Slide 1: Ambuja Cements Investor Presentation Q2 & H1 FY'26
Ambuja Cements Investor Presentation | Q2 & H1 FY’26 1
Slide 2: Consolidated Highlights
Consolidated Highlights Ambuja Cements achieves robust Q2 FY’26 Performance Q2 FY’26 H1 FY’26 CEMENT VOLUME (MnT) CEMENT VOLUME (MnT) Highest ever in Q2 series 16.6 +20% 35.0 +20% YoY YoY EBITDA (Rs/PMT) EBITDA (Rs/PMT) 1,060* +32% 1,064 +30% YoY YoY PAT (Rs Cr) PAT (Rs Cr) 2,302 +364% 3,319 +159% Y
Slide 3: Consolidated Highlights
Consolidated Highlights FY’28 target capacity upped by 15 MTPA from earlier 140 MTPA to now 155 MTPA Financial Highlights ➢ Quarterly revenue at Rs 9,174 Cr. highest ever in Q2 series, up by 21% YoY, volume growth ~5x industry average ➢ Cost leadership journey has resulted in lower cost of sales YoY
Slide 4: Growth Trajectory
Growth Trajectory Capacity (MTPA) EBITDA (₹ per tonne) Green Power Share (%) 155 * 1,500 60% 140 107 118 1,060 # 68 738 33% ` 7% At the time As on 30th Target Target Revised of Sept'25 (FY'26) (FY'28) Upped At the time of Q2FY'26 Target (FY'28) At the time of Q2FY26 Target (FY'28) Acquisition Target
Slide 5: Status Update on Consolidation
Status Update on Consolidation Particulars Details Adani Completed Cementation In Progress • Board approval received on 17th Dec 2024 for merger with Ambuja Sanghi Industries • Both the Companies have filed the Joint Company Applications before NCLT, Ahmedabad Bench • Expected to be completed by end
Slide 6: Builders of Progress in India
Builders of Progress in India Development Operations Value Creation Capacity Roadmap Asset Footprint Stakeholders • Trial run has started for a 4 MTPA new kiln line at • Orient, Penna, Sanghi have moved 100% into Adani • Net worth at Rs. 69,493 Cr, Company remains debt Bhatapara (Chhattisgarh) Cemen
Slide 7: Contents
Contents Adani Group Performance Annexures Profile Highlights 1 2 3 4 5 Ambuja Cements ESG Updates Overview 7
Slide 8: Adani Group Profile
01 Adani Group Profile 8
Slide 9: Adani Portfolio: A world class infrastructure and utility portfolio
Adani Portfolio: A world class infrastructure and utility portfolio Flagship Infrastructure & Utility Core Portfolio Primary Industry Other Incubator Materials, Metal Energy & Utility Transport & Logistics Specialty & Mining (73.97%) (62.43%) (74.96%) (65.89%) (67.68%)3 AEL AGEL APL APSEZ Ports & Lo
Slide 10: Adani Portfolio: Best-in class growth with national footprint
Adani Portfolio: Best-in class growth with national footprint All figures in INR cr Predictable, high and rising free cash flow National footprint with deep coverage Tax paid EBITDA Finance cost paid 89,806 CAT (FFO) 66,527 (74%) EBITDA 24,870 AEL 12,784 APSEZ (51%) Adani’s Core Infra. AGEL 18,711 P
Slide 11: Adani Portfolio: Repeatable, robust & proven transformative model
Adani Portfolio: Repeatable, robust & proven transformative model of investment DEVELOPMENT1 OPERATIONS CONSUMERS 2 New C.E.O. Adani Infra (India) Limited | Cemindia Projects Ltd. | PSP Projects Ltd. Operations (AIMSL) Consumer I Employees I Other Stakeholders Origination Site Development Constructi
Slide 12: Ambuja Cements - Overview
02 Ambuja Cements - Overview 12
Slide 13: Holding Structure
Holding Structure Adani Family Public 67.68% 32.32% NSE: AMBUJACEM Ambuja Cements BSE: 500425 Bloomberg: ACEM:IN 50.05% 58.08% 99.94% 72.66% NSE: ACC NSE: SANGHIIND NSE: ORIENTCEM ACC BSE: 500410 Sanghi BSE: 526521 Penna Unlisted Orient BSE: 535754 Bloomberg: ACC:IN Bloomberg: SNGI:IN Bloomberg: ORC
Slide 14: PAN India Presence
PAN India Presence Presence in 31 states & union territories and 665+ districts For the Quarter Ended September 30, 2025 Gagal Darla / Suli 107 MTPA * 67.0% Ropar Nalagarh Asian Nalagarh Cement Capacity Clinker factor Rajpura Bhatinda Roorkee Dadri Kymore Rabriyawas Ametha Salai Banwa 24 22 Marwar I
Slide 15: Adani Group Synergies
