Ambuja Cements Ltd. — Investor Presentation 2026

Feb 4, 2026

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February 4, 2026

To

National Stock Exchange of India BSE Limited Luxembourg Stock Exchange Limited Scrip Code: AMBUJACEM Scrip Code: 500425 Code: US02336R2004

Sub.: Investors Presentation - Investors / Analysts conference.

Dear Sir / Madam,

In continuation of our letters dated January 30, 2026 and February 4, 2026, regarding the Investors/Analysts Conference scheduled to be held in the USA and the UAE, we are pleased to submit herewith the presentation for the said conferences.

The same is also being uploaded on website of the Company at https://www.ambujacement.com.

Kindly take the above on your record.

Thanking you,

Yours Sincerely, For Ambuja Cements Limited

Manish Digitally signed by Manish Vinodchandra Vinodchandr Mistry Date: 2026.02.04 a Mistry 20:09:03 +05'30' Manish Mistry Company Secretary & Compliance Officer

Encl.: As above

Ambuja Cements Limited Registered Office: Adani Corporate House Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad – 382 421, Gujarat, India Ph +91 79-2656 5555 www.ambujacement.com CIN: L26942GJ1981PLC004717

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ONE CEMENT PLATFORM

Ambuja Cements

Investor Presentation | February 2026

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Contents

• 1 Executive Summary

• 2 Investment Highlights

• 3 ESG

Annexures

Conversion Rate: 1 USD = Rs 89.92 as of 31 STRICTLY CONFIDENTIAL[st] December 2025

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Executive Summary[1]

STRICTLY CONFIDENTIAL

India | Colossal Growth Opportunity

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Key Highlights:

Fastest growing economy + large consumer base….

…needs critical infra in transport and logistics

Fastest Growing Large Economy Large Consumer Base G20 Real GDP CAGRs, 2014 to 2024 (%) Top 10 Countries by Population, 2025 Future outlook for India has largest consumer 6.7% India is even stronger base in the world 5.8% 5.1% 4.6% 3.7% 1.46 1.42 3.1% 1.9% 1.8%1.8% 1.7% 0.35 0.29 0.26 0.24 0.21 0.18 0.14 0.14 IND CHN USA IDN PAK NGA BRA BGD RUS ETH India Economic Growth + Large Consumer Base → Airports, Roads, Digital

Under penetration of Air Travel

Under penetration of Air Travel High logistics cost Annual air trips per capita, IATA, 2023 Logistics spends as a % of Output by Firm-Size Exponential growth opportunity Transportation accounts for to serve Indian Consumers ~ 60% of direct logistics costs Core Infra 14-17% Investments 3.7 11% & Last Mile 1.9 2.1 8% Connectivity 0.9 1.2 will drive long 0.1 0.4 0.4 term logistics India Brazil China Germany France UK US UAE < $5 Mn < $27 Mn > $27 Mn cost efficiency Firm Size By Revenue As Indians shift to air travel, Scaled Road network to drive airports biggest beneficiary lowering of logistics cost

• India’s real GDP grew at 6.5% in FY25 & is estimated to grow at 7.4% in FY26.

• India’s target to be a developed economy by 2047 : ~ $35 Tn GDP with 10-11% nominal growth rate

	Fully developed Indigenous digital stack Decarbonisation & Atmanirbhar bharat is the focus..	Fully developed Indigenous digital stack Decarbonisation & Atmanirbhar bharat is the focus..	Fully developed Indigenous digital stack Decarbonisation & Atmanirbhar bharat is the focus..
	Electricity Consumption to Grow Electricity consumption per capita (MWh p.a.) India is ~1/3rd of global average		India AI Mission $1.2 bn Govt. allocation to strengthen AI capabilities in 5 years #1 India ranks #1 in Global AI skill penetration according to Stanford AI Index 2024 14x AI skilled workforce has seen a 14x increase from 2016 to 2023
	1.4	7.1 6.5 12.7 15.6 China EU USA UAE Global Average 3.8 MWh p.a.
	India

Sources: World Bank, Government of India, Deloitte 2024, CareEdge Industry Report, Union Budget 2024-2025, FY32 targets (Source: 20th EPS, NPP, CEA, CEA Optimal mix and NEP-II Transmission), GDP, IMF, Ember Report, WB, AI Mission, RBI Statistics, DPIIT Gross Domestic Product | CAGR: Compounded Annual Growth Rate | MWh: megawatt hour | p.a.: per annum | RE: Renewable Energy | CAD: Current Account Deficit | Bal: Balance | Cur a/c: Current Account | UPI: Unified Payments Interface | b : billion | Cu: Copper | PVC: Polyvinyl Chloride | RE: Renewable Energy | Mfg: Manufacturing | IATA: International Air Transport Association

