Transcript of Conference Call.

JKLC:SECTL:SE:26 7th August 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 6th August 2026 at 4:00 P.M. IST In continuation of our letters dated 30th July 2026 and 6th August 2026 on the above subject, attached herewith the transcript/minutes of the aforesaid 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 Ended 30th June Earnings Conference Call 2026” August 06, 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 19 JK Lakshmi Cement Limited August 06, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Earnings Conference Call for the Quarter Ended 30th June 2026 of 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 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. Vaibhav Agarwal from PhillipCapital (India) Private Limited. Thank you, and over to you, sir. Vaibhav Agarwal: Yes, thanks Ryan. Good evening, everyone. On behalf of PhillipCapital (India) Private Limited, we welcome you to the Q1 FY27 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 development, information, or future events or otherwise. Also, the participants of the call can download a copy of the Q1 FY27 Results Presentation from the company website. I will now hand over the floor to – the floor of JK Lakshmi Cement management for their opening remarks, which will be followed by interactive Q&A. Thank you and over to you, sir. Management: Yes, thanks Vaibhav. Good afternoon. Good afternoon to all of you. Thanks for joining this call of JK Lakshmi Cement which we are discussing, going to discuss Quarter 1 results. So, before we take questions, I’ll just give you a brief update, though we have already uploaded our result and also all those -- parameters. Still, I think couple of things which is important to note here. One, of course, I think if you really look at, you know, demand side, Quarter 1 FY27 was reasonably all right, despite having lot of issues externally and one of them was, you know, geopolitical situation which we are in. Despite that, I think demand was better, industry has grown by about 8% or so. Supply side, around 11 million ton has been added, that is what I think information which we have and overall addition is going to be about, you know, 52 million ton as per the estimation which we have with us. Page 2 of 19 JK Lakshmi Cement Limited August 06, 2026 Overall installed capacity of cement in India after 11 million ton addition is about 725 million ton. Capacity utilization last quarter industry level was on an average about 73%, 74%, couple of players higher than that and some of them were lower than that. This is on supply side. If you look at, you know, cost side of it, all of us know that cement industry is being impacted by geopolitical situation which is existing in different parts of the world, and the major being Middle East conflict which is happening. That has disrupted entire supply chain and impact of that is on the import which we do, particularly fuel from outside and coal and pet coke. So, those players who are there in Northern part of India, I think they were dependent more on imported coal and pet coke, so that has impacted our cost part of it. Even, you know, related other products also because of geopolitical situation, be it explosives, chemicals, other things also, prices have gone up. If you look at price side of it, price increase has happened but not to the extent, you know, cost has gone up. Pass-through has happened partially and in our market where we operate, non-trade prices have gone up. Trade largely were kind of, you know, flat, in some of the market even trade also improved a bit. But overall, pass-through has not happened to the extent cost has gone Internally, JK Lakshmi Cement, we have been working on various ways to mitigate this external situation by working on different levers which we have within our control and of course how we can really readjust to the reality of, you know, fuel situation or energy situation which is existing. How we can use, let’s say, a little more of indigenous coal and replace, you know, pet coke which is getting, which was getting imported. And similarly on, you know, renewable energy front, AFR, on logistics front, and even on top- line, you know, elements like volume, premium products, geo mix and all. So, which I have been kind of telling all of you that this is what our focus is. We focus internally and externally wherever we can mitigate with our internal actions, that is what we have been doing in the last quarter as well. So, this is what just a brief, so there's a kind of, you know, uncertainty in terms of cost landscape and particularly on fuel part of it. Now we are through this, you know, cyclicity, so of course I think this is going to be a kind of, you know, double impact this quarter. One is on leverage part of it and second, cost impact which is going to be little more in Quarter 2 than what it was before. So, this is what is there from my end as of now. Now this is open for question-and-answer from your end. Management: Yes, before we take up the question-and-answers and throw the floor open, I would like to make a mention that you would all investors would know that we had an AGM last week and in which we had proposed various resolutions and unfortunately, despite the fact that all these resolutions were in full compliance of the law and as per the SEBI LODR guidelines, the proxy advisors had proposed a negative voting for some of the resolutions. Page 3 of 19 JK Lakshmi Cement Limited August 06, 2026 And some of the investors just based on the negative recommendation of the proxy advisors had casted negative vote on some of the resolutions. Fortunately for us, very many mutual funds and FIIs took a pragmatic view based on the representation made by the company to these proxy advisors. Though they issued the addendum attaching the company's response to their recommendation, they did not change their recommendation. And you would be surpr [Showing first 8,000 characters — download PDF for full document]