ACC Ltd — Investor Presentation 2025

Nov 3, 2025

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3[rd] November 2025

To,

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

Sub.: Investor Presentation under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015.

Dear Sir / Madam,

In continuation of our letter dated 15[th] October 2025 regarding Analysts / Institutional call scheduled on Monday, 3[rd] November 2025 we enclose herewith Presentation titled “Operational & Financial Highlights” of the Company for the quarter and half year ended on 30[th] September 2025.

The above-mentioned intimation will be uploaded on the Company's website at www.acclimited.com.

Kindly take the same on your record.

Yours faithfully, For, ACC Limited PARIKH BHAVIK Digitally signed by PARIKH BHAVIK PARESH PARESH Date: 2025.11.03 13:40:26 +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

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Ambuja Cements achieves robust Q2 FY’26 Performance

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CEMENT VOLUME (MnT) CEMENT VOLUME (MnT)
Highest ever in Q2 series
16.6 +20% 35.0 +20%
YoY YoY
EBITDA (Rs/PMT) EBITDA (Rs/PMT)
1,060 * +32% 1,064 +30%
YoY
YoY
PAT (Rs Cr) PAT (Rs Cr)
2,302 +364% 3,319 +159%
YoY YoY
Existing assets (Ambuja+ACC) delivered EBITDA of ~Rs. 1,189 PMT in Q2 FY’26
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| Net worth at Rs. 69,493 Cr | Company Remains Debt Free | Healthy Cash Flows to sustain the Capex Program |

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FY’28 target capacity upped by 15 MTPA from earlier 140 MTPA to now 155 MTPA

Financial Highlights

• ➢ Quarterly revenue at Rs 9,174 Cr. highest ever in Q2 series, up by 21% YoY, volume growth ~5x industry average

• ➢ Cost leadership journey has resulted in lower cost of sales YoY by 5%, enabled existing assets to deliver EBITDA of ~Rs. 1,189 PMT, and an overall EBITDA of Rs.1,060 PMT

Operational Highlights

• ➢ FY’28 target capacity upped by 15 MTPA from earlier 140 MTPA to now 155 MTPA (i.e., 10% of originally planned capacity of 140 MTPA). This incremental 15 MTPA capacity will be achieved by debottlenecking at a much lower capex of $48/MT

• ➢ The company is also installing 13 blenders at various plants over a period of 12 months which will optimize the product mix and increase higher share of premium cement, thereby improving realisation

• ➢ In addition, Plant logistics infrastructure debottlenecking will help existing capacity (107 MTPA) utilisation up by 3% over 24 months

• ➢ Trial run has started for a 4 MTPA new kiln line at Bhatapara (Chhattisgarh).

• ➢ 2 MTPA Krishnapatnam GU operationalised, additional 7 MTPA will be operational at other 3 locations in Q3

• ➢ Commissioned 200 MW solar power taking RE capacity to 673 MW, expected to reach 900 MW by the end of this year, and 1,122 MW by FY27

Strategic initiatives

• ➢ CiNOC (Cement Intelligent Network Operations Centre) launched to infuse in operations & businesses AI layer deep into our enterprise fabric, will facilitate paradigm shift in operations

• ➢ 7 vessels of total 65,800 DWT (Deadweight Tonnage) capacity ordered, share of sea logistics to reach 5%

The Company remains optimistic to deliver double digit revenue growth and four digits PMT EBITDA

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Capacity (MTPA) EBITDA (₹ per tonne) Green Power Share (%)
155 * 1,500 60%
140
118 #
107 1,060
33%
68 738
`
7%
At the time As on 30th Target Target Revised
of Sept'25 (FY'26) (FY'28) Upped At the time of Q2FY'26 Target (FY'28) At the time of Q2FY26 Target (FY'28)
Acquisition Target Acquisition Acquisition
(Sept'22) (FY'28) (Sept'22 TTM) (Sept'22)
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• Additional 15 MTPA capacity will be achieved by debottlenecking at a much lower capex of $48/MT

• Existing assets delivered (Ambuja+ACC) EBITDA of ~Rs. 1,189 PMT, and an overall EBITDA of Rs. 1,060 PMT

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Waste Heat Recovery System (MW) Renewable Power (MW)
376 1,122
228 673
40
83
At the time of As on 30th Target (FY'28) At the time of As on 30th Target (FY'28)
Acquisition Sept'25 Acquisition Sept'25
(Sept'22) (Sept'22)
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• Ambuja Cement is strategically embedded in India’s growth story, and backed by Adani’s infra engine • Cost leadership to help achieve an EBITDA of Rs 1,500. This will be enabled by improved operating leverage, brand strengths and synergies within the Adani ecosystem

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Particulars
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Details
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Adani Cementation

Completed

In Progress

Sanghi Industries

• Board approval received on 17th Dec 2024 for merger with Ambuja

• Both the Companies have filed the Joint Company Applications before NCLT, Ahmedabad Bench

• • Expected to be completed by end of FY’26

In Progress

• Board approval received on 17th Dec 2024 for merger with Ambuja

Penna Cement

• Both the Companies have filed Joint Company Applications before NCLT, Ahmedabad Bench on 16th October 2025

• Expected to be completed by end of FY’26

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Operations
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Value Creation
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• Capacity Roadmap Asset Footprint Stakeholders • Trial run has started for a 4 MTPA new kiln line at • Orient, Penna, Sanghi have moved 100% into Adani • Net worth at Rs. 69,493 Cr , Company remains debt Bhatapara (Chhattisgarh) Cement (Ambuja/ACC) Brands with positive response free & continues to maintain highest rating Crisil AAA

• • 2 MTPA Krishnapatnam GU operationalised, from dealers, other supply chain partners and end (stable) / Crisil A1+ additional 7 MTPA will be operational at other 3 customers. • Healthy cash flows to sustain the Capex program locations in Q3FY’26 • Existing assets delivered a PMT EBITDA of ~Rs. 1,189 Societal

• • FY’28 target capacity upped by 15 MTPA to now 155 PMT , overall EBITDA of Rs.1,060 PMT in Q2 FY’26 • 5.7 Million people benefited under community MTPA from earlier 140 MTPA CiNOC development projects till FY’25

• Cost Leadership • CiNOC (Cement Intelligent Network Operations Environmental • Ongoing Capex and Opex efficiency initiatives will Centre) launched to infuse in operations & • Planted 7.1 million trees till H1 FY'26 as part of its

• help achieve the cost target of Rs 3,650 PMT by businesses AI layer deep into our enterprise fabric, FY’28 will facilitate paradigm shift in operations commitment to plant 8.3 million trees by 2030,

• • Green power share uptick with every passing aligned with Adani Group's pledge to grow 100 Sales & Marketing Excellence million trees

• quarter, improved by 14.3 pp to 32.9% , target to • • Water positive annualised 12x (in Q2 due to monsoon,