4

India | Cement sector growth is structural and not cyclical

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1 Cement Consumption per capita 2 India Cements per capita has strong correlation with GDP consumption has the growth per capita potential from 2x to 5x

3 Urban rise, income surge, government capex = more construction

4 Government Policy Support & Tailwinds

• ✓ Cement consumption (in kg/ capita)

• ✓ Strong GDP to propel cement consumption

India 290

World Average 540

✓ Key demand drivers :

• Infrastructure (roads, railways, metros),

• Rural housing (PMAY-G), ✓ India: World's #2 cement producer , yet per capita use is 45% below global

• • Urban housing (PMAY-U, real estate) average and 82% below China — massive • Industrial/commercial capex headroom for growth

• ✓ Unlike mature markets focused on upkeep, India’s cement demand stems from an underbuilt economy still expanding

• ✓ Structural demand driven by urbanization, income growth and public investment — not cyclical

• ✓ PLI Scheme and Smart City Initiatives, FDI inflows and China+1 strategy supporting long-term industrial cement demand growth

• ✓ $2.6 Tn National Infrastructure Pipeline (NIP) supported by $130 Bn FY26 capex allocation to boost cement demand

Cement Demand-to-GDP Growth Multiplier

• ➢ Unlike exports or global commodity businesses, cement is hyper-local and non-substitutable

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1.1x
➢ Ambuja’s revenue model tightly bound to Indian GDP and capex cycles
➢ Cement demand consistently grows ahead of GDP, driven by infrastructure and urban
~ 7.4% ~8%
development
India’s GDP Cement Demand
FY26E FY26E ➢ Ambuja continues to outperform industry growth rate
Cement Capacity and Production (MT) Industry Capacity and Demand (MT) Central Govt. Capex ($ Bn) Urban Population (% of total population)
3,500 Installed Capacity Production Capacity Demand 105 117 28% YoY growth and
59% of budget
82 73 34.9 [37.4]
66
1,900 990 [30.9]
47 [27.7]
688 23.1 [25.5]
688 411 443 621 17 17.9 [19.8]
450
271
122 110 129 86 120 82
China China India India Vietnam Vietnam USA US Turkey Turkey FY21 FY22 FY23 FY24 FY25 YTD Nov
1950 1960 1970 1980 1990 2000 2010 2020 2030E
FY15 FY25 FY30E
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Sources: US Geological survey, Mineral Commodity Summaries, January 2025, Global Cement, World Bank, IBEF Report, Population – World Bank, Care Edge ,National Portal of India, National Infrastructure Pipeline | GDP: Gross Domestic Product | PMAY-G: Pradhan Mantri Awaas Yojana - Gramin | PMAY-U: Pradhan Mantri Awaas Yojana - Urban | CAGR: Compound Annual Growth Rate | FDI: Foreign Direct Investment |

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Cement Demand | Government Infra Projects and Robust Demand from Housing to Drive Growth

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Segment wise Cement Demand
29%-31%
32%-34%
13%-15%
22%-24%
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Macro Economic Factors

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Macro
Economics
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• Strong demand, favorable policy (tax reforms, infrastructure), resilient consumption, and rising investment to drive Indian economy

• FY’26 GDP growth projection revised upwards to 7.4%.

• Inflation outlook for FY’26 reduced to 2% from earlier 3.7% due to food price deflation

Sustained investment activity & continued strength in manufacturing & services to drive future growth

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Policy Tailwinds
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Policy Tailwinds

Reclassification of limestone as major mineral will remove end-use restrictions, which is expected to boost cement industry

• • •

100% FDI in certain real estate & construction projects help attract capital flow into cement industry

Governments policies and incentives for sustainable practices will lead to more resilient and efficient industry

Industrial & Commercial Rural Housing Infrastructure Urban Housing

Cement Demand Drivers

• States with notable capital spending on housing/infrastructure to aid demand

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Cement Demand
Segment FY’26E Growth
Housing 6.0% to 7.0%
Infrastructure 7.5% to 8.5% •
Industrial/Commercial 5.5% to 6.5% •
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• Rajasthan Govt. fast -tracks $ 219 Mn real estate projects

• Prime Minister (PM) to launch $ 1,586 Mn infra projects in Chattisgarh

• $ Bn 96 committed towards infrastructure development in Vibrant Gujarat Summit 2026

• Public Investment Board clears $ 2891 Mn Kamala Hydro Electric project in Arunachal Pradesh

Bullet train between Ahmedabad and Mumbai to generate substantial demand

Dharavi redevelopment project will significantly boost cement consumption due to its massive scale of infrastructure development and urban transformation

