ACC Ltd — Call Transcript 2025

Oct 31, 2025

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31[st] October 2025

To,

National Stock Exchange of India Limited BSE Limited Scrip Code: ACC Scrip Code: 500410

Sub.: Questions and Answers for Investors on the Financial Results of the Company for the quarter and half year ended on 30[th] September 2025.

Dear Sir / Madam,

We vide, our earlier letter dated 31[st] October 2025, submitted to the stock exchange Unaudited Financial Results (Standalone and Consolidated) of the Company for the quarter and half year ended 30[th] September 2025. In continuation of the same, we submit herewith questions and answers (Q&A) for Investors on the said Financial Results of the Company.

The said Q&A will also be uploaded on the Company’s website at www.acclimited.com.

Kindly take the same on your record.

Yours faithfully, For, ACC Limited

Digitally signed by PARIKH BHAVIK PARIKH BHAVIK PARESH PARESH Date: 2025.10.31 13:46:22 +05'30'

Bhavik Parikh Company Secretary & Compliance Officer

Encl.: as above

ACC Limited

Registered Office: Adani Corporate House Shantigram, S. G. Highway, Khodiyar, Near Vaishnodevi Circle Ahmedabad – 382 421, Gujarat, India Ph +91 79-2656 5555 www.acclimited.com CIN: L26940GJ1936PLC149771

1

1. What are the growth plans of the company?

Ans : Company has current capacity of 40.4 MTPA. With the ongoing expansion of Salai Banwa & Kalamboli plant, which is expected to be commissioned in Q3, the capacity will improve to 43.7 MTPA. In addition, Plant debottlenecking will also unlock ~ capacity of 5.6 MTPA over 24 months. The upcoming 30 MTPA clinker backed capacities in Ambuja will also be available for ACC under MSA which will help its double-digit volume growth momentum.

2. How is Company managing its limestone reserves?

Ans: Company has vintage assets which have depleted limestone reserves. However pro-actively, Company has taken steps to augment with new blocks, for e.g. in Wadi, Chanda, Kymore Company has already secured new reserves. This will help in continued operations and also cost improvement given higher quality of new resources. Further, Company is also closely working with parent Ambuja for supplies of Clinker under MSA which substantially mitigates any downside risk on Limestone.

3. What are the proposed investments in RE power?

Ans: Parent Ambuja is investing Rs. 6000 Crs to set up 1000 MW of RE Power (700 MW Solar, 300 MW Wind), which will also supply power to the Company. Out of this, 556 MW of power is already operational, and Company is receiving around 25% of it and this will further increase with new capacities coming up. The RE power supplies has helped company to reduce its power cost by 9% from Rs. 6.54 to Rs. 5.95/kwh

2

4. What is the trend on cost and expectations in future?

Ans: Company has achieved higher improvement in cost reduction compared to peers across the key components like RawMaterials, Power & Fuel & Freight and this improvement journey will accelerate in coming quarters. This is essentially on account of Operational leverage, group synergies and synergies with parent company. Company has also invested into improvement of its old assets like Lakheri, Jamul, Wadi, Kymore and as a result, the efficiency factors have improved. In addition, capacity growth of parent company supporting higher volumes of supplies under MSA has also improved overall profitability and Return on Equity. Adani Cement has set a target of cost of Rs. 3,650 PMT by FY 2028 and the cost improvement of the company will play an important role in this regards.

5. When is the merger expected with parent company Ambuja?

Ans: We will inform as on any development on this.

Meanwhile, ACC and its parent company, Ambuja, along with other associates, Sanghi, Orient, Penna are closely working with synergies on the Business. The merger of Adani Cementation has already been completed. Merger of M/s Sanghi, Penna has been announced and advance stages of completion.

