Analysts/Institutional Investor Meet/Con. Call Updates

File No: 1010/02 October 28, 2026 BSE Limited National Stock Exchange of India Limited P J Towers, Dalal Street, “Exchange Plaza”, Plot No. C-1, Block G Fort Mumbai - 400001 Bandra - Kurla Complex, Bandra (East), Scrip Code: 542216 Mumbai - 400 051 Symbol: DALBHARAT Subject: Transcript of Q2 FY27 - Earnings Conference Call Ref : Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Dear Sir/Madam, In terms of Regulation 30 of the SEBI (Listing Obligation and Disclosure Requirement), Regulations 2015, please find attached transcript of the Q2 FY27 Earnings Conference Call held on October 26, 2026 for the quarter & half year ended September 30, 2026. The transcript has already been uploaded and is available on the Company's website at www.dalmiabharat.com This is for your information and record. Thanking you, Yours sincerely, For Dalmia Bharat Limited Rajeev Kumar Company Secretary Encl.: As Above “Dalmia Bharat Limited Quarter Ended 30th September 2026 Earnings Conference Call” October 26, 2026 MANAGEMENT: MR. PUNEET DALMIA – MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER – DALMIA BHARAT LIMITED MR. YATIN MALHOTRA – CHIEF FINANCIAL OFFICER – DALMIA BHARAT LIMITED MR. PRASSAN GOYAL – HEAD, INVESTOR RELATIONS – DALMIA BHARAT LIMITED Page 1 of 20 Dalmia Bharat Limited. October 26, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Earnings Conference Call of Dalmia Bharat Limited for the quarter ended 30th September 2026. Please note that this conference will be for 60 minutes and after that the management discussion there's an opportunity for you to ask questions. Please note that this conference is being recorded, and the transcript will be put up on the website of the company. As a reminder, all participant lines will be in the listen-only mode and should anyone need any assistance during the conference call may signal the operator by pressing star then zero on your touchtone phone. Before I hand over the conference to the management, I would like to remind you that certain statements made during the course of this call may not be based on historical information or facts and may be forward-looking statements. These statements are based on expectations and projections and may involve a number of risks and uncertainties such that the actual outcome may differ materially from those suggested by such statements. Today, on the call, we have with us Mr. Puneet Dalmia, Managing Director and CEO, Dalmia Bharat Limited; Mr. Yatin Malhotra, CFO, Dalmia Bharat Limited; and other senior management of the company. I would now like to hand the conference call over to Mr. Prassan Goyal, Head of Investor Relations, Dalmia Bharat Limited. Thank you, and over to you, Mr. Goyal. Prassan Goyal: Thank you, Neerav. Good evening, everyone, and thank you for joining us today. I hope you had an opportunity to look at our financial results and presentation we have uploaded. Let me now hand over the call to Mr. Dalmia for his opening remarks. Thank you, and over to you, sir. Puneet Dalmia: Thank you, Prassan. It is good to be back with all of you as we discuss our Q2 results. I would begin by talking about the headlines shaping the world around us. The Russia-Ukraine war, the Gulf crisis, tariffs, financial and bond markets and El Niño, the world is going through multiple uncertainties. It seems that it has become the new normal, something we all have to live with day in and day out. I'm happy to see how India is navigating through these geopolitical challenges remarkably well with its fundamentals intact and strengthening. The country has demonstrated resilience in absorbing unprecedented external shocks while staying firmly on its growth path. The Q1 GDP was a case in point where the economy grew at 7.8%. Fiscal and policy measures, including sustained public spending and efforts to absorb the impact of rising fuel prices have helped cushion domestic economic activity and consumer sentiment from external shocks. We can see this reflected in a range of indicators. The RBI revised its financial year '27 GDP growth estimate upwards to 7.1%. GST collections remain close to record levels, while manufacturing output continues to show strong growth. Cement demand has also remained robust, growing in high single digit on a Y-o-Y basis during this quarter. This was supported by continued government capex spending, along with relatively low rainfall in several parts of the country. Page 2 of 20 Dalmia Bharat Limited. October 26, 2026 In the first 5 months of the year, the central government has spent around 42% of its budgeted annual capex. The Ministries of Road Transport and Highways and Railways had also utilized around 45% of their respective annual budget outlays during this period, providing a meaningful impetus to cement demand. Having said that, rising inflation and potential onset of rate hike cycle pose near-term risks. But I believe India's growth story is much bigger than the near-term challenges we see today. The country is strengthening, growing and aspiring. Just like India, we at Dalmia are also building a stronger and sustainable organization for the future. And despite near-term challenges, we remain firmly focused on executing our strategic priorities across the board. I'm happy to mention that we have recently lit our new clinker line at Belgaum and commenced trial runs ahead of schedule. This additional capacity will help us deepen our presence in our stronghold markets of Karnataka and Maharashtra. As I couldn't think of a better time to bring this capacity online, we look to commence commercial production ahead of the peak demand season in Q4. Our expectations at Pune and Kadapa are also progressing as planned and are expected to come during financial year '28, taking our total capacity to around 67 million tons. The Central India story is another exciting one, which is unfolding. Based on our initial integration experience, the assets are in good shape, and our teams are working relentlessly to restart operations and ramp up production as quickly as possible. At Rewa, we have restarted mining operations while both the clinker line and the cement mill are steadily ramping up under trial runs. While Q2 saw some initial teething issues as we continue to build on network and stabilize plant operations, I'm confident that we are on track to achieve a 35% to 40% utilization of these assets by end of financial year '27. Another area I would like to touch upon is our sales strategy. While East and Northeast markets remained subdued during the quarter due to severe floods and heavy rainfall, we saw healthy momentum in both South and West markets with growth approaching double digits. Our focus on strengthening our brand position remains equally strong. Premium product share continues to increase, and we expect this trend to deepen over coming quarters as we continue to drive this initiative of premiumization. Our recently launched premium offering, Weather365, has received an exceptional response from the market, prompting us to accelerate its rollout into newer markets. Let me briefly touch upon the current operating scenario. Elevated crude oil prices and rising input costs have been testing the resilience of the entire industry. With crude prices remaining above $100 a barrel and maritime disruptions continuing, international petcoke prices has surged to about over $180 per ton. Against this backdrop, I believe we have managed the impact reasonably well through fuel mix optimization, better planning and several other initiatives. In the first half of the year, we have seen war-related impact of around INR220 per ton on variable cost with additional pressures from key input materials such as packing bags, adding another INR100 per ton. Page 3 of 20 Dalmia Bharat Limited. October 26, 2026 While pricing in Q1 helped us absorb some of these cost pressures, the environment was relatively challenging in Q2 in a few k [Showing first 8,000 characters — download PDF for full document]