Slide 1: Exchange filing cover letter for investor presentation
January 30, 2026 To, National Stock Exchange of India Limited BSE Limited Scrip Code: ACC Scrip Code: 500410 Dear Sir/ Madam, Subject: Investor Presentation under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015. In continuation of our letter dated January 13,
Slide 2: Ambuja Cements Investor Presentation Q3 & 9M FY'26
ONE CEMENT PLATFORM Ambuja Cements Investor Presentation | Q3 & 9M FY’26 1
Slide 3: Consolidated Highlights: 9MFY'26
Consolidated Highlights: 9MFY’26 Performance at a Glance 9MFY’26 Ambuja Cement Consolidated +19% +22% +62% +36% YoY YoY YoY YoY 943 5,075 53.8 29,740 24,392* 45.3 3,139* 692 * 9M FY'25 9M FY'26 9M FY'25 9M FY'26 9M FY'25 9M FY'26 9M FY'25 9M FY'26 Cement Volume Revenue EBITDA EBITDA (MnT) (Rs Cr) (R
Slide 4: Consolidated Highlights: Q3FY'26
Consolidated Highlights: Q3FY’26 Performance at a Glance Q3FY’26 Ambuja Cement Consolidated +17% +20% +53% +31% YoY YoY YoY YoY 718 18.9 10,277 1,353 16.2 8,585* 885 * 548 * Q3FY'25 Q3FY'26 Q3FY'25 Q3FY'26 Q3FY'25 Q3FY'26 Q3FY'25 Q3FY'26 Cement Volume Revenue EBITDA EBITDA (MnT) (Rs Cr) (Rs Cr) (PMT
Slide 5: Operational Updates: Q3FY'26 Business Highlights
Operational Updates: Q3FY’26 Business Highlights ONE CEMENT PL ATFORM CAPACITY EXPANSION RENEWABLE POWER STRATEGIC INITIATIVES Amalgamation of ACC Limited Total Cement Capacity at 109 Commissioned 225 MW solar CiNOC gaining momentum, and Orient Cement Limited MTPA with 2.4 MTPA Marwar power, taking
Slide 6: Ambuja: PAN India Cement Powerhouse
Ambuja: PAN India Cement Powerhouse Amalgamation of ACC and Orient with Ambuja Cements, creating a unified ‘One Cement Platform’ 1 Operational and Financial Synergies 2 Simplified Corporate Structure ONE CEMENT 3 Strong and Debt-Free Balance Sheet PLATFORM 4 Direct Shareholding in a Stronger Entity
Slide 7: Status Update on Consolidation
Status Update on Consolidation ACC Limited 01 • The Board approved the amalgamation on 22nd 02 Orient Cement Limited • The Board approved the amalgamation on 22nd Dec’25 Dec’25 • ACC and Ambuja filed their respective merger • Orient and Ambuja filed their respective merger scheme with the Stock Exch
Slide 8: Commissioned 2.4 MTPA Cement Grinding Unit in Marwar
Inauguration of ASCENT by Mr. Karan Adani, Non-Executive Director and Mr. Vinod Bahety, CEO – Cement Business Marwar Vertical Roller Cement Mill Commissioned 2.4 MTPA brownfield Cement Grinding Unit in Marwar Mundwa, Rajasthan, increasing Ambuja’s total capacity to ~109 MTPA Inauguration by Mr. Kara
Slide 9: Commissioned 4 MTPA Clinker Unit in Bhatapara
Line 3 Bhatapara Clinker unit (line 3) Kiln light up by Mr. Vinod Bahety, CEO – Cement Business Clinker Silo Commissioned 4 MTPA brownfield Clinker Unit in Bhatapara, Chhattisgarh, raising total consolidated clinker capacity to 66 MTPA
Slide 10: Growth Trajectory
Growth Trajectory Capacity (MTPA) EBITDA (₹ per tonne) Green Power Share (%) 1 155 1,500 60% 2 4 109 * 115 943 38% 738 68 7% 3 At the time of Dec'25 Mar'28 At the time of Dec'25 3 Mar'28 At the time of Dec'25 Mar'26 Mar'28 Acquisition Acquisition Acquisition (Sept'22 TTM) (Sept'22) (Sept'22) 1. incl
