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January 30, 2026

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

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

Dear Sir / Madam,

In continuation of our letter dated January 13, 2026, regarding Analyst/Institutional call scheduled on January 30, 2026, we are enclosing herewith Presentation titled ‘Operational & Financial Highlights’ of the Company for the quarter and nine months ended December 31, 2025.

The above information shall also be made available on the Company's website at www.ambujacement.com

Kindly take the same on record.

Thanking you,

Yours Sincerely, For Ambuja Cements Limited

Manish Digitally signed by Manish Vinodchandra Vinodchandra Mistry Date: 2026.01.30 Mistry 14:31:50 +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

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Performance at a Glance 9MFY’26 Ambuja Cement Consolidated

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+19% +22% +62% +36%
YoY YoY YoY YoY
943
5,075
53.8
29,740

24,392

45.3 3,139
692
9M FY'25 9M FY'26 9M FY'25 9M FY'26 9M FY'25 9M FY'26 9M FY'25 9M FY'26
Cement Volume Revenue EBITDA EBITDA
(MnT) (Rs Cr) (Rs Cr) (PMT)
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Net worth at Rs. 69,854 Cr | Company Remains Debt Free | Highest rating of Crisil and CARE - AAA (Stable) / A1+

Normalised basis excluding one-time income of Rs.826 Cr and GST incentive Rs 138 Cr

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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
718
18.9 10,277 1,353
16.2 8,585 *
885

548
Q3FY'25 Q3FY'26 Q3FY'25 Q3FY'26 Q3FY'25 Q3FY'26 Q3FY'25 Q3FY'26
Cement Volume Revenue EBITDA EBITDA
(MnT) (Rs Cr) (Rs Cr) (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 Rs 1,500 EBITDA PMT by exit of Mar’28

Normalised basis excluding one-time income of Rs.826 Cr

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Business Highlights

ONE CEMENT PLATFORM

Amalgamation of ACC Limited and Orient Cement Limited with Ambuja Cements Limited, creating a unified ‘ One Cement Platform ’, towards long-term value creation

CAPACITY EXPANSION

Total Cement Capacity at 109 MTPA with 2.4 MTPA Marwar Grinding Unit successfully operationalised

RENEWABLE POWER

Commissioned 225 MW solar power, taking renewable energy capacity to 898 MW ; and remaining on track for 1,122 MW by FY27

STRATEGIC INITIATIVES

CiNOC gaining momentum , sales ground force empowered with smart tabs FutureX now engages 750+ institutions (Engineering colleges / Schools), covering over 1.3 million students, largest industry–academia initiative

Improvement in capacity utilization of acquired assets: 37% (Q3FY’25) >>> 58% (Q3FY’26) >>> 65% (Dec’25 Exit) and on the path to achieve ~80%

CiNOC: Cement Intelligent Network Operating Centre

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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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ACC Limited

The Board approved the amalgamation on 22[nd] Dec’25
ACC and Ambuja filed their respective merger scheme with the Stock Exchanges
The Companies are currently awaiting No-Objection Certificate (NOC) from SEBI
Completion of the transaction is subject to requisite approvals and is expected over FY27

Sanghi Industries Limited

Board approval received on 17[th] Dec’24 for merger with Ambuja
Both companies conducted their respective shareholder meetings on 20[th] Nov’25. The NCLT hearing completed on 29[th] Jan 26. The outcome of the matter is awaited as on the time of approval of this financial results

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Orient Cement Limited

The Board approved the amalgamation on 22[nd] Dec’25
Orient and Ambuja filed their respective merger scheme with the Stock Exchanges
The Companies are currently awaiting No-Objection Certificate (NOC) from SEBI
Completion of the transaction is subject to requisite approvals and is expected over FY27

Penna Cement Industries Limited

Board approval received on 17[th ] Dec’24 for merger with Ambuja
NCLT has scheduled the final hearing on 19[th] Feb’26
The entire process is expected to be completed by Mar’26, subject to NCLT issuing its final order
The entire process is expected to be completed by Mar’26

