Analysts/Institutional Investor Meet/Con. Call Updates

Ref. No.: Sec/120/2026-27 October 29, 2026 BSE Limited The National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Dalal Exchange Plaza, C-1, Block G, Street, Fort, Mumbai – 400 001 Bandra Kurla Complex, Bandra (East), Scrip Code: 543334 Mumbai – 400 051 Scrip ID: NUVOCO Trading Symbol: NUVOCO Dear Sir/Madam, Sub: Transcript of Investor and Analyst Conference Call on the Unaudited Standalone and Consolidated Financial Results of the Company for the quarter and half year ended September 30, 2026 Further to our letter no. Sec/109/2026-27 dated October 9, 2026, letter no. Sec/116/2026-27 dated October 22, 2026 and letter no. Sec/117/2026-27 dated October 23, 2026, please find enclosed the transcript of the Investor and Analyst Conference Call held on Friday, October 23, 2026 on the Unaudited Standalone and Consolidated Financial Results of the Company for the quarter and half year ended September 30, 2026. The same is also being made available on the Company’s website at www.nuvoco.com. We request you to take the above on record. Thanking you, Yours faithfully, For Nuvoco Vistas Corporation Limited Shruta Sanghavi SVP and Company Secretary Encl: a/a Nuvoco Vistas Corp. Ltd. Registered Office: Equinox Business Park, Tower-3, East Wing, 4th Floor, Off. Bandra Kurla Complex, LBS Road, Kurla (West), Mumbai-400070 Tel: +91 (0) 22 67692500 / +91 (0) 22 67692525 | Fax: +91 (0) 22 67692572 | website: www.nuvoco.com | CIN- L26940MH1999PLC118229 “Nuvoco Vistas Corporation Limited Q2 FY27 Earnings Conference Call” October 23, 2026 MANAGEMENT: MR. JAYAKUMAR KRISHNASWAMY – MANAGING DIRECTOR – NUVOCO VISTAS CORPORATION LIMITED MR. MANEESH AGARWAL – CHIEF FINANCIAL OFFICER – NUVOCO VISTAS CORPORATION LIMITED MR. BISHNU SHARMA – HEAD OF INVESTOR RELATIONS – NUVOCO VISTAS CORPORATION LIMITED Page 1 of 16 Nuvoco Vistas Corporation Limited October 23, 2026 Moderator: Good day, and welcome to the Q2 FY27 Earnings Conference Call hosted by Nuvoco Vistas Corporation Limited. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star, then zero on your touchtone phone. I now hand the conference over to Mr. Bishnu Sharma, Head of Investor Relations from Nuvoco. Thank you, and over to you. Bishnu Sharma: Thank you, Yashashri. Good afternoon, everyone and a warm welcome to the Nuvoco Vistas earnings conference call for the quarter ended September 30th, 2026. Before we begin, just wanted to state what we have achieved over the past decade. So, this year, we have completed 10 years in the cement business. What began in 2014 with a single manufacturing operation at Nimbol with a 2.3 million tons of cement capacity has evolved into a diversified building materials company spanning cement, ready-mix concrete, and modern building materials. October 2016 marked a defining inflection point with the completion of the acquisition of Lafarge. This was followed by the acquisition of Emami Cement in 2020 during the COVID-19 period, which also opened a new phase of growth. The growth agenda was further strengthened with the acquisition of Vadraj Cement Limited. Today, Nuvoco has a diversified manufacturing presence across the East, North and West and is well-positioned to reach 35 million tons of cement capacity by FY28, representing nearly 15- times growth over the past decade. The journey reflects the commitment of our teams and continued trust of our customers, channel partners and shareholders. Looking ahead, the journey continues and we have multiple options for growth, including expansion at Gulbarga and in the North. At the same time, we continue to build up strategic limestone resources, which will give us the raw material security to support sustained growth over the long term. Before we open the floor for questions, I'd like to take you through the key developments of the quarter and how the business performed. Let me begin with the operating environment, which was challenging. The Middle East conflict which towards the end of Q1 and the beginning of Q2 appeared to be settling, escalated once again. This led to a sharp jump in the input prices, including petcoke, coal, granules, gypsum, etc. Petcoke prices, in particular, surpassed the previous peaks we witnessed between March and April. The pressure was not limited to the global front. Domestically, intense and erratic rainfall, especially in the East, brought thermal coal inventories at several power plants across the country to critical levels. As a result, coal supply was prioritized for the power sector. A consequence of Page 2 of 16 Nuvoco Vistas Corporation Limited October 23, 2026 this was also reduced rake availability, which disrupted the supply chain and also led to the surge in domestic prices of e-auction coal. A brief trend of this is also being presented in our investor presentation. On the demand side, all-India cement demand grew during the quarter, but regional trends varied. The monsoon disrupted construction activity, particularly in the East, while regions with relatively lower rainfall saw better demand. On the other hand, prices did not improve in line with expectations. In short, it was a challenging quarter. Despite these macro challenges, the company delivered a resilient performance. Volume grew by 9% YoY. Revenue grew by approximately 14% and EBITDA grew by 11% on a YoY basis. Our strategic levers of premiumization and geo-mix supported this performance. Premiumization reached a historic high of 45%, whereas trade mix remained at 75%. On the project progress on Vadraj Cement Limited, the 2 million tons grinding unit at Limla cement plant in Surat was commissioned during the quarter. The addition not only strengthens Nuvoco's manufacturing and distribution presence in Western India but will enable the company to release much-needed capacity at Rajasthan plant for the northern market. At Kutch, project activities are progressing as planned, with phased operationalization planned from Q3 FY27. The construction of bulk cement terminal at Viramgam, Sachana, which will be equipped with a dedicated railway siding, is also on track. It will serve as a strategic distribution hub to deepen Nuvoco's presence and expand its reach across the Gujarat market. During the quarter, the company also executed agreement with CleanMax for a 46.4-megawatt wind-solar hybrid renewable energy project in Rajasthan. Once operational, the project is expected to generate approximately 100 million units of renewable electricity annually and deliver long-term cost certainty by reducing dependence on conventional power sources, thereby strengthening the company's energy mix and improving long-term cost efficiency across the Rajasthan operations. As we enter the upcoming quarters, we expect demand to remain healthy as monsoon conditions have receded in most regions. The company remains focused on delivering growth, and we'll continue to be watchful of the geopolitical developments. With that, I'd like to open the floor for questions. Operator, please go ahead. Moderator: Thank you very much. We will now begin the question-and-answer session. We'll take our first question from the line of Navin Sahadeo from ICICI Securities. Please go ahead. Navin Sahadeo: Yes. Good afternoon, everyone, and thank you for the opportunity. So, I had two questions, but they are more on the cost front. So, I'm referring to your Slide number 11, wherein we are highlighting petcoke prices going up to almost $187 and more importantly, the premiums in Coal India across all the subsidiaries more than doubling or going much higher in some cases. Page 3 of 16 Nuvoco Vistas Corporation Limited October 23, 2026 So, my first question is, what was our average fuel cost in Q2? I believe in Q1, we were given a number of 1.52. So, against that, what was the co [Showing first 8,000 characters — download PDF for full document]