3

1. In context of Balance Sheet for 30[th] September 2025, why there is an increase in Trade Receivables (2 b (ii) by Rs. 2515 Cr. Under 2b (vi) why increase of 240 Cr under other financial assets? Under 2d, why increase of Rs. 703 Cr under Other Current Assets

Ans:

Trade Receivables (2b (ii)) ~Rs. 2,000 Cr of running bill under for supplies of Cement to Parent Company under guidelines of MSA and in line with Related Party Norms and Normal Business operations. This has been on account of adverse seasonal factors. However, it has substantially benefited the company since volume growth of 16% YoY, and higher sales than its own capacity (capacity of 10 MTPA while Sales volume of 10 MTPA on account of MSA), revenue jumped by 28%, EBITDA of Rs. 849 PMT (67% YoY) and sizeable PAT improvement. The Trade Receivables will get cleared in Q3.

Other Financial Assets (2b (vi))

Increase of Rs. 240 Cr is mainly on account of Interest accrued on Income Tax refund, outstanding in Sept 2025 but has been received in October 2025. Hence this has got knocked off in October 2025.

Other Current Assets (2d) -

Increase of Rs. 703 Cr is on account of MSA short term trade advance to Ambuja and other associates viz. Sanghi, Penna to secure supplies of Clinker and Cement. This will get cleared in Q3.

4

7. What is the plan for Capex financing?

Ans : Company has healthy treasury funds with Cash & Cash equivalent of Rs. 787 Crores as on Sept 2025 and ~Rs. 1500 Cr as of now (since Rs. 750 Cr tax refunds realized in October 2025). In addition, higher supplies under MSA will help higher operating cash flows in coming quarters. Hence, Company will fund its ongoing capex through treasury and internal accruals.

8. What are the growth plans on RMX ?

Ans : Company has existing 116 RMX plants spread over 45 cities. It plans to expand to 365 numbers by 2030 with target capacity of 35 Mn M[3] . The investment will be made out of existing treasury and internal accruals. The RMX is now being sold under Adani Concrete Brand and this has given a good volume and margin jump. EBITDA margin exit of Sept is 8.5% as compared to 5% historically.

9. Raw-material supplies

Ans : Company has adequate long-term arrangements for supplies of Fly Ash and other raw-materials. Company expects reduction fo Rs. 100 / MT in cost of raw-material by 2028.

10. What is the write back of tax provision

Ans: Ref. Note no 7 in results relating to write back of tax provisions and subsequent receipt of refunds for past assessment years.

11. What is the investment property of Rs 350 Cr

Ans : Ref. Note no 3 in results relating to leasing of certain mining land parcels to holding company for limestone mining .

5

Certain statements made in this presentation may not be based on historical information or facts and may be “forward-looking statements,” including those relating to general business plans and strategy of Ambuja Cements Limited (“Ambuja”), the future outlook and growth prospects, and future developments of the business and the competitive and regulatory environment, and statements which contain words or phrases such as ‘will’, ‘expected to’, etc., or similar expressions or variations of such expressions. Actual results may differ materially from these forward-looking statements due to number of factors, including future changes or developments in their business, their competitive environment, their ability to implement their strategies and initiatives and respond to technological changes and political, economic, regulatory and social conditions in India. This presentation does not constitute a prospectus, offering circular or offering memorandum or an offer, or a solicitation of any offer, to purchase or sell, any shares and should not be considered as a recommendation that any investor should subscribe for or purchase any of Ambuja’s shares. Neither this presentation nor any other documentation or information (or any part thereof) delivered or supplied under or in relation to the shares shall be deemed to constitute an offer of or an invitation by or on behalf of Ambuja.

Ambuja, as such, makes no representation or warranty, express or implied, as to, and does not accept any responsibility or liability with respect to, the fairness, accuracy, completeness or correctness of any information or opinions contained herein. The information contained in this presentation, unless otherwise specified is only current as of

the date of this presentation. Ambuja assumes no responsibility to publicly amend, modify or revise any forward-looking statements, based on any subsequent development, information or events, or otherwise. Unless otherwise stated in this document, the information contained herein is based on management information and estimates.

The information contained herein is subject to change without notice and past performance is not indicative of future results. Ambuja may alter, modify or otherwise change in any manner the content of this presentation, without obligation to notify any person of such revision or changes.

