel, No.: +91 79 2656 555 5; Website: www.acclimited.com; e-mail: ACC-lnvestorSupport@adani.com Standalone Balance Sheet (f in crore) As at As at Particulars September 30, 2026 March 31, 2026 una udited Audited A ASSETS 1) Non-current assets a) Propert y, plant and equipment 9,071 8,519 b) Right of use assets 1,147 1,080 c) Capita l wo rk-in-progress 1,628 2,030 d) Intangi ble assets 209 183 e) Financ ial assets (i) Inves tments in subsidia ries. associates and joi nt ventures 596 1,516 (ii) Investmen ts 17 17 (iii) Loans 1,140 167 (iv) Othe r f inanci al assets 1,574 1.622 f) Non-c urr ent tax assets (net) 109 109 g) Other non -current assets 823 821 Total Non-curr ent assets 16,314 16,064 2) Current assets a) Inventories 1,791 1,752 b) Financ ial assets (i) Trade receivab les 2,469 3,671 (ii) Cash and cash equivalents 230 459 (iii) Bank bal ances other than cash and cash equivalents 22 20 (iv) Loans 4,409 6 (v) Other financial assets 1,162 1,217 c) Other curr en t assets 2,11 6 3,862 Total Current assets 12,199 10,987 TOTAL-ASSETS 28,513 27,051 B EQUITY ANO LIABILITIES Equity a) Equity share capital 188 188 b) Other equ ity 20,363 20,228 Total Equity 20,5 51 20,416 Liabilities Non-current liabilities a) Financia l liabi lities (i) Lease liabilities 389 328 (ii) Oth er f inancia l liabilities 81 b) Provisions 134 46 c) Deferred tax liabilities (net) 614 624 d) Other non curren t liab ilities 160 119 Total Non-current liabilities 1,378 1,117 Current liabilit ies a) Financial liabilities (i) Lease liabilities 117 100 (ii) Trade payables - Total outstand ing dues of micro enterprise s and small enterprises 370 359 - Tota l out standing dues of cred itors other th an micro enterp rises 3,070 1,926 - and small enterprises ~ C & ~co ... Oth er fina ncial liabilities 1,219 1,348 ;q_..r b r rrent liab ilities 1,173 1,191 0 c) Pro i 128 162 I.~ l ,J d) Cum ~ ~ liabilit ies (net) 507 432 :I: c!}--'\,- / Total - f~ I t liabilities 6,584 s,s,a: ~ ~ Tot al/ ~ iti es 7,962 /;6:~;5 . j fr;/ ✓~ ~ ~ '"};QUITY ANO LIABILITIES 28,513 // i11r;,s, g ~ ~120AC~ ~ a. - l ,
Page 4
adani ACC ACC LIMITED CIN: L26940GJ1936PLC149771 adani c,nnf!'lt 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.acclimited.com; e-mail: ACC-lnvestorSupport@adani.com Standalone Statement of Cash Flow Particulars A. Cash flow from operating activities Profit before tax : Adjustments to reconcile profit before tax to net cash flows: Depreciation and amortisation expense (net) (Profit) / Loss on write off on sale of property, plant and equipment and other intangible assets (net) Gain on sale of current financial assets measured at FVTPL (net) Dividend income from associate/ joint ventures Interest income Finance costs Expected credit losses on financial assets (net) Provision / (reversal of) for slow and non moving stores e spares (net) Net gain on fair valuation of investments/ liquid mutua l funds measured at FVTPL Fair value loss i (gain) in derivative instruments (net) Other non-cash items Unrealised foreign exchange loss (net) Operating profit before working capital changes Changes in Working Capital : Adjus tments for Decrease/ (Increase) in operating assets: Inventories Trade receivables Other financial assets Other assets Adjustments for Increase/ (Decrease) in operating liabil ities: Trade paya bles Provisions Other financial liabilit ies Other liabilities Cash generated from operations Income taxes paid (net) Net cash flows generated from/ (used in) operating activities B. Cash flow from investing activities Loans to holding and subsidiary companies Payments made on purchase of property, plant and equipment and intangible assets (Including capital work-in-progress. capital advances and capital creditors) Proceeds from sale of property, plant and equipment and intangible assets Proceeds from redemption of/ (Investment in) optiona lly convertible debentures of subsidiary Proceeds from sale of government securities (net) Proceeds from sale of units of Mutual Funds (net) Redemption of bank and margin money deposits (net) (having original maturity for more than 3 months) Dividend received from associate/ joint venture Interest rece ived Net cash flows (used in)/ generated from investing activities C. Cash flow from financing activities Finance cost paid (including interest on lease) Payment of principal portion of lease liabilities Dividend paid Net cash flows used in financing activities Net decrease in cash and cash equivalents Add: Cash and cash equivalents at the beginning of the year Add: Adjustment for gain on fair valuation of current financial assets measured at FVTPL and cash equivalents at the end of the period For the period ended September 30, 2026 Unaudited 327 500 (1) (BJ (3) (162) 67 8 5 11 0 744 (44) 1,194 133 1,722 1,150 40 (5) 6 4,940 (35) 4,905 (5,375) (583) 921 4 90 3 40 (4,899) (27) (67) (141) (235) (229) 459 230 ~ in Crore) For the period ended September 30, 2025 Unaudited 1.330 495 7 (34) (2) (247) 59 2 (6) (0) (4) 0 2 1,602 (49) (2,449) (499) (671) 250 14 5 (280) (2,077) (155) (2,232) (64) (640) 394 (90) 1,458 34 543 2 63 1,700 (32) (84) (141) (257) (789) 941 D 152
Page 5
adani ACC adani Cement Unaudited Standalone Financial Results for the quarter and half year ended September 30, 2026: 1. The above standalone financial results have been reviewed by the Audit Committee and approved by the Board of Directors in their respective meetings held on October 27, 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. Details of exceptional items- Expense/ (Income) (net) : it In Crore Particulars For the For the For the Year to date Year to date For the quarter quarter quarter figures for figures for year ended ended ended current preceding ended September June September period from period from March 30,2026 30, 30, 2025 01/04/2026 01/04/2025 to 31, 2026 to 30/09/2025 2026 30/09/2026 3a) Termination benefits under 71 24 - 95 - Voluntary Severance Scheme 3b) Net gain on sale of - . . - . (125) Property, Plant and Equipment 3c) Impact due to . - . - . 54 implementation of new labour law 3d) Receivable , Recognition of - - . . (81) Infrastructure Development Cess and Environment Cess Credit Exceptional Items - Expense/ 71 24 . 95 . (152) (Income) (net) (3a) During the quarter ended September 30 , 2026 and previous quarter ended June 30, 2026, the Company has recognised cost of it 71 Crore and t 24 Crore, respectively, towards termination benefits payable (including Gratuity and other statutory dues) under Voluntary Severance Scheme (VSS) for third party workforce and permanent employees at various production facilities (including facilities where operations are temporarily suspended, refer note 9). Accordingly, the total expense recognised during the half year ended September 30, 2026 amounting to it 95 Crore, considering the nature and materiality of the expenditure, the same has been disclosed separately as an exceptional item in the standalone financial results. e year ended March 31. 2026, the Company sold Property, Plant and Equipment, value oft 159 Crore wned Subsidiary, ACC Mineral Resources Limited ("AMRL") and the resultant net ai~ sale of t and Equipment oft 125 Crore has been disclosed as an "Exceptional item" int • • ncial