Adani Group Synergies Adani Portfolio Ecosystem EPC & PMC O&M Human Resource ✓ Synergy benefits between AIMS GCC AIIL Centre of Centre of Centre of entities providing L Excellence Excellence Excellence assurance on Supply chain and off take. Energy & Utilities Mining ✓ Further bringing in linkage th
Slide 16: Brands' Architecture
Brands’ Architecture Iconic brands with cumulative 120+ years history that shaped the industry Strength Heritage Pioneered brand building & technical services India‘s 1st Cement Company, Inter-generational Market leaders with Virat Compressive Strength legacy pioneered product development High Highe
Slide 17: Product Portfolio (1/2)
Product Portfolio (1/2) Ambuja Cement ACC Cement High on Super Premium High on “HERITAGE” & Super Premium “STRENGTH” “DURABILITY” India's Most Trusted Cement Brand 2025’ by TRA Research in its Brand Trust Report 2025 Super Premium ACC Gold ACC Concrete Plus ACC F2R * ACC Super Ambuja Kawach Ambuja P
Slide 18: Product Portfolio (2/2)
Product Portfolio (2/2) Comprehensive Building Materials & Concrete Solutions Ready Mix Concrete Aggregates Alccofine DmX (Dry Mortars) AAC Blocks Wall Putty LmX Fly Ash 18
Slide 19: Iconic Structures and Buildings (1/2)
Iconic Structures and Buildings (1/2) Reinforcing a legacy of landmark projects, the Company continues to play a pivotal role in India’s infrastructure and realty landscape Chenab River Arch Bridge Atal Setu Samruddhi Mahamarg Kolkata’s Underwater East West Mumbai Coastal Road World One, Worli - Mum
Slide 20: Iconic Structures and Buildings (2/2)
Iconic Structures and Buildings (2/2) Adani Cement Creates a World Record for the Largest Raft Foundation for Religious Infrastructure 504 ft tall Twice the size of Qutub Minar World’s Tallest temple of Goddess Maa Umiya at Vishv Umiyadham, Ahmedabad - Supplied concrete for raft foundation of world'
Slide 21: Ready Mix Concrete
Ready Mix Concrete Market Presence of Adani Concrete Wide variety of RMX solutions for everyone’s need No of Plants Volume (Mn m3)* No of Cities 116 (28 up YoY) 0.90 (49% up YoY) 45 *Q2 FY’26 21
Slide 22: Strategic MoU with Container Corporation of India Limited (CONCOR)
Strategic MoU with Container Corporation of India Limited (CONCOR) MoU to further help Adani Cement journey to optimise logistics costs & commitment to net zero emissions • The MoU (signed on October 24, 2025) focuses on the rail-based transportation of bulk cement using specialized tank containers,
Slide 23: Performance Highlights
03 Performance Highlights • For Sept’24 quarter, Penna was considered for 45 days for consolidation while Orient was not there • For Sept’25 quarter, both Penna & Orient were considered for the entire quarter for consolidation 23
Slide 24: Industry Outlook
Industry Outlook Economy and Industry to benefit from several favourable developments Macro Economic Factors Segment wise Cement Demand Macro Economics • Economy to benefit from several favourable developments including GST 2.0 reforms, the Carbon Credit Trading Scheme (CCTS), and the withdrawal of
Slide 25: Industry Outlook
Industry Outlook Cement Demand – Growth expected from rising infra spend and housing needs Cement Industry – Q2 FY’26 growth for cement industry stood at ~ 4%, due to early monsoon resulting in weak rural demand – India’s per capita cement consumption at ~300 kg (world avg. of 540kg), translates int
Slide 26: Performance Highlights: Ambuja Consolidated
Performance Highlights Ambuja Consolidated Quarter Ended Half Year Ended Particulars UoM YoY QoQ H1 H1 YoY Sept’25 Sept’24 Jun’25 Change Change FY’26 FY’25 Change Volume 1 MnT 16.6 13.8 20% 18.4 (9%) 35.0 29.2 20% Revenue from ₹ Cr 9,174 7,552 21% 10,289 (11%) 19,464 15,945 22% Operations 1 & 2 EBIT
Slide 27: Performance Highlights: Ambuja Standalone
Performance Highlights Ambuja Standalone Quarter Ended Half Year Ended Particulars UoM YoY QoQ H1 H1 YoY Sept’25 Sept’24 Jun’25 Change Change FY’26 FY’25 Change Volume MnT 9.9 8.2 21% 10.5 (6%) 20.5 17.3 19% Revenue from ₹ Cr 5,149 4,229 22% 5,515 (7%) 10,663 8,781 21% Operations EBITDA ₹ Cr 704 681