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

Marwar Vertical Roller Cement Mill

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

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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Capacity (MTPA) EBITDA ( ₹ per tonne) Green Power Share (%)
1
155 1,500 60%
109 * 115 943 2 38% 4
738
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)
1. including 15 MTPA debottlenecking 2. Existing assets delivered (Ambuja+ACC) EBITDA of Rs. 4. This includes renewable energy exported to the grid that
1,045 PMT helped offset conventional power consumption and
contributed to a reduction in associated emissions
Waste Heat Recovery System (MW) Renewable Power (MW)
•
Ambuja Cement is strategically
376 1,122 embedded in India’s growth story, and
898
228 backed by Adani’s infra engine
•
Cost leadership to help achieve an
40 83
EBITDA of Rs 1,500 PMT. This will be
At the time of Dec'25 Mar'28 At the time of Dec'25 Mar'27 enabled by improved operating leverage,
Acquisition Acquisition brand strengths and synergies within
(Sept'22) (Sept'22)
the Adani ecosystem
Cost Reduction Rs < 4,000 PMT Rs < ~4,000 PMT Rs < ~3,800 PMT Rs < ~3,650 PMT
(Dec’25 Exit) (Mar’26 Exit) (Mar’27 Exit) (Mar’28 Exit)
Journey
3. 9MFY’26
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* Including brownfield expansion of Cement Grinding Unit in Marwar Mundwa

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Development
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Capacity Roadmap

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Asset Footprint

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Stakeholders

Total Cement Capacity at 109 MTPA with 2.4 MTPA • The amalgamation of ACC and Orient Cement with • Net worth at Rs. 69,854 Cr ,, continue to remain debt Marwar Grinding Unit successfully operationalised Ambuja was announced, creating a pan-India cement free, highest rating of Crisil and CARE - AAA (Stable) /
• On track to achieve target capacity of 155 MTPA by powerhouse under a single corporate structure. A1+ Mar’28 exit • Existing assets delivered EBITDA of ~Rs. 1,045 PMT • Healthy cash flows to sustain the Capex program
Cost Leadership (9MFY’26) Societal • Ongoing Capex and Opex efficiency initiatives will Digitalisation • 6 Million people benefited under community •
help achieve the cost target of Rs 3,650 PMT by CiNOC (Cement Intelligent Network Operations development projects Mar’28 exit Centre) launched to infuse in operations & Environmental
• Green power share , improved by 18.3 pp to 38% (9M businesses AI layer deep into our enterprise fabric, • Adani Cement has planted 7.2 million trees till Q3 FY26) , target to reach 60% by Mar’28 exit will facilitate paradigm shift in operations FY’26 as part of its commitment to plant 8.3 million
Market Leadership • Enhanced procurement and finance processes with trees, aligned with Adani Group's pledge to grow 100 • With a comprehensive focus on value and market ARIBA and automated invoice posting million trees by 2030 share, realizations improved by Rs 5/bag YoY , market Sales & Marketing Excellence • The Company remains water positive at 14 times in share at 16.6%, share of premium cement sustained • Q3 FY’26 , with Zero Liquid Discharge (ZLD) A comprehensive focus on market share gain and
at 35% of trade sales (volume growth of premium maintained across all manufacturing sites. 100% of R&D led premium cement offerings has enabled
cement is 31% YoY). waste water generated is treated onsite and recycled differentiated performance both in volume growth
• GST 2.0 reforms helped aspiring customers to prefer for dust suppression and cooling purpose. and improved realizations.
Ambuja Kawach and ACC Gold & Super premium • Analytics and digitalization to help simplify sales
products organization structure resulting in improved productivity

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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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12
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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

AEL has raised INR 24,930 Cr 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] December, 2025.

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Predictable, high and rising free cash flow National footprint with deep coverage
Tax paid EBITDA
Finance cost paid 92,943
CAT (FFO)
65,016
(74%)
EBITDA
24,870
12,784 AEL
(51%) 22,819 APSEZ
Adani’s Core Infra.
(21%) AGEL
Platform –
10,418 ATGL
(42%)
5,109 AESL
1,668
350 Mn
APL
FY19 FY20 FY21 FY22 FY23 FY24 FY25 Sept'25
Userbase
TTM 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 7% Long Term Debt
Mapping Development Infrastructure Financing 14% 19%
Framework 20% PSU Banks
4% Pvt. Banks
Policy, Duration Risk Matching 31% March 2016 55% Sept’ 2025 USD Bonds
Strategy & Risk Management – Rate & Currency NBFCs & FIs
Risk Governance & Assurance 25% 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 67.46%. 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 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 selected for first Indofirst Indian cement cement company and first commercial Swedish Carbon company to adopt the among the fastestdeployment of Coolbrook’s Capture and Utilisation Taskforce on Naturegrowing globally, with a RotoDynamic Heater (CCU) Pilot in the global related Financial technology for electrified cement sector in presence across diverse Disclosures (TNFD) geographies and the kiln 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 seven global cement Andhra Pradesh, economy 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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Presence in 31 states & union territories and 665+ districts