Page 6
adani ACC adani Cement (3c) During the previous year, on November 21, 2025, the Government of India notified four Labour Codes effective immediately, replacing the existing 29 labou r laws. The impact of implementation of the Labour Codes has resulted in an increase of { 54 Crore in the liabilities for defined benefit obligations relating to permanent and contractual employees and in the liabilities towards compensated absences of the employees of the Company . The amount has been measured and recognised based on management's assessment of the impact on defined benefit obl igation and compensated absences liabilities on such implementation and net incremental liabilities for past periods/ years were recognised as an "Exceptional Items" in the standalone financ ial 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 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 consequent ial impact, if any, based on such developments. (3d) During the previous year ended March 31, 2026 , the Company had reassessed its position in respect of recognition of cred it 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 simila r matter , where in 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 sinc e inception of the levy w.e.f. May 27, 2005, pending adjudication of the matter w ith Hon'ble High Court of Chhattisgarh. Pursuant to the above, the Company has recognised outstanding receivable/ credit of~ 95 Crore as at September 30, 2026 in the books , including { 91 Crore recognised during the year ended March 31. 2026 which includes a credit of { 81 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 Mine s 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 pet ition and, accordingly , continues to recognise its claim in the matter to be recoverable . 4. During the year ended March 31, 2026, the Board of Directors of the Company , vide its resolutions dated December 22, 2025 , approved The Scheme of Amalgamation of the Company ("Amalgamating Company ") with Ambuja Cements Limited ("Amalgamated 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 ("Scheme") . Upon the Scheme becoming effective , the Amalgamated Company will issue and allot to the equity shareholders of the Amalgamating Compan y (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. Pursuant to the order of the Hon'ble National Company Law Tribunal ("NCL T") dated July 29, 2026, meeting of the equity shareholders of the Amalgamating Company and the Amalgamated Company was convened on September 29, 2026, at which Scheme was duly approved by the shareholders of the respective companies with the requis ite statutory majority . Thereafter, the Joint Company Petition, seeking sanction of Scheme were presented before the NCLT on October 1, 2026 . By order dated October 8, 2026 , the NCLT has fi xed November 19, 2026 as the date of e Joint Company Petition .
Page 7
adani ACC adanij Cement 5. During the year ended March 31. 2026, the Company had re-assessed its tax positions in respect of certain tax liabilities and provisions, based on favorable High Court decisions in the similar matters, and for such matters the provisions/ liabilities were carried in the Company's books from the earlier years. Management had assessed that in view of such favorable orders in the similar matters, certain tax provisions are no longer required/ to be carried in the books and accordingly had reversed provisions/ liabilities of'{ 594 Crore, net (including other true down adjustment based on income tax return filed amounting to'{ 71 Crore / deferred tax charge of'{ 136 Crore) ('{ 659 Crore during the quarter and half year ended September 30, 2025) in the books during the year ended March 31, 2026 and disclosed the amount under tax adjustment/ (write back) relating to earlier periods (net) in the standalone financial results. Further, in the Other income during the quarter and half year ended September 30, 2025, and year ended March 31. 2026. the Company had received tax refunds along with 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 . 6. The Competition Commission of India (CCI), vide its order dated August 31, 2016, had imposed a penalty of'{ 1,148 Crore on the Company on grounds of alleged cartelisation. On Company's appeal, the Competition Appellate Tribunal (COMPAT), subsequently merged with National Company Law Appellate Tribunal (NCLAT), vide its interim Order dated November 7, 2016, had granted stay against the CCl's Order with the condition to deposit 10% of the penalty amount through lien on deposit of such amount in bank, which was deposited by the Company and further in case the 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, 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 7, 2016. The final argument in the matter are in progress and next date of hearing is on October 28, 2026. 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'{ 35 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 . 7. Employee benefits expenses are net of costs allocated to/ from the Company's Holding Company and subsidiaries based on cost sharing arrangements between the Companies. 8. In respect of captive limestone mining lease operations for manufacturing of cement plant in Wadi, Karnataka, the Company has ongoing dispute with Department of Mines 8- Geology (DMG), Karnataka, over the basis of royalty calculation since earlier years. The Company 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 under protest against the demand of DMG. As at 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 t 492 Crore since 1995-96 to 2021-22 was remanded back to the State Government . In view of the order of the Revisionary Authority, the Company had sought refund of'{ 125 Crore and execution of supplementary lease dead. ernment had filed a writ petition on December 2, 2025, challenging the order of the Revisionary was pending before the Hon'ble Karnataka High Court.