Source: CRISIL

Cement demand underpinned by strong infrastructure demand and ongoing needs from the housing and commercial sector

6

Adani Portfolio: A World Class Infrastructure & Utility Portfolio

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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%) (68.02%) (67.64%) [4]
AGEL APL APSEZ [3]
AEL [1] Ambuja Cements [5]
Renewables IPP Ports & Logistics
(71.19%) (37.40%) (50.05%) (58.08%) (72.66%)
AESL ATGL [2]
ACC [5] Sanghi [5] Orient [5]
T&D Gas Discom
(100%) (50.00%) (100%) (100%) (100%) (69.02%)
ANIL AdaniConneX [6] AAHL ARTL
Copper, Aluminum NDTV [7]
New Industries Data Centre Airports Roads
(100%) (100%) (100%) (100%)
Mining Services
Specialist
PVC & GCC
Manufacturing [8]
Com. Mining
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• (%): Adani Family equity stake in Adani Portfolio companies (%): AEL equity stake in its subsidiaries (%): Ambuja equity stake in its subsidiaries

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Listed cos
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Direct Consumer

A multi-decade story of high growth centered around infrastructure & utility core

1. AEL has raised INR 24,930 Cr ($ 2.8 Bn) through issuance of right shares during December’25. 2. ATGL: Adani Total Gas Ltd, JV with Total Energies | 3. NQXT: North Queensland Export Terminal: On 23[rd] Dec’25, APSEZ successfully completed acquisition, having satisfied all pending regulatory approvals. Also, the Company has allotted 14,38,20,153 Equity Shares of face value of Rs. 2 each to Promoter Group Entity on preferential basis as purchase consideration. | 4. 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 | 5. Cement includes 67.64% (67.68% on Voting Rights basis) stake in Ambuja Cements Ltd. as on 31[st] Dec’25 which in turn owns 50.05% in ACC Limited. Adani directly owns 6.64% stake in ACC Limited & Ambuja Cements Ltd. holds 58.08% stake in Sanghi Industries Ltd. & 72.66% stake in Orient Cement Ltd.| 6. Data center, JV with EdgeConnex | 7. Promoter holding in NDTV has increased to 69.02% post completion of right issue in the month of Oct’25 | 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 31[st]

7 7

Ambuja | Global Context

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Adani Cement in Global Context

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Ambuja Cements is the Ambuja Cements is Ambuja Cements Ambuja Cements is the world’s ninth-largest pioneering the world’s first selected for first Indofirst Indian cement cement company and commercial deployment Swedish Carbon company to adopt the among the fastest- of Coolbrook’s Capture and Utilisation Taskforce on Nature- growing globally, with a RotoDynamic Heater (CCU) Pilot in the global related Financial technology for electrified kiln cement sector in presence across diverse Disclosures (TNFD) geographies and the heating, setting a new partnership with IIT framework for natureworld’s highest altitude benchmark for industrial Bombay and Eco Tech positive disclosures, cement plant decarbonization at Sweden, advancing joining an elite group of Boyareddypalli plant in circular carbon economy seven global cement Andhra Pradesh, solutions players.

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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Cement as a core adjacency to Adani’s Infrastructure Ecosystem

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Turbocharging Ambuja Cements – Capacity in MTPA
Ambuja Cements By acquiring Holcim’s stake, Adani instantly became India’s 2nd largest cement
producer, positioning itself as a dominant player in the sector. 16% 17%
A rare opportunity to
be a dominant 155
The acquisition allowed Adani to bypass time, cost & complexity of building such
109
player in cements scale organically, delivering instant capacity, brand equity and market access 67.5
Sept'22 Dec'25 Mar'28 Exit
Key Factors for entry into Cement Business Rationale Adani Portfolio Enablers
1 Revitalise a nationally significant brand ✓✓ Overhauling an under managed nationally significant brandOne of the rarest brand acquisition opportunity in the cement ✓ Ambuja’s capacity, efficiency, and sustainability surged post-
acquisition, targeting 155 MTPA
Industry
2 ✓ Natural vertical integration within Adani’s core infrastructure
ecosystem - leverages Adani’s logistics, energy, Digital and ✓ Ownership of critical infrastructure across ports, power, mining,
Infrastructure Group Synergies infrastructure platforms logistics, and multimodal transport supports a fully integrated cement
✓ Ability to draw cost synergies; Synergies with Adani backend — creating a cost, scale, and distribution advantage
Ecosystem (including sales and promotion, branding)
3
✓ Operational transformational opportunities – Reimaginaction ✓ Proven ability in scaling capital-heavy platforms
Platform Play in Building Materials ✓ Cement provides as a base for a broader construction ✓ Centralized procurement and group-level controls (GCC) driving cost
ecosystem (e.g., Cement-as-a-Service, integrated solutions) and governance efficiency
4
✓ India’s fragmented cement market offers margin-accretive ✓ Strong M&A track record (e.g., Ambuja & ACC), access to long-term
Consolidation in a High-Growth Sector global capital, and strong institutional investor backing support rapid
growth through M&A and economics of scale
consolidation
5
✓ Domestic cement demand is structurally resilient and shields ✓ Operational control of supply chain and input resources supports
Natural Hedge in a Volatile Global Context
from global volatility, FX swings, and supply disruptions resilience in domestic-focused sectors
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Adani’s transformation of Ambuja Cements positions it at the heart of India’s Infrastructure Super Cycle