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For the Quarter Ended December 31, 2025
Gagal
109 MTPA 67.3%
Darla / Suli
Rajpura Ropar Nalagarh Asian Nalagarh Cement Capacity Clinker factor
Bhatinda Roorkee
Dadri
Kymore
Rabriyawas Ametha 24 22
Marwar Tikaria Integrated Units Grinding Units
Chaibasa
Lakheri
Farakka
Sanghi Sindri
77% 117
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 6.6% 1,20,000+
Orient
Thondebha vi Boyareddypalli Thermal Substitution Rate Channel partners across India
Mangalore
Talaricheruvu
Madukkarai
Cochin
Karaikal
Tuticorin
Including brownfield expansion of Cement Grinding Unit in Marwar Mundwa 18
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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
AIIL AIMSL 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

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Higher contribution from
Trade segment 1
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High Higher contribution from Ambuja Cements Geographical Spread
Patronage Trade segment 1 (Capacity Share) 2
Trade Cement Share
Ambuja + ACC
IHB Influencers
67%
Share of Premium
Products
Professionals Dealers Northern Zone : 19%
35% Central Zone : 8%
of Trade Volume Western Zone : 23%
(31% vol growth YoY)
Southern Zone : 28%
Strategic Partnership Eastern Zone : 22%
{e.g. CREDAI, Academia (FutureX
initiative) CONCOR, etc.}
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Q3 FY’26 2 Including brownfield expansion of Cement Grinding Unit in Marwar Mundwa

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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 21
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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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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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Sensors
Central Control Room (CCR) IoT sensors provide continuous,
The CCR is the plant’s digital hub,
condition-based monitoring that boosts
continuously monitoring and optimizing
equipment reliability, reduces downtime,
all key processes
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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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

Kolkata’s Underwater East West Metro Tunnel

World One, Worli - Mumbai

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Market Presence of Adani Concrete

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High Strength and Durability with upto 70% low embodied
CO2 For Underground structures exposed to chemical attacks
Ultra High Strength Pumpable concrete
For High rise towers – high grade requirements
Shrinkage cracks-controlled concrete with increased structural integrity, toughness &
flexural strength For warehouse shop floors, partition walls, floor screeds
Temperature controlled concrete with high durability applicable in mass pours. Reduced
thermal cracks. For Raft pours, deep sections & during peak summer concreting jobs
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Wide variety of RMC solutions for everyone’s need

No of Plants Volume (Mn m[3] )[*] No of Cities 117 (14 up YoY) 2.70 (36% up YoY) 45

*YTD Dec FY’26

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Performance 03 Highlights

• : Dec’24 quarter Orient acquisition completed in Apr’25. Only Sanghi and Penna consolidated in results

• : Dec’25 quarter Sanghi, Penna & Orient consolidated in results

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

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Macro Economic Factors
Segment wise Cement Demand
Macro •
Strong demand, favorable policy (tax reforms, infrastructure), resilient consumption, and rising
Economics 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
29%-31% • Sustained investment activity & continued strength in manufacturing & services to drive future
32%-34% growth
Policy Tailwinds
Policy Tailwinds • Reclassification of limestone as major mineral will remove end-use restrictions, which is expected to
boost cement industry
13%-15% • 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
22%-24%
industry
Cement Demand Drivers
Industrial & Commercial Rural Housing
Infrastructure Urban Housing • States with notable capital spending on housing/infrastructure to aid demand
• Rajasthan Govt. fast -tracks Rs 1,972 Cr. real estate projects
Cement Demand •
Segment FY’26E Growth Prime Minister (PM) to launch Rs 14,260 Cr. infra projects in Chattisgarh
• Rs 8.6 lakh Cr committed towards infrastructure development in Vibrant Gujarat Summit
Housing 6.0% to 7.0% 2026
Infrastructure 7.5% to 8.5% • Public Investment Board clears Rs 26,000 Cr. Kamala Hydro Electric project in Arunachal
Pradesh
Industrial/Commercial 5.5% to 6.5% •
Bullet train between Ahmedabad and Mumbai to generate substantial demand
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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
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

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Strong Domestic Demand and Rising Investment to Drive Economy and Industry

1 Cement Consumption per capita has 2 India per capita consumption has the 3 Urban rise, income surge, government 4 Government Policy Support & strong correlation with GDP per capita growth potential from 2x to 5x capex = more construction Tailwinds