Page 8
adani ACC adani Cement 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. The Company 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 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'ble High Court of Karnataka, vide its order dated September 8, 2026, allowed the Company'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 { 125 Crore which the Company had deposited pursuant to the interim order dated October 29, 2024. Subsequent to the quarter ended September 30, 2026, the State Government has filed an Special Leave Petition (S'LP') before the Hon'ble Supreme Court. The SLP is presently under defect and not yet registered; consequently, the Company has not received any notice . 9. During the previous quarter ended June 30, 2026, the management of the Company had reviewed and approved temporary suspension of manufacturing operations at certain facilit ies 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 , optimizing capital allocation and enhancing long-term competitiveness . The Company will cont inue to evaluate further modernisation, improv isation 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 creat ion, and thus does not require provision for impai rment in the carrying value of property, plant and equipment 's of such plants as at reporting date. 10. The Company has reclassified the coal sales as Othe r 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 stoc k in trade . 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 fi nancial results have been accordingly regrouped. This reclassification is not material and does not have any impact on Company's standalone financial results. 11 . During the half year ended September 30, 2026, pursuant to the approval of the shareholders of the Company dated April 01, 2026 , the Company has given loan in the nature of Inter-Corporate Deposits (ICDs) aggregating to f 4.403 Crore (including f 503 Crore during the quarter ended September 30, 2026) to the Ultimate Holding Company, Ambuja Cements Limited. Such ICDs carry an interest rate of 8% per annum and are repayable on or before March 31, 2027. 12. During the quar t er ended September 30, 2026, certain wholly owned subsidiary companies redeemed, outstand ing 0.10% Optionally Convertible Debentures (OCDs) aggregating to { 921 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 at' 924 Crore carrying interest rate of 8% per annum to such wholly owned subsidia ry companies (including step-down subsidiaries) during the quarter ended Septembe r 30, 2026 , 13. The Company is mainly engaged in the business of cement (incl. intermediary products) and Ready Mix Concrete , As per para 4 of Ind AS 108 "Operat ing Segments", if a single financial report contains both consolidated financial d the separate financial statements of the Parent Company, segment information is required only in nancial statements . Thus, the information related to disclosure of operating segments .required under ecatiog Segmeots ", is gi,eo io Consolidated Financial tesolts . ~~
Page 9
adani At:C adani Cement 14. The Standalone Financial Results of the Company are presented int 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". Ahmedabad October 27, 2026 For and on behalf of the Board of Directors Vinod Bahety Whole-time Director an CEO DIN - 09192400
Page 10
SR BC& CO LLP Chartered Accountants 21st Floor, B Wing, Privilon Ambli BRT Road, Behind lskcon Temple Off SG Highway, Ahmedabad - 3B0 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 ACC Limited 1. We have reviewed the accompanying statement of unaudited standalone financial results of ACC Limited (the "Company") for the quarter ended September 30, 2026 and year to date from 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, 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 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 Infonnation Perfonned by the Independent Auditor of the Entity" issued by the Institute of Cha1tered 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 opm10n. 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 tenns of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. SR 8 C & CO LLP, a Limited Liability Partnership with LLP Identity No. AAB·4318 Regd. Office : 22, Camac Street, Block 'B', 3rd F!oor, Kolka1a·700 016
Page 11
SR BC & CO LLP Chartered Accountants 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. For S R B C & CO LLP Ch red Accountants I Al Firm registration number: 324982E/E300003 (f)n v-9 per San s ganval Partner Membershi o.: 093669 UDIN : 26093669RNNBZE8010 Place : Ahmedabad Date: October 27, 2026