Sources: US Geological survey, Mineral Commodity Summaries, January 2025, Global Cement, World Bank, IBEF Report, Population – World Bank | GDP: Gross Domestic Product | PMAY-G: Pradhan Mantri Awaas Yojana - Gramin | PMAY-U: Pradhan Mantri Awaas Yojana - Urban | CAGR: Compound Annual Growth Rate | Kg: Kilogram | MTPA: Million Tonnes per annum | AMRUT: Atal Mission for Rejuvenation and Urban Transformation | FDI: Foreign Direct Investment

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Ambuja | PAN India Cement Powerhouse

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Amalgamation of ACC and Orient with Ambuja Cements, creating a unified ‘One Cement Platform’

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1 Operational and Financial Synergies
2 Simplified Corporate Structure
ONE CEMENT 3 Strong and Debt-Free Balance Sheet
PLATFORM
4 Direct Shareholding in a Stronger Entity
5 Enhanced Scale and Market Leadership
6 Stakeholder-Centric Approach
7 Unified ESG Leadership
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Ambuja : One of the Largest Global Cement Manufacturers

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Pan India Footprint

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For the Quarter Ended December 31, 2025

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109 MTPA 67.3%
Cement Capacity Clinker factor
24 22
Integrated Units Grinding Units
77% 117
Share of Blended Cement Ready-Mix Concrete plants
10 11
Bulk Cement Terminals Captive Ships
6.6% 1,20,000+
Thermal Substitution Rate Channel partners across India
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A Long-Term Play on India's Physical and Economic Infrastructure

* Including brownfield expansion of Cement Grinding Unit in Marwar Mundwa

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Ambuja : Performance Highlights

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Performance at a Glance 9MFY’26 Ambuja Consolidated

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+19% +22% +62% +36%
YoY YoY YoY YoY
564
53.8
3,307 10.5

2,713 * 7.7
45.3
349
9M FY'25 9M FY'26 9M FY'25 9M FY'26 9M FY'25 9M FY'26 9M FY'25 9M FY'26
4 Cement Volume Revenue EBITDA EBITDA
(MnT) ($ Mn) ($ Mn) ($ PMT)
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Net worth at $ 7.8 Bn | Company Remains Debt Free | Highest rating of Crisil and CARE - AAA (Stable) / Crisil A1+

* Normalised basis excluding one time income of $ 92 Mn and GST incentive $ 15 Mn

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Ambuja : Performance Highlights

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Performance at a Glance Q3FY’26 Ambuja Cement Consolidated

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+17% +20% +53% +31%
YoY YoY YoY YoY
150
18.9
1,143
8.0
16.2 955
98
6.1
Q3FY'25 Q3FY'26 Q3FY'25 Q3FY'26 Q3FY'25 Q3FY'26 Q3FY'25 Q3FY'26
Cement Volume Revenue EBITDA EBITDA
(MnT) ($ Mn) ($ Mn) ($ PMT)
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Company will continue to have a double-digit growth in volume, revenue, and cost leadership, which in turn will help it to achieve target of $ 17 EBITDA PMT by exit of Mar’28

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* Normalised basis excluding one time income of $ 92 Mn

Ambuja: Post Acquisition Growth Trajectory

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Capacity (MTPA) EBITDA ($ per tonne) Green Power Share (%)
1 17
155 60%
109 * 115 8.2 10.5 2 38% 4
68
7%
3
At the time of Dec'25 Mar'28 At the time of Dec'25 3 Mar'28
At the time of Dec'25 Mar'26 Mar'28 Acquisition Acquisition
Acquisition (Sept'22 TTM) (Sept'22)
(Sept'22)
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1. including 15 MTPA debottlenecking

2. Existing assets delivered (Ambuja+ACC) EBITDA of ~$12 PMT

4. This includes renewable energy exported to the grid that helped offset conventional power consumption and contributed to a reduction in associated emissions

Waste Heat Recovery System (MW)

