Analysts/Institutional Investor Meet/Con. Call Updates

Cement Limited JSW Centre Opp. MMRDA Ground, Bandra Kurla Complex, Bandra (East), Mumbai ­ 400 051. Tel : +91­22­4286 1000 Fax : 26502001 Website : www.jswcement.in CIN :– L26957MH2006PLC160839 Date: 02.11.2026 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, C‑1, Block G, Dalal Street, Fort, Bandra Kurla Complex, Bandra (E), Mumbai 400 001, Mumbai ‑ 400 051 Maharashtra, India Maharashtra, India Scrip Code: 544480 Symbol: JSWCEMENT Sub.: Results Conference Call – Transcript Ref.: Regulation 30 and 46 and other applicable provisions of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. Dear Sir/Madam, This is further to the intimations done by the Company on 19th October, 2026 with respect to the Result Conference Call hosted by the Management of our Company on Wednesday, 28th October, 2026 at 10:30 a.m. (Indian Standard Time) to discuss the Unaudited Standalone and Consolidated Financial Results of the Company for the quarter and half year ended 30th September, 2026. Please find enclosed herewith the transcript of the aforesaid results conference call and the same has been uploaded on our website at https://www.jswcement.in/financial‑ results‑data.php. Kindly take the same on record. Thanking you, For and on behalf of JSW Cement Limited Sneha Bindra Company Secretary and Compliance Officer “JSW Cement Limited Q2 & H1 FY27 Results Conference Call” October 28, 2026 MANAGEMENT: MR. NILESH NARWEKAR – CHIEF EXECUTIVE OFFICER MR. NARINDER SINGH KAHLON – DIRECTOR FINANCE AND COMMERCIAL AND CHIEF FINANCIAL OFFICER MR. HITENDRA JARIWALA – CHIEF MARKETING OFFICER MR. KUNAL MUKHERJEE – HEAD, INVESTOR RELATIONS MODERATOR: MR. VAIBHAV AGARWAL – PHILLIPCAPITAL INDIA PRIVATE LIMITED Page 1 of 16 JSW Cement Limited October 28, 2026 Moderator: Ladies and gentlemen, good day, and welcome to JSW Cement's Earnings Conference Call for the Quarter and Half Year Ended 30th September 2026. 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 he conference over to Mr. Vaibhav Agarwal from PhillipCapital. Thank you, and over to you, Mr. Agarwal. Vaibhav Agarwal: Thank you, Renju. Good morning, everyone. On behalf of PhillipCapital (India) Private Limited, we welcome you to the Q2 and H1 FY27 call of JSW Cement Limited. On the call, from JSW Cement, we have with us Mr. Nilesh Narwekar, Chief Executive Officer; Mr. Narinder Singh Kahlon, Director of Finance and Commercial and Chief Financial Officer; Mr. Hitendra Jariwala, Chief Marketing Officer; and Mr. Kunal Mukherjee, Head of Investor Relations. I would like to mention on behalf of JSW Cement Limited and its management that certain statements that may be made or discussed on this conference call may be forward-looking statements based on current management expectations and also something that relate to future expected business development by JSW Cement's management. Such statements are subject to a number of risks. The actual developments and results could differ materially from any management projections made on this call. JSW Cement Limited and the management of the company assumes no obligation to publicly update or alter these forward-looking statements, whether as a result of any new business development information or future events or otherwise. Also, participants can download a copy of JSW Cement's Q2 FY27 results presentation from the company website or stock exchanges. I will now hand over the floor to the management of JSW Cement for their opening remarks, which will be followed by interactive Q&A. Thank you, and over to you, sir. Kunal Mukherjee: Thank you, Vaibhav. Good morning to all, and we welcome you to the Q2 FY27 earnings call of JSW Cement. We have uploaded the results and investor presentation last night, and I hope you've been able to review these. With this, I will hand over the call to Mr. Nilesh Narwekar for his opening remarks. Nilesh Narwekar: Thank you, Kunal, and good morning to all. Quarter 2 FY27 has seen a challenging external environment, marked by geopolitical uncertainties arising from the ongoing West Asia crisis and weaker monsoon, which has impacted the broader operating environment. However, the underlying fundamentals of the Indian economy remain resilient, supported by healthy GDP growth, sustained government capital expenditure and infrastructure activity continuing to support cement demand. Page 2 of 16 JSW Cement Limited October 28, 2026 We remain constructive on the demand outlook for the balance of the year, particularly as infrastructure execution and construction activity gather pace. We've seen robust cement demand during the quarter, and this has supported price increases across our markets in September and October. With fuel and other input costs remaining elevated, we expect these price increases to sustain and support the company's margins. I would also like to highlight our continued momentum in the North region. Utilization at this plant has increased to 75% during the quarter. We are also continuing our dealer network expansion, while focusing on product quality, service levels and cost reduction initiatives. Happy to announce that at Nagaur, we have achieved EBITDA breakeven in quarter 2. The additional 1 million ton per annum grinding capacity commissioned in October further strengthens our ability to serve this region, and our costs will continue to reduce over the coming quarters. As I had highlighted in our previous calls, we have received several project approvals on the demand side, which are reflected in the current quarter's numbers for GGBS volumes which has grown by 7% Y-o-Y. The business continues to witness encouraging momentum, driven by growing demand from infrastructure and the RMC sector. Moving to the key operational highlights for quarter 2 FY27. Firstly, on volumes. Our total volume increased very strongly by 26% Y-o-Y to 3.93 million tons, which is among the highest in the industry. Taking this product-wise, cement volumes sold was 2.29 million metric tons, increased by almost 40% Y-o-Y. We saw good momentum in both channel and the B2B segment. Giving the comparative, if I was to exclude the North operations, cement volumes grew by around 13% Y-o-Y. GGBS volumes grew by 7% Y-o-Y, as I already mentioned. I also wanted to touch on realizations as shown in our presentation. Cement realization for quarter 2 FY27 was INR4,781 per ton, an increase of 3% Y-o-Y, but a softening of 3% quarter-on-quarter. We saw a decline in prices across regions in the early part of the quarter. But as I mentioned in my opening remarks, cement prices have increased across zones in September in the latter half and of course, in October. GGBS realizations for quarter 2 FY27 was INR3,749 a ton. We would consider this a normal variation due to mix, and we continue to maintain our strategy of stable pricing. Within cement, trade mix remained stable at 52%. Our clinker-to-cement factor increased to 58% with the ramp-up of North operations, especially as we currently are selling a higher quantity of OPC to maximize our kiln usage. Lead distance increased by 9 kilometers in the quarter to 294 kilometers. Lastly, I would also like to briefly touch on the capacity expansion program. As committed, during quarter 2, we commissioned the waste heat recovery system and the alternate fuel rehandling co-processing system in the Nagaur Integrated Unit. Early this month, we also commissioned the additional 1 MTPA grinding capacity at Nagaur and the overland belt conveyor for transporting limestone from the crusher to our plant. Page 3 of 16 JSW Cement Limited October 28, 2026 These [Showing first 8,000 characters — download PDF for full document]