Slide 28: Movement of Profit After Tax (Ambuja Consolidated)
Performance Highlights Movement of Profit After Tax (Ambuja Consolidated) PAT Stack up Q2 FY’26 (Change YoY) PAT Stack up H1 FY’26 (Change YoY) 2,302 1,697 3,319 1,697 618 27 2,267 346 67 1,018 496 1,280 PAT PAT Tax reversal Depreciation Exceptional PAT H1 FY’25 PAT Tax reversal Depreciation Excepti
Slide 29: Sales Volumes
Performance Highlights Sales Volumes Ambuja Consolidated Particulars UoM Sept'24 Q Jun'25 Q Sept'25 Q vs YoY vs QoQ Cement Sales Volume MnT 13.8 18.4 16.6 20% (9%) Clinker Sales Volume MnT 0.4 0.5 0.2 (39)% (48%) CLC Sales Volume MnT 14.2 18.8 16.9 18% (10%) PMT EBITDA (Cement volume basis) Rs/ton 8
Slide 30: Performance Highlights: Cement Business
Performance Highlights Ambuja Cement (Consolidated) Cement Business (% Change YoY) SALES VOLUME – Cement NSP EBITDA EBITDA (MnT) (₹/bag Cement) (₹ Cr & Margin) (Incl. RMX) (₹ /ton) (Incl. RMX) 20% 3% 58% 32% 18.4 1,961 261 1,761 1,069 1,060 16.6 258 249 803 1,111 13.8 15% 19% 19% Sep-24 Jun-25 Sep-2
Slide 31: Performance Highlights: Cost Components
Performance Highlights Ambuja Cement (Consolidated) Cement Business (% Change YoY) RAW MATERIAL POWER AND FUEL FREIGHT & FORWARDING OTHER EXPENSES (₹/ton) (₹/ton) (₹/ton) (₹ /ton) 2% 5% 7% 0% 774 803 1,367 1,370 1,318 1,305 789 1 692 1,308 1,224 715 712 Sep-24 Jun-25 Sep-25 Sep-24 Jun-25 Sep-25 Sep-
Slide 32: Cost Reduction Journey
Performance Highlights Cost Reduction Journey Aim to achieve total cost ~ Rs. 4,000 PMT by Mar’26 exit. It will set pace for further 5% reduction each year over next two years, putting trajectory to achieve Rs. 3,650 PMT by end of FY 28 Particulars Rs PMT Exit Mar’26 ~4,000 Raw materials ~50 Power &
Slide 33: Capex updates
® =——~Capex updat
Slide 34: Capacity Roadmap
Capacity Roadmap Capacity Roadmap: ~107 at present, 118 by Mar’26 and 155 MTPA by FY’28 Sanghi (6.1 MTPA) Penna (10 MTPA) Organic Organic Asian (1.5 MTPA) Orient (8.5 MTPA) Growth Growth +9 MTPA +20 MTPA +10 MTPA +48 MTPA 140 15 * 21 155 10 107 13 97 68 77 1 2 3 4 5 6 7 8 9 FY28E 10 Sept’22 FY25 Far
Slide 35: Capacity Roadmap: Incremental capacity of 2.6 MTPA by end of FY'26
Capacity Roadmap Capacity Roadmap: Incremental capacity of 12.6 MTPA to be completed by end of FY’26 Capacity (MTPA) Projects under Expected Capacity Unit State Particulars execution Clinker Cement Completion (MTPA) Bhatapara Line 3 CU Chhattisgarh 4.0 - Q3 FY26 Existing Capacity 107 Salai Banwa GU
Slide 36: Capacity Roadmap: Debottlenecking by FY'28
Capacity Roadmap Capacity Roadmap: ~Debottlenecking of 15 MTPA by FY’28 Debottlenecking (FY’27) Additional Capacity Debottlenecking (FY’28) Additional Capacity Jamul 0.3 Boyareddypalli 1.1 Chanda 0.3 Rabriyawas 1.1 Sindri 0.3 Tandur 1.1 Nalagarh 0.3 Bhatapara 1.2 Ropar 1.1 Wadi 2.2 Roorkee 1.1 Tikar
Slide 37: Cash & Cash Equivalents position
Performance Highlights Ambuja Cement (consolidated): Cash & Cash Equivalents position Synopsis of the movements in Cash & Cash Equivalent Cash & Cash Equivalent Particulars ₹ Crs Cash & Cash Equivalent for the last Seven quarters 10,125 1 Opening balance as on 1st Apr 2025 10,125 Orient acquisition
Slide 38: ESG Overview
04 ESG Overview 38
Slide 39: ESG updates
ESG updates ESG Framework I Adani Group Vision & ESG Framework Vision Policies Guiding principle To be a world class leader in businesses that enrich lives and contribute to nations in ESG building infrastructure through sustainable value creation. Assurance Commitment Our ESG Ambition ESG Guiding F
Slide 40: ESG updates: Ratings
ESG updates Impressive ESG credentials and resilient credit ratings Rating Agencies Ambuja ACC DJSI (CSA) 60 64 CDP – Climate Change B B CDP – Water Security B B CDP – Supplier A- A- Engagement Assessment 25.6 20.3 Sustainalytics (19/119) - Medium Risk (5/119) - Medium Risk MSCI BB – CRISIL 56 (Adeq