Renewable Power (MW)

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376 1,122
898
228
40 83
At the time of Dec'25 Mar'28 At the time of Dec'25 Mar'28
Acquisition Acquisition
(Sept'22) (Sept'22)
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• Ambuja is strategically embedded in India’s growth story, and backed by Adani’s infra engine

• Cost leadership to help achieve an EBITDA of $ 17. This will be enabled by improved operating leverage, brand strengths and synergies within the Adani ecosystem

Cost Reduction Journey

$ < 44 PMT $ < ~44 PMT $ < ~42 PMT (Dec’25 Exit) (Mar’26 Exit) (Mar’27 Exit)

$ < ~41 PMT (Mar’28 Exit)

1. 9MFY’26

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* Including brownfield expansion of Cement Grinding Unit in Marwar Mundwa

Ambuja: Key Investment Highlights

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Key Investment Highlights

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1 Capacity Roadmap
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• The amalgamation of ACC and Orient Cement with Ambuja Cements was announced, creating a pan-India cement powerhouse under a single corporate structure.

• Existing assets delivered a PMT EBITDA of ~$ 12 PMT, overall EBITDA of $ 10.5 PMT in 9M FY’26.

• Total Cement Capacity at 109 MTPA; on track to achieve target capacity of 155 MTPA by Mar’28 exit

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2 Portfolio Synergies
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• Group capex, logistics, and energy synergies enable efficient execution

• AI, IoT, and green tech integration drive secure, scalable & sustainable operations

• Value creation through Brand Strength and Product Diversification

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3 IT Enablement
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• 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

• Digital sales platform provides a consolidated view of real-time transactions across channel partners and construction professionals

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4 Market Leadership
5 Balance Sheet Strength
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• With a comprehensive focus on value and market share, realizations improved by Rs 5/bag YoY, market share at 16.6%, share of premium cement sustained at 35% of trade sales (volume growth of premium cement is 31% YoY).

• A comprehensive focus on market share gain and R&D led premium cement offerings has enabled differentiated performance both in volume growth and improved realizations.

• Net worth at $ 7.8 Bn, Company remains debt free & highest rating of Crisil and CARE - AAA (Stable) / Crisil A1+

• • Healthy cash flows to sustain the Capex program

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Investment Highlights[2]

STRICTLY CONFIDENTIAL

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1
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Capacity Roadmap: ~109 at present, 115 by Mar’26 and 155 MTPA by Mar’28 exit

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Sanghi (6.1 MTPA) Penna (10 MTPA) Organic Organic
Asian (1.5 MTPA) Orient (8.5 MTPA) Growth Growth
+9 MTPA +20 MTPA +12 MTPA +46 MTPA
155
#
24 15
117
10 109 8
97
68 77
1 2 3 4 5 6 7 8 9 10
Debottlenecking
Sept’22 FY24 FY25 Marwar, Farakka, Current Ongoing Organic Mar’26E Pipeline Mar’28E
(5.6 MTPA by FY’27
(Acquisition) Capacity Closing Capacity Sankrail, Sindri, Capacity expansion
9.4 MTPA in FY’28)
Krishnapatnam and (Jan’26)
Debottlenecking
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Healthy run rate of growth capex of ~$890 Mn and efficiency capex of ~$222 Mn

* Less: Capacity with higher operating cost used selectively (Jamul & Sindri) – 1.6 MTPA, total capacity 115 MTPA(Mar’26)

# Warisaliganj GU will be commissioned in Q1FY’27

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MTPA: Million Tonnes per Annum | ESG: Environmental, Social and Governance

2

Portfolio Synergies: Operational Synergies accruing to each business in Portfolio

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Adani Portfolio Ecosystem EPC & PMC O&M Human Resource ✓ Synergy benefits between
Centre of Excellence Centre of Excellence Centre of Excellence entities providing assurance
on Supply chain and off
take.
Energy & Utilities
Mining
✓ Further bringing in linkage
through Centre of
Fly Ash from APL – Excellences which provides
Circular Economy-
Waste Product usage the assurance on execution
Mining Services APL
Supply of Coal of projects within budget
and Integrated
and time.
Resource
Management Supply of
ADANI Power ✓ Demonstrated Support and
Material CEMENT arm’s length synergy
Supply of building Supply of building benefits in the past.
materials materials AGEL ✓ Collaborating with Adani
Foundation on
Supply of
Logistics
building Solutions community development
materials initiatives
MPL - PVC
✓
Transport & Logistics Supply of building
Metal AESL materials to Adani Realty
✓ Brand partnerships with
Adani Media Networks on
key events
KCL - COPPER
APSEZ AAHL ARTL ANIL
1AIIL AIMSL GCC
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1 Along with AIIL, centre of excellence includes ITD Cementation Ltd. : Acquired 20.83% shares from public through open offer. In process of complying with conditions for acquisition of 46.64% shares from existing promoters and PSP Projects Ltd. : Adani Infra (India) Limited has agreed to acquire shares from the existing promoter group of PSP Projects such that pursuant to the acquisition of shares from the public under open offer, AIIL and existing promoters shall hold equal shareholding. Transaction is pending for regulatory approvals.