No person is authorized to give any information or to make any representation not contained in and not consistent with this presentation and, if given or made, such information or representation must not be relied upon as having been authorized by or on behalf of Ambuja.

This presentation does not constitute an offer or invitation to purchase or subscribe for any securities in any jurisdiction, including the United States. No part of this presentation should form the basis of or be relied upon in connection with any investment decision or any contract or commitment to purchase or subscribe for any securities. None of our securities may be offered or sold in the United States, without registration under the U.S. Securities Act of 1933, as amended, or pursuant to an exemption from registration therefrom.

For further info, please contact:

CA Deepak Balwani

Head, Investor Relations deepak.balwani@adani.com

Ambuja Cements Limited

Registered office: Adani Corporate House, Shantigram, Near Vaishno Devi Circle, S.G. Highway, Ahmedabad – 382421. Ph: +91 79265 65555; www.ambujacement.com; CIN: L26942GJ1981PLC004717

6

1

1. What are the growth plans of the company?

Ans : Company has current capacity of 40.4 MTPA. With the ongoing expansion of Salai Banwa & Kalamboli plant, which is expected to be commissioned in Q3, the capacity will improve to 43.7 MTPA. In addition, Plant debottlenecking will also unlock ~ capacity of 5.6 MTPA over 24 months. The upcoming 30 MTPA clinker backed capacities in Ambuja will also be available for ACC under MSA which will help its double-digit volume growth momentum.

2. How is Company managing its limestone reserves?

Ans: Company has vintage assets which have depleted limestone reserves. However pro-actively, Company has taken steps to augment with new blocks, for e.g. in Wadi, Chanda, Kymore Company has already secured new reserves. This will help in continued operations and also cost improvement given higher quality of new resources. Further, Company is also closely working with parent Ambuja for supplies of Clinker under MSA which substantially mitigates any downside risk on Limestone.

3. What are the proposed investments in RE power?

Ans: Parent Ambuja is investing Rs. 6000 Crs to set up 1000 MW of RE Power (700 MW Solar, 300 MW Wind), which will also supply power to the Company. Out of this, 556 MW of power is already operational, and Company is receiving around 25% of it and this will further increase with new capacities coming up. The RE power supplies has helped company to reduce its power cost by 9% from Rs. 6.54 to Rs. 5.95/kwh

2

4. What is the trend on cost and expectations in future?

Ans: Company has achieved higher improvement in cost reduction compared to peers across the key components like RawMaterials, Power & Fuel & Freight and this improvement journey will accelerate in coming quarters. This is essentially on account of Operational leverage, group synergies and synergies with parent company. Company has also invested into improvement of its old assets like Lakheri, Jamul, Wadi, Kymore and as a result, the efficiency factors have improved. In addition, capacity growth of parent company supporting higher volumes of supplies under MSA has also improved overall profitability and Return on Equity. Adani Cement has set a target of cost of Rs. 3,650 PMT by FY 2028 and the cost improvement of the company will play an important role in this regards.

5. When is the merger expected with parent company Ambuja?

Ans: We will inform as on any development on this.

Meanwhile, ACC and its parent company, Ambuja, along with other associates, Sanghi, Orient, Penna are closely working with synergies on the Business. The merger of Adani Cementation has already been completed. Merger of M/s Sanghi, Penna has been announced and advance stages of completion.

3

1. In context of Balance Sheet for 30[th] September 2025, why there is an increase in Trade Receivables (2 b (ii) by Rs. 2515 Cr. Under 2b (vi) why increase of 240 Cr under other financial assets? Under 2d, why increase of Rs. 703 Cr under Other Current Assets

Ans:

Trade Receivables (2b (ii)) ~Rs. 2,000 Cr of running bill under for supplies of Cement to Parent Company under guidelines of MSA and in line with Related Party Norms and Normal Business operations. This has been on account of adverse seasonal factors. However, it has substantially benefited the company since volume growth of 16% YoY, and higher sales than its own capacity (capacity of 10 MTPA while Sales volume of 10 MTPA on account of MSA), revenue jumped by 28%, EBITDA of Rs. 849 PMT (67% YoY) and sizeable PAT improvement. The Trade Receivables will get cleared in Q3.

