Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q2 net sales up 21% y-y to INR3,561 Cr; H1 sales up 21% to INR7,457 Cr - Grey cement volumes up 19.38% H1 at 11.3 MT; white cement volumes up 19% at 1.032 MT - Q2 EBITDA INR500 Cr vs INR440 Cr last year; H1 EBITDA INR1,138 Cr +2% y-y - Capex: Wall putty plant commissioned; Jaisalmer and Bikaner plants on track for H1 FY28 - Net debt INR4,571 Cr; peak net debt expected ~INR6,000 Cr by FY29 with net debt/EBITDA ~2.3 - Fuel cost expected to rise to INR2 per Kcal in Q4; INR80-90 Cr impact per quarter - Paint business revenue INR116 Cr Q2; EBITDA loss INR2 Cr Q2; breakeven expected FY27 - Price hike of INR20/bag from mid-September; further INR10-15/bag hike needed post-Diwali - Premium products yield ~INR150/ton extra profit; focus on trade and market share gains - RMC revenue INR60 Cr Q2; breakeven expected after 6 months per plant - White cement and putty capacity 3.65 MT; utilization ~90%; growth constrained by Fujairah exports - Clinker utilization 95%; cement utilization ~67-70% - Advertisement costs allocated fairly between paint, putty, and white cement businesses - Market share maintained in North; gained in Central India with expansion - Capex guidance INR3,500 Cr FY27, then INR2,500 Cr annually for expansions - Coal block Mahan work started; operational by H1 FY29; cost INR1-1.25 per unit expected - EBITDA per ton among top 3-4 peers; Jaisalmer plant to support profitability - No major packaging cost increase expected; maintenance routine - Net debt peak and…