Transcript of the Conference Call held on Friday, 31st July, 2026, relating to Financial Results of the Company for the quarter ended 30th June, 2026.

SCL/SE/2026-27/ 6th August, 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 31st July, 2026 relating to the Financial Results of the Company for Quarter ended on 30th June, 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 Q1 FY27 Earnings Conference Call” July 31, 2026 MANAGEMENT: MR. ASHOK BHANDARI – SENIOR ADVISOR – 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 17 Shree Cement Limited July 31, 2026 Moderator: Ladies and gentlemen, good day and welcome to Shree Cement Limited Q1 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 this 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, sir. Navin Sahadeo: Thank you, Palak. Good evening, everyone. On behalf of ICICI Securities, I welcome you all to the Q1 FY27 earnings call of Shree Cement. From the management, we have with us Mr. Ashok Bhandari, Mr. Subhash Jajoo, Mr. S.S. Khandelwal, and Mr. K.K. Jain. So, without any further ado, I hand over the floor to Mr. Ashok Bhandari for his opening comments. Over to you, sir. Ashok Bhandari: Thank you, Navin. Good evening, everybody. Before we start the actual Q&A, I just want to make two specific points. Point number one is that I had been pointing out to you guys that –- time has probably come when we should look at consolidated numbers instead of standalone. This quarter, almost 10% of the turnover has been contributed by my overseas subsidiary and a 100% subsidiary in India, and the standalone number is about 88%, 89% only. All these are cement businesses, so we would like to request everybody to start looking at the consolidated results and not standalone results. Going forward, I sincerely believe that due to doubling of capacity at Ras Al Khaimah in UAE, which should be up stream by third quarter FY '26-'27 and due to increasing penetration into Eastern market, the Shree Cement East performance should also improve. And going forward, in not-too-distant future, probably the standalone Shree Cement should constitute about 75% to 80% of total revenue, and the other constituents will have 20%, 25% of revenue. So, to have a more transparent and clearer picture on how we are faring in our grey cement business, it is better to look at consolidated numbers. This is point number one. The second point is that you have to appreciate what kind of hardships we had to face because of the Middle East war. Three things happened. Number one, the Pet Coke which were contracted for could not reach us, which had to make us shift the fuel from Pet Coke to coal. The percentage of Pet Coke reduced from 54 to 9, whereas coal increased to 81 from 32. Now, the other point is that the contracted gypsum quantity out of Oman could not reach us. Now both had a similar effect. They both adversely affected the cost of production of the company. If Omani gypsum was not available, we had to procure more expensive gypsum of lower quality domestically. If Pet Coke was not available, then we had to go for lower quality coal which was available at a more expensive cost. Because of these two factors, two things happened. The raw material per se went up because the gypsum prices went up. Number two, because of lower quality of coal, our conversion factor, Page 2 of 17 Shree Cement Limited July 31, 2026 means clinker to cement ratio, changed, which increased the component of clinker in my cement. And this is because high ash content coal, when physically and chemically reacts with the liquefied calcium oxide, the absorption of ash increases in clinker. If the clinker has more in situ ash, then I get limited on my conversion factor and I have to reduce the quantum of pozzolanic or other cementitious material. Ipso facto, this both resulted into higher cost of production and also affected my trade sales because if my conversion factor is going low, that means I'm producing more OPC. And the biggest market for OPC is non-trade sales. So on one hand, I had a cost push, on another hand, I had a more quantity to sell in non-trade section. Both resulted into slightly lower realization and relatively higher cost of production. However, let me tell you, this in no way indicates what we intend to do in future. We intend to go back to our old philosophy of keep on increasing the conversion factor, optimizing the cost, and keep on pushing trade sales, number one. Number two, which you have to also bear in mind, that the cement which will be produced and the embedded fuel cost has almost peaked out in our case. The lower cost contracted Pet Coke had not reached, which has started reaching now. It was substituted by higher cost. Instead of riding 1.82 per kcal cost, we almost touched 1.95. And I feel, barring anything untoward happening in the Gulf war, the fuel price have almost peaked out. The PVC prices have started coming down. My packing cost has already started reducing. So though I had in last call said that my cost will peak out in Q2 because of these factors, I think we have almost peaked out in Q1. And if anything untoward doesn't happen in Middle East, this cost should more or less stabilize or rather go down because raw material cost should also come down. Having said this, now I'm opening the floor for question-answer. Moderator: Thank you very much. We will now begin the question-and-answer session. The first question is from the line of Rajesh Ravi from HDFC Securities. Please proceed with your question. Rajesh Ravi: Hi, sir. Good evening. Am I audible? Ashok Bhandari: Yeah, you are very fine, very much audible. Rajesh Ravi: Great, sir. Yeah. Thanks for an opening presentation, quite enlightening. Sir, first on the housekeeping numbers. What was the fuel cost for Q1 blended and trade sales mix? And, you know, the fuel mix you already mentioned. And what was the clinker factor and also cement realization? Ashok Bhandari: Brother, you have asked three or four questions. All three or four points are there in my opening statement. I have said that my fuel cost for the quarter was 1.95 per kcal. I have said that I had to push more of non-trade sale because the conversion factor had come down. Number three, you have asked about realization, I will give it to Mr. Jain who will give you exact realization Page 3 of 17 Shree Cement Limited July 31, 2026 number of trade and non-trade. And number four, you have said that what is the mix of trade and non-trade, that also Mr. Jain can give you. Over to Jain. K.K. Jai [Showing first 8,000 characters — download PDF for full document]