Slide 11: Builders of Progress in India
Builders of Progress in India Development Operations Value Creation Capacity Roadmap Asset Footprint Stakeholders • Total Cement Capacity at 109 MTPA with 2.4 MTPA • The amalgamation of ACC and Orient Cement with • Net worth at Rs. 69,854 Cr,, continue to remain debt Marwar Grinding Unit successfull
Slide 12: Contents
Contents Adani Group Performance Annexures Profile Highlights 1 2 3 4 5 Ambuja Cements ESG Updates Overview 11
Slide 13: Adani Group Profile
01 Adani Group Profile 12
Slide 14: 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%) (68.02%) (67.64%)4 AEL1 AGEL APL APSEZ3 Ports &
Slide 15: Adani Portfolio: Best-in class growth with national footprint
Adani Portfolio: Best-in class growth with national footprint Predictable, high and rising free cash flow National footprint with deep coverage Tax paid EBITDA Finance cost paid 92,943 CAT (FFO) 65,016 (74%) EBITDA 24,870 12,784 AEL (51%) 22,819 APSEZ (21%) Adani’s Core Infra. AGEL 10,418 Platform –
Slide 16: 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 17: Ambuja Cements - Overview
02 Ambuja Cements - Overview 16
Slide 18: Adani Cement in Global Context
Adani Cement in Global Context 01 02 03 04 Adani Cement in Global Ambuja Cements Ambuja Cements is the Ambuja Cements is Ambuja Cements is the Context world’s ninth-largest pioneering the world’s selected for first Indo- first Indian cement cement company and first commercial Swedish Carbon company
Slide 19: PAN India Presence
PAN India Presence Presence in 31 states & union territories and 665+ districts For the Quarter Ended December 31, 2025 Gagal Darla / Suli 109 MTPA* 67.3% Ropar Nalagarh Asian Nalagarh Cement Capacity Clinker factor Rajpura Bhatinda Roorkee Dadri Kymore Rabriyawas Ametha 24 22 Marwar Integrated Unit
Slide 20: Adani Group Synergies
Adani Group Synergies Adani Portfolio Ecosystem EPC & PMC O&M Human Resource ✓ Synergy benefits between AIMSL GCC AIIL Centre of Centre of Centre of entities providing Excellence Excellence Excellence assurance on Supply chain and off take. Energy & Utilities Mining ✓ Further bringing in linkage thr
Slide 21: 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 22: 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 23: 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 22
Slide 24: Digitally Enabled Operations Delivering High System Availability
Digitally Enabled Operations Delivering High System Availability • CiNOC (Cement Intelligent Network Operations Centre) launched to infuse in operations & businesses an AI layer deep into our enterprise fabric, which will facilitate paradigm shift in operations • Digital sales platform provides a co
Slide 25: Iconic Structures and Buildings
Iconic Structures and Buildings 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 - Mumbai Me
Slide 26: Ready Mix Concrete
Ready Mix Concrete Market Presence of Adani Concrete High Strength and Durability with upto 70% low embodied CO2 For Underground structures exposed to chemical attacks Ultra High Strength Pumpable concrete For High rise towers – high grade requirements Shrinkage cracks-controlled concrete with incre