Page 12
adani ACC ACC LIMITED CIN; L269 40GJ1936PLC 149771 Rcgi::.tercd Office : Ad,1ni Corporiltc Hou~c, Sh.1nUgr:1m, Nc:Jr V:ii~hn.1v Devi Circle, S. G. Highwily, Khodiy:u, Ahmod.1b:id, Gujilr3t 382421 Tel. No.: +91 79 2656 5555; Website: www . .1cclimitcd, c0m: c-m,111: ACC-lnvcstorSupport@;;idiJni.com St.Jtcmc nt of consohd,1tcd un,1uditcd fin.:,nci,11 rc~ult, for the quiJrtcr <lnd half yc;,r ended September 30, 2026 3 months Preceding Corresponding Yc:u to date figure::. Ye.,, to d3tc figures ended 3 month s 3 month s for current period far preceding period ended ended from from 01-04-2026 01•04 ·2025 P:uti cular :. 30·09·2 026 30-06·2026 30·09·2025 to to 30-09-2026 30·09·2025 Un:,uditcd Un.:iudltc d Un.Judited Uni1Udltcd un.,udltcd 1 lncoma a) Revenue from onerations (Refer no~e 10) 5,656 5,790 5,969 11.456 12,246 b) Government grants Including duty credits/refunds 23 18 36 41 87 c) Otl'ler income (Refer note • 5) 107 53 224 160 292 Total lncamc 5,796 5.861 6,229 11,657 12.625 2 Expense:. a) Cost of materia ls cons umed (Refer note • 3(c)) 938 1,002 1.089 1,940 2,206 b} Purchases of stock-in-trade (Refer note• 10) 1,786 1,747 1,542 3.533 3,210 c) Chances in Invent ories of fi:1ished goods and work-ln-oroar~s s (180) (35) (157) (215) (243) d) Emolovee bene.-its expe11se (Refer note• 7) 159 186 179 355 384 e) Finance costs 40 27 29 57 59 f) Deoreeiac,on and amortisati on exoense 274 261 279 535 S}) o) Power and fuel (Refer note -101 856 785 903 1, 651 1.765 n) Frelaht and rorwardlnq expense 1,045 1,047 1.067 2,092 2,211 i) Other expens es 654 619 536 1,283 1,177 Tot.JI c,cpenscs 5,602 5.639 5,467 11,241 11,302 3 Profit before exceptional item, shore of profit af ::is:iaci::itcs .Jnd Joint 194 222 762 416 1,323 "VC?ntur~s and tax (1 ·2) 4 Shaie of orofi t of associates and joi nt ventures (net of taM:) 1 2 1 3 3 5 Profit bef ore cxcco ti onil l item and tax (3+4l 195 224 763 419 1,326 6 Exceptional Items Exoense / (Income) (ne:) (Refer note - 3) 71 24 95 7 Profit before t.ix 15-61 124 200 763 324 1,326 8 Tax exoense a} Current tax (net) 45 59 175 104 329 b) Tax wrlce back relatinq to earlier oe;iads (nee) (€71) (671) c} Deferred tax {net) (14) (6) 140 (20) 173 Tot.JI t.Jx exoensc!. (Refer natc • 5) 31 53 (356) 84 (169) g Profit after tax (7-8) 93 147 1,119 240 1,495 10 Other comprchansiva income/ (los.5;) {OCI) !t~ms that will not be reclassified to profit or Joss in subseciuent period Re-measurement □ain I (loss) on detrned benefit plans 34 2 43 36 32 Share of OCI or assoclati:1s and Jaine ventures (net of tax) Income tax relating to items that will net be reclassified (9) 0 (11) (9) (8) to profit or loss Other comorahensivo Income/ Ooul for the ocriod, (net of t.1x) 25 2 32 27 24 11 Total comr:irchcnslvc Income (net of t3)C) (9+10) 118 149 1,1 51 267 1,519 12 Prorit Attributable to: Owners of the parent 93 147 1.119 24C 1.495 Non-contro llinQ interest:. 0 0 a a Profit for the period 93 147 1,119 240 1,495 13 Other compre hensive Income I (loss) Attrlbuta ol e ro Owners of the parent 25 2 32 27 24 Non•controll inQ int erests Other comprchcn!.iVc Income I (los:) 25 2 32 27 24 14 Total comprehens ve income attribu table co Owners of the parent 118 149 1.151 267 1.519 Non-cont rolling interests 0 0 0 0 Tot.JI camprchcn siva Incom e 118 149 1,151 267 1,519 15 Paid-ua eauitv share capi:a! (face value per share { 10) 188 188 18B 188 188 16 Other Eaulty 17 Earninos oer share or { 10 eac, (not annualised) a) Basic { 4,95 7,83 59.60 12.78 79.59 b: Diluted t 4.94 7.81 59 45 12.75 79.38 adani Caincr,t (~ In crorc) For the ye.Jr ended 31·03 -2026 Audited 25,762 200 402 26 ,364 4.554 6,777 (113) 74 4 11 2 1,118 3,650 4,762 2,618 24,242 2,122 ) 2,129 (28) 2,157 612 (594) 2 20 2,137 n 0 (1) 2,136 2.137 a 2,137 (c) (1) 2,136 0 2,136 168 20,362 113 80 113.51
Page 13
adani ACC ACC LIMITED CIN: L26940GJ1936PLC149771 Registered Office: Adani Corporate Hou:ic, Shantigr.im, Ncilr Vaishn.1v Devi Circle, S. G. ~lghway, khodiyar, Ahmcd;ibad, Guj:u:it 382421 Tel. No.: +91 79 2656 5555; Website: www . .icclimitcd.com ; e-mail: ACC·lnvcstorSupport@adani .com Consolidated Segment wise Revenue, Results, Assets 3nd Liabilities 3 months Preceding Corresponding Year to date figures Yc.:>r ta date figures ended 3 months 3 months for current period for preceding period ended ended from from Particulars 01-04-2026 01-04·2025 30-09-2026 30-06-2026 30-09-2025 to to 30-09-2026 30-09-2025 Unaudited Uni>uditcd Un;,uditcd Un3udltcd Un;,udltcd 1 Segment Revenue (Including Government grants. inter-segment revenue) a Cement and ancilliary services • 5.206 5.375 5.592 10.sa 2 11,5•8 b Ready Mix Concrecc 574 501 454 1.075 870 Tot:il 5,780 5,877 6,046 11,657 12.418 Less· Inter Segment Revenue 91 69 41 160 85 Total Revenue from Operations Including Government grant:. 