• reach 60% by FY’28 Higher share of premium products as a % of trade sales @ 35% (volume up 28% YoY) it became 29.6X at Ambuja standalone level), Zero

• Market Leadership • Liquid Discharge (ZLD) maintained across all A comprehensive focus on market share gain and

• • Backed by stronger brands equity , the Company has R&D led premium cement offerings has enabled manufacturing sites. 100% of waste generated is successfully gained its market share by 1 pp to now differentiated performance both in volume growth treated onsite and recycled for dust suppression and 16.6% and improved realizations. cooling purpose

• • GST 2.0 reforms helped aspiring customers to prefer Adani Cement’s Premium products with reduced prices

GST on cement reduced from 28% to 18% under GST 2.0 reforms; entire benefit has been passed on to the customers

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Adani Group Performance
Annexures
Profile Highlights
1 2 3 4 5
Ambuja Cements
ESG Updates
Overview
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01 Adani Group Profile

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Flagship Infrastructure & Utility Core Portfolio Primary Industry Other
Materials, Metal
Incubator Energy & Utility Transport & Logistics Specialty
& Mining
(73.97%) (62.43%) (74.96%) (65.89%) (67.68%) [3]
AGEL APL APSEZ
AEL Ambuja Cements [4]
Renewables IPP Ports & Logistics
(71.19%) (37.40%) (100%) (50.05%) (58.08%) (72.66%)
AESL ATGL [1]
NQXT [2] ACC [4] Sanghi [4] Orient [4]
T&D Gas Discom
(100%) (50.00%) (100%) (100%) (100%) (64.71%) (20.00%)
ANIL AdaniConneX [5] AAHL ARTL AWL [7]
Copper, Aluminum NDTV [6]
New Industries Data Centre Airports Roads Food FMCG
(100%) (100%) (100%) (100%)
Mining Services
Specialist
PVC & GCC
Manufacturing [8]
Com. Mining
(%): Adani Family equity stake in Adani Portfolio companies (%): AEL equity stake in its subsidiaries (%): Ambuja equity stake in its subsidiaries Listed cos Direct Consumer
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A multi-decade story of high growth centered around infrastructure & utility core

1. ATGL: Adani Total Gas Ltd, JV with Total Energies | 2. NQXT: North Queensland Export Terminal. On 17[th] Apr’25, Board of Directors have approved the acquisition of NQXT by APSEZ, transaction will be concluded post pending regulatory approval. | 3. Ambuja Cement’s shareholding does not include Global Depository Receipt of 0.04% but includes AEL shareholding of 0.35% received as part of the consideration against transfer of Adani Cementation Limited as per NCLT order dated 18[th] July’25 | 4. Cement includes 67.64% (67.68% on Voting Rights basis) stake in Ambuja Cements Ltd. as on 30[th] Sep’25 which in turn owns 50.05% in ACC Limited. Adani directly owns 6.64% stake in ACC Limited.| 5. Data center, JV with EdgeConnex | 6. Promoter holding in NDTV has increased to 69.02% post completion of right issue in the month of Oct’25 | 7. AWL Agri Business Ltd. : AEL to exit Wilmar JV, agreement signed for residual 20% stake dilution. | 8. Includes the manufacturing of Defense and Aerospace Equipment | AEL: Adani Enterprises Limited | APSEZ: Adani Ports and Special Economic Zone Limited | AESL: Adani Energy Solutions Limited | T&D: Transmission & Distribution | APL: Adani Power Limited | AGEL: Adani Green Energy Limited | AAHL: Adani Airport Holdings Limited | ARTL: Adani Roads Transport Limited | ANIL: Adani New Industries Limited | IPP: Independent Power Producer | NDTV: New Delhi Television Ltd | PVC: Polyvinyl Chloride | GCC: Global Capability Centre l Promoter’s holdings are as on 30[th] September, 2025.

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All figures in INR cr
Predictable, high and rising free cash flow National footprint with deep coverage
Tax paid
EBITDA
Finance cost paid 89,806
CAT (FFO)
66,527
(74%)
EBITDA
24,870
AEL
12,784 APSEZ
Adani’s Core Infra.
(51%) AGEL
18,711 Platform –
(21%) ATGL
10,418
AESL
(42%) 350 Mn
1,668 4,568 APL
Userbase
FY19 FY20 FY21 FY22 FY23 FY24 FY25 Ambuja Cement
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EBITDA: Earning before Interest Tax Depreciation & Amortization I EBITDA: PAT + Share of profit from JV + Tax + Deferred Tax + Depreciation + Finance Cost + Forex Loss / (Gain) + Exceptional Items | FFO: Fund Flow from Operations l FFO : EBITDA – Actual Finance cost paid (excl. Capitalized Interest, incl. Int. on Lease Liabilities)– Tax Paid l AEL: Adani Enterprises Limited l APSEZ: Adani Ports and Special Economic Zone Limited l AGEL: Adani Green Energy Limited | ATGL: Adani Total Gas Limited l AESL: Adani Energy Solutions Limited l APL: Adani Power Limited

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DEVELOPMENT[1]

Adani Infra (India) Limited | Cemindia Projects Ltd. | PSP Projects Ltd.

OPERATIONS

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2
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Operations (AIMSL)

CONSUMERS New C.E.O. Consumer I Employees I Other Stakeholders

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Origination Site Development Construction Operation Inspired Purpose & Value Creation
• Analysis & market • Site acquisition • Engineering & design • Life cycle O&M • Delivering exceptional products & services for elevated
intelligence • Concessions & • Sourcing & quality planning engagement
• Viability analysis regulatory agreements • • Asset Management plan • Differentiated and many P&Ls
Project Management
Consultancy (PMC)
Adani’s Core Infra. Platform –
350 Mn
India’s Largest Longest Private HVDC World’s largest Cement Intelligent Network Userbase
Commercial Port Line in Asia Renewable Cluster Operations Centre (CiNOC)
(at Mundra) (Mundra - Mohindergarh) (at Khavda)
Strategic value Investment Case Growth Capital – Platform 5% Long Term Debt
Mapping Development Infrastructure Financing 14% 23% 18%
Framework PSU Banks
March March Pvt. Banks
Policy, Duration Risk Matching 2016 55% 2% 2025 USD Bonds
31%
Strategy & Risk Management – Rate & Currency NBFCs & FIs
Risk Governance & Assurance 26% 25% DII
Framework Diversified Source of Capital 1% Global Int. Banks
Capex LC
Continued •
Focus & Human Capital • Leadership Development Initiatives AI enabled Digital Transformation • Power Utility Business - ENOCCity Gas Distribution - SOUL
Investment Development • Investment in Human Capital • Transportation Business - AOCC
ACTIVITY
PERFORMANCE
CAPITAL
MANAGEMENT
ENABLER
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Note : 1. Cemindia Projects Ltd. (formerly known as ITD Cementation India Ltd.): the total shareholding stands at 67.47%. PSP Projects Ltd.: the total shareholding stands at 34.41%.| 2. Adani Environmental Resource Management Services Ltd. (additional company is being proposed) | O&M: Operations & Maintenance l HVDC: High voltage direct current l PSU: Public Sector Undertaking (Public Banks in India) l GMTN: Global Medium-Term Notes l SLB: Sustainability Linked Bonds l AEML: Adani Electricity Mumbai Ltd. l AIMSL : Adani Infra Mgt Services Pvt Ltd l IG: Investment Grade l LC: Letter of Credit l DII: Domestic Institutional Investors l COP26: 2021 United Nations Climate Change Conference l AGEL: Adani Green Energy Ltd. l NBFC: Non-Banking Financial Company l AIIL: Adani Infra (India) Ltd. | AOCC : Airport Operations Control Center