✓ Strong GDP to propel cement consumption
✓ Cement consumption (in kg/ capita)
consumption India 290
Key demand drivers : World Average 540 • Infrastructure (roads, railways, metros), ✓ India: World's #2 cement producer , yet
• Rural housing (PMAY-G), per capita use is 45% below global • Urban housing (PMAY-U, real estate) average and 82% below China — • Industrial/commercial capex massive headroom for growth
✓ Key demand drivers :
✓ Unlike mature markets focused on ✓ PLI Scheme and Smart City Initiatives, upkeep, India’s cement demand stems FDI inflows and China+1 strategy from an underbuilt economy still supporting long-term industrial cement expanding demand growth
✓ Structural demand driven by ✓ $2.6 Tn National Infrastructure Pipeline urbanization, income growth and public (NIP) supported by $130 Bn FY26 capex investment — not cyclical 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 Cement continues to outperform industry growth rate
Cement Capacity and Production (MT) Industry Capacity and Demand (MT) Central Govt. Capex (Rs Bn) Urban Population (% of total population)
3,500 Installed Capacity Production Capacity Demand 28% YoY
10,520 growth
9,485 and 59% 34.9 [37.4]
of budget
1,900 990 5,921 7,395 6,582 [27.7] [30.9]
688 411 688 443 621 4,256 17 17.9 [19.8] 23.1 [25.5]
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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Urban Population (% of total population)

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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Ambuja Consolidated

Particulars UoM	Particulars UoM	Quarter Ended 9 Months Ended	Quarter Ended 9 Months Ended	Quarter Ended 9 Months Ended	Quarter Ended 9 Months Ended	Quarter Ended 9 Months Ended	Quarter Ended 9 Months Ended	Quarter Ended 9 Months Ended	Quarter Ended 9 Months Ended
		Dec’25	Dec’24	YoY Change	Sept’25	QoQ Change	9M FY’26	9M FY’25	YoY Change
Volume	MnT	18.9	16.2	17%	16.6	13%	53.8	45.3	19%
Revenue from Operations	₹Cr	10,277	9,4111	9%	9,174	12%	29,740	25,3562	17%
EBITDA	₹Cr	1,353	1,7121	(21%)	1,761	(23%)	5,075	4,1032	24%
EBITDA Margin	%	13.2%	18.2%1	(5.0pp)	19.2%	(6.0pp)	17.1%	16.2%2	0.9pp
EBITDA (PMT)	₹/Ton	718	1,0591	(32%)	1,060	(32%)	943	9052	4%
PAT Reported	₹Cr	367	2,663	(86%)	2,302	(84%)	3,686	3,943	(7%)
PAT Normalised3	₹Cr	378	106	258%	619	(39%)	1,984	1,399	42%
EPS (diluted)	₹	0.82	8.86	(91%)	7.15	(88%)	11.36	13.35	(15%)

Including one-time income of Rs.826 Cr;
Including one-time income of Rs.826 Cr and GST incentive of Rs 138 Cr
Reconciliation between Reported Profit After Tax and Normalised Profit After Tax is provided on the next slide

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Ambuja Consolidated – PAT Reconciliation

Particulars	UoM	Quarter Ended	Quarter Ended	Quarter Ended	Nine months Ended	Nine months Ended
		Dec’25	Dec’24	Sept’25	Dec’25	Dec’24
Profit after Tax (Reported)	₹Cr	367	2,663	2,302	3,686	3,943
Excise duty exemption	₹Cr		826			826
Government Grant accrual/(provided for)	₹Cr			(223)	(223)	138
Interest on income tax	₹Cr		1,110	205	205	1,110
Chhattisgarh IDEC	₹Cr	205			205
Impact of New Labour / Wage code	₹Cr	(107)			(107)
Sales tax deposit provided for	₹Cr	(114)			(114)
Indemnification Claim received	₹Cr				40
Provision for pending litigation and disputed matters	₹Cr					(121)
Vendor dispute claim settlement	₹Cr					(35)
Income tax provision reversal	₹Cr		829	1,697	1,697	829
Tax Impact	₹Cr	4	(208)	4	(2)	(203)
Total impact on PAT	₹Cr	(11)	2,557	1,684	1,702	2,544
Profit after Tax (Normalized)	₹Cr	378	106	619	1,984	1,399