5,689 5,808 6,00S 11,497 12,333 2 Segment Results a Cement and anci!tiary services• 83 193 541 275 1.052 b Ready Mix Concre te 49 7 32 55 53 Total 132 200 sn 332 1,105 Less: i Finance costs 40 27 29 67 59 ii Ocher Un-allocable Expend itore nat of Un-allocable !Income) (4) (4) (0) (8) (31) Add 1ntC!rest and Dividend Income 98 45 21B 143 246 Tot.JI Profit before Exiception.1I item, share ot' profit of .1ssocii1tcs and joint venture and t:uc. 194 222 762 416 1,323 Less: Exceptional lt2-ms Expense/ (Income) (nee) (Refer Note - 3) 71 24 95 Ad.j: Share of profit of associates and joint ventures (net oF tax) 1 2 1 3 3 TatiJI Profit before tiJK 124 200 763 324 1,326 3 Segment Assets a Cement and ancilliary services• 22.322 22,028 23,509 22.322 23,509 b Ready Mix Concre:e 1.172 1,00a 860 1,172 B60 C Unallocated 5.291 4.51a 2,132 5,291 >.132 Total Assets 28,785 27,634 26,501 28,785 26,501 4 Sagmcnt LI.Jbilitie:. a Ce:nent and ancilllary services• 6.217 5,125 4.834 6.217 4.834 b Ready Mix Concrete 657 745 428 657 428 C Unallocated 1,231 1,202 1,302 1,231 1,302 Tot.JI Ll~bllltics 8,105 7,072 6,564 8,105 6,564 " includ ing 1ease of lane co Company s Holding Company for mining act 1v1t1es throug, step-down subsid1anes adani Ct" in crorc) For the yc,u ended 31-03-2026 Audited 24.233 1.936 26,169 207 25,962 1.732 147 1,879 112 (41) 314 2,122 (28) 7 2.157 25.183 1,221 1.121 27,525 5.034 711 1,166 6,971
Page 14
adani ACC adani ACC LIMITED CIN: L26940GJ1936PLC149771 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.acclimlted.com; e-mail: ACC-lnvestorSupport@adani.com Consolidated Balance sheet Particulars A ASSETS 1) Non-current assets a) Property. plant and equipment b) Right of use assets c) Capital work-in-progre ss d) Investment Properties e) Other Intangible assets f) Goodwill g) Financial assets (i) Investments in associates and joint ventures (ii) Investments (iii) Loans (iv) Other financial assets h) Non-current tax assets (net) i) Other non-current assets Total Non-current assets 2) Current assets a) Inventories b) Financ ial 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) Other current assets Total Current assets TOTAL - ASSETS B EQUITY ANO LIABILITIES Equity a) Equity share capital b) Other equity Equity attributable to owners of the parent Non-controlling Interest Total Equity Liabilities 1) Non-current liabilities a) Financial liabilities (i) Lease liabilities (i) Other financial liabilities b) Provisions c) Deferred tax liabilities (net) d) Other non current liabilit ies Total Non-current liabilities 2) Current liabilities a) Financial Liab ilit ies (i) Lease liabilities (ii) Trade payables • Total out stan ding dues of micro enterprises and small enterprises • Total outstanding dues of creditors other th an micro enterpr ises and small enterprises (iii) Other financial liabilities b) Other current liabilities ~--= ~ Prov1s1ons ~C & ~ urrent ta x l!ab1lities (net) /, ~ ~~ ~ Current liabilities /f,. ~("~ As at September 30, 2026 Unaudited 9,869 1,155 1,662 383 289 395 38 17 4 1,590 117 875 16,394 1,825 2,530 288 22 4,409 1,132 2,185 12,391 28,785 188 20,488 20,676 4 20,680 395 81 137 701 160 1,474 118 372 3,087 1,239 1,177 128 510 6,631 8,105 ('!' in crore) As at March 31, 2026 Audited 9,113 1,080 2,227 392 277 395 38 17 5 1.633 117 858 16,152 1,789 3,843 537 20 6 1,254 3,924 11,373 27,525 188 20,362 20,550 4 20,554 328 49 713 119 1.209 100 363 2,092 1,419 1,194 162 ~ ¢32:' i--.. /Y,.. 5,7,§21 , .~ 7/ r ,v,,,,.- ~ .,.r" fl <"'" ( 6,971 v ro \l \ ' a. 28,785 \\ 27,525 ~ ~ ( ,ti ,C Tota t\-"'l l bilities 0 ~ 1-r-- +'l"-'-ltn t--- ---- - --- --- ------ - -+----- ---+----',J,-----'-- 1 ?; c;~ TOTJIL_:- QUITY AND LIABILITIES ~ # 1>. ~ (': ----- ~ ~~DACCO~ Cement )
Page 15