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Ambuja Cements - Overview 02

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Adani Family Public
67.68% 32.32%
NSE : AMBUJACEM
Ambuja Cements BSE : 500425
Bloomberg : ACEM:IN
50.05% 58.08% 99.94% 72.66%
NSE : ACC NSE : SANGHIIND NSE : ORIENTCEM
ACC BSE : 500410 Sanghi BSE : 526521 Penna Unlisted Orient BSE : 535754
Bloomberg : ACC:IN Bloomberg : SNGI:IN Bloomberg : ORCMNT:IN
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Ambuja in Global Context

01

Ambuja, with 107 MTPA, is the 9[th] largest Building Materials & Solutions company globally

02

World’s first cement company to join the Alliance for Industry Decarbonization (AFID), under the International Renewable Energy Agency (IRENA).

03

Ambuja, along with it’s subsidiary ACC, are India’s leading and globally one of the four large scale cement companies with science-based net-zero targets validated 13 by the SBTi for near term 2030 and long term 2050

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Presence in 31 states & union territories and 665+ districts

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For the Quarter Ended September 30, 2025
Gagal
107 MTPA 67.0%
Darla / Suli
Rajpura Ropar Nalagarh Asian Nalagarh Cement Capacity Clinker factor
Bhatinda Roorkee
Dadri
Kymore
Rabriyawas Ametha 24 22
Salai Banwa
Marwar Tikaria Integrated Units Grinding Units
Chaibasa
Lakheri
Warisaliganj
Farakka
Sanghi Sindri
77% 116
Navalakhi Sankrail
Ambujanagar Damodhar Share of Blended Cement Ready-Mix Concrete plants
Dahej
Bargarh
Muldwarka Surat Kolkata
Panvel Ja lgaon Bhatapara
BCCI Devapur Jamul Gopalpur Integrated PlantsGrinding Units 10 11
Chanda Maratha cement works Bulk Terminal Bulk Cement Terminals Captive Ships
Patas Ganeshpahad
Chittapur
Tandur
Wadi
Vizag Ambuja
Kudithin i Krishnapatnam ACC 6.0% 1,20,000+
Orient
Thondebha vi Boyareddypalli Thermal Substitution Rate Channel partners across India
Mangalore GU expected by
Talaricheruvu
the end of FY’26 as
Madukkarai
Cochin a part of 118 MTPA
Karaikal
Tuticorin
Expected to reach 118 MTPA by end of FY’26 14
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Adani Portfolio Ecosystem EPC & PMC O&M Human Resource ✓ Synergy benefits between
Centre of Centre of Centre of entities providing
Excellence Excellence Excellence
assurance on Supply
chain and off take.
Energy & Utilities
Mining
✓ Further bringing in
linkage through Centre of
Fly Ash from APL – Excellences which
Circular Economy-
Waste Product usage provides the assurance
Mining Services Supply of Coal APL on execution of projects
and Integrated
within budget and time.
Resource
Management Supply of
Power ✓ Demonstrated Support
Material Adani and arm’s length synergy
Cement
Supply of building Supply of building benefits in the past.
materials materials AGEL
✓ Collaborating with Adani
Supply of
Logistics Foundation on
building Solutions
materials community development
MPL - PVC initiatives
Transport & Logistics
Metal AESL ✓ Supply of building
materials to Adani Realty
✓ Brand partnerships with
Adani Media Networks on
KCL - COPPER APSEZ AAHL ARTL ANIL key events
L
AIIL AIMS GCC
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• | AGEL : Adani Green Energy Limited | AESL : Adani Energy Solutions Limited | APSEZ : Adani Ports and Special Economic Zone | APL : Adani Power Limited | ACL : Ambuja Cements Limited | ACC : ACC Limited | ANIL : Adani New Industries Limited | AEML : Adani Electricity Mumbai Limited | MUL : MPSEZ Utilities Limited | NQXT : North Queensland Export Terminal | AIMSL : Adani Infra Management Services Limited | AIIL : Adani Infra India Limited | MPL: Mundra Petrochem Limited | KCL: Kutch Copper Limited | AAHL: Adani Airport Holdings Limited | ARTL: Adani Road Transport Limited | O&M : Operations and Maintenance | EPC : Engineering Procurement Construction | PMC : Project Management Consultancy | WTG : Wind Turbine Generator | IRM : Integrated Resource Management

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Iconic brands with cumulative 120+ years history that shaped the industry

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Strength Pioneered brand building & technical services Market leaders with Virat Compressive Strength

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Heritage

India‘s 1st Cement Company, Inter-generational legacy pioneered product development

Higher contribution from Trade segment

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High Higher contribution from Ambuja Cements Geographical Spread
Patronage Trade segment (Capacity Share)
1
Trade Cement Share
Ambuja + ACC
IHB Contractors
68%
Share of Premium
Products
Professionals Dealers Northern Zone : 19%
35% Central Zone : 8%
of Trade Volume Western Zone : 23%
(28% vol growth YoY)
Southern Zone : 28%
Strategic Partnership Eastern Zone : 22%
{e.g. CREDAI, Academia (FutureX
initiative) CONCOR, etc.}
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16

1. Q2 FY’26

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Ambuja Cement ACC Cement
High on
Super Premium High on “ HERITAGE” &
“ STRENGTH ” Super Premium “DURABILITY ”
India's Most Trusted Cement Brand 2025 ’ by TRA Research in its Brand Trust Report 2025
Super Premium
ACC Gold ACC Concrete Plus ACC F2R * ACC Super
Ambuja Kawach Ambuja Plus Ambuja Compocem
Water Shield Cement Xtra Strong Cement Superfast Cement Super Strong homes
Strength to withstand water Stronger denser concrete Strength with brightness
Paani Seh Kare Shield Plus Ka Dum Hardum Fast Setting, Lambi that last Super Long
Inning
Super Premium to Premium range Gold Range * Foundation to Roof
Super Premium
ACC Suraksha Power ACC Suraksha Power + ACC HPC (High
Ambuja Cement ACC Super Shaktimaan
Badhti Mazbooti Ka Badhti Mazbooti Ka Performance)
Giant compressive strength Shaktimaan Cement
Power Power Super Strong, Lasts Long
Base Silver Range 17
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Comprehensive Building Materials & Concrete Solutions

