PFA

AI summary - Q1 FY27 cement volume grew 9% y-y despite state elections and market disruptions - Premium product share reached 25%; launched Weather365 premium-plus cement - Input costs elevated: pet coke prices peaked near $160/ton, fuel cost per ton +10% y-y - EBITDA per ton improved 3% q-o-q to INR1,055; absolute EBITDA declined 11% q-o-q - Jaypee Cement acquisition adds 5.2 mt capacity; integration progressing well - FY27 capex guidance INR3,200-3,400 Cr including maintenance and Jaypee catch-up - Net debt at INR4,431 Cr; leverage 1.47x net debt/EBITDA, below 2x threshold - Expect Jaypee assets to contribute meaningfully from Q3 FY27; EBITDA neutral in few quarters - Industry cement demand growth guided at 7% for FY27; company aims to grow in line - Multiple analyst queries on Jaypee asset ramp-up and cost outlook; management expects 7-8 quarters for EBITDA parity