adani ACC ACC LIMITED CIN: L26940GJ1936PLC149771 adani Cement Registered Office : Adani Corporate House, Shantigram, Near Vaishnav Devi Circle, 5. G. Highway, Khodiyar, Ahmedabad, Gujarat 382421 Tel. No.: +91 79 2656 5555; Website : www.acclimited .com; e-mail : ACC-lnvestorSupport@adani.com Consolidated Statement of Cash flow Particulars A. Cash flow from operating activities Profit before Tax Adjustments to reconcile profit before tax to net cash flows: Depreciation and amortisation expense (Profit)/ Loss on sale/ write off of Property , plant and equipment (net) Gain on sale of current financial assets measured at FVTPL Interest income Finance costs Expected credit losses on financial assets (net) Reversal for slow and non moving stores B spares (net) Net gain on fair valuation of investments/ liquid mutual funds measured at FVTPL Fair value loss in derivative instruments (net) Other non-cash items Share of profit in associates and joint ventures (net of tax) Unrealised exchange loss (net) Operating profit before working capital changes Changes in Working Capital: Adjustments for Decrease/ (Increase) in operating assets: Inventories Trade receivables Other financial assets Other assets Adjustments for Increase/ (Decrease) in operating liabilities: Trade payables Provisions Other financial liabilities Other liabilities Cash generated from operations Income taxes paid (net) Net cash flows generated from/ (used in) operating activities B. Cash flow from investing activities Loan to Ultimate Holding Company Payments made on purchase of property, plant and equipment, Investment properties and other Intangible assets (Including capital work-in-progress, capital advances and capital credito rs) Proceeds from sale of property, plant and equipment and other intangible assets Proceeds from sale of government securities (net) Proceeds from sale of units of Mutual Funds (net) Redemption of bank and margin money deposits (having original maturity for more than 3 months) Dividend received from Associate/ Joint venture Interest rece ived Net cash flows (used in)/ generated from investing activities C, Cash flow from financing activities Finance Cost paid (including interest on lease) Payment of principal portion of lease liabilities - ~ .:;:.d paid ~ ~1( s used in financing activities * llf@Ldecrea • pash and cash equivalents ~ n_~ :-Cash anl'.lt.O sh equivalents at the beginning of the period -p 7 Add: Adj ustn ~ for gain on fair valuation of liquid mutual funds measured at ~~ ~ FVTPL (n~ ~ ~ t~~ c:h ;1r- -~~g equivalents at the end of the period For the period ended September 30, 2026 Unaudited 324 535 (1) (8) (143) 67 8 (10) (1) 11 (3) 0 779 • (26) 1,305 183 1,717 998 40 (23) 24 4,997 (40) 4,957 (4,403) (700) 4 91 3 32 (4,972) Cf in crore) For the period ended September 30, 2025 Unaudited 1,326 533 7 (35) (247) 59 2 (5) (1) 0 0 (3) 3 1,639 (55) (2,518) (467) (720) 274 14 5 (287) (2,115) (158) (2,273) (765) 394 1.460 35 54 2 2 60 1,728 (27) (32) (67) (85) (141) ~ (141) (235) ,'1/"' r, L / fr/~ - (258) (250) r ~c(/ '\~ , 803) 537 \, '--u //1.051 1 ~ 0 288 248
Page 16
adani ACC adani Cement Unaudited Consolidated Financial Results for the quarter and half year ended September 30, 2026: 1. The above consolidated financial results of ACC Limited (the "Holding Company") and its subsidiaries, including their joint operations (the Holding Company and its subsidiaries together referred to as "the Group"), associate, joint ventures have been reviewed by the Audit Committee and approved by the Board of Directors in their respective meetings held on October 27. 2026 . 2. The Statutory Auditors have carried out limited review of the consolidated financial results of the Group for the quarter and half year ended September 30, 2026. 3. Details of exceptional items- Expense/ (Income) (net) : ~ In Crore Particulars For the For the For the Year to date Year to date For the quarter quarter quarter figures for figures for year ended ended ended current preceding ended September June 30, September period from period from March 30,2026 2026 30, 2025 01/04/2026 01/04/2025 31, 2026 to to 30/09/2026 30/09/2025 3a) Termination benefits 71 24 - 95 - - under Voluntary Severance Scheme 3b) Impact due to - - - - - 54 implementation of new labour law 3c) Receivable, Recognition - - (82) of Infrastructure Development Cess and Environment Cess Credit Exceptional Items - Expense 71 24 - 95 - (28) / (Income) (net) (3a) During the quarter ended September 30, 2026 and previous quarter ended June 30, 2026, the Holding Company has recognised cost of ~ 71 Crore and ~ 24 Crore, respectively, towards termination benefits payable (including Gratuity and other statutory dues) under Voluntary Severance Scheme (VSS) for third party workforce and permanent employees at various production facilities (including facilities where operations are temporarily suspended, refer note 9). Accordingly, the total expense recognised during the half year ended September 30, 2026 amounting to ~ 95 Crore, considering the nature and materiality of the expenditure, the same has been disclosed separately as an exce ptional item in the consolidated financial results .