Ready Mix Concrete Aggregates Alccofine DmX (Dry Mortars) AAC Blocks Wall Putty LmX Fly Ash

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Reinforcing a legacy of landmark projects, the Company continues to play a pivotal role in India’s infrastructure and realty landscape

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Chenab River Arch Bridge

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Atal Setu
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Samruddhi Mahamarg
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Mumbai Coastal Road
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Kolkata’s Underwater East West Metro Tunnel

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World One, Worli - Mumbai

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Adani Cement Creates a World Record for the Largest Raft Foundation for Religious Infrastructure

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504 ft tall
Twice the size of
Qutub Minar
World’s Tallest temple of Goddess Maa
Umiya at Vishv Umiyadham, Ahmedabad
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• Supplied concrete for raft foundation of world's tallest Umiya Temple in Ahmedabad, setting a new world record (24,100 cubic meter within uninterrupted 54 hours)

• ECOMaxX low carbon concrete has enabled the structure to reduce its carbon emissions by 60%, underscoring the commitment to sustainability and excellence

20

Market Presence of Adani Concrete

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Wide variety of RMX solutions for everyone’s need

No of Plants Volume (Mn m[3] )[*] 116 (28 up YoY) 0.90 (49% up YoY)

No of Cities 45

*Q2 FY’26

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MoU to further help Adani Cement journey to optimise logistics costs & commitment to net zero emissions

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• The MoU (signed on October 24, 2025) focuses on the rail-based transportation of bulk cement using specialized tank containers, marking the one more large-scale initiative of its kind in the country

• CONCOR will deploy dedicated container rakes to facilitate the seamless movement of bulk cement across key identified rail corridors. These collaboration leverages Indian Railways' vast network and CONCOR's expertise in multimodal logistics to drive a modal shift from road to rail, promoting efficiency, reliability, and environmental sustainability in cement supply chains

• This MoU will further help Adani Cement journey to lowest cost producer & commitment to net zero emissions by 2050. This will also support Indian Govt COP26 initiative. This Green Logistics aim at Decarbonization in Supply Chains

The partnership opens pathway for setting up Bulk Cement Terminals (BCTs) which will be announced in due course

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Performance 03 Highlights

• For Sept’24 quarter, Penna was considered for 45 days for consolidation while Orient was not there • For Sept’25 quarter, both Penna & Orient were considered for the entire quarter for consolidation

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Economy and Industry to benefit from several favourable developments

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Macro Economics
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Policy Tailwinds
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Cement Demand
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Segment wise Cement Demand

Macro Economic Factors

• Economy to benefit from several favourable developments including GST 2.0 reforms, the Carbon Credit Trading Scheme (CCTS), and the withdrawal of coal cess.

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11% - 15%
10% - 14%
29%-31%
32%-34%
13%-15%
22%-24%
Industrial & Commercial
Infrastructure
Rural Housing
Urban Housing
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• GDP for Q2 FY’26 to grow by ~7.0% and projected to grow by ~6.8% for FY’26

• Inflation outlook for FY’26 revised down to 3.7% from 4.0%

• Strong demand and low inflation to boost economic growth

Policy Tailwinds

• The GST reduction from 28% to 18% to boost affordability and stimulate construction. GST rationalization is accelerating the move toward higher quality cement.

• The removal of the INR400/tonne coal compensation cess will positively impact our bottom-line

• Simplification in lime-stone mining will support cement industry.

Cement Demand Drivers

• Rural & urban infra and housing projects poised for rebound post monsoon

• ‘PMAY-2.0’ aiming to provide additional housing support to urban poor & middle class will aid cement growth

• Liquidity from REITs, surging data-center developments, & sustained private sector capex (INR 6.6 lakh Cr) will boost sector growth

Segment	FY’26E Growth
Housing	6.0% to 7.0%
Infrastructure	7.5% to 8.5%
Industrial/Comm ercial	5.5% to 6.5%

• Major multi tracking rail projects (worth over INR 24634 Cr.) approved by Cabinet along with ongoing/new ‘High-Speed rail projects like Mumbai-Ahmedabad, Delhi-Varanasi to increase cement consumption

• Government capital outlay of USD 135.1 bn in FY26, paired with Smart City Mission’s USD 18.1 bn project pipeline will continue to lift demand

• Commercial construction market is projected to grow at CAGR of 5.8% by 2030

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Source: CRISIL

REITs – Real Estate Investment Trusts

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Cement Demand – Growth expected from rising infra spend and housing needs

Cement Industry

• Q2 FY’26 growth for cement industry stood at ~ 4%, due to early monsoon resulting in weak rural demand

• India’s per capita cement consumption at ~300 kg (world avg. of 540kg), translates into significant growth opportunity)

• FY’28 target capacity upped by 15 MTPA from earlier 140 MTPA to now 155 MTPA. This incremental 15 MTPA capacity will be achieved by debottlenecking at a much lower capex of USD 48/ MT

Cement Demand

• Cement sector expected to return to 10 years average profitability levels in FY’26 buoyed by improved demand

• Sector to benefit from improved rural demand and large infra projects

• Demand expected to expand by 7%-8% during FY’26

Consolidation

• Cement sector has witnessed increased M&A activities leading to market consolidation, Top 5 players market share is expected to reach ~55% by the end of FY’26

• ~200 MnT capacity exchanged hands during last 10 year

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Ambuja Consolidated

Particulars	UoM	Quarter Ended	Quarter Ended	Quarter Ended	Quarter Ended	Quarter Ended	Half Year Ended	Half Year Ended	Half Year Ended
		Sept’25	Sept’24	YoY Change	Jun’25	QoQ Change	H1 FY’26	H1 FY’25	YoY Change
Volume1	MnT	16.6	13.8	20%	18.4	(9%)	35.0	29.2	20%
Revenue from Operations1 & 2	₹Cr	9,174	7,552	21%	10,289	(11%)	19,464	15,945	22%
EBITDA	₹Cr	1,761	1,111	58%	1,961	(10%)	3,722	2,391	56%
EBITDA Margin	%	19.2%	14.7%	4.5pp	19.1%	0.1pp	19.1%	15.0%	4.1pp
EBITDA (PMT)	₹/Ton	1,060 3	803	32%	1,069	(1%)	1,064	820	30%
Other Income	₹Cr	257	374	(31%)	256	0%	513	729	(30%)
PBT	₹Cr	838	744	13%	1,396	(40%)	2,233	1,838	21%
PAT 4	₹Cr	2,302	496	364%	1,017	126%	3,319	1,280	159%
EPS (diluted)	₹	7.15	1.95	267%	3.39	111%	10.55	4.57	131%

