Transcript of Conference call held on 5th November 2026.

JKLC:SECTL:SE:26 9th November 2026 1 BSE Ltd. 2 National Stock Exchange of India Ltd. Department of Corporate Services “Exchange Plaza” Phiroze Jeejeebhoy Towers Bandra-Kurla Complex Dalal Street Bandra (East) Mumbai – 400 001 Mumbai – 400 051 Security Code No. 500380 S y m b o l : JKLAKSHMI, Series : EQ Through: BSE Listing Centre Through: NEAPS Dear Sir/ Madam, Re: Conference Call organized by PhillipCapital (India) Pvt. Ltd. on 5th November 2026 at 4:00 P.M. IST In continuation of our letters dated 23rd October 2026 and 5th November 2026 on the above subject, attached herewith the transcript/minutes of the aforesaid conference call, which is available on the website of the Company and weblink to access the same is https://www.jklakshmicement.com/investor-conference-call/. This is for your information and record. Thanking you and assuring you our best co-operation at all times. Yours faithfully, For JK Lakshmi Cement Limited (Amit Chaurasia) Company Secretary Encl: a.a. “JK Lakshmi Cement Limited Quarter & Half Year Ended 30th September 2026 Conference Call” November 05, 2026 MANAGEMENT: MR. ARUN SHUKLA – PRESIDENT AND DIRECTOR – JK LAKSHMI CEMENT LIMITED MR. SUDHIR BIDKAR – EXECUTIVE DIRECTOR, CORPORATE AFFAIRS AND CHIEF FINANCIAL OFFICER – JK LAKSHMI CEMENT LIMITED MODERATOR: MR. VAIBHAV AGARWAL – PHILLIPCAPITAL (INDIA) PRIVATE LIMITED Page 1 of 15 JK Lakshmi Cement Limited November 05, 2026 Moderator: Ladies and gentlemen, good day and welcome to the earnings conference call for the quarter and half year ended 30th September 2026 for JK Lakshmi Cement Limited, hosted by PhillipCapital (India) Private 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 call, please signal an operator by pressing star then zero on your touch-tone phone. I now hand the conference over to Mr. Vaibhav Agarwal from PhillipCapital. Thank you, and over to you, sir. Vaibhav Agarwal: Thank you, Rayo. Good evening, everyone. On behalf of PhillipCapital (India) Private Limited, we welcome you to the Q2 and H1 FY 2027 call of JK Lakshmi Cement Limited. On the call from JK Lakshmi Cement, we have with us Mr. Arun Shukla, President and Director, and Mr. Sudhir Bidkar, Executive Director, Corporate Affairs and CFO of the company. I would like to mention on behalf of JK Lakshmi 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 relates to future expected business developments by JK Lakshmi Cement's management. Such statements are subject to a number of risks, uncertainties, and other important factors which may cause the actual developments and results to differ materially from any management projections made on this call. JK Lakshmi 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 new business information or future events or otherwise. Also, the participants on the call can download a copy of the Q2 FY 2027 results presentation from the company website. I will now hand over the floor to the management of JK Lakshmi Cement for their opening remarks, which will be followed by interactive Q&A. Thank you, and over to you, sir. Arun Shukla: Yes, thanks, Vaibhav. Good afternoon. Good afternoon, everyone, to this call of JK Lakshmi Cement quarter two and H1 2026-27. We have already uploaded the presentation over the website, and perhaps all of you are having that presentation with you. But before that, I just want to give some context of this call. JK Lakshmi Cement operates in geographies of north, west, and part of east. July-September quarter two typically is impacted by cyclicity, and in our geography, particularly like Gujarat and Chhattisgarh, typically they receive much more rain than other part of India. So, yes, Chhattisgarh was particularly inundated because of rains, heavy rains during July-September. And same was with coastal part of Gujarat, which is south part of Gujarat. Cost, I think all of you are aware that all of us are reeling through cost, increase in cost on account of fuel, particularly coal, petcoke. Page 2 of 15 JK Lakshmi Cement Limited November 05, 2026 And also, during this July-September, we take shutdowns because we plan our shutdowns in a way that coincides with low demand months. That is what we have done, and that also impacts our cost, right? Though we try to mitigate cost increase by changing our fuel mix in our integrated plant of north, but still the kind of cost increase which has happened, industry has not been able to pass it on to customers. The reason was, of course, I think we were through low demand months of July and September. September, the latter part of it, and October, now we see that demand is improving and prices are also moving upward. This is just I wanted to give you context of this call with respect to JK Lakshmi Cement. All other details are there in the presentation. You can go through that, and any questions you may have, you can ask. All of us are here to respond to those questions to the best of our capabilities. Thank you. Moderator: Thank you very much. We will now begin the question-and-answer session. The first question is from Amit Murarka from Axis Capital. Please go ahead. Amit Murarka: Hi. Thanks for the opportunity. Thanks for the opening comments. While it is appreciated that the second quarter is generally a seasonally weak quarter, but essentially it is also in the context of relatively weak performance that we have been seeing in the last few quarters. In that sense, the EBITDA per ton going down to ballpark like 510-520 per ton in the quarter, I mean, still seems honestly a little weak in the context of even the weak 2Q seasonally. Just wanted to understand, and on top of that, there is further cost inflation that is impacting the sector. In that context, just two things. Firstly, what is your fuel cost outlook for third quarter and fourth quarter? How much more inflation are you expecting? And secondly, what is your expectation of NSRs, again, in the context of the recent price hikes as well as your geographical mix as well? Yes. I'll just start with that, then I have a few more. Arun Shukla: Yes, thanks, Amit, for asking these questions. Yes, of course, I think industry has been through this cost pressure because of fuel, and same goes with us as well. Now, if you look at our fuel costs for Q2 was INR1.82 per 1,000 kcal, which has moved up from INR1.54. You can understand the kind of increase which we had. With respect to Q3, we see that this is going to touch INR2 or even little more than INR2 per 1,000 kcal. This is what we see Q3. Q4, I think is very difficult to kind of give any projection because things are so uncertain and volatile that it's very difficult to kind of forecast. But still, I see if this kind of situation we are in, if that persists, then this may go up to about INR2.15, INR2.2 even, right? So, Q3, we see around INR2, and Q4 around INR2.15-INR2.2 if situation is going to persist like this. Though we have taken a lot of steps in terms of changing the fuel mix, particularly in our North Plant subsidiary and Udaipur, but there also there is a limitation because you know that pyro process, there is something ash content and sulfur and things like that, right? So, there is a limit also to what extent we can use domestic coal, but we have tried quite a bit, and we have got some benefit out of that. But the challenge is now Indian coal or domestic coal Page 3 of 15 JK Lakshmi Cement Limited November 05, 2026 also is, prices are increasing like anything. If you have seen the recent auction, I think the auction price has been more than 200%, right? So, domestic coal also is ge [Showing first 8,000 characters — download PDF for full document]