Page 17
adani ACC adani Cement During the previous quarter ended June 30, 2026, the Government of India has further notified the final Central Rules under the Labour Codes. The Holding Company has assessed the impact of aforesaid Central Rules and concluded that there is no material financial impact on the Holding Company. The Holding 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. (3c) During the previous year ended March 31, 2026, the Group had reassessed its position in respect of recognition of credit for their claim towards levy of Infrastructure Development Cess and Environment Cess on mineral bearing land in the state of Chhattisgarh and the Holding 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 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 Group has recognised outstanding receivable / credit of'{ 96 Crore as at September 30, 2026 in the books, including ~ 92 Crore recognised during the year ended March 31 , 2026 which includes a credit of '{ 82 Crore disclosed under the "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 Company's entitlement to its claims in the pending petition and, accordingly , continues to recognise their claims in the matter to be recoverable. 4. During the previous year ended March 31. 2026. the Board of Directors of the Holding Company vide its resolutions dated December 22, 2025, approved The Scheme of Amalgamation of the Holding Company ("Amalgamating Company") with Ambuja Cements Limited ("Amalgamated 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 ("Scheme"). Upon the Scheme 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 Rs.2 each fully paid of the Amalgamated Company, for every 100 equity shares of the face value of Rs.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. 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 was duly approved by the shareholders of the respective companies with the requisite statutory majority . Thereafter, the Joint Company Petition, seeking sanction of Scheme were presented before the NCLT on October 1, 2026. By order dated October 8, 2026, the NCLT has fixed November 19, 2026 as the date of hearing of the Joint Company Petition . 5. During the year ended March 31, 2026, the Holding Company had re-assessed its tax positions in respect of certain tax liabilities and provisions. based on favorable High Court decisions in the similar matters, and for such matters the provisions/ liabilities were carried in the Holding Company's books from the earlier years. Management had assessed that in view of such favorable orders in the similar matters, certain tax provisions are no longer required / to be carried in the books and accordingly had reversed provisions or liabilities of'{ 594 Crore, net (including other true down adjustment based on income tax return filed amounting to'{ 71 Crore / deferred tax charge of'{ re) ('{ 659 Crore during the quarter and half year ended September 30, 2025) in the books during the year rch 31, 2026 and disclosed the amount under tax adjustment/ (write back) relating to-ear:Uer periods consolidated financial results . e, Li /'J; . ~cv~
Page 18
adani ACC adani Cement Further, in the Other income during the quarter and half year ended September 30, 2025, and year ended March 31, 2026, the Holding Company had received tax refunds along with interest of z 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. 6. The Competition Commission of India (CCI), vide its order dated August 31, 2016 , had imposed a penalty of z 1,148 Crore on the Holding Company on grounds of alleged cartelisation . On Holding Company's appeal, the Competition Appellate Tribunal (COMPAT), subsequently merged with National Company Law Appellate Tribunal (NCLAT), vide its interim Order dated November 7, 2016, had granted stay against the CCl's Order with the condition to deposit 10% of the penalty amount through lien on deposit of such amount in bank, which was deposited by Holding Company and further in case the 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 Holding Company's appeal, and upheld the CC l's order. Against this, the Holding Company appealed before the Hon'ble Supreme Court, which, by its Order dated October 05, 2018, had admitted the appeal and directed to continue the Interim order passed by the NCLAT dated November 7, 2016. The final argument in the matter are in progress and next date of hearing is on October 28, 2026 . 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 z 35 Crore on the Holding Company on grounds of alleged collusive bidding. On Holding 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 Holding 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 Holding Company. 7. Employee benefits expenses are net of costs allocated to / from the Company's Holding Company and its subsidiaries based on cost sharing arrangements between the Companies. 8. In respect of captive limestone mining lease operations for manufacturing of cement plant in Wadi, Karnataka, the Holding Company has ongoing dispute with Department of Mines e, Geology (DMG), Karnataka, over the basis of royalty calculation since earlier years. The Holding Company 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 z 125 Crore under protest against the demand of DMG. As at 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 z 492 Crore since 1995 -96 to 2021-22 was remanded back to the State Government. In view of the order of the Revisionary Authority , the Holding Company has sought refund of z 125 Crore and execution of supplementary lease dead. The State Government had 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 z 482 Crore towards allegation of illegal mining, was pending before Hon'ble High Court of Karnataka. The Holding Company had challenged the demand which was pending before the Hon'ble Karnataka Pending settlement of additional demand of royalty matter and thus delay in execution of the lease deed, the DMG appointed Deputy Commissioner, Kalaburagi for recovery of the dues on . but based on hearing in the matter by Hon'ble High Court of Karnataka on April 21. 026., the State ad assured it shall not take precipitative action and the Hon'ble High Court h -..;:::=~,... •
Page 19