The above is not a comprehensive list but rather an illustrative list | 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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2 Portfolio Synergies: Project Management & Assurance Group (PMAG)

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Institutionalised Project Execution

Adani Infra (India) Limited | ITD Cementation India Ltd. | PSP Projects Ltd.

Origination

Site Development

Construction

  - Engineering & design

• Site acquisition

• Analysis & market intelligence

• Concessions & • Sourcing & quality

• • Viability analysis regulatory agreements

  • Project Management Consultancy (PMC)

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India’s Largest

India’s Largest Longest Private HVDC Commercial Port Line in Asia (at Mundra) (Mundra - Mohindergarh)

World’s largest Renewable Cluster (at Khavda)

Time & Cost Overrun

Execution Risk

• Risk identification

• Vendor Ecosystem

• Economies of Scale

• Construction Monitoring in place

• Performance Guarantee Monitoring

• Supply chain management

Credit Risk

Liquidity Risk

• Robust Vendor onboarding process

• Liquidity gap Analysis

• •

• Performance benchmarking Contracts Management

• • • Credit scoring of vendors Multi-layered risk governance structure

Demonstrated On-ground Capex Delivery

$ 50,156 Mn

Cumulative capex by Adani Portfolio during FY20 - FY25

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In $ Mn 14,012
14,000
12,000 11,121
10,676
10,000
8,000 7,117
6,000 4,337
4,000 2,891
2,000
-
FY20 FY21 FY22 FY23 FY24 FY25
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Integrated Vendor Ecosystem Built Over Three Decades

Capacity Building and Strategic Partnerships

Vendor-Enabled Business Expansion

• Long standing relationships with pan-India vendor ecosystem

• Digital procurement that increases transaction transparency

• Performance based contracts incentivize vendor excellence

• Long-term contracts to secure project timelines

• Pre-bid tie-ups to reduce procurement delays

• Strategic support enabling rapid and de-risked project delivery

• Local sourcing ensuring reliable supply chain

• • Vendor training accelerating market expansion

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Note : 1. ITD Cementation India Ltd.: Completed acquisition of 67.47% shares (20.83% from public through open offer and 46.64% from erstwhile promoters). PSP Projects Ltd.: AIIL has acquired 11.32% shares from public through open offer. In process of complying with conditions for acquisition of shares from existing promoters. Once the transaction is completed, AIIL and existing promoters shall hold equal shareholding. | 2: Listed Entities of Adani Portfolio

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IT Enablement: Digitally Enabled Operations Delivering High System Availability

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

• Digital sales platform provides a consolidated view of real-time transactions across channel partners and construction professionals

• Electronic Proof of Delivery (ePOD): The ePOD system has reduced invoice processing time by 30% and document management costs by 40%

• Equipped with advanced technological solutions, analytics, and security systems to enhance operational control and surveillance

• Major substations are already onboarded and operated remotely from Ahmedabad Corporate House through an unmanned setup, maximizing asset efficiency

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Smart Tab for Sales Manager Smart Tabs enable on-the-go productivity with instant access to apps, analytics, and customer insights

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Central Control Room (CCR)
The CCR is the plant’s digital hub,
continuously monitoring and optimizing all
key processes
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Sensors
IoT sensors provide continuous,
condition-based monitoring that boosts
equipment reliability, reduces downtime,
and predicts failures before they occur
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AI-first platform and ERP backbone power scalable, efficient, future-ready operations

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3

IT Enablement: Embedding Intelligence at the Core of Digital Strategy

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01 Reimagining and Reengineering the Core

02 Strategic Differentiation at Scale

03

Future-Proofing with Sustainable Intelligence

Establishing digital foundations to scale with speed and intelligence

Unlocking value through customer obsession and intelligent operations

Embedding circularity, foresight, and autonomy through next-gen digital design

Adani-Ambuja Intelligence Platform:

A secure, scalable, AI-first digital platform driving data unification and insight generation

Customer Centricity at the Core:

Self-serve digital portals, predictive delivery, remote quality dashboards, enhanced customer and stakeholder engagement

Agentic AI Integration:

Context-aware agents optimising dispatch, maintenance, and energy use

Cloud Hosting and SDN:

