Analysts/Institutional Investor Meet/Con. Call Updates

SCL/SE/2026-27/ 29th October, 2026 National Stock Exchange of India Limited, BSE Limited Exchange Plaza, Phiroze Jeejeebhoy Towers, Bandra – Kurla Complex, Bandra (East) Dalal Street, MUMBAI – 400 051 MUMBAI – 400 001 SCRIP CODE: SHREECEM EQ SCRIP CODE 500387 Debt Segment NCD ISIN: INE070A07061 Debt Segment NCD ISIN: INE070A07061 Sub: - Transcript of the Conference call Dear Sir/Madam, Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the transcript of the Conference Call held on 23rd October, 2026 relating to the Financial Results of the Company for Quarter ended on 30th September, 2026 is attached. Kindly take the same on record. Thank you, Yours faithfully, For SHREE CEMENT LIMITED (S.S. KHANDELWAL) COMPANY SECRETARY Shree Cement Limited Corporate office: DLF Epitome, Building No. 5, Tower B, 9th Floor, DLF Cyber City, Gurugram, Haryana - 122002 Tel.: +91-124-4699200 I www.shreecement.com I CIN: L26943RJ1979PLC001935 Registered Office: Bangur Nagar, Beawar, Rajasthan -305901 I Tel.: 01462-228101-06 I shreebwr@shreecement.com Group Corporate Office: 21 Strand Road, Kolkata, West Bengal - 700001 “Shree Cement Limited Q2 FY27 Earnings Conference Call” October 23, 2026 MANAGEMENT: MR. NEERAJ AKHOURY – MANAGING DIRECTOR – SHREE CEMENT LIMITED MR. SUBHASH JAJOO – CHIEF FINANCE OFFICER – SHREE CEMENT LIMITED MR. S. S. KHANDELWAL – COMPANY SECRETARY – SHREE CEMENT LIMITED MR. K.K. JAIN – JOINT PRESIDENT FINANCE & ACCOUNTS – SHREE CEMENT LIMITED MODERATOR: MR. NAVIN SAHADEO – ICICI SECURITIES Page 1 of 16 Shree Cement Limited October 23, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Shree Cement Limited Q2 FY27 Earnings Conference Call hosted by ICICI Securities 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. Please note that this conference is being recorded. I now hand the conference over to Mr. Navin Sahadeo from ICICI Securities Limited. Thank you, and over to you, Mr. Sahadeo.. Navin Sahadeo: Yes, can you hear me? Moderator: Yes, sir, we can hear you. Navin Sahadeo: Yes. So this is Navin here. Good evening, everyone. On behalf of ICICI Securities, I welcome you all to the Q2 FY27 Earnings Call of Shree Cement Limited. On the call from the management, we have with us Mr. Neeraj Akhoury, Managing Director; Mr. Subhash Jajoo, CFO; Mr. Khandelwal, Company Secretary; and also Mr. Jain, Joint President, Finance. So without any further ado, I hand over the call to the management for their opening comments. Over to you, sir. Neeraj Akhoury: Thank you, Navin. Good afternoon, ladies and gentlemen, and welcome to Shree Cement Limited's Earnings Call for the quarter ended 30th September '26. Before we begin, I want all of us to remember Mr. Ashok Bhandari, our Special Advisor, he passed away suddenly 2 days after our Q1 results call. Many of you know him from these calls. He earned the trust of the investor community. During his tenure, the market cap of Shree Cement grew significantly. At work, I will still remember him as a person who was firm and direct with people. He was warm and cared. His passing is real loss for Shree Cement and for everyone who worked with him. We will miss him. We miss him every time. Our condolences are with his family. May his soul rest in peace. Going into our quarterly performance. The second quarter is usually a softer quarter for the cement industry. This year, it was also affected by the conflict in West Asia and by a weak monsoon in most regions. East was an exception. Against this backdrop, our focus on volumes continued to deliver results. India sales volumes increased by approximately 18% year-on-year from 7.91 million tons to 9.31 million tons. Realizations improved marginally by 1% from INR4,840 per ton to INR4,870 per ton. Consol EBITDA rose by about 4% from INR974 crores to INR1,016 crores. However, consolidated EBITDA per ton declined to INR966 from INR1,055 a year ago, primarily due to a higher fuel cost. Page 2 of 16 Shree Cement Limited October 23, 2026 Consol sales volumes also grew by about 14% from 9.23 million tons to 10.52 million tonnes. This improvement in volumes was also supported by better capacity utilization in our India operations, which increased to 56% compared to 52% in the corresponding quarter last year. On a sequential basis, against the first quarter, the numbers are lower, which is what the season usually brings. India volume fell 11% from 10.49 million tons to 9.31 million tonnes. Realization was 1% lower at INR4,870 against INR4,919. Consol EBITDA declined from INR1,272 crores to INR1,016 crores, while EBITDA per ton moved to INR966 from INR1,111. Consol sales volumes were down by 8% from 11.45 million tons to 10.52 million tons. Our capacity expansion program continues to progress. In September '26, Union Cement Company, our step-down subsidiary in the United Arab Emirates, commissioned a new cement mill with an annual capacity of 3 million tonnes. This takes its total cement production capacity to 7 million tons per annum. In India, work is progressing on our greenfield integrated plant in Meghalaya, which is expected to be commissioned in the quarter ending 31st March 2028. We continue to evaluate and pursue strategic expansion opportunities across our markets with a focus on building capacity and delivering our long-term growth objectives. A few words on ready-mix concrete business. Our ready-mix concrete business continues to grow and has continued to grow in the last quarter also. The commercial network is now 28 plants with captive units, the total is 35 plants. The plants which have been running longer, did quite well, and the new ones are ramping up. Volume rose 153% year-on-year to 2.73 lakh cubic meter. Revenue rose 182% to INR129 crores. The business stayed EBITDA positive. As each plant fills up, its fixed cost is spread over more cubic meters, and that shows in the numbers. We have said for some years that ready-mix is where cement in India is heading. This quarter is a small step in that direction. As you all know, sustainability remains an integral part of our operating strategy. In Q2 FY27, green electricity accounted for 65.2% of total electricity consumption, including our wholly owned subsidiaries in India. I believe these are amongst one of the highest levels in the Indian cement industry, if not the global cement industry. Our green power generation capacity currently stands at 667 megawatts, including our wholly owned subsidiary in India, and we are progressing additional projects to further increase the share of green power in our energy mix. For us, saving energy and saving cost are the same work. Every unit of green power we add makes per ton cleaner and not only cheaper to produce. All our manufacturing locations operate on a zero liquid discharge basis, treating, recycling and reusing 100% of the wastewater generated by our operations. These initiatives helped us to achieve a water quality index of more than 8x in FY26. We remain committed to sustaining and improving this performance in the current financial year. Page 3 of 16 Shree Cement Limited October 23, 2026 October month is also the month of our great leader, Mahatma Gandhi, who very aptly said, "To destroy something is easy, to build requires great skill and care." This thought resonates strongly with our business; building a sustainable enterprise requires the same discipline and care, not only in the quality of our product, but also in how we serve our customers, invest for the future and contribute to nation building. In terms of the outlook, India economy remains supportive. Infrastructure investment, urbanization and stable macroeconomic conditions are all helping. A weak mons [Showing first 8,000 characters — download PDF for full document]