adani ACC adani Cement During the quarter ended September 30, 2026, the Hon'ble High Court of Karnataka , vide its order dated September 8, 2026, allowed the Holding Company'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 Holding 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 oft 125 Crore which the Holding Company had deposited pursuant to the interim order dated October 29 , 2024 . Subsequent to the quarter ended September 30, 2026, the State Government has filed an Special Leave Petition (SLP) before the Hon'ble Supreme Court . The SLP is presently under defect and not yet registered; consequently, the Holding Company has not received any notice . 9 . During the previous quarter ended June 30, 2026, the management of the Holding Company 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, optimizing capital allocation and enhancing long -term competitiveness , The Holding 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 for impairment in the carrying value of property, plant and equipment's of such plants as at reporting date. 10. The Holding Company has reclassified the coal sales as Other operating income (Revenue from Operations) from earlier classifi cation as netted off from Power and Fuel expense, considering the nature of such income and related coal cost as Purchase of stock in trade. 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 consolidated financial results have been accordingly regrouped . This reclassification is not material and does not have any impact on consolidated financial results. 11. During the half year ended September 30, 2026. pursuant to the approval of the shareholders of the Company dated April 01, 2026, the Company has given loan in the nature of Inter-Corporate Deposits (ICDs) aggregating to z 4.403 Crore (including z 503 Crore during the quarter ended September 30, 2026) to the Ultimate Holding Company, Ambuja Cements Limited. Such ICDs carry an interest rate of 8% per annum and are repayable on or before March 31, 2027 . 12. The Group is mainly engaged in the business of cement (incl. intermediary products), ancillary service thereof and Ready Mix Concrete . 13. The Consolidated Financial Results of the Group are presented in z and all values are rounded to the nearest crores, except when otherwise indicated. Amounts less than z 50,00,000 have been presented as "O", Ahmedabad October 27, 2026 For and on behalf of the Board of Directors ( inod Bahety Whole-time Director nd CEO DIN - 09192400
Page 20
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 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 ACC Limited 1. We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of ACC Limited (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 year to date from April 01 , 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 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. 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. ACC Limited Subsidiaries, including their joint operations: 1. Bulk Cement Corporation (India) Limited ..---=::::;;:;;:::::,....; ACC Mineral Resources Limited, including the following four joint operations : O <~. MP AMRL (Semaria) Coal Company Limited MP AMRL (Morga) Coal Company Limited MP AMRL (Marki Barka) Coal Company Limited SR BC & CO LLP, a Limited Liability Partnership with LLP Identity No. AAB-431B Regd. Office: 22 , Camac Street, Block 'B', 3rd Floor, Kolkata-700 016
Page 21
SR BC & CO LLP Chartered Accountants d. MP AMRL (Bicharpur) Coal Company Limited m. Lucky Minmat Limited 1v. Singhania Minerals Private Limited v. ACC Concrete South Limited v1. ACC Concrete West Limited vii. Asian Concretes and Cements Private Limited Step-down subsidiaries: 1. Asian Fine Cements Private Limited ii. Anantroop Infra Private Limited iii. Eqacre Realtors Private Limited 1v. Krutant Infra Private Limited v. Kshobh Realtors Private Limited v1. Prajag Infra Private Limited vii. Satyamedha Realtors Private Limited viii. Varang Realtors Private Limited 1x. Victorlane Projects Private Limited x. Vihay Realtors Private Limited xi. Vrushak Realtors Private Limited x11. Foresite Realtors Private Limited xiii. Peerlytics Projects Private Limited xiv. West Peak Realtors Private Limited xv. Trigrow Infra Private Limited xvi. Akkay Infra Private Limited xvii. Chasepoint Projects Private Limited (acquired w.e.f. November 19, 2025) xviii.Pine Hills Realtors Private Limited (acquired w.e.f . November 19, 2025) Associate: 1. Alcon Cement Company Private Limited Joint ventures: i. Onelndia BSC Private Limited 11. Aakaash Manufacturing Company 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 ("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.
Page 22
SR BC & CO LLP Chartered Accountants 6. 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. 7. The accompanying Statement includes the unaudited interim financial results and other financial information, in respect of: A) 20 subsidiaries (including step-down subsidiaries and 4 joint operations of a subsidiary) whose unaudited interim financial results include total assets of Rs. 1,351 Crore as at September 30, 2026, total revenues of Rs. 121 Crore and Rs. 233 Crore, total net (loss) after tax of Rs. (0) Crore and total net profit after tax of Rs. 7 Crore and total comprehensive (loss) of Rs. (0) Crore and total comprehensive income of Rs. 7 Crore for the quarter ended September 30, 2026, and for the six months period ended September 30, 2026, respectively and net cash ( outflows) of Rs. (19) Crore for the period from April O 1, 2026 to September 30, 2026, as considered in the Statement, whose quarterly and year to date financial results have been reviewed by their respective independent auditors. B) 1 associate and 1 joint venture whose unaudited interim financial results include Group 's share of net profit of Rs. 1 Crore and Rs. 3 Crore and Group ' s share of total comprehensive income of Rs. 1 Crore and Rs. 3 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 interim financial results of these subsidiaries (including step down subsidiaries and joint operations of a subsidiary) , an associate and a joint venture 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 (including step-down subsidiaries and joint operations of a subsidiary) , an associate and joint venture, is based solely on the reports of such auditors and the procedures performed by us as stated in paragraph 3 above. 8. The accompanying Statement includes unaudited interim financial results and other unaudited financial information in respect of: A) 4 subsidiaries whose unaudited interim financial results include total assets of Rs. 52 Crore as at September 30, 2026, total revenues of Rs. 4 Crore and Rs. 5 Crore, total net (loss) after tax of Rs. ( 1) Crore and Rs. ( 1) Crore and total comprehensive (loss) of Rs. ( 1) Crore and Rs. ( 1) Crore for the quarter ended September 3 0, 2026 and for the six months period ended September 30, 2026, respectively and net cash (outflows) of Rs. (1) Crore for the period from April 01, 2026 to September 30, 2026. B) 1 joint venture whose unaudited interim financial results include the Group ' s share of net profit of Rs. 0 Crore and Rs. 0 Crore and Group 's share of total comprehensive income of Rs. 0 Crore and Rs. 0 Crore for the quarter ended September 30, 2026 and for the six months period ended September 30, 2026, respectively. The unaudited interim financial results of these subsid iaries and the joint venture have not been reviewed by their independent auditors and have been approved and furnished to us by the Management. Our conclusion on the Statement, in so far as it relates to the affairs of these subsidiaries and the joint . venture , is based solely on such unaudited interim financial ~:;;:=.;~C:;:,,___ Its/information. According to the information and explanations given to us by the Management, ~ naudited interim financial results are not material to the Group. -¢ * <I) 1-- J:> ~ ·~ r ~ ~ --.....__ _ ~ ~~DA ccO-s
Page 23
SR BC & CO LLP Chartered Accountants 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 infonnation certified by the Management. For S R B C & CO LLP Chartered Accountants IC~ Firm registration number: 324982E/E300003 I v1v-fJ<)rt vJ) per Santos anval Pa1tner Membership o.: 093669 UDIN : 26093669DZUKKV6903 Place: Ahmedabad Date: October 27, 2026