Other Financial Assets (2b (vi))

Increase of Rs. 240 Cr is mainly on account of Interest accrued on Income Tax refund, outstanding in Sept 2025 but has been received in October 2025. Hence this has got knocked off in October 2025.

Other Current Assets (2d) -

Increase of Rs. 703 Cr is on account of MSA short term trade advance to Ambuja and other associates viz. Sanghi, Penna to secure supplies of Clinker and Cement. This will get cleared in Q3.

4

7. What is the plan for Capex financing?

Ans : Company has healthy treasury funds with Cash & Cash equivalent of Rs. 787 Crores as on Sept 2025 and ~Rs. 1500 Cr as of now (since Rs. 750 Cr tax refunds realized in October 2025). In addition, higher supplies under MSA will help higher operating cash flows in coming quarters. Hence, Company will fund its ongoing capex through treasury and internal accruals.

8. What are the growth plans on RMX ?

Ans : Company has existing 116 RMX plants spread over 45 cities. It plans to expand to 365 numbers by 2030 with target capacity of 35 Mn M[3] . The investment will be made out of existing treasury and internal accruals. The RMX is now being sold under Adani Concrete Brand and this has given a good volume and margin jump. EBITDA margin exit of Sept is 8.5% as compared to 5% historically.

9. Raw-material supplies

Ans : Company has adequate long-term arrangements for supplies of Fly Ash and other raw-materials. Company expects reduction fo Rs. 100 / MT in cost of raw-material by 2028.

10. What is the write back of tax provision

Ans: Ref. Note no 7 in results relating to write back of tax provisions and subsequent receipt of refunds for past assessment years.

11. What is the investment property of Rs 350 Cr

Ans : Ref. Note no 3 in results relating to leasing of certain mining land parcels to holding company for limestone mining .

5

Certain statements made in this presentation may not be based on historical information or facts and may be “forward-looking statements,” including those relating to general business plans and strategy of Ambuja Cements Limited (“Ambuja”), the future outlook and growth prospects, and future developments of the business and the competitive and regulatory environment, and statements which contain words or phrases such as ‘will’, ‘expected to’, etc., or similar expressions or variations of such expressions. Actual results may differ materially from these forward-looking statements due to number of factors, including future changes or developments in their business, their competitive environment, their ability to implement their strategies and initiatives and respond to technological changes and political, economic, regulatory and social conditions in India. This presentation does not constitute a prospectus, offering circular or offering memorandum or an offer, or a solicitation of any offer, to purchase or sell, any shares and should not be considered as a recommendation that any investor should subscribe for or purchase any of Ambuja’s shares. Neither this presentation nor any other documentation or information (or any part thereof) delivered or supplied under or in relation to the shares shall be deemed to constitute an offer of or an invitation by or on behalf of Ambuja.

Ambuja, as such, makes no representation or warranty, express or implied, as to, and does not accept any responsibility or liability with respect to, the fairness, accuracy, completeness or correctness of any information or opinions contained herein. The information contained in this presentation, unless otherwise specified is only current as of

the date of this presentation. Ambuja assumes no responsibility to publicly amend, modify or revise any forward-looking statements, based on any subsequent development, information or events, or otherwise. Unless otherwise stated in this document, the information contained herein is based on management information and estimates.

The information contained herein is subject to change without notice and past performance is not indicative of future results. Ambuja may alter, modify or otherwise change in any manner the content of this presentation, without obligation to notify any person of such revision or changes.

No person is authorized to give any information or to make any representation not contained in and not consistent with this presentation and, if given or made, such information or representation must not be relied upon as having been authorized by or on behalf of Ambuja.

This presentation does not constitute an offer or invitation to purchase or subscribe for any securities in any jurisdiction, including the United States. No part of this presentation should form the basis of or be relied upon in connection with any investment decision or any contract or commitment to purchase or subscribe for any securities. None of our securities may be offered or sold in the United States, without registration under the U.S. Securities Act of 1933, as amended, or pursuant to an exemption from registration therefrom.

