Transcript of Q2 FY27 - Earnings Conference Call

AI summary - Cement demand grew high single digit Y-o-Y in Q2 FY27, supported by government capex and low rainfall - New clinker line at Belgaum started trial runs ahead of schedule; Pune and Kadapa expansions on track for FY28 - Central India assets ramping up; targeting 35-40% utilization by FY27 end with EBITDA breakeven expected by Q4 FY27 - Q2 volumes up 3% to 7.1 million tons ex-Central; East and Northeast subdued due to floods - Cost pressures from fuel and raw materials increased variable cost by ~INR200/ton; INR75-80/ton further impact expected in Q3 - EBITDA per ton declined to INR746 ex-Central; Central assets diluted EBITDA by INR50/ton in Q2, expected INR100-125/ton in Q3 - Capex guidance maintained at INR3,200-3,400 Cr for FY27; H1 capex at INR1,420 Cr - Leadership transition: CMO Navin Tewari to adviser from Jan 1, 2027; CFO Yatin Malhotra to oversee sales and marketing additionally - Focus on premiumization with Weather365 product rollout and brand consolidation - Net debt leverage targeted below 2x sustainably; current peak due to acquisition and ramp-up phase