Slides
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15 145 94 72 185 92 239 44 67 0 142 202 119 65 144 235 119 31 226 151 23 240 78 35 166 169 55 Investor Presentation Second quarter ended September 30, 2026 October 22, 2026
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15 145 94 72 185 92 239 44 67 0 142 202 119 65 144 235 119 31 226 151 23 240 78 35 166 169 55 Safe harbour clause Statements in this ‘presentation’ describing the Company’s objectives, estimates, expectations or predictions may be “forward looking statements”. Actual results could differ materially from those expressed or implied. Important factors that could make difference to the Company’s operations include Indian demand supply conditions, finished goods prices, feed stock availability and prices, cyclical demand and pricing in the Company’s principal markets, changes in governmental regulations, tax regimes, economic developments within India and other factors such as litigation and labor negotiations. The Company assumes no responsibility to publicly amend, modify or revise any forward-looking statement, due to any subsequent development, information or events, or otherwise. 2
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15 145 94 72 185 92 239 44 67 0 142 202 119 65 144 235 119 31 226 151 23 240 78 35 166 169 55 Company Overview
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15 145 94 72 185 92 239 44 67 0 142 202 119 65 144 235 119 31 226 151 23 240 78 35 166 169 55 Note: 1. Acquired Vadraj Cement Ltd. (6 MMTPA of GU & 3.5 MMTPA of CU). 2 MMTPA GU at Surat commissioned in Q2 FY27 out of 6 MMTPA. Kutch IU to be operational in phases from Q3 FY27 to Q1 FY28. In East, 4 MMTPA expansion planned in phases through equipment upgrades, process modification and internal debottlenecking by FY28. 2 . WHRs and solar capacity. Additional wind-solar hybrid renewable energy capacity of ~46 MW at Rajasthan and ~14 MW of WHR capacity at Kutch Plant is under development, 3. FY26 Audited figure; CO2 per ton of cementitious materials, 4. Cement, RMX & MBM. Major player in building materials space 4 Ready Mix Concrete (RMX) Modern Building Materials (MBM) Mission “Trusted Building Materials Company Creating Value for Our Stakeholders” Vision “Building a Safer, Smarter and Sustainable World” Emission3 462 kg/t 22 States Served4 Cement Capacity1 27 MMTPA Current Capacity 35 MMTPA Including Vadraj Cement Ltd. and planned expansion in East Clinker Capacity1 13.5 MMTPA Current Capacity 17 MMTPA Including Vadraj Cement Ltd. Green Power2 50 MW Additional ~60 MW under development
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15 145 94 72 185 92 239 44 67 0 142 202 119 65 144 235 119 31 226 151 23 240 78 35 166 169 55 5 Diversified product portfolio under Cement, Ready-Mix Concrete and Modern Building Materials Core strengths Premium Product Portfolio Market leading brands: Concreto has significant market share in the operating environment; Duraguard MF excels with patented fibre-reinforced cement Production Strategically located production facilities in close proximity to raw materials and key markets Cost leadership Continuous focus on operational excellence; demonstrated industry leading cost parameters. All operational Integrated Units equipped with CPPs and WHRs Robust distribution network Trade focus with extensive sales and distribution network encompassing dealers, sub-dealers, influencers and CFA agents, ensuring widespread reach
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15 145 94 72 185 92 239 44 67 0 142 202 119 65 144 235 119 31 226 151 23 240 78 35 166 169 55 Resilient operating performance despite macro headwinds Note: 1. MMT - Million metric tons, 2. Percentage share of trade volumes ✓ Volume growth of 9% YoY despite a challenging operating environment ✓ Delivered an all time high, industry-leading premiumization2 of 45%, with trade mix at 75% ✓ EBITDA grew 11% YoY , reflecting continuous thrust on operational efficiency Q2 FY27 Highlights 66 Volume (in MMT1) Revenue (₹ Cr.) EBITDA (₹ Cr.) 4.3 5.3 4.7 Q2 FY26 Q1 FY27 Q2 FY27 2,458 3,129 2,790 Q2 FY26 Q1 FY27 Q2 FY27 11%14%9% 371 572 411 Q2 FY26 Q1 FY27 Q2 FY27 Premiumization2 (%) 44% 42% 45% Q2 FY26 Q1 FY27 Q2 FY27 1%
