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Key Conference Call Highlights

Industry-leading volume growth guidance

* FY27 consolidated volume guidance at ~80 Mnt (ACC, Ambuja, Orient, Penna and Sanghi), implying ~8% growth, ahead of industry growth expectations of 5–5.5%

* FY26 sales volumes grew 16% YoY to 73.7 MT, significantly outperforming industry growth Capacity expansion recalibrated

* Capacity expected to reach 119 MTPA by the end of FY27. Around 10 MTPA grinding capacity to be added during FY27. The previous 140–155 MTPA target has been pushed to FY30

* Management prioritises utilisation improvement and execution discipline over aggressive expansion

Strong cost reduction roadmap

* Management targets INR250/t cost reduction in FY27. Additional INR250/t cost reduction targeted in FY28

* Cost savings to be driven by green power, fly ash sourcing efficiencies and logistics optimisation

Aggressive capex continues

* FY27 CapEx guidance of INR 60–65 Bn

* Around INR 40 Bn earmarked for ongoing projects including capacity expansion, WHRS and fly ash transportation infrastructure

* New projects are subject to disciplined capital allocation with a minimum 18% project IRR target

Significant headroom for market share gains

* Management believes current assets offer substantial room for market share gains

* Strategy focuses on improving utilisation across existing plants rather than adding excessive capacity

* Capital deployment will remain disciplined until existing assets deliver targeted returns

Premiumisation driving realisation growth

* Premium cement contributed 35–36% of trade sales in FY26

* Premium products command INR 20–25/bag premium, while superpremium products command INR 50–55/bag premium

* Green energy is becoming a major advantage ? Green power share increased to ~32% in Q4FY26 from 26% earlier

* Management expects INR150–200/t savings from green energy and raw material optimisation initiatives

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