• 1 Net of MSA sales for Ambuja consolidated

• 2 In Sept’25 Q, Government grant is lower mainly on account of lower accrual in Sankrail, Chanda, Ametha,Marwar, Tikaria. On a sustainable basis, accruals of incentives are expected to increase substantially with the incremental assets (including IU&GU) in the coming quarters

• 3 EBITDA for existing assets (Ambuja +ACC) stands at Rs 1,184/ton

• 4 Includes income tax provision reversal of Rs 1,697 Cr for Q2 FY’26 and H1FY’26

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Ambuja Standalone

	Particulars	UoM	Quarter Ended					Half Year Ended
			Sept’25	Sept’24	YoY Change	Jun’25	QoQ Change	H1 FY’26	H1 FY’25	YoY Change
	Volume	MnT	9.9	8.2	21%	10.5	(6%)	20.5	17.3	19%
	Revenue from Operations	₹Cr	5,149	4,229	22%	5,515	(7%)	10,663	8,781	21%
	EBITDA	₹Cr	704	681	4%	872	(19%)	1,576	1,327	19%
	EBITDA Margin	%	13.7%	16.1%	(2.4pp)	15.8%	(2.1pp)	14.8%	15.1%	(0.3pp)
	EBITDA (PMT)	₹/Ton	708	828	(14%)	827	(14%)	769	768	0%
	Other Income	₹Cr	113	265	(57%)	454	(75%)	567	685	(17%)
	PBT	₹Cr	285	673	(58%)	1,066	(73%)	1,350	1,437	(6%)
	PAT	₹Cr	1,388	501	177%	855	62%	2,243	1,068	110%
	EPS (diluted)	₹	5.63	2.03	177%	3.47	62%	9.10	4.36	109%

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Movement of Profit After Tax (Ambuja Consolidated)

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PAT Stack up Q2 FY’26 (Change YoY) PAT Stack up H1 FY’26 (Change YoY)
2,302 1,697 3,319 1,697
618 27 2,267
346 67 1,018
496 1,280
PAT PAT Tax reversal Depreciation Exceptional PAT H1 FY’25 PAT Tax reversal Depreciation Exceptional Item PAT
Q2 FY’25 Q2 FY’26 on account Item Q2 FY’26 H1 FY’26 on account H1 FY’26
(Reported) of new (Comparable) (Reported) of new (Comparable)
acquired assets acquired assets
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1. Tax reversal : Reversal of liabilities and provisions carried in books based on favorable High Court decisions (Note 8 of the Consolidated Financial Results). Cash refund Rs 746 Cr received in Oct’25 and rest amount received earlier.

2. Depreciation: Majorly on account of depreciation of newly acquired assets (Orient, Penna) which were not there in previous year

3. Exceptional items: a) Government Grants provided b) Provision towards pending litigation and disputed matters C) Vendor dispute claim etc. (Note 14 & 15 of the Consolidated Financial Results)

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Sales Volumes

Ambuja Consolidated

Particulars	UoM	Sept'24 Q	Jun'25 Q	Sept'25 Q	vs YoY	vs QoQ
Cement Sales Volume Clinker Sales Volume CLC Sales Volume	MnT MnT MnT	13.8 0.4 14.2	18.4 0.5 18.8	16.6 0.2 16.9	20% (39)% 18%	(9%) (48%) (10%)
PMT EBITDA (Cement volume basis)	Rs/ton	803	1,069	1,060	32%	(1%)

Ambuja Standalone

Particulars	UoM	Sept'24 Q	Jun'25 Q	Sept'25 Q	vs YoY	vs QoQ
Cement Sales Volume Clinker Sales Volume CLC Sales Volume	MnT MnT MnT	8.2 0.5 8.7	10.5 0.4 11.0	9.9 0.4 10.4	21% (4%) 20%	(6%) 5% (5%)
PMT EBITDA (Cement volume basis)	Rs/ton	828	827	708	(14%)	(14%)

Rounded off to the nearest decimal

Beginning Q1 FY’26, in accordance with the industry practice, we are providing PMT EBITDA on cement basis (on a comparable basis with the corresponding prior quarter or YTD as applicable). Additionally, details regarding CLC volume are also disclosed

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Ambuja Cement (Consolidated) Cement Business (% Change YoY)

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SALES VOLUME – Cement
(MnT)
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NSP
(₹/bag Cement)
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EBITDA
(₹ Cr & Margin) (Incl. RMX)
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EBITDA
(₹ /ton) (Incl. RMX)
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20% 3% 58% 32%
18.4
1,961
261 1,761 1,069 1,060
258
16.6 249 803
1,111
13.8
15% 19% 19%
Sep-24 Jun-25 Sep-25 Sep-24 Jun-25 Sep-25 Sep-24 Jun-25 Sep-25 Sep-24 Jun-25 Sep-25
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Adani has achieved the highest volume growth in the industry , surpassing 5x the industry average , driven by a series of strategic initiatives that strengthened market presence and improved realizations.

Key actions include:

• Expanding premium product share

• Intensifying branding and activation campaigns to enhance visibility

• Strengthening influencer engagement through technical support teams

Adani is maintaining a strong strategic focus on volume expansion, premiumization, and pricing power, complemented by cost optimization and operational excellence initiatives. Additionally, synergies between the Cement business and the broader Group ecosystem are expected to unlock significant efficiencies. These combined efforts position the company to deliver improved profitability in the upcoming quarters

• Delivering value-added solutions tailored to regional customer needs

• Upgrading physical infrastructure for operational efficiency

Looking ahead, Adani’s continued emphasis on premium and solution-focused offerings is expected to further enhance realizations and drive sustained profitability.

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Ambuja Cement (Consolidated) Cement Business (% Change YoY)

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RAW MATERIAL POWER AND FUEL FREIGHT & FORWARDING
(₹/ton) (₹/ton) (₹/ton)
7%
2% 5%
789 803 1,367 1,370 1,318 1,305
692 1,308 1,224
Sep-24 Jun-25 Sep-25 Sep-24 Jun-25 Sep-25 Sep-24 Jun-25 Sep-25
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Costs are on downward trends quarter on quarter and ongoing logistics excellency journey is going to bring down these costs further, to name a few of these initiatives

In current quarter Clinker production up 43% vs sales volumes up 20% and excess stock lying in closing inventory and benefit of this will flow in Q3 FY’26. On Like for like basis power & fuel cost is lower by 5% YoY & 6% QoQ, led by following actions

Higher purchased clinker consumption (beneficial on TCO basis) and higher Clinker production (+43%) vs sales volumes up 20%, excess stock lying in closing stock and benefit of this will flow in Q3 FY’26. On LFL basis this is maintained at PY level. However, these will be reducing further with the initiatives,

• Modal shift of transport mode, Increasing share of waterway mode (to reach ~5% by FY’28)

• Green power share, up 14.3PP @32.9%

• Automation and Digitization

• Improving Captive coal share & Fuel flexibility so that low-cost fuel consumption can be maximized resulting in Kiln fuel lower by 3 Ps @160p/’000 kCal (excl. AFR) , lowest amongst peers

• Wheeler alignment to optimize trucking size & optimize freight costs

• Longterm arrangement for major raw materials

• Improve Direct dispatches

• Infrastructure developments for raw material handling viz. BCFC projects

• Footprint optimization & new GUs

• Longterm contract with CONCOR

• – Negotiations of freight & handling rate (29% of total cost)

• Maximization of cheaper raw material, replacing costlier raw materials viz. activated gypsum etc.