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15 145 94 72 185 92 239 44 67 0 142 202 119 65 144 235 119 31 226 151 23 240 78 35 166 169 55 7 Growth trajectory Current Capacity ❖ 27 MMTPA Including 2 MMTPA of Vadraj Cement Limited Grinding Capacity at Surat 7 Growth Pipeline (FY27-28) ❖ Vadraj Cement Limited Integrated Unit at Kutch, Gujarat 3.5 MMTPA Clinker capacity & 2.5 MMTPA Grinding capacity ❖ Bulk terminal with dedicated railway siding at Viramgam, Sachana, Gujarat ~1.5 MMTPA handling capacity ❖ East expansion 4 MMTPA Organic Expansion Phase (FY22-24) ❖ Jojobera expansion 1.5 MMTPA in FY22 ❖ Haryana expansion 1.2 MMTPA in FY24 Scale-Up Phase (FY17-21) ❖ Lafarge acquisition 11 MMTPA ❖ Emami acquisition & other expansions 9 MMTPA Build Phase (FY15) ❖ Nimbol Greenfield 2.3 MMTPA Post-Expansion Capacity ❖ ~35 MMTPA capacity post Vadraj Cement Limited and planned East expansion 2016-2026 Completed over a decade of operations
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Update on Vadraj Cement Limited Commissioned 2 MMTPA Grinding Unit at Surat in Q2 FY27
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15 145 94 72 185 92 239 44 67 0 142 202 119 65 144 235 119 31 226 151 23 240 78 35 166 169 55 ❖ Kutch Clinker Unit o Equipment trials progressing; cyclone refractory works completed; phase-wise box-up underway ❖ Kutch Captive Power Plant: o Steam paralleling with boiler underway; ESP , coal handling, WTP , and ash-handling trials completed ❖ Kutch Grinding Unit & Waste Heat Recovery System: o Civil works completed; fabrication and erection progressing. GU grinding table and WHR turbine received; installation and electrical works underway ❖ Sachana Bulk Terminal: o Civil, fabrication, and pre-fitment works progressing ❖ Sachana & Kutch Railway Sidings: o In-plant track laying completed; earthwork and bridge construction progressing Vadraj Cement Limited Update 12 Project Progress Commissioning Timeline CPP at Kutch Railway Siding at Kutch Cement Mill Hopper Building at Kutch Bulk Terminal at Sachana • Clinker Unit and CPP at Kutch • Jetty operations at Kutch • Grinding Unit and WHR at Kutch • Railway Siding at Kutch • Bulk Terminal at Sachana Kiln at Kutch H2 FY27 H1 FY28
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Economy & Industry
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15 145 94 72 185 92 239 44 67 0 142 202 119 65 144 235 119 31 226 151 23 240 78 35 166 169 55 $256 $94 $160 $187 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 Sep-26 Pet coke (CFR $/t)1 $128 $118 $105 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 Sep-26 Crude oil ($/barrel)2 Note: 1. Argus Pet Coke monthly prices ($/t), 2. Brent Oil ($/barrel) from Investing.com, 3. Coal India (CIL), Eastern Coalfi elds Limited (ECL), Central Coalfields Limited (CCL), Northern Coalfields Limited (NCL), South-Eastern Coalfields Limited (SECL), and Mahanadi Coalfields Limited (MCL)., 4. RBI Macro conditions remain volatile amid geopolitical uncertainty 11 Crude, petcoke and coal prices have firmed up from recent troughs Indian Rupee continues to be under pressure against the US dollar Middle-East Conflict (Feb-26) Russia- Ukraine Conflict (Feb-22) ₹ 86 ₹ 95 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 Sep-26 INR/USD4 Russia- Ukraine Conflict (Feb-22) Middle-East Conflict (Feb-26) 51% 36% 94% Apr'26 May'26 Jun'26 Jul'26 Aug'26 Sept'26 CIL 62% 33% 118% Apr'26 May'26 Jun'26 Jul'26 Aug'26 Sept'26 ECL 22% 9% 84% Apr'26 May'26 Jun'26 Jul'26 Aug'26 Sept'26 CCL 85% 231% Apr'26 May'26 Jun'26 Jul'26 Aug'26 Sept'26 NCL 67% 39% 211% Apr'26 May'26 Jun'26 Jul'26 Aug'26 Sept'26 SECL 40% 28% 52% Apr'26 May'26 Jun'26 Jul'26 Aug'26 Sept'26 MCL Coal e-auctions (Premium over Notified Price)3