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Ambuja Standalone

Particulars UoM	Particulars UoM	Quarter Ended 9 Months Ended	Quarter Ended 9 Months Ended	Quarter Ended 9 Months Ended	Quarter Ended 9 Months Ended	Quarter Ended 9 Months Ended	Quarter Ended 9 Months Ended	Quarter Ended 9 Months Ended	Quarter Ended 9 Months Ended
		Dec’25	Dec’24	YoY Change	Sept’25	QoQ Change	9M FY’26	9M FY’25	YoY Change
Volume	MnT	12.0	9.7	23%	9.9	20%	32.5	27.0	20%
Revenue from Operations	₹Cr	5,913	5,0821	16%	5,150	15%	16,596	13,8622	20%
EBITDA	₹Cr	515	6011	(14%)	704	(27%)	2,091	1,9272	9%
EBITDA Margin	%	8.7%	11.8%1	(3.1pp)	13.7%	(5.0pp)	12.6%	13.9%2	(1.3pp)
EBITDA (PMT)	₹/Ton	430	6171	(30%)	708	(39%)	644	7142	(10%)
PAT Reported	₹Cr	204	1,758	(88%)	1,388	(85%)	2,447	2,826	(13%)
PAT Normalised3	₹Cr	230	207	11%	375	(38%)	1,461	1,182	24%
EPS (diluted)	₹	0.83	7.14	(88%)	5.62	(85%)	9.91	11.51	(14%)

Including one-time income of Rs.190 Cr
Including one-time income of Rs.190 Cr and GST incentive of Rs 138 Cr
Reconciliation between Reported Profit After Tax and Normalised Profit After Tax is provided on the next slide

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Ambuja Standalone – PAT Reconciliation

Particulars	UoM	Quarter Ended	Quarter Ended	Quarter Ended	9 months Ended	9 months Ended
		Dec’25	Dec’24	Sept’25	Dec’25	Dec’24
Profit after Tax (Reported)	₹Cr	204	1,758	1,388	2,447	2,826
Excise duty exemption	₹Cr		190			190
Government Grant accrual/(provided for)	₹Cr			(223)	(223)	138
Interest on income tax	₹Cr		580			580
Chhattisgarh IDEC	₹Cr	123			123
Impact of New Labour / Wage code	₹Cr	(45)			(45)
Sales tax deposit provided for	₹Cr	(114)			(114)
Loss on sale of shares of subsidiary company	₹Cr					(13)
Income tax provision reversal	₹Cr		829	1,180	1,180	829
Tax Impact	₹Cr	9	(48)	56	65	(79)
Total impact on PAT	₹Cr	(26)	1,551	1,013	987	1,644
Profit after Tax (Normalised)	₹Cr	230	207	375	1,461	1,182

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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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17% 2%
18.9
258
16.6 248 253
16.2
Dec-24 Sep-25 Dec-25 Dec-24 Sep-25 Dec-25
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EBITDA
(₹ Cr & Margin) (Incl. RMX)
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EBITDA
(₹ /ton) (Incl. RMX)
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31%

53%

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1,761 1,060
1 1,353 1 718
548
885
10% 19% 13%
Dec-24 Sep-25 Dec-25 Dec-24 Sep-25 Dec-25
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Achieved strong volume growth , surpassing 2x the industry average, driven by a series of strategic initiatives that strengthened market presence and improved realizations. Key actions include:

Expanding premium product share through branding and promotional activities
Intensifying branding campaigns to enhance visibility
Strengthening influencer engagement through technical support teams
Delivering value-added solutions tailored to regional customer needs

Implementation of a well-defined strategy emphasizing volume growth, premiumization, and sustained pricing power, underpinned by disciplined cost optimization and operational excellence. Furthermore, integration synergies across the Cement business and the wider Group platform are anticipated to unlock significant efficiencies, positioning the company for improved profitability in the near term.

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.

1 excluding one-time income of Rs.826 Cr in Q3 FY’25

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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)
1%
2% 9%
803 1,370 1,382 1,253
1,236
763
747 1,224
1,274
Dec-24 Sep-25 Dec-25 Dec-24 Sep-25 Dec-25 Dec-24 Sep-25 Dec-25
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Logistics costs reducing constantly, supported by cost reduction initiatives, Digitization and Automation programs. We expect this downward trend to continue as we progress on our logistics excellence programs. Key drivers include:

Increase in costs mainly contributed by higher Clinker production vs Sales volumes resulting in higher closing inventory. The benefit of this surplus, expected to flow in Q4 FY’26. As operational integration progresses and synergies are realized, costs expected to decline in future quarters, driven by following initiatives:

Costs are higher by 2% mainly due to higher purchased clinker consumption across few plants (beneficial on TCO basis) and higher Clinker production vs consumption, excess stock lying in closing stock and benefit of this will flow in Q4 FY’26. However, these cost will be reducing further with initiatives viz.

