Analysts/Institutional Investor Meet/Con. Call Updates

August 03, 2026 National Stock Exchange of India Limited BSE Limited Scrip Symbol: ACC Scrip Code: 500410 Subject: Transcript of Earning Call pertaining to the Unaudited Financial Results of the Company for the Quarter ended on June 30, 2026. Dear Sir/ Madam, Further to our letter dated July 14, 2026, regarding Analyst / Institutional call scheduled on July 28, 2026, please note that the transcript of the earnings conference call on the unaudited financial results (Standalone & Consolidated) for the quarter ended on June 30, 2026, is uploaded on the website of the Company at www.acclimited.com. The said transcript is also attached herewith. The Web link to access above transcript is as under – Earnings Conference Call | Transcript Kindly take the above on your records. Thanking you, Yours Sincerely, For, ACC Limited Bhavik Paresh Parikh Company Secretary & Compliance Officer Membership No.: A40719 Encl: As above ACC Limited Registered Office: Adani Corporate House Shantigram, Near Vaishnodevi Circle, S. G. Highway, Khodiyar, Ahmedabad – 382 421, Gujarat, India Ph +91 79-2656 5555 E mail: acc-investorsupport@adani.com www.acclimited.com CIN: L26940GJ1936PLC149771 “Ambuja Cements Limited Q1 FY27 Earnings Conference Call” July 28, 2026 MANAGEMENT: MR. KARAN ADANI – DIRECTOR – AMBUJA CEMENTS LIMITED MR. VINOD BAHETY – CHIEF EXECUTIVE OFFICER – AMBUJA CEMENTS LIMITED MR. ROHIT SONI – CHIEF FINANCIAL OFFICER – AMBUJA CEMENTS LIMITED MR. DEEPAK BALWANI – HEAD INVESTOR RELATIONS – AMBUJA CEMENTS LIMITED MODERATOR: MR. JASHANDEEP CHADHA – NOMURA Page 1 of 33 Ambuja Cements Limited July 28, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Ambuja Cements Limited Q1 FY27 Earnings Conference Call, hosted by Nomura. As a reminder, all participant lines will remain 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 the operator by pressing star then zero on your touchtone telephone. Please note that this conference is being recorded. I will now hand the conference over to Mr. Jashandeep Chadha from Nomura for opening remarks. Thank you, and over to you. Jashandeep Chadha: Thank you, everyone. Without much delay, I will transfer the call to Mr. Deepak Balwani, Head of Investor Relations. Mr. Deepak, over to you. Deepak Balwani: Yes. Thank you, Jashandeep. On behalf of Ambuja Cements, it is my pleasure to welcome all participants to our earnings call for Q1, FY’27. Ambuja Cement is the ninth largest cement company globally, a key part of diversified Adani Portfolio, the country's fastest-growing portfolio of sustainable businesses. Before we begin, I would like to remind everyone that today's discussion may contain certain forward-looking statements based on our current expectations and assumptions. These statements are subject to various risks and uncertainties, and actual results may vary materially. At Ambuja, we remain committed to enhancing transparency, strengthening disclosures and continuously elevating our capital market communication standards in line with the global best practices. We are pleased to have with us today Mr. Karan Adani, Director; Mr. Vinod Bahety, Chief Executive Officer; and Mr. Rohit Soni, Chief Financial Officer. With that, I would now like to invite Mr. Vinod Bahety to share his perspective on the quarterly performance and the company's strategic outlook. Vinod Bahety: Thank you, Deepak. Thanks, Jashandeep. Good afternoon, everyone, and thank you for joining us. We have started our financial year '27 with a disciplined and sustainable performance reflecting the continued execution of our strategy despite a challenging operating environment. The quarter was characterized by stable cement demand, supported by infrastructure, housing and construction activity, while profitability across the industry remained under pressure from the higher imported fuel prices, elevated freight costs and geopolitical developments in West Asia. Against this backdrop, Ambuja Cements delivered stronger profitability, improved operating efficiency and continued strategic execution. Our strategy remains clear and consistent, creating sustainable value ahead of volume. We used this as an opportunity to perform scheduled maintenance for almost 12% of our kilns, absorbing additional cost of INR 50 per metric ton this quarter, while we built up clinker inventory of 1 month and coal inventory of around 3 months, giving us a competitive edge in second quarter. We continue to execute against the 4 strategic priorities that will define the next phase of our growth. First, profitable growth. Our focus remains firmly on value creation. We continue to Page 2 of 33 Ambuja Cements Limited July 28, 2026 improve the quality of our revenue through a higher share of trade sales, increasing premiumization, discipline in pricing, market-specific commercial strategies. Trade sales share has actually improved from 74% to now 78% of our overall sales. Our premium strategy continues to gain traction with premium products comprising 34% of our trade sales. Cluster-wise, if I were to highlight, North continued with its leadership in terms of giving highest EBITDA in my books. We grew 2% of our trade volumes Y-on-Y in North, while we had a much sharper reduction in the lower-margin non-trade volumes. Central cluster, it remained a stronger market for us with higher proportion of premium cement, enabling higher EBITDA margins, and we improved our share of blended cement in this cluster. So far as West is concerned, it's well balanced between trade and non-trade since the key markets of Mumbai, Gujarat are stronger on higher margins of non-trade volumes. We have grown positively both in terms of trade as well as non-trade in West. East is concerned, we have sustained on the trade volumes, and we maintained healthy EBITDA margins. So far as South is concerned, we have consciously reduced our lower margin volumes, while we continue to increase our channel network and focus on trade volumes as we move on the coming quarters. In all, we have a 2% negative Y-o-Y growth on the trade and a 21% Y-o-Y negative growth on non-trade. The second on the track in terms of our 4 strategic priorities, I would highlight is the structural cost leadership. Operational excellence continues to strengthen our competitive advantage. During the quarter, our clinker factor improved by approximately 3% to now 64%, while share of blended cement increased 85%, improving both profitability and sustainability. Net operating cost reduced to INR4,241 per metric ton, a reduction of INR 206 PMT from the previous quarter. Thus, it puts us firmly in terms of our guidance to achieve INR 4,250 per ton for this financial year. Importantly, these gains were achieved despite the inflationary pressures. Productivity initiatives enabled us to maintain manpower cost at INR222 PMT while optimization of our manufacturing footprint reduced the primary lead distance by 20 kilometers, lowering our logistics cost by another INR10 per metric ton. Across the value chain, we continue to build structural advantages through raw material optimization, higher renewable energy utilization, better use of domestic fuels, enhanced capacity, enhanced captive coal integration, improved kiln efficiency, logistics optimization and expanded rail infra. Our RE power capacity is now at 973 megawatts, up almost 500 megawatts over past 1 year. WHRS capacity stands at 228 megawatts, and this has helped us to reduce our unit of power cost from INR5.9 per kWH to almost INR4.9. So by INR1, actually, it has come down with these improvements. This is in line with our earlier guidance. Our cost transformation journey for this year remains firmly on track, as I mentioned earlier, supported by a series of structural efficiency initiatives. One of them, for example, reduction in the lead distance, we are expecting a [Showing first 8,000 characters — download PDF for full document]