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15 145 94 72 185 92 239 44 67 0 142 202 119 65 144 235 119 31 226 151 23 240 78 35 166 169 55 12 Significant headroom for acceleration in Government Capex Note: 1. Growth rate is based on Aug’26 YTD vs. Aug’25 YTD. State Capex is for top 20 States 2. Capex outlay till August’26 a s a percentage of FY27 target. State-level figures represent the same ratio and are expressed as percentages 10%1 YoY rise in State Capex spends ~Rs 8.1 lakh crores of pending State Capex offers potential for increased infrastructure and housing spending Monsoon trends varied, with higher rainfall in the East and lower rainfall in the North & West YoY* *East (West Bengal, Bihar, Jharkhand, Chhattisgarh, Odisha) North + West (Rajasthan, Haryana, Punjab, NCR Region and Gujarat) +2% YoY in East (41%) YoY in North + West Top 20 - State government capex at ₹2.36 lakh Cr. till August 2026 23% 2 18%1 YoY rise in Central Capex Spends ~Rs 7.1 lakh crores planned capex yet to be spent Central capex at ₹5.1 lakh Cr. till August 2026 Rajasthan 25% Punjab 27% Odisha 17% Chhattisgarh 16% Jharkhand 15% Bihar 41% Haryana 27% Gujarat 28% West Bengal 7% Rajasthan 25% Punjab 27% Odisha 17% Chhattisgarh 16% West Bengal 7% Jharkhand 15% Bihar 41% Haryana 27% Gujarat 28% 42%2
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Business Update
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15 145 94 72 185 92 239 44 67 0 142 202 119 65 144 235 119 31 226 151 23 240 78 35 166 169 55 14 Marketing activities in Q2 FY27 ,
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15 145 94 72 185 92 239 44 67 0 142 202 119 65 144 235 119 31 226 151 23 240 78 35 166 169 55 Modern Building Materials (MBM) ❖ Tile Adhesives and Construction Chemicals maintained strong growth momentum ❖ Continuous focus on capturing additional growth through the established cement channel, new channels, and the RMX division Ready-Mix Concrete (RMX) ❖ Premium products continue to witness healthy volume traction amid strong customer adoption ❖ Prioritizing growth through premiumisation, and continuous efficiency enhancement RMX and MBM Business Highlights 15
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15 145 94 72 185 92 239 44 67 0 142 202 119 65 144 235 119 31 226 151 23 240 78 35 166 169 55 Awards and Recognitions 16 Energy Excellence Women Empowerment Panagarh Cement Plant received the “Excellent Energy Efficient Unit – Cement Grinding” and “National Energy Leader” awards at CII’s 27th National Award for Excellence in Energy Management 2026. Sanchari Women Farmers Producer Company Limited, promoted by Mejia Cement Plant, was recognized by NABARD as one of the Best Women Farmer Producer Organizations in West Bengal. The recognition highlights its efforts towards empowering rural women and fostering sustainable livelihoods
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15 145 94 72 185 92 239 44 67 0 142 202 119 65 144 235 119 31 226 151 23 240 78 35 166 169 55 Sustainability – a key thrust area 17 Global Average 580 kg CO2/ton India Average 540 kg CO2/ton Nuvoco FY26 462 kg CO2/ton Cement to clinker ratio3 (x) Specific CO2 emissions at 4621 kg/t of cementitious materials ~1.1 lakh tons of waste utilized as fuel in plants under circular economy initiative in H1 FY27 4.3% YoY reduction in water intensity in H1 FY272 Planted 69,000+ saplings in H1 FY27 Aligned with United Nations 1.40 1.54 1.75 Global Average India Average Nuvoco Q2 FY27 Note: 1. FY26 Audited figure; CO2 per ton of cementitious materials 2. Consumption in litre per ton of cement 3. Global average - IEA (CY22), India average - average of top 4 Indian peer Group CarbonEmission3 amongst the lowestintheindustry
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15 145 94 72 185 92 239 44 67 0 142 202 119 65 144 235 119 31 226 151 23 240 78 35 166 169 55 Social initiatives and community engagements in H1 FY27 CSR pillars aimed at socially sustainable programs related to skill development & livelihood, health, education, environmental protection and infrastructure by collaborating with pertinent stakeholders 18 Nuvo Mason - Flagship Skill Development Program trained 280 youths with the collective training of ~29,000 man-hours Project Aakriti - A women-led livelihood initiative, generated revenue of ~ INR 17 lakh, with the first retail outlet launched at Mejia Cement Plant Health Care Initiatives across locations benefited 1200+ students & 5,009 community members Water Security 252 lakh litres of additional water storage capacity created, benefiting 10,000+ community members Sangrahit Bharat Natural Resource Management Shikshit Bharat Education Swastha Bharat Health Saksham Bharat Skill Development & Livelihood Sanrachit Bharat Infrastructure Development