Fully cloud-native architecture with software-defined networks for performance, resilience, and cost agility

Plant of the Future:

IoT-enabled operations, advanced robotics, and AI-driven control towers, Quarry to Lorry

Project–to–Operations Digital Twins:

Continuous lifecycle visibility from CAPEX to operations for efficiency and sustainability

Standardised ERP Backbone:

Pan-enterprise ERP system ensuring financial integrity, real-time operations, and consistent decision-making

FP&A Transformation:

Rolling forecasts, scenario modeling, and autonomous planning with ML-led insights

Sustainability Intelligence:

Emission tracking, material reuse optimization, and green logistics analytics

Plants 25% Digitalised

Automated Planning 40% Coverage

90% GHG Visibility

| Dealer onboarding time reduced from a week to less than 30 minutes | Autonomous Invoice-to-Pay pilot is delivering 90% error reduction & 80% less manual work | Logistics turnaround time across 17 plants improved by ~25% |

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AI: Artificial Intelligence | SDN: Software Defined Networking | ERP: Enterprise Resource Planning | IoT: Internet of Things | FP&A: Financial Planning and Analysis | ML: Machine Learning | CAPEX: Capital Expenditure

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4
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Market Leadership: Cement as a service, pioneering a sustainable future

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Cement as a Service: Pioneering a Sustainable Future

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White Premium Precast Green Building
Value additions RMX Aggregates
Cement Cement Concretes Solutions
Cables/ Building Material
Cement
Wires Solutions
Fly Ash/ Green/Renewable Coal Logistics
Integration
Gypsum power Mining (BCFC rakes, marine)
35% 50%
Premium Product Premium Product
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RMX: Ready-Mix Concrete | BCFC: Bogie covered Fly Ash/ Cement wagon

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4
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Market Leadership: Product Portfolio

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4 Market Leadership: Product Portfolio
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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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5
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Balance Sheet Strength: Debt free balance sheet with strong cash reserves

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Cash & Cash Equivalents position

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1,126
Orient acquisition
~ $657 Mn
330
202
168
Mar-25 Jun-25 Sep-25 Dec-25
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Net worth at $7.8 Bn, up by $40 Mn during the quarter, continue to remain debt free, highest rating of Crisil and CARE - AAA (Stable) / Crisil A1+

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ESG[3]

STRICTLY CONFIDENTIAL

Ambuja : ESG Updates

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	Material topic		Ambuja			ACC	UN SDGs
	Climate & Energy	2030 TARGETS	STATUS YTD FY 26		2030 TARGETS	STATUS YTD FY 26
	(Gross specific CO2 emissions - Kg/T)	442 *	537		421 *	538
	Climate & Energy (Green Power)	60.0%	33.8%	#	60.0%	29.3%
	Circular Economy (Use of waste derived	21.0	6.5		30.0	2.5
	resources in MnT)
	Water & Nature (Water Positive)	10.0x	16.9x		5.0x	5.6x
	Water & Nature (Trees Planted - Million)	2.4	1.9 till Q3FY26		5.9	4.5 till Q3FY26
	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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In addition, we have sold 3144 lakh KWh units of renewable energy to grid which has resulted in avoiding 2,23,224 tonnes of CO2 emissions.

Ambuja : Impressive ESG credentials and resilient credit ratings

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Rating Agencies	Rating Agencies	Ambuja	ACC
	DJSI (CSA)	90 *	89 *
	CDP – Climate Change	B	A
	CDP – Water Security	A	A
	CDP – Supplier Engagement Assessment	A-	A-
	Sustainalytics	25.7 (22/122 global rank)	23.4 (13/122 global rank)
	MSCI	BB	–
	CRISIL	56	57
	NSE	65	65
	Care Edge	75.1	80.3

*** Ambuja and ACC scored 90 and 89 out of 100 respectively in the 2025 S&P Global Corporate Sustainability Assessment (CSA) in the Construction Materials sector (without MSA impact); highest in the sector on Gross basis. After MSA, Scores are 69 and 72 respectively**

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ESG: Environmental, Social, and Governance | DJSI: Dow Jones Sustainability Index | MSCI: Morgan Stanley Capital International | SBTi: Science Based Target initiative

Ambuja: Board of Directors and Management Overview

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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 40+ 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 Vinod Bahety
• Related Party Transactions – Independent 3 [rd] party review & Chairman Director WTD and CEO
certification Skill & Expertise Skill & Expertise 25+ Yrs of Experience
• Entrepreneurial Vision • Industry expert Skill & Expertise
• Training & Education – Min. 4 sessions in a year for education of IDs • Business Leadership • Strategic development • Banking & Finance
• Operational efficiency • Manufacturing
• Professional Entrepreneur
• Business Strategies &
Policies
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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

