{"id":182286,"date":"2026-05-04T09:24:34","date_gmt":"2026-05-04T13:24:34","guid":{"rendered":"https:\/\/alphastreet.com\/india\/orient-cement-limited-orientcem-q4-2026-earnings-call-transcript\/"},"modified":"2026-05-04T11:01:19","modified_gmt":"2026-05-04T15:01:19","slug":"orient-cement-limited-orientcem-q4-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/orient-cement-limited-orientcem-q4-2026-earnings-call-transcript\/","title":{"rendered":"Orient Cement Limited (ORIENTCEM) Q4 2026 Earnings Call Transcript"},"content":{"rendered":"

Orient Cement Limited (NSE: ORIENTCEM) Q4 2026 Earnings Call dated May. 04, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Deepak Balwani<\/strong> \u2014 Head of Investor Relations<\/em><\/p>\n

Vinod Bahety<\/strong> \u2014 Chief Executive Officer<\/em><\/p>\n

Unidentified Speaker<\/strong><\/p>\n

Analysts:<\/h2>\n

Dharmesh Shah<\/strong> \u2014 Analyst<\/em><\/p>\n

Navin Sahadeo<\/strong> \u2014 Analyst<\/em><\/p>\n

Raashi Chopra<\/strong> \u2014 Analyst<\/em><\/p>\n

Indrajit Agarwal<\/strong> \u2014 Analyst<\/em><\/p>\n

Jashandeep Singh Chadha<\/strong> \u2014 Analyst<\/em><\/p>\n

Manish Somaiya<\/strong> \u2014 Analyst<\/em><\/p>\n

Prateek Kumar<\/strong> \u2014 Analyst<\/em><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Pulkit Patni<\/strong> \u2014 Analyst<\/em><\/p>\n

Pinakin Parekh<\/strong> \u2014 Analyst<\/em><\/p>\n

Rahul Gupta<\/strong> \u2014 Analyst<\/em><\/p>\n

Ritesh Shah<\/strong> \u2014 Analyst<\/em><\/p>\n

Ashish Jain<\/strong> \u2014 Analyst<\/em><\/p>\n

Amit Murarka<\/strong> \u2014 Analyst<\/em><\/p>\n

Rajesh Ravi<\/strong> \u2014 Analyst<\/em><\/p>\n

Shravan Shah<\/strong> \u2014 Analyst<\/em><\/p>\n

Raghav Maheshwari<\/strong> \u2014 Analyst<\/em><\/p>\n

Harsh Mittal<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen. Good day and welcome to the Ambuja Cements Limited Q4 FY26 Earnings Call hosted by JM Financial Institutional securities Limited. As a reminder, all participant lines will be on listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference is being recorded.<\/p>\n

I would now like to hand the conference over to Mr. Dharmesh Shah from JM Financial. Thank you. And over to you.<\/p>\n

Dharmesh Shah<\/strong> \u2014 Analyst<\/em><\/p>\n

Thank you everyone. Without much delay, I will transfer the call to Mr. Deepak Balwani, head of investor relations. Mr. Deepak, over to you.<\/p>\n

Deepak Balwani<\/strong> \u2014 Head of Investor Relations<\/em><\/p>\n

Thank you Dharmeesh. On behalf of Ambuja Premenst I am pleased to welcome all the participants to our earnings call for the fourth quarter of FY26. Ambuja Cement is the ninth largest building material solutions company globally and part of the diversified Adani portfolio. Before we start, please note that this call may include forward looking statements based on our current beliefs and expectations.<\/p>\n

These are not guarantees of future performance and may involve unforeseen risk and uncertainty. We remain committed to further strengthening our disclosure standards and improving the quality of our capital market communication to the best in the industry. We are pleased to have with us on the call Mr. Vinod Baherti, Chief Health Security Officer and Mr. Rohit Koeni, Chief Financial Officer.<\/p>\n

Now I invite Mr. Bahati to provide his valuable insight on the quarterly performance.<\/p>\n

Vinod Bahety<\/strong> \u2014 Chief Executive Officer<\/em><\/p>\n

Yes. Thank you Deepak. Thanks Dharmesh. Good evening everyone. FY26 was a year of resilience for the Indian cement sector marked by industry consolidation and the GST 2.0 reforms. On one side, while the adverse and the extended weather conditions, global geopolitical factors and the various state elections also affected the industry and demand in some or the other way. Against this backdrop, Ambuja delivered a resilient performance for the year achieving its highest ever annual sales volume of 73.7 million tons up 16% y on y year on year.<\/p>\n

In that manner and on a normalized basis, the ebitda of rupees 6539 crores up 31% at rupees 887 per metric ton which is on a PMT basis of 12% and the PAT of rupees 2647crore up 17%. The company continues to remain debt free and with Highest credit rating annual volumes grew well ahead of the industry. Trade sales volume grew steady at 10% while the premium cement accounted for 35% of the trade sales during the year reflecting sustained progress on premiumization. During the year cement capacity increased to 109 million tonnes supported by commissioning of 10.7 million tonnes of new branding capacity at various locations like Marwa, Farakka, Sankrail, Sundry, Prithnapatnam and the additional cleaner capacity of 7 million tonnes at Jodhpur and Bhattapara.<\/p>\n

During financial year 26 we also made meaningful progress on the portfolio integration. Successful amalgamation of Sangi Industries and Denna Cement with Ambuja Cement is now completed while ACC and Orient Cement is under process. The one Cement platform is a strategic initiative and will help to bring sharper focus on the operational performance, business synergies and the overall higher degree of compliances. Therefore this time the balance sheet of Ambuja Consol now has finalized purchase price allocation of Orient and Penna till December it was on a provisional basis.<\/p>\n

The numbers you will find marginally changes in the balance sheet. This is the classification of goodwill and the other intangible assets while in the P and L you will find some changes in terms of amount for depreciation and the deferred tax accounting treatments. Further trends you will see in the notes of the accounts you will see various tax related provisional notes with respect to reversals. Details are there in the published financials. Please also Note Financial year 25 and financial year 26 are not financial Comparable like to like since FY25 does not have Orient Cement.<\/p>\n

While Penna was acquired and consolidated from 16th of August 25th that is only 7 and a half months for the FY25 as against 12 months for FY26 and while Orient is only for 11 months in FY26 and was not there in FY25. Now let’s again come back to the business part. My green power share increased almost 32% now in Q4 compared to 26% before the newly acquired assets particularly Sanghi and Penna they witnessed lower utilization levels. Sanghi still remains at around for the full year at 57% on cement capacity utilization while Penna is 46%.<\/p>\n

However last time I mentioned to you that in December quarter we have seen a good improvement especially for Sangi. The turnover initiatives have taken little longer than the expected timelines and some of these plants especially of Penna needed higher than expected time for maintenance, capex and overall upkeep of the assets. So on a cost Front we have seen bit of higher cost compared to our own expectations and therefore some disappointments. Primarily if I have to look at the reasons higher freight cost due to increase in the overall sale lead primary and secondary both increase in some of the state like the additional goods tax especially in Himachal.<\/p>\n

Then in terms of the higher packing costs which we more so have seen that in the month of March which has seen some abruptions given the West Asia war the higher fuel cost on account of little higher than expected heat consumption. What we have and more so for the acquired effects the higher branding cost. Now that we have focused more on trade sales starting from the Q4 and while we have also improved our trade sales to 74% compared to in December quarter of 25 it was 68%. So which would clearly mean we are focusing on blended cement.<\/p>\n

And if you also see my finger factor has improved from 67% in December quarter to now 65%. This has also one of the cost which is the branding cost and the trails promotion cost have gone up and