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15 145 94 72 185 92 239 44 67 0 142 202 119 65 144 235 119 31 226 151 23 240 78 35 166 169 55 Key Financials
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15 145 94 72 185 92 239 44 67 0 142 202 119 65 144 235 119 31 226 151 23 240 78 35 166 169 55 20 Market Prices Cost Q2 FY27 Near-term outlook ✓ All-India cement demand grew, although regional demand trends varied. Monsoon disrupted construction activity, particularly in the East, while regions with relatively lower rainfall witnessed better demand ✓ Cement demand expected to pick up post monsoon ✓ Government capex, particularly by state governments, has significant headroom for growth in H2 FY27, with 77% of planned state outlays yet to be deployed ✓ Expected improvement in cement prices did not materialise during the period ✓ Price hikes are essential to offset increase in cost due to geopolitical development ✓ Significant increase in petcoke, coal, crude oil and polymer granule prices to weigh on margins ✓ Intense monsoon in coal-bearing regions and prioritisation of coal supplies to power sector affected supply and rake availability ✓ Geopolitical development could exert upward pressure on costs, especially for fuel and packaging bags ✓ Rake availability remains an important factor to monitor Geopolitical developments remain a key factor to monitor Note: Perspective on the Industry
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15 145 94 72 185 92 239 44 67 0 142 202 119 65 144 235 119 31 226 151 23 240 78 35 166 169 55 Consolidated income statement (₹ Cr.) Q2 FY26 Q1 FY27 Q2 FY27 H1 FY26 H1 FY27 Total Income 2,461 3,132 2,793 5,349 5,925 Cost of materials consumed 393 464 488 847 952 Purchase of stock in trade 61 108 96 135 204 Changes in inventories (24) (50) (72) (59) (122) Power and fuel 454 560 545 968 1,104 Freight and forwarding charges 647 838 706 1,433 1,544 Employee benefits expense* 178 197 200 358 397 Other expenses 382 443 420 764 863 EBITDA 371 572 411 904 983 21 Note: *New Labour Codes effective from November 21, 2025
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15 145 94 72 185 92 239 44 67 0 142 202 119 65 144 235 119 31 226 151 23 240 78 35 166 169 55 22 Summary ✓ On a structural growth trajectory, with Vadraj Cement Plant and East region expansion driving capacity to 35 MMTPA1 ✓ 2 MMTPA of Grinding Capacity commissioned at Surat, Gujarat, marking a significant expansion in the Western market ✓ Demonstrated success in integrating and scaling acquired assets; strong governance framework in place for on-schedule delivery of Vadraj’s remaining operational milestones o Commissioning of Kutch Integrated Unit in phases: Q3 FY27 – Q1 FY28 ✓ Planned Bulk Terminal at Sachana, Gujarat with a capacity to handle ~1.5 MMTPA will serve as a strategic distribution hub and help expand the reach in the Gujarat market ✓ Continue to drive key initiatives on geo-optimization, premiumization and cost optimization ✓ Infrastructure and housing-led spending expected to sustain cement demand going forward, thereby supporting prices 1. Acquired Vadraj Cement Ltd. (6 MMTPA of GU & 3.5 MMTPA of CU). 2 MMTPA GU at Surat commissioned in Q2 FY27 out of 6 MMTPA. Kutch IU to be ope rational in phases from Q3 FY27 to Q1 FY28. In East, 4 MMTPA expansion planned in phases through equipment upgrades, process modification and internal debottlenecking by FY28
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15 145 94 72 185 92 239 44 67 0 142 202 119 65 144 235 119 31 226 151 23 240 78 35 166 169 55 Thank you Nuvoco Vistas Corporation Ltd. Corporate Identity Number: L26940MH1999PLC118229 Registered and Corporate Office: Equinox Business Park, Tower 3, East Wing, 4th Floor, LBS Marg, Kurla (West), Mumbai - 400 070, Maharashtra, India; Website: www.nuvoco.com Company Contacts Bishnu Sharma; Email: bishnu.sharma@nuvoco.com Adit Raj Bando; Email: aditraj.bando@nuvoco.com