For further info, please contact:

CA Deepak Balwani

Head, Investor Relations deepak.balwani@adani.com

Ambuja Cements Limited

Registered office: Adani Corporate House, Shantigram, Near Vaishno Devi Circle, S.G. Highway, Ahmedabad – 382421. Ph: +91 79265 65555; www.ambujacement.com; CIN: L26942GJ1981PLC004717

6

1

1. What are the growth plans of the company?

Ans : Company has current capacity of 40.4 MTPA. With the ongoing expansion of Salai Banwa & Kalamboli plant, which is expected to be commissioned in Q3, the capacity will improve to 43.7 MTPA. In addition, Plant debottlenecking will also unlock ~ capacity of 5.6 MTPA over 24 months. The upcoming 30 MTPA clinker backed capacities in Ambuja will also be available for ACC under MSA which will help its double-digit volume growth momentum.

2. How is Company managing its limestone reserves?

Ans: Company has vintage assets which have depleted limestone reserves. However pro-actively, Company has taken steps to augment with new blocks, for e.g. in Wadi, Chanda, Kymore Company has already secured new reserves. This will help in continued operations and also cost improvement given higher quality of new resources. Further, Company is also closely working with parent Ambuja for supplies of Clinker under MSA which substantially mitigates any downside risk on Limestone.

3. What are the proposed investments in RE power?

Ans: Parent Ambuja is investing Rs. 6000 Crs to set up 1000 MW of RE Power (700 MW Solar, 300 MW Wind), which will also supply power to the Company. Out of this, 556 MW of power is already operational, and Company is receiving around 25% of it and this will further increase with new capacities coming up. The RE power supplies has helped company to reduce its power cost by 9% from Rs. 6.54 to Rs. 5.95/kwh

2

4. What is the trend on cost and expectations in future?

Ans: Company has achieved higher improvement in cost reduction compared to peers across the key components like RawMaterials, Power & Fuel & Freight and this improvement journey will accelerate in coming quarters. This is essentially on account of Operational leverage, group synergies and synergies with parent company. Company has also invested into improvement of its old assets like Lakheri, Jamul, Wadi, Kymore and as a result, the efficiency factors have improved. In addition, capacity growth of parent company supporting higher volumes of supplies under MSA has also improved overall profitability and Return on Equity. Adani Cement has set a target of cost of Rs. 3,650 PMT by FY 2028 and the cost improvement of the company will play an important role in this regards.

5. When is the merger expected with parent company Ambuja?

Ans: We will inform as on any development on this.

Meanwhile, ACC and its parent company, Ambuja, along with other associates, Sanghi, Orient, Penna are closely working with synergies on the Business. The merger of Adani Cementation has already been completed. Merger of M/s Sanghi, Penna has been announced and advance stages of completion.

3

1. In context of Balance Sheet for 30[th] September 2025, why there is an increase in Trade Receivables (2 b (ii) by Rs. 2515 Cr. Under 2b (vi) why increase of 240 Cr under other financial assets? Under 2d, why increase of Rs. 703 Cr under Other Current Assets

Ans:

Trade Receivables (2b (ii)) ~Rs. 2,000 Cr of running bill under for supplies of Cement to Parent Company under guidelines of MSA and in line with Related Party Norms and Normal Business operations. This has been on account of adverse seasonal factors. However, it has substantially benefited the company since volume growth of 16% YoY, and higher sales than its own capacity (capacity of 10 MTPA while Sales volume of 10 MTPA on account of MSA), revenue jumped by 28%, EBITDA of Rs. 849 PMT (67% YoY) and sizeable PAT improvement. The Trade Receivables will get cleared in Q3.

Other Financial Assets (2b (vi))

Increase of Rs. 240 Cr is mainly on account of Interest accrued on Income Tax refund, outstanding in Sept 2025 but has been received in October 2025. Hence this has got knocked off in October 2025.

