Please find enclosed herewith Earnings Call Transcript for the Results Conference call held on 14th August, 2026.

Cement Limited JSW Centre Opp. MMRDA Ground, Bandra Kurla Complex, Bandra (East), Mumbai ­ 400 051. Tel : +91­22­4286 1000 Fax : 26502001 Website : www.jswcement.in CIN :– L26957MH2006PLC160839 Date: 19.08.2026 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, C­1, Block G, Dalal Street, Fort, Bandra Kurla Complex, Bandra (E), Mumbai 400 001, Mumbai ­ 400 051 Maharashtra, India Maharashtra, India Scrip Code: 544480 Symbol: JSWCEMENT Sub.: Results Conference Call – Transcript Ref.: Regulation 30 and 46 and other applicable provisions of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. Dear Sir/Madam, This is further to the intimations done by the Company on 11th August, 2026 with respect to the Result Conference Call hosted by the Management of our Company on Friday, 14th August, 2026 at 10:00 a.m. (Indian Standard Time) to discuss the Unaudited Standalone and Consolidated Financial Results of the Company for the quarter ended 30th June, 2026. Please find enclosed herewith the transcript of the aforesaid results conference call and the same has been uploaded on our website at https://www.jswcement.in/financial­results­data.php. Kindly take the same on record. Thanking you, For and on behalf of JSW Cement Limited Sneha Bindra Company Secretary and Compliance Officer “JSW Cement Limited Q1 FY27 Results Conference Call” August 14, 2026 MANAGEMENT: MR. NILESH NARWEKAR – CHIEF EXECUTIVE OFFICER MR. NARINDER SINGH KAHLON – DIRECTOR FINANCE AND CFO MR. HITENDRA JARIWALA – CHIEF MARKETING OFFICER MR. KUNAL MUKHERJEE – HEAD, INVESTOR RELATIONS MODERATOR: MR. VAIBHAV AGARWAL – PHILLIPCAPITAL INDIA PRIVATE LIMITED Page 1 of 17 JSW Cement Limited August 14, 2026 Moderator: Ladies and gentlemen, good day and welcome to JSW Cement Earnings Call for the quarter ended 30th June 2026, hosted by PhillipCapital. 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 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. Vaibhav Agarwal from PhillipCapital India Private Limited. Thank you and over to you, Mr. Agarwal. Vaibhav Agarwal: Yeah, thank you Renju. Good morning, everyone. On behalf of Philip Capital India Private Limited, we welcome you to the Q1 FY27 call of JSW Cement Limited. On the call from JSW Cement, we have with us Mr. Nilesh Narwekar, Chief Executive Officer; Mr. Narinder Singh Kahlon, Director Finance and Commercial and Chief Financial Officer; Mr. Hitendra Jariwala, Chief Marketing Officer; and Mr. Kunal Mukherjee, Head, Investor Relations. I would like to mention on behalf of JSW 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 development by JSW 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. JSW 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 any new business development, information, or future event or otherwise. Also, participants on the call can download a copy of JSW Cement's Q1 FY27 results presentation from the company website or stock exchanges. I will now hand over the floor to the management of JSW Cement for their opening remarks, to be followed by the Q&A. Thank you and over to you, sir. Kunal Mukherjee: Yeah, thank you Vaibhav. Good morning to all, and we welcome you to the quarter 1 FY27 Earnings Call of JSW Cement. I hope all of you have had the chance to review our results and investor presentation. With this, I will hand over the call to Mr. Nilesh Narwekar for his opening remarks. Over to you, sir. Nilesh Narwekar: Thank you Kunal, and good morning to all. FY27 has started off on a strong note for the company despite the ongoing uncertainty around the West Asia crisis and the impact of state elections held early in the quarter. As per our reading, cement demand in South, West, and East regions grew approximately 6% Y-o-Y in quarter one FY27. The North region, where we started sales in this quarter, saw substantially higher demand growth of approximately 11% Y-o-Y. Government capex did much of the heavy lifting in the Page 2 of 17 JSW Cement Limited August 14, 2026 quarter. Central capex grew by 24% Y-o-Y, and data indicates that 28% of the FY27 capex budget has already been utilized in quarter one. Similarly, state capex and infra construction goods output continue to grow Y-o-Y. We are seeing very strong demand outlook on the infra and large project side for the rest of the year, which will support our non-trade cement and the GGBS business. Just to give a few examples of large projects in our regions: in MMR, we see pace picking up in the bullet train project - the Maharashtra packages, and the Western Coastal Road project at Mumbai will also gather pace post monsoons. Road-related works are expected to pick up speed too. In Pune, I would like to highlight the Pune Ring Road project and various new elevated road packages. There are also a few new metro projects planned in Pune. In South region, Amaravati new capital development project at AP is gaining speed. The NPCIL nuclear power plant expansion in North Karnataka and several large road packages in Chennai and Kerala are expected to generate substantial demand. On the residential front, we are seeing strong residential activity in Pune, Hyderabad, and Bangalore, and most of you will be aware of the substantial residential redevelopment happening in Mumbai and suburbs. Finally, on the macro front, we continue to monitor the external environment, which remains volatile. As fuel prices remain elevated, we are increasing our share of domestic fuel for the rest of the year. Moving to the key operational highlights for quarter 1 FY27. Firstly, on volumes, our total sales volume in quarter 1 FY27 increased by 15% Y-o-Y to 3.81 million tons. Taking this product-wise, cement volumes sold was 2.34 million tons, increased 27% Y-o-Y. For ease of comparison, if we exclude the North operations, the volume increase was 8% Y-o-Y. As we had flagged in our quarter four call, demand in April and early parts of May was affected due to labor migration and state elections, but we saw a strong rebound in the month of June. We would also like to touch upon the contribution from the North region. The market reception has been very positive so far, with an average utilization level of 55% in quarter one. The utilization rate touched almost 68% in June ‘26. GGBS volume growth was relatively muted at 2.6% Y-o-Y. However, we are optimistic on the prospects for GGBS for the rest of the year. We have received approvals for over 29 large infra projects in Q1, and moreover, the project pipeline is also robust as mentioned earlier. Moving to product ASP, cement realization for quarter one FY27 was INR4,951 per ton, increase of 6% Q-o-Q, with the highest increase in East region followed by South and West. GGBS realization in quarter one FY27 was INR3,807 per ton, increase of 3.4% quarter-on- quarter. Within cement, trade mix remains stable at 51%. Our clinker to cement factor increased to 55% with the launch of North operations, but remains one of the lowest in the industry. Lead distance remains stable in the quarter too. I would also like to briefly touch on the capacity expansion program. Substantial progress has been made on installation o [Showing first 8,000 characters — download PDF for full document]