• Maximization of cheaper AFR material

• (32% of total cost)

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OTHER EXPENSES
(₹ /ton)
0%
774
1
715 712
Sep-24 Jun-25 Sep-25
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There is decrease in other expenses aligned with the ongoing integration of recently acquired assets. As integration progresses successfully and efficiencies are realized, these costs are expected to reduce further in the coming quarters

• (19% of total cost)

(19% of total cost)

Adani group synergies have started giving results wherein total cost reduced by 5% YoY

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1. Excluding incremental other expenses related to new assets

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Cost Reduction Journey

Aim to achieve total cost ~ Rs. 4,000 PMT by Mar’26 exit. It will set pace for further 5% reduction each year over next two years, putting trajectory to achieve Rs. 3,650 PMT by end of FY 28

	Particulars	Rs PMT
	Exit Mar’26	~4,000
	Raw materials	~50
	Power & Fuel	~200
	Logistics	~100
	Other overheads	~50
	Exit Mar’28	~3,600 - 3,650

• Higher share of coal consumption (reduced petcoke) supported with group synergies, benefit of withdrawal of coal cess

• Latest technology of new capacities of IU/GU providing improved operational efficiencies (heat /power consumption) (average age of Plants will come down by at least 40% further)

• Lead distance expected to come down by 50 Km with the revised 155 MTPA capacity, sea logistics share to reach 5%

• 60% Green power share to reduce power to Rs. 4.5 per kwh (current power cost of Rs. 6.0 per kwh)

• Long term tie-ups of Fly Ash & Slag to ensure supplies at sustainable costs, reduce clinker factor by 1%

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Capex updates

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~ Capacity Roadmap: 107 at present, 118 by Mar’26 and 155 MTPA by FY’28

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----- Start of picture text -----

Sanghi (6.1 MTPA) Penna (10 MTPA) Organic Organic
Asian (1.5 MTPA) Orient (8.5 MTPA) Growth Growth
+9 MTPA +20 MTPA +10 MTPA +48 MTPA
15
140
155
21
13
10 107
97
77
68
1 2 3 4 5 6 7 8 9 FY28E 10
(Acquisition)Sept’22 CapacityFY24 Closing CapacityFY25 Sindri, Krishnapatnam Farakka, Sankrail, CapacityCurrent Ongoing Organic expansion Pipeline Debottlenecking Upped from Capacity
and Debottlenecking (Details on next slide) 140 MTPA
5.6 MTPA by FY’27
Completion Timeline Sept’25 By FY’26 BY FY’28
9.4 MTPA in FY’28
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• At a much lower capex cost of ~ $48/ton

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Capacity Roadmap: Incremental capacity of 12.6 MTPA to be completed by end of FY’26

Projects under execution Unit State Capacity (MTPA) Expected Completion Clinker Cement Bhatapara Line 3 CU Chhattisgarh 4.0 - Q3 FY26 Salai Banwa GU Uttar Pradesh - 2.4 Q3 FY26 Marwar GU Rajasthan - 2.4 Q3 FY26 Dahej Line-2 GU Gujarat - 1.2 Q3 FY26 Kalamboli GU Maharashtra - 1.0 Q3 FY26 Bathinda GU Punjab - 1.2 Q4 FY26 Jodhpur - Penna IU Rajasthan 3.0 2.0 Q4 FY26 Warisaliganj GU Bihar - 2.4 Q4 FY26 Maratha Line 2 CU Maharashtra 4.0 - Q1 FY27 Total Capacity 11.0 12.6	Particulars Capacity (MTPA)
	Existing Capacity 107
	Incremental Capacity 12.6
	Less: Capacity with higher operating cost used selectively (Jamul& Sindri) (1.6)
	Total available capacity by FY’26 118

Standardized Grinding Unit of 2.4 MTPA for one mill (~7,200 TPD) (PPC basis)

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~ Capacity Roadmap: Debottlenecking of 15 MTPA by FY’28

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|||
|---|---|
|Debottlenecking (FY’27)|Additional Capacity|
|Jamul|0.3|
|Chanda|0.3|
|Sindri|0.3|
|Nalagarh|0.3|
|Ropar|1.1|
|Roorkee|1.1|
|Maratha|2.2|
|Total FY’27|5.6|

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|||
|---|---|
|Debottlenecking (FY’28)|Additional Capacity|
|Boyareddypalli|1.1|
|Rabriyawas|1.1|
|Tandur|1.1|
|Bhatapara|1.2|
|Wadi|2.2|
|Tikaria|2.7|
|Total FY’28|9.4|
|Total Debottlenecking|15|

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• Debottlenecking to add ~15 MTPA capacity by FY’28 at a much lower capex cost of ~ $48/ton, taking total capacity to ~ 155 MTPA (i.e., 10% of originally planned capacity of 140 MTPA)

• The debottlenecking and ongoing expansions will add 5.6 MTPA in FY 27 and 9.4 MTPA in FY 28

• In addition to above, 13 blenders will be installed at plants over a period of 12 months which will improve product mix and give higher share of premium cement, in turn improve realizations

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Ambuja Cement (consolidated): Cash & Cash Equivalents position

Synopsis of the movements in Cash & Cash Equivalent

Particulars	₹Crs
Opening balance as on 1stApr 2025	10,125 1
(+) Cash flow from operating activities	1,444
(+) Cash flow from Investing activities	(8,658)
(+) Cash flow from Financing activities	(1,098)
Free Cash (other than lien marked )- as on 30thSept 2025	1,490
(+) Lien marked cash for CCI and other ongoing matters	323
Total Cash & Cash Equivalents as on 30th September 2025	1,813*

• Subsequent to quarter ended September 30 2025, Income tax refund Rs 746 Cr received in Oct’25

Cash & Cash Equivalent

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Cash & Cash Equivalent for the last Seven quarters
10,125
Orient acquisition
~ Rs 5,910 Cr
2,971
1,813
Mar'25 Jun'26 Sep'26
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Net worth increased by ₹ 3,057 Crs during Q2FY’26 and now stands at ₹ 69,493 Crs.

Company continues to remain Debt Free Crisil AAA (stable) / Crisil A1+ ratings maintained

1. Includes Lien marked Cash of 313 Cr

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ESG 04 Overview

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ESG Framework I Adani Group Vision & ESG Framework

To be a world class leader in businesses that enrich lives and contribute to nations in building infrastructure through sustainable value creation.

