Analysts/Institutional Investor Meet/Con. Call Updates

File No: 1010/02 July 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 Q1 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 Q1 FY27 Earnings Conference Call held on July 24, 2026 for the quarter ended June 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 June 2026 Earnings Conference Call” July 24, 2026 MANAGEMENT: MR. PUNEET DALMIA – MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER – DALMIA BHARAT LIMITED MR. DHARMENDER TUTEJA – CHIEF FINANCIAL OFFICER – DALMIA BHARAT LIMITED MR. YATIN MALHOTRA – CHIEF FINANCIAL OFFICER – DALMIA CEMENT (BHARAT) LIMITED MR. PRASSAN GOYAL – HEAD, INVESTOR RELATIONS – DALMIA BHARAT LIMITED Page 1 of 20 Dalmia Bharat Limited. July 24, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Earnings Conference Call of Dalmia Bharat Limited for the Quarter Ended 30th June 2026. Please note that this conference call will be for 60 minutes and for the duration of this call all participant lines will be in the listen-only mode. This conference call is being recorded and the transcript will be put on the website of the company. After the management discussion, there is an opportunity for you to ask questions. Should anyone need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. As a reminder, all participant lines will be in the listen-only mode. 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. On the call, we have with us Mr. Puneet Dalmia, Managing Director and CEO, Dalmia Bharat Limited; Mr. Dharmender Tuteja, CFO, Dalmia Bharat Limited; Mr. Yatin Malhotra, CFO, Dalmia Cement Bharat Limited; and the other management of the company. I would now like to hand the conference over to Mr. Prassan Goyal, Head of Investor Relations. Thank you, and over to you, Mr. Goyal. Prassan Goyal: Thank you, Michelle. Good evening, everyone, and thank you for joining us today. I hope you had an opportunity to look at our financial results and the presentations we have uploaded. Let me now hand over the call to Mr. Dalmia for his opening remarks. Thank you. Puneet Dalmia: Thank you, Prassan. Good evening, everyone. When we last spoke, the global economy was navigating an increasingly uncertain economic environment marked by supply chain disruptions, heightened commodity price volatility and rapid technological shift. Since then, those uncertainties have not only persisted, but in many ways, have become the new normal. Yet India remains one of the fastest-growing major economies globally with an RBI growth projection at 6.6% for financial year '27. Despite maritime disruptions, industrial production and exports have performed well. GST collections reached an all-time high of INR6.3 lac crores in Q1 FY27, underpinning strong domestic consumption. Public capex remains another key pillar supporting economic growth. Page 2 of 20 Dalmia Bharat Limited. July 24, 2026 Capital spending in the first 2 months inched up to 21% of the annual budgeted outlay, reflecting government's commitment to infrastructure development and long-term capacity creation. Inflation has largely stayed within the RBI's comfort range, but uncertainties surrounding the progress of monsoon due to potential effect of El Nino continues to warrant close monitoring. These factors may create short-term fluctuations, but do not alter the structural growth drivers of the Indian economy. In this backdrop, I believe the cement demand will also grow at a healthy rate of 7% in this financial year. Zooming into the first quarter, cement demand was stronger than most of us were expecting. For Dalmia, however, the quarter was somewhat distinctive as several of our key markets underwent state elections. Such periods typically result in a temporary moderation in construction activity with project execution slowing during the election cycle. Despite these market-specific challenges, we have delivered a robust volume growth of 9% on a Y-o-Y basis. More importantly, this growth was accompanied by a marked improvement in the quality of our sales, and the share of premium products in our portfolio has moved to a healthy number of 25%. During the quarter, we also introduced Weather365, our premium-plus offering, which has received an encouraging response from customers. I believe this launch will further strengthen our premiumization journey and enhance the quality of our revenue over time. This quarter was undoubtedly influenced by elevated input costs, yet I'm pleased with the progress we made through disciplined pricing and decisive cost management. Pet coke prices surged to nearly $160 per ton before moderating to between $130 and $135 per ton, well above the pre-war levels of $110 to $115 per ton. In response, we intensified our efforts across procurement and operations through better planning and inventory management, diversification of sourcing and optimization of our fuel mix. Collectively, these initiatives generated savings of more than INR150 per ton during the quarter. At the same time, healthy price increases of about INR10 to INR15 in South and INR15 to INR20 in East markets enabled us to pass on a significant portion of the input cost inflation. As a result, EBITDA per ton improved sequentially to INR1,055. As we consolidate our brand position and cost leadership through consistent and meaningful initiatives, I'm confident that we will continue to deliver profitable growth in the quarters ahead. Now shifting gears to our capacity expansion plans. I'm particularly excited with the addition of Jaypee Cement assets to our portfolio. This acquisition brings 5.2 million tons of cement capacity, supported by 3.3 million tons of clinker capacity in the strategically important Central India region. This asset also offers meaningful opportunity for debottlenecking and brownfield expansions. It is a great strategic fit for Dalmia, as it strengthens our presence in a key growth market and marks another important step in our journey towards becoming a truly pan-India company. Page 3 of 20 Dalmia Bharat Limited. July 24, 2026 I'm equally encouraged by the speed and efficiency of the integration. We commenced operations at the Chunar Grinding Unit and started trial production run at Rewa clinker unit in just 50 days of completing the acquisition, a testament to the quality of our execution. Dalmia has already established a strong brand presence in the region with the continuous seeding of markets since the past couple of years. This positions us well to deepen our market penetration and unlock the full potential of these assets in the coming quarters. With this acquisition, along with our ongoing expansion projects at Belgaum, Kadapa and Pune, our cement capacity will reach about 67 million tons by quarter 3 of financial year '28. We are working on some more projects, which will be announced in due course. Before I conclude, I would like to say th [Showing first 8,000 characters — download PDF for full document]