  - Strategic Modal shift with increasing share of waterways (to go upto  ~5% by FY’28)

  - Accelerated Automation and Digitization

  - – Optimized wheeler alignment to improve truck utilization and reduce freight costs

Improving Captive coal share & Fuel flexibility to maximize low-cost fuel consumption
Longterm arrangement for major raw materials
Infrastructure developments for raw material handling viz. BCFC projects
- Improved Direct dispatches
Kiln fuel lower by 10P @165P/’000 kCal
```
 - Footprint optimization with new GUs
```
Green power share up 14.8 PP @36.9%
– Maximization of cheaper AFR material
Maximization of cheaper raw material, (activated gypsum) replacing costlier raw materials viz. Imported gypsum etc.
(17% of total cost)
In Plant Automations and GPS tracking of both Inward and Outward movements
Capex base efficiency improvement programs resulting in improved operational efficiency parameters
- Longterm contract with CONCOR
Renegotiations of freight & handling rate
(27% of total cost)
(31% of total cost)

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OTHER EXPENSES
(₹ /ton)
1%
862
854
799
Dec-24 Sep-25 Dec-25
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Other expenses are maintained almost at PY level, driven by new business model and synergy between cement companies and with group companies. As integration advances and synergy benefits are progressively realized, these expenses are expected to trend downward in future quarters.

(19% of total cost)

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Clinker and Cement (CLC) Sales Volumes

Clinker and Cement (CLC) Sales Volumes	Clinker and Cement (CLC) Sales Volumes	Clinker and Cement (CLC) Sales Volumes	Clinker and Cement (CLC) Sales Volumes	Clinker and Cement (CLC) Sales Volumes	Clinker and Cement (CLC) Sales Volumes	Clinker and Cement (CLC) Sales Volumes	Clinker and Cement (CLC) Sales Volumes
MnT
Companies	Dec'25 Q	Sept25 Q	Dec'24 Q	vs QoQ	vs YoY	Capacity Utilisation
Listed companies Ambuja Standalone ACC Orient Sanghi Other Companies Gross Cement Sales (-) Cement Sales (under MSA)	12.0 11.3 1.7 0.7 1.8 27.4 (8.5)	9.9 10.0 1.4 0.6 1.5 23.3 (6.7)	9.7 9.8 0.0 0.6 1.4 21.5 (5.3)	20% 13% 19% 19% 21% 17% 27%	23% 15% 0% 18% 30% 27% 61%	Dec’25 Q	Dec’25 Exit
						81% 71% 78% 44%	90% 81% 86% 57%
Net Cement Sales (Ambuja Conso)	18.9	16.6	16.2	13%	17%	72%	80%
Net Clinker Sales	0.1	0.2	0.3	(44%)	(58%)
Net CLC Sales Volume	19.0	16.9	16.5	13%	15%

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Cash & Cash Equivalent

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10,125
Orient acquisition
~ Rs 5,910 Cr
2,971
1,813
1,512
Mar'25 Jun'25 Sep'25 Dec'25
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Net worth at Rs. 69,854 Cr, up by Rs 361 Cr. during the quarter, continue to remain debt free, highest rating of Crisil and CARE - AAA (Stable) / A1+

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Capacity Roadmap

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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 ~Rs 8,000 Cr and efficiency capex of ~Rs 2,000 Cr

* 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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ESG 04 Overview

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Impressive ESG credentials and resilient credit ratings

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 Dashboard

Material topic		Ambuja		ACC		UN SDGs
2030 TARGETS STATUS YTD FY 26 2030 TARGETS STATUS YTD FY 26 Climate & Energy (Gross specific CO2 emissions - Kg/T) Climate & Energy (Green Power) 442 537 421 538 60.0% 33.8% 60.0% 29.3% Circular Economy (Use of waste derived resources in MnT) 21.0 6.5 30.0 2.5 Water & Nature (Water Positive) 10.0x 16.9x 5.0x 5.6x Water & Nature (Trees Planted - Million) 2.4 5.9 4.5 till Q3FY26 People & Community (beneficiaries – million) 5.0 3.6 till FY25 3.5 2.1 till FY25 1.9 till Q3FY26 #
People & Community (beneficiaries – million)

As per SBTi validated target

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.