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Policies
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Assurance
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Guiding principle
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Commitment
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• Our ESG Ambition ESG Guiding Framework ESG Rating Agencies

• • Net Zero • Waste to Resource NSE S&P CSA (DJSI)

• • Water Positive • Biodiversity Positive

• Zero Harm

• Engaged Communities

• • Zero Non-Compliance

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Impressive ESG credentials and resilient credit ratings

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Rating Agencies Ambuja ACC
DJSI (CSA) 60 64
CDP – Climate Change B B
CDP – Water Security B B
CDP – Supplier
A- A-
Engagement Assessment
25.6 20.3
Sustainalytics
(19/119) - Medium Risk (5/119) - Medium Risk
MSCI BB –
CRISIL 56 (Adequate) 57 (Adequate)
NSE 63 62
Care Edge Under process
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Ambuja along with it’s subsidiary ACC are India’s leading and globally one of the four large scale cement companies with science-based net-zero targets validated by the SBTi for near term 2030 and long term 2050

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ESG Dashboard

	Material topic		Ambuja		ACC		UN SDGs
	Climate & Energy (Gross specific CO2 emissions - Kg/T)		2030 TARGETS STATUS Q2 FY 26 442 * 553		2030 TARGETS STATUS Q2 FY 26 421 * 538
	Climate & Energy (Green Power)		60.0% 36.1%		60.0% 30.3%
	Circular Economy (Use of waste derived resources in MnT)		21.0 1.9		30.0 2.5
	Water & Nature (Water Positive)		10.0x 29.6x		5.0x 5.6x
	Water & Nature (Trees Planted - Million)		2.4 1.5 till FY25		5.9 5.1 till FY25
	People & Community (beneficiaries – million)		5.0 3.6 till FY25		3.5 2.1 till FY25

• As per SBTi validated target

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Corporate Social Responsibility

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Corporate Social Responsibility

Water Resource Management Activity Achievement Building RRWHS 50 Ponds Renovated 12 Awareness Camps 134 Micro-Irrigation coverage 546 hectares

Agriculture Activity Achievement Trainings on Agriculture Activities 17,684 Biomass supplied to Ambuja Cements 6,488 tonnes

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Corporate Social Responsibility

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Sustainable Livelihood Development
Activity Achievement Activity Achievement
Newly SHGs formed 53 Awareness sessions on WASH 629
Truckers & Allied Population reached
39,496 Youth Trained 1,903
through health activities
Beneficiaries screened under NCD 6,940
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Board & Committee Structure

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100% Chaired by
IDs IDs Board of Directors
Statutory Committees 40% Independent Directors
- Audit 🗹 Comprised of only
Independent
- Nomination & Remunerations 🗹 Directors
- Stakeholder Relationship 🗹
100% of
- Corporate Social Responsibility 🗹 Statutory Committees
- Risk Management 🗹 Chaired by Independent
Non-statutory Committees Directors
- IT & Data Security 🗹 7 Purvi Sheth Ameet Desai Rajnish Kumar Maheshwar Sahu Praveen Garg
- Corporate Responsibility 🗹 Additional Business
specific committees
- Mergers and Acquisition 🗹 40+ Yrs of Experience 30+ Yrs of Experience 40+ Yrs of Experience 40+ Yrs of Experience 33+ Yrs of Experience
29%
- Legal, Regulatory & Tax 🗹 Fully comprised of Skill & Expertise• Human Resource Skill & Expertise• Business strategy & Skill & Expertise• Banking Skill & Expertise• Strategic Management Skill & Expertise• Corporate Strategy
- Reputation Risk 🗹 Independent Directors Management Policies • Corporate credit & • Corporate Governance • Finance
• Leadership • Finance project finance • ESG & Climate Change
- Public Consumer 🗹 100% Management • Regulatory Compliance
- Commodity Price Risk 🗹 Chaired by Independent Non-Independent Directors
Directors
Pathway to strengthen Corporate Governance
• Tenure of IDs – upto 3 years for max. 2 terms
• Gender Diversity – Min. 30% female directors
• Management Ownership – CEO and member of executive committees
to have share ownership Gautam Adani Karan Adani Ajay Kapur Vinod Bahety
• Related Party Transactions – Independent 3 [rd] party review & Chairman Director Managing Director WTD and CEO
certification Skill & Expertise 10+ Yrs of Experience 30+ Yrs of Experience 25+ Yrs of Experience
• Entrepreneurial Vision Skill & Expertise Skill & Expertise Skill & Expertise
• Training & Education – Min. 4 sessions in a year for education of IDs • Business Leadership • Industry expert • Industry expertise • Banking & Finance
• Strategic development • Corporate Strategy • Manufacturing
• Operational efficiency • Business leadership • Professional Entrepreneur
• Business Strategies & Policies
Chairman of Audit committee; Chairperson of Nomination and Remuneration committee Chairperson of Corporate Responsibility committee I ID: Independent Director I NID : Non-Independent Director | WTD : Whole Time Director l CEO : Chief Executive Officer 45
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Annexures 05

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Particulars Unit FY23 (15 M) FY24	FY25	H1FY26
Revenue from Operations ₹Cr 38,937 33,160	35,045	19,464
Other Income ₹Cr 738 1,166	2,654	513
Total Income ₹Cr 39,675 34,326 Raw Material Cost ₹Cr 5,111 5,526	37,699 6,527	19,977 2,833
Employee Benefit Cost ₹Cr 1,857 1,353	1,403	823
Power and Fuel Cost ₹Cr 11,762 8,086	8,348	4,793
Freight and Forwarding Cost ₹Cr 9,524 8,001	8,301	4,486
Other Expenses ₹Cr 5,562 3,795	4,494	2,807
Total Operating Expenses ₹Cr 33,815 26,760	29,074	15,742
Operating EBITDA1 ₹Cr 5,122 6,400	5,971	3,722
Depreciation and Amortization ₹Cr 1,645 1,628	2,478	1,684
Finance Costs ₹Cr 195 276	216	144
Taxes ₹Cr 705 1,161	764	(1,086)
Exceptional Items - Expense/ (Income) ₹Cr 319 (212)	21	183
Sub-total ₹Cr 2,864 2,854 Add: Share of Profit from Associates/ JVs ₹Cr 29 23	3,480 13	924 9
PAT ₹Cr 3,025 4,735	5,158	3,319

H1FY’26 Insights

35 MTPA Volume

₹ 19,464 Cr Revenue from Operations

₹ 3,722 Cr EBITDA[1]