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Annexures

STRICTLY CONFIDENTIAL

Historical Financial Performance | Consolidated Profit & Loss (Published)

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Particulars Unit FY24	FY25	9MFY26
Revenue from Operations Mn $ 3,688	3,897	3,307
Other Income Mn $ 130	295	67
Total Income Mn $ 3,817	4,193	3,374
Raw Material Cost Mn $ 615	726	527
Employee Benefit Cost Mn $ 150	156	134
Power and Fuel Cost Mn $ 899	928	823
Freight and Forwarding Cost Mn $ 890	923	762
Other Expenses Mn $ 422	500	497
Total Operating Expenses Mn $ 2,976	3,233	2,743
Operating EBITDA1 Mn $ 712	664	564
Depreciation and Amortization Mn $ 181	276	294
Finance Costs Mn $ 31	24	23
Taxes Mn $ 129	85	(116)
Exceptional Items - Expense/ (Income) Mn $ (24)	2	22
Sub-total Mn $ 317	387	223
Add: Share of Profit from Associates/ JVs Mn $ 3	1	2
PAT Mn $ 527	574	410

9MFY’26 Insights

53.8 MTPA

Volume

$ 3,307 Mn

Revenue from Operations

$ 564 Mn

EBITDA[1]

*** $ 10.50/ Tonne**

EBITDA/ Tonne

17.1%

EBITDA Margin

MTPA : Million Tonnes Per Annum | EBITDA : Earnings Before Interest, Tax, Depreciation and Amortization | PAT : Profit After Tax | 1 – does not include other income | Sales Volume and Operating EBITDA PMT for FY22 to FY25 have been restated basis cement sales volume (Earlier Cement + Clinker volume was reported)

*9MFY’26 EBITDA for existing assets (Ambuja +ACC) stands at $ 12/ton

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Historical Financial Performance | Consolidated Balance Sheet (Published)

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Particulars Unit As on As on 31-Mar-24 31-Mar-25	As on
	30-Sep-25
Assets
Non-Current Assets
Property,Plant and Equipments $Mn 2,223 2,742	3,551
RightofUseAssets $Mn 84 163	177
Capital Work-in-Progress $Mn 296 1,092	1,165
Goodwill $Mn 979 1,207	1,430
Other IntangibleAssets $Mn 294 630	1,129
Other Non-Current Assets $Mn 699 975	783
Total Non-Current Assets $ Mn 4,575 6,810 Current Assets	8,235
Cashand Cash Equivalents $Mn 1,779 1,126	202
Inventories $Mn 401 472	600
TradeReceivables $Mn 132 177	207
Other Assets $Mn 352 417	621
Total Current Assets $ Mn 2,665 2,192	1,630
Total Assets $ Mn 7,240 9,002	9,865
Liabilities Equity
Equity Share Capital $Mn 49 55	55
Other Equity $Mn 4,561 5,889	6,200
Non-ControllingInterest $Mn 1,044 1,153	1,473
Total Equity $ Mn 5,654 7,096 Liabilities	7,728
Borrowings $Mn 4 3	37
TradePayables $Mn 330 307	416
Tax Liabilities $Mn 446 570	595
Other Liabilities $Mn 806 1,025	1,089
Total Liabilities $ Mn 1,586 1,905	2,137

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

Iconic Structures and Buildings

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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

Atal Setu

Samruddhi Mahamarg

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Mumbai Coastal Road

Kolkata’s Underwater East West

Metro Tunnel

World One, Worli - Mumbai

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Accolades & Awards

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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

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

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

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

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Adani Cement plants honoured with Diamond Awards at the ICON SWM 2024–25 for excellence in co-processing

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Honoured with the Unnatha Suraksha Puruskara at Safety Awards 2025 by National Safety Council – Karnataka Chapter

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Marwar Vertical Roller Cement Mill

Inauguration of ASCENT by Mr. Karan Adani, Non-Executive Director and Mr. Vinod Bahety, CEO - Cement Business

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Commissioned 2.4 MTPA brownfield Cement
Grinding Unit in Marwar Mundwa,
Rajasthan, increasing Ambuja’s total
capacity to ~109 MTPA
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Inauguration by Mr. Karan Adani, Non-Executive Director and Mr. Vinod Bahety, CEO – Cement Business

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Line 3

Bhatapara Clinker unit (line 3)

Kiln light up by Mr. Vinod Bahety, CEO - Cement Business

Clinker Silo

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Commissioned 4 MTPA brownfield Clinker Unit in Bhatapara, Chhattisgarh, raising total
consolidated clinker capacity to 66 MTPA
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Disclaimer

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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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