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Geoclean Advantage: Turning Responsibility Into Strategic Value

Pan India contracts with key companies in major industrial sectors in the country

Accelerating Circular Economy Leadership

Strategic Value Creation

Zero leakage, Zero- Landfill Assurance

100 % Landfill-diversion through safe and sustainable coprocessing
Prevents grey-market leakage, misuse, and ensures brand protection
Strengthens compliance, traceability, and governance for partners

Delivering Circular Economy and Resource Stewardship

Enabling circular economy through waste diversion and resource conservation

Strong Customer Ecosystem

Deep engagement with India’s largest FMCG players
High repeat business driven by compliance, scale, and trust
Positioned as a strategic partner, not a transactional vendor

Defensible, High-Quality Revenue

FMCG customers demand audit-ready, compliant, and secure solutions
High switching costs (compliance) reinforce long-term partnerships and stability
Drives low carbon operations

36,000+ tons

Diverted across last FY and ongoing FY

100% diversion

Zero landfill—no leakage to grey markets

Market Leadership

Extending services to 14 top FMCG partners

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Corporate Social Responsibility

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Corporate Social Responsibility

Water Resource Management Agriculture Activity Achievement Activity Achievement Building RRWHS 14 Trainings on Agriculture Activities 7,781 Ponds Renovated 71 Awareness Camps 45 Biomass supplied to Ambuja Cements 12,091 tonnes Micro-Irrigation coverage 428 hectares

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Corporate Social Responsibility

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Sustainable Livelihood Development
Activity Achievement Activity Achievement
Newly SHGs formed 39 Awareness sessions on WASH 817
Truckers & Allied Population reached
39,226 Youth Trained 1,810
through health activities
Beneficiaries screened under NCD 9,026
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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 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 Ajay Kapur Vinod Bahety
• Related Party Transactions – Independent 3 [rd] party review & Chairman Director Managing Director WTD and CEO
certification Skill & Expertise Skill & Expertise 40+ Yrs of Experience 25+ Yrs of Experience
• Entrepreneurial Vision • Industry expert Skill & Expertise Skill & Expertise
• Training & Education – Min. 4 sessions in a year for education of IDs • Business Leadership • Strategic development • Industry expertise • Banking & Finance
• Operational efficiency • Corporate Strategy • Manufacturing
• 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 46
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Annexures 05

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47
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Adani Cement Dhanvarsha NirmAAAnotsav with CREDAI
FutureX Conclave Navotsav 2026 Chairman (Punjab)
BAI Convention SamvAAAd Adani Cement
Goa Mumbai Plant Celebrations
Strengthened partnerships with leading industry bodies including CREDAI, NAREDCO, BAI, Indian Concrete Institute, CTBUH, The Indian Institute of
Architects, Indian Chamber of Commerce, ACCE India, among others
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CTBUH - Council on Tall Buildings and Urban Habitat, CREDAI - Confederation of Real Estate Developers' Associations of India, NAREDCO - National Real Estate Development Council, ACCE - Association of Consulting Civil Engineers (India), BAI - Builders Association of India

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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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Particulars
Unit
FY24
FY25
9MFY26
Revenue from Operations
₹Cr
33,160
35,045
29,740
Other Income
₹Cr
1,166
2,654
600
Total Income
₹Cr
34,326
37,699
30,341
Raw Material Cost
₹Cr
5,526
6,527
4,738
Employee Benefit Cost
₹Cr
1,353
1,403
1,207
Power and Fuel Cost
₹Cr
8,086
8,348
7,402
Freight and Forwarding Cost
₹Cr
8,001
8,301
6,848
Other Expenses
₹Cr
3,795
4,494
4,470
Total Operating Expenses
₹Cr
26,760
29,074
24,665
Operating EBITDA1
₹Cr
6,400
5,971
5,075
Depreciation and Amortization
₹Cr
1,628
2,478
2,643
Finance Costs
₹Cr
276
216
203
Taxes
₹Cr
1,161
764
(1,040)
Exceptional Items - Expense/ (Income)
₹Cr
(212)
21
198
Sub-total
₹Cr
2,854
3,480
2,003
Add: Share of Profit from Associates/ JVs
₹Cr
23
13
14
PAT
₹Cr
4,735
5,158
3,686

53.8 MTPA
Volume
₹ 29,740 Cr
Revenue from Operatio
₹ 5,075 Cr
EBITDA1
₹ 943/ Tonne
EBITDA/ Tonne
17.1%
EBITDA Margin
9MFY’26 Insig*