*** ₹ 1,064/ Tonne** EBITDA/ Tonne

19.1% EBITDA Margin

• H1 FY’26 EBITDA for existing assets (Ambuja +ACC) stands at Rs 1,150/ton

1 – does not include other income

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Particulars Unit As on As on As on 31-Mar-23 31-Mar-24 31-Mar-25	As on
	30-Sep-25
Assets
Non-Current Assets
Property,Plant and Equipments ₹Cr 14,729 19,987 24,656	31,933
Right of Use Assets ₹Cr 588 758 1,465	1,593
Capital Work-in-Progress ₹Cr 2,526 2,658 9,820	10,473
Goodwill ₹Cr 7,870 8,803 10,856	12,862
Other Intangible Assets ₹Cr 364 2,647 5,666	10,151
Other Non-Current Assets ₹Cr 6,397 6,285 8,772	7,041
Total Non-Current Assets ₹Cr 32,474 41,137 61,235 Current Assets	74,054
Cash and Cash Equivalents ₹Cr 11,530 15,999 10,125	1,813
Inventories ₹Cr 3,273 3,609 4,248	5,397
Trade Receivables ₹Cr 1,154 1,190 1,590	1,858
Other Assets ₹Cr 3,290 3,169 3,747	5,588
Total Current Assets ₹Cr 19,247 23,966 19,710	14,656
Total Assets ₹Cr 51,721 65,104 80,945	88,710
Liabilities Equity
EquityShare Capital ₹Cr 397 440 493	494
Other Equity ₹ Cr 31,301 41,012 52,951	55,752
Non-ControllingInterest ₹ Cr 7,058 9,391 10,368	13,247
Total Equity ₹Cr 38,757 50,843 63,811 Liabilities	69,493
Borrowings ₹ Cr 48 37 27	332
TradePayables ₹ Cr 2,774 2,964 2,759	3,742
Tax Liabilities ₹ Cr 2,498 4,013 5,129	5,353
Other Liabilities ₹ Cr 7,646 7,247 9,219	9,790
Total Liabilities ₹Cr 12,965 14,261 17,134	19,217
Total Equity and Liabilities ₹Cr 51,721 65,104 80,945	88,710

Sept’25 Insights

₹ 88,710 Cr Total Assets Base

₹ 1,813 Cr Cash and Cash Equivalents

₹ 69,493 Cr Net-worth

Debt Free

AAA (stable)/ A1+ Ratings maintained by CRISIL

Note: Cash and Cash equivalents includes Bank Balances, Bank Deposits and Fixed Deposits with banks

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Dhanvarsha initiative recognised performance across the value chain through transparent, technology led rewards involving dealers, retailers, contractors, logistics partners, safety champions and their families. On 16th October, this event was participated by almost 175,000 partner members (online and offline)

CEO Club initiative launched to recognise top performing dealers, retailers, influencers, supply chain partners

Adani Cement FutureX launched as the industry's largest academia partnership with 400 academia encompassing 4 Lacs students to build human capital for Viksit Bharat 2047

NirmAAAnotsav – exclusive partnership programme in association with CREDAI progressing well with multi-city activation and events

First edition of SamvAAAd launched for our valued B2B partners from the cement and ready-mix concrete (RMX) segments - a collaboration to mutually shape the future of India’s infrastructure and construction landscape

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Adani Cement plants bag 10 awards including ‘ National Energy Leader ’ at 26th CII National Award for Excellence in Energy Management 2025

India's Most Trusted Cement Brand 2025 ’ by TRA Research in its Brand Trust Report 2025; consecutively for 4th year in a row.

Recognised with the ‘ Best CX and Influencer Mastery ’ award at 12th Digital Customer Experience Confex & Awards 2025

Honoured with Safety Excellence Awards at the 7th Indian Chamber of Commerce National Occupational Health & Safety Awards

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----- Start of picture text -----

|||||||
|---|---|---|---|---|---|
|AEL|Adani Enterprises Limited|NQXT|North Queensland Export Terminal|ENOC|Energy Network Operation Centre|
|ATGL|Adani Total Gas Ltd|MnT.|Million Tonne|FI|Financial Institution|
|APSEZ|Adani Ports and Special Economic Zone Limited|CLC|Clinker and Cement|RMX|Ready- Mix Concrete|
|AESL|Adani Energy Solutions Limited|PLI|Production Linked Incentive|BCCI|Bulk Container Corporation of India|
|APL|Adani Power Limited|TCO|Total Cost Basis|PMT|Per Metric Tonne|
|AGEL|Adani Green Energy Limited|AFR|Alternate Fuels and Raw Material|CONCOR|Container Corporation of India Limited|
|AAHL|Adani Airport Holdings Limited|WHRS|Waste Heat Recovery System|FPC|Farmer Producing Company|
|ARTL|Adani Roads Transport Limited|MTPA|Million Tonne Per Annum|GCC|Global Capability Centre|
|ANIL|Adani New Industries Limited|BCT|Bulk Cement Terminal|
|EPC|Engineering, Procurement and Construction|
|AWL|Adani Wilmar Limited|IHB|Individual Home Builder|
|CU|Clinkerization Unit|
|ADL|Adani Digital Limited|GU|Grinding Unit|
|DJSI|Dow Jones Sustainability Index|
|NDTV|New Delhi Television Ltd|EC|Environment Clearance|
|CDP-CC|CDP Climate Change|
|AIMSL|Adani Infra Mgt Services Pvt Ltd|O&M|Operations & Maintenance|
|CDP-WS|CDP Water Security|
|OCL|Orient Cement Limited|PSU|Public Sector Undertaking|
|UN SDG|United Nations Sustainable Development Goals|
|GDP|Gross Domestic Product|
|NBFC|Non-Banking Financial Company|BCFC|Bottom Discharge Wagon|
|MSCI|Morgan Stanley Capital International|GCCA|Global Cement Concrete Association|WASH|Water, Sanitation & Hygiene|
|NABARD|National Bank For Agriculture And Rural Development|ESG|Environmental, Social & Governance|ABS|Association of Brest Surgeons|
|LC|Letter of Credit|
|B2C|Business to Consumer|ABSI|Association of Breast Surgery, India|
|RRWHS|Rainwater Harvesting System|SEDI|Skill and Entrepreneurship Development Institute|NRC|Nomination and Renumeration Committee|
|SBTi|Science Based Targets initiatives|SHG|Self Help Group|NRC|Nomination and Renumeration Committee|
|SD|Sustainable Development|TSR|Thermal Substitution Rate|DWT|Deadweight Tonnage|
|CSR|Corporate Social Responsibility|OPC|Ordinary Portland Cement|Confederation of Real Estate Developers’ Associations of|
|CREDAI|
|India|
|ICC|Indian Chamber of Commerce|NCD|Non-Communicable Diseases|

----- End of picture text -----

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Management Representation

▪ Mr. Vinod Bahety - Chief Executive Officer ▪ Mr. Rakesh Tiwary - Chief Financial Officer

Details of the conference call Time: 4:00 PM IST on Monday, November 03, 2025

Conference dial-in:	Conference dial-in:
Universal	+91 22 6280 1552
	+91 22 7115 8370
Hong Kong	800 964 448
Singapore	800 101 2045
Australia	0 080 014 243444
UK	0 808 101 1573

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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

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