Other Current Assets (2d) -

Increase of Rs. 703 Cr is on account of MSA short term trade advance to Ambuja and other associates viz. Sanghi, Penna to secure supplies of Clinker and Cement. This will get cleared in Q3.

4

7. What is the plan for Capex financing?

Ans : Company has healthy treasury funds with Cash & Cash equivalent of Rs. 787 Crores as on Sept 2025 and ~Rs. 1500 Cr as of now (since Rs. 750 Cr tax refunds realized in October 2025). In addition, higher supplies under MSA will help higher operating cash flows in coming quarters. Hence, Company will fund its ongoing capex through treasury and internal accruals.

8. What are the growth plans on RMX ?

Ans : Company has existing 116 RMX plants spread over 45 cities. It plans to expand to 365 numbers by 2030 with target capacity of 35 Mn M[3] . The investment will be made out of existing treasury and internal accruals. The RMX is now being sold under Adani Concrete Brand and this has given a good volume and margin jump. EBITDA margin exit of Sept is 8.5% as compared to 5% historically.

9. Raw-material supplies

Ans : Company has adequate long-term arrangements for supplies of Fly Ash and other raw-materials. Company expects reduction fo Rs. 100 / MT in cost of raw-material by 2028.

10. What is the write back of tax provision

Ans: Ref. Note no 7 in results relating to write back of tax provisions and subsequent receipt of refunds for past assessment years.

11. What is the investment property of Rs 350 Cr

Ans : Ref. Note no 3 in results relating to leasing of certain mining land parcels to holding company for limestone mining .

5

Certain statements made in this presentation may not be based on historical information or facts and may be “forward-looking statements,” including those relating to general business plans and strategy of Ambuja Cements Limited (“Ambuja”), the future outlook and growth prospects, and future developments of the business and the competitive and regulatory environment, and statements which contain words or phrases such as ‘will’, ‘expected to’, etc., or similar expressions or variations of such expressions. Actual results may differ materially from these forward-looking statements due to number of factors, including future changes or developments in their business, their competitive environment, their ability to implement their strategies and initiatives and respond to technological changes and political, economic, regulatory and social conditions in India. This presentation does not constitute a prospectus, offering circular or offering memorandum or an offer, or a solicitation of any offer, to purchase or sell, any shares and should not be considered as a recommendation that any investor should subscribe for or purchase any of Ambuja’s shares. Neither this presentation nor any other documentation or information (or any part thereof) delivered or supplied under or in relation to the shares shall be deemed to constitute an offer of or an invitation by or on behalf of Ambuja.

Ambuja, as such, makes no representation or warranty, express or implied, as to, and does not accept any responsibility or liability with respect to, the fairness, accuracy, completeness or correctness of any information or opinions contained herein. The information contained in this presentation, unless otherwise specified is only current as of

the date of this presentation. Ambuja assumes no responsibility to publicly amend, modify or revise any forward-looking statements, based on any subsequent development, information or events, or otherwise. Unless otherwise stated in this document, the information contained herein is based on management information and estimates.

The information contained herein is subject to change without notice and past performance is not indicative of future results. Ambuja may alter, modify or otherwise change in any manner the content of this presentation, without obligation to notify any person of such revision or changes.

No person is authorized to give any information or to make any representation not contained in and not consistent with this presentation and, if given or made, such information or representation must not be relied upon as having been authorized by or on behalf of Ambuja.

This presentation does not constitute an offer or invitation to purchase or subscribe for any securities in any jurisdiction, including the United States. No part of this presentation should form the basis of or be relied upon in connection with any investment decision or any contract or commitment to purchase or subscribe for any securities. None of our securities may be offered or sold in the United States, without registration under the U.S. Securities Act of 1933, as amended, or pursuant to an exemption from registration therefrom.

For further info, please contact:

CA Deepak Balwani

Head, Investor Relations deepak.balwani@adani.com

Ambuja Cements Limited

Registered office: Adani Corporate House, Shantigram, Near Vaishno Devi Circle, S.G. Highway, Ahmedabad – 382421. Ph: +91 79265 65555; www.ambujacement.com; CIN: L26942GJ1981PLC004717

6