Slide 27: Performance Highlights
03 Performance Highlights • Dec’24 quarter: Orient acquisition completed in Apr’25. Only Sanghi and Penna consolidated in results • Dec’25 quarter: Sanghi, Penna & Orient consolidated in results 26
Slide 28: Industry Outlook
Industry Outlook Cement Demand – Government Infra Projects and Robust Demand from Housing to Drive Growth Segment wise Cement Demand Macro Economic Factors Macro • Strong demand, favorable policy (tax reforms, infrastructure), resilient consumption, and rising Economics investment to drive Indian ec
Slide 29: Industry Outlook
Industry Outlook Strong Domestic Demand and Rising Investment to Drive Economy and Industry 1 Cement Consumption per capita has 2 India per capita consumption has the 3 Urban rise, income surge, government 4 Government Policy Support & strong correlation with GDP per capita growth potential from 2x
Slide 30: Performance Highlights
Performance Highlights Ambuja Consolidated Quarter Ended 9 Months Ended Particulars UoM YoY QoQ 9M 9M YoY Dec’25 Dec’24 Sept’25 Change Change FY’26 FY’25 Change Volume MnT 18.9 16.2 17% 16.6 13% 53.8 45.3 19% Revenue from Operations ₹ Cr 10,277 9,4111 9% 9,174 12% 29,740 25,3562 17% EBITDA ₹ Cr 1,35
Slide 31: Ambuja Consolidated – PAT Reconciliation
Performance Highlights Ambuja Consolidated – PAT Reconciliation Quarter Ended Nine months Ended Particulars UoM Dec’25 Dec’24 Sept’25 Dec’25 Dec’24 Profit after Tax (Reported) ₹ Cr 367 2,663 2,302 3,686 3,943 Excise duty exemption ₹ Cr 826 826 Government Grant accrual/(provided for) ₹ Cr (223) (223)
Slide 32: Ambuja Standalone Performance Highlights
Performance Highlights Ambuja Standalone Quarter Ended 9 Months Ended Particulars UoM YoY QoQ 9M 9M YoY Dec’25 Dec’24 Sept’25 Change Change FY’26 FY’25 Change Volume MnT 12.0 9.7 23% 9.9 20% 32.5 27.0 20% Revenue from Operations ₹ Cr 5,913 5,0821 16% 5,150 15% 16,596 13,8622 20% EBITDA ₹ Cr 515 6011
Slide 33: Ambuja Standalone – PAT Reconciliation
Performance Highlights Ambuja Standalone – PAT Reconciliation Quarter Ended 9 months Ended Particulars UoM Dec’25 Dec’24 Sept’25 Dec’25 Dec’24 Profit after Tax (Reported) ₹ Cr 204 1,758 1,388 2,447 2,826 Excise duty exemption ₹ Cr 190 190 Government Grant accrual/(provided for) ₹ Cr (223) (223) 138
Slide 34: 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) 17% 2% 53% 31% 18.9 1,761 258 1,060 16.6 248 253 1,353 718 16.2 1 1 885 548 10% 19% 13% Dec-24 Sep-25 Dec-2
Slide 35: Performance Highlights: Cost Breakdown
Performance Highlights Ambuja Cement (Consolidated) Cement Business (% Change YoY) RAW MATERIAL POWER AND FUEL FREIGHT & FORWARDING OTHER EXPENSES (₹/ton) (₹/ton) (₹/ton) (₹ /ton) 2% 9% 1% 1% 803 1,370 1,382 1,253 854 862 763 1,236 747 1,274 1,224 799 Dec-24 Sep-25 Dec-25 Dec-24 Sep-25 Dec-25 Dec-24
Slide 36: Clinker and Cement Sales Volumes
Performance Highlights Clinker and Cement (CLC) Sales Volumes MnT Companies Dec'25 Q Sept25 Q Dec'24 Q vs QoQ vs YoY Capacity Utilisation Listed companies Dec’25 Q Dec’25 Exit Ambuja Standalone 12.0 9.9 9.7 20% 23% 81% 90% ACC 11.3 10.0 9.8 13% 15% 71% 81% Orient 1.7 1.4 0.0 19% 0% 78% 86% Sanghi 0.