Slide 41: ESG Dashboard
ESG updates ESG Dashboard Material topic Ambuja ACC UN SDGs Climate & Energy 2030 TARGETS STATUS Q2 FY 26 2030 TARGETS STATUS Q2 FY 26 (Gross specific CO2 * * emissions - Kg/T) 442 553 421 538 Climate & Energy (Green Power) 60.0% 36.1% 60.0% 30.3% Circular Economy (Use of waste derived resources in
Slide 42: Corporate Social Responsibility
Corporate Social Responsibility 42
Slide 43: Corporate Social Responsibility
ESG updates Corporate Social Responsibility Water Resource Management Agriculture Activity Achievement Activity Achievement Building RRWHS 50 Trainings on Agriculture Activities 17,684 Ponds Renovated 12 Awareness Camps 134 Biomass supplied to Ambuja Cements 6,488 tonnes Micro-Irrigation coverage 54
Slide 44: Corporate Social Responsibility
ESG updates Corporate Social Responsibility Sustainable Livelihood Development Activity Achievement Activity Achievement Newly SHGs formed 53 Awareness sessions on WASH 629 Truckers & Allied Population reached 39,496 Youth Trained 1,903 through health activities Beneficiaries screened under NCD 6,94
Slide 45: Board & Committee Structure
ESG updates Board & Committee Structure 100% Chaired by IDs IDs Board of Directors Statutory Committees 40% Independent Directors - Audit 🗹 Comprised of only Independent - Nomination & Remunerations 🗹 Directors - Stakeholder Relationship 🗹 100% of - Corporate Social Responsibility 🗹 Statutory…
Slide 46: Annexures
05 Annexures 46
Slide 47: Historical Financial Performance | Consolidated Profit & Loss
Historical Financial Performance | Consolidated Profit & Loss H1FY’26 Insights Particulars Unit FY23 (15 M) FY24 FY25 H1FY26 Revenue from Operations ₹ Cr 38,937 33,160 35,045 19,464 Other Income ₹ Cr 738 1,166 2,654 513 35 MTPA Total Income ₹ Cr 39,675 34,326 37,699 19,977 Volume Raw Material Cost ₹
Slide 48: Historical Financial Performance | Consolidated Balance Sheet
Historical Financial Performance | Consolidated Balance Sheet As on As on As on As on Particulars Unit Assets 31-Mar-23 31-Mar-24 31-Mar-25 30-Sep-25 Sept’25 Insights Non-Current Assets Property, Plant and Equipments ₹ Cr 14,729 19,987 24,656 31,933 Right of Use Assets ₹ Cr 588 758 1,465 1,593 Capit
Slide 49: Ecosystem Engagement
Ecosystem Engagement Dhanvarsha initiative recognised performance across the value chain through transparent, technology led rewards involving dealers, retailers, contractors, logistics partners, safety champions and their families. On 01 16th October, this event was participated by almost 175,000 p
Slide 50: Accolades & Awards
Accolades & Awards 01 Adani Cement plants bag 10 awards including ‘National Energy Leader’ at 26th CII National Award for Excellence in Energy Management 2025 01 02 02 India's Most Trusted Cement Brand 2025’ by TRA Research in its Brand Trust Report 2025; consecutively for 4th year in a row. Recogni
Slide 51: Abbreviations
Abbreviations AEL Adani Enterprises Limited NQXT North Queensland Export Terminal ENOC Energy Network Operation Centre ATGL Adani Total Gas Ltd MnT. Million Tonne FI Financial Institution APSEZ Adani Ports and Special Economic Zone Limited CLC Clinker and Cement RMX Ready- Mix Concrete AESL Adani En
Slide 52: Q2 FY'26 Earnings Conference Call
Q2 FY’26 Earnings Conference Call Management Representation ▪ Mr. Vinod Bahety - Chief Executive Officer ▪ Mr. Rakesh Tiwary - Chief Financial Officer Details of the conference call Time: 4:00 PM IST on Monday, November 03, 2025 Conference dial-in: Universal +91 22 6280 1552 +91 22 7115 8370 Hong Ko
Slide 53: Disclaimer
Disclaimer Certain statements made in this presentation may not be based on historical information or facts and may be “forward-looking statements,” including those relating to general business plans and strategy of Ambuja Cements Limited (“Ambuja”), the future outlook and growth prospects, and futu