9MFY’26 Insights

₹ 29,740 Cr Revenue from Operations

9MFY’26 EBITDA for existing assets (Ambuja +ACC) stands at Rs 1,045/ton

1 – does not include other income

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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 ₹Cr 19,987 24,656	31,933
Right of Use Assets ₹Cr 758 1,465	1,593
Capital Work-in-Progress ₹Cr 2,658 9,820	10,473
Goodwill ₹Cr 8,803 10,856	12,862
Other Intangible Assets ₹Cr 2,647 5,666	10,151
Other Non-Current Assets ₹Cr 6,285 8,772	7,041
Total Non-Current Assets ₹Cr 41,137 61,235 Current Assets	74,054
Cash and Cash Equivalents ₹Cr 15,999 10,125	1,813
Inventories ₹Cr 3,609 4,248	5,397
Trade Receivables ₹Cr 1,190 1,590	1,858
Other Assets ₹Cr 3,169 3,747	5,588
TotalCurrent Assets ₹ Cr 23,966 19,710	14,656
Total Assets ₹Cr 65,104 80,945	88,710
Liabilities Equity
EquityShare Capital ₹Cr 440 493	494
Other Equity ₹ Cr 41,012 52,951	55,752
Non-ControllingInterest ₹ Cr 9,391 10,368	13,247
Total Equity ₹Cr 50,843 63,811 Liabilities	69,493
Borrowings ₹ Cr 37 27	332
TradePayables ₹ Cr 2,964 2,759	3,742
Tax Liabilities ₹ Cr 4,013 5,129	5,353
Other Liabilities ₹ Cr 7,247 9,219	9,790
Total Liabilities ₹Cr 14,261 17,134	19,217
Total Equity and Liabilities ₹Cr 65,104 80,945	88,710

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

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|||||||
|---|---|---|---|---|---|
|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|DWT|Deadweight Tonnage|
|SD|Sustainable Development|TSR|Thermal Substitution Rate|
|Confederation of Real Estate Developers’ Associations of|
|CREDAI|
|India|
|CSR|Corporate Social Responsibility|OPC|Ordinary Portland Cement|
|ICC|Indian Chamber of Commerce|NCD|Non-Communicable Diseases|

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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 [email protected]

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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AI assistant

Ambuja Cements Ltd. — Investor Presentation 2026

59365_rns_2026-01-30_c4bd6f73-6c37-4cf4-803c-e0ebeeae14b2.pdf

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

Performance at a Glance 9MFY’26 Ambuja Cement Consolidated

Net worth at Rs. 69,854 Cr | Company Remains Debt Free | Highest rating of Crisil and CARE - AAA (Stable) / A1+

Performance at a Glance Q3FY’26 Ambuja Cement Consolidated

Business Highlights

ONE CEMENT PLATFORM

CAPACITY EXPANSION

RENEWABLE POWER

STRATEGIC INITIATIVES

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

ACC Limited

Sanghi Industries Limited

Orient Cement Limited

Penna Cement Industries Limited

Capacity Roadmap

Asset Footprint

Stakeholders

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

DEVELOPMENT[1]

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

OPERATIONS

Operations (AIMSL)

CONSUMERS

New C.E.O.

Ambuja Cements - Overview 02

Presence in 31 states & union territories and 665+ districts

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

Heritage

Comprehensive Building Materials & Concrete Solutions

Market Presence of Adani Concrete

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

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

Strong Domestic Demand and Rising Investment to Drive Economy and Industry

Cement Demand-to-GDP Growth Multiplier

Urban Population (% of total population)

Ambuja Consolidated

Ambuja Consolidated – PAT Reconciliation

Ambuja Standalone

Ambuja Standalone – PAT Reconciliation

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

31%

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

Clinker and Cement (CLC) Sales Volumes

Cash & Cash Equivalent

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

Healthy run rate of growth capex of ~Rs 8,000 Cr and efficiency capex of ~Rs 2,000 Cr

Impressive ESG credentials and resilient credit ratings

ESG Dashboard

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.

Geoclean Advantage: Turning Responsibility Into Strategic Value

Pan India contracts with key companies in major industrial sectors in the country

Accelerating Circular Economy Leadership

Strategic Value Creation

Zero leakage, Zero- Landfill Assurance

Delivering Circular Economy and Resource Stewardship

Strong Customer Ecosystem

Defensible, High-Quality Revenue

36,000+ tons

100% diversion

Market Leadership

Corporate Social Responsibility

Corporate Social Responsibility

Board & Committee Structure

9MFY’26 Insights

CA Deepak Balwani

Ambuja Cements Limited

ONE CEMENT PLATFORM

More from Ambuja Cements Ltd.

Ambuja Cements Ltd. Investor Presentation 2026