Slide 37: Cash & Cash Equivalent
Cash & Cash Equivalent Cash & Cash Equivalent 10,125 Orient acquisition ~ Rs 5,910 Cr 2,971 1,813 1,512 Mar'25 Jun'25 Sep'25 Dec'25 Net worth at Rs. 69,854 Cr, up by Rs 361 Cr. during the quarter, continue to remain debt free, highest rating of Crisil and CARE - AAA (Stable) / A1+ • Standardized Gri
Slide 38: Capacity Roadmap
Capacity Roadmap 37
Slide 39: Capacity Roadmap
Capacity Roadmap Capacity Roadmap: ~109 at present, 115 by Mar’26 and 155 MTPA by Mar’28 exit Sanghi (6.1 MTPA) Penna (10 MTPA) Organic Organic Asian (1.5 MTPA) Orient (8.5 MTPA) Growth Growth +9 MTPA +20 MTPA +12 MTPA +46 MTPA 155 # * 24 15 117 97 10 109 8 68 77 1 2 3 4 5 6 7 8 9 10 Debottlenecking
Slide 40: ESG Overview
04 ESG Overview 39
Slide 41: ESG updates
ESG updates Impressive ESG credentials and resilient credit ratings Rating Agencies Ambuja ACC DJSI (CSA) 90 * 89 * CDP – Climate Change B A CDP – Water Security A A CDP – Supplier A- A- Engagement Assessment 25.7 23.4 Sustainalytics (22/122 global rank) (13/122 global rank) MSCI BB – CRISIL 56 57 N
Slide 42: ESG Dashboard
ESG updates ESG Dashboard Material topic Ambuja ACC UN SDGs Climate & Energy 2030 TARGETS STATUS YTD FY 26 2030 TARGETS STATUS YTD FY 26 (Gross specific CO2 * * emissions - Kg/T) 442 537 421 538 Climate & Energy # (Green Power) 60.0% 33.8% 60.0% 29.3% Circular Economy (Use of waste derived 21.0 6.5
Slide 43: Delivering Scalable Circular Impact
Delivering Scalable Circular Impact Geoclean Advantage: Turning Responsibility Into Strategic Value Pan India contracts with key companies in major industrial sectors in the country Accelerating Circular Economy Leadership Strategic Value Creation Zero leakage, Zero- Landfill Assurance Strong Custom
Slide 44: Corporate Social Responsibility
Corporate Social Responsibility 43
Slide 45: Corporate Social Responsibility
ESG updates Corporate Social Responsibility Water Resource Management Agriculture Activity Achievement Activity Achievement Building RRWHS 14 Trainings on Agriculture Activities 7,781 Ponds Renovated 71 Awareness Camps 45 Biomass supplied to Ambuja Cements 12,091 tonnes Micro-Irrigation coverage 428
Slide 46: Corporate Social Responsibility
ESG updates Corporate Social Responsibility Sustainable Livelihood Development Activity Achievement Activity Achievement Newly SHGs formed 39 Awareness sessions on WASH 817 Truckers & Allied Population reached 39,226 Youth Trained 1,810 through health activities Beneficiaries screened under NCD 9,02
Slide 47: 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 48: Annexures
05 Annexures 47
Slide 49: Glimpse of Special Events by Adani Cement
Glimpse of Special Events by Adani Cement Adani Cement Dhanvarsha NirmAAAnotsav with CREDAI FutureX Conclave Navotsav 2026 Chairman (Punjab) BAI Convention SamvAAAd Adani Cement Goa Mumbai Plant Celebrations Strengthened partnerships with leading industry bodies including CREDAI, NAREDCO, BAI, India
Slide 50: Accolades & Awards
Accolades & Awards 01 Adani Cement plants bag 10 awards including 03 Recognised with the ‘Best CX and Influencer 05 Adani Cement plants honoured with Diamond ‘National Energy Leader’ at 26th CII National Mastery’ award at 12th Digital Customer Awards at the ICON SWM 2024–25 for Award for Excellence
Slide 51: Historical Financial Performance | Consolidated Profit & Loss
Historical Financial Performance | Consolidated Profit & Loss (Published) Particulars Unit FY24 FY25 9MFY26 9MFY’26 Insights Revenue from Operations ₹ Cr 33,160 35,045 29,740 Other Income ₹ Cr 1,166 2,654 600 Total Income ₹ Cr 34,326 37,699 30,341 53.8 MTPA Raw Material Cost ₹ Cr 5,526 6,527 4,738 V
Slide 52: Historical Financial Performance | Consolidated Balance Sheet
Historical Financial Performance | Consolidated Balance Sheet (Published) As on As on As on Particulars Unit 31-Mar-24 31-Mar-25 30-Sep-25 Assets Non-Current Assets Property, Plant and Equipments ₹ Cr 19,987 24,656 31,933 Right of Use Assets ₹ Cr 758 1,465 1,593 Capital Work-in-Progress ₹ Cr 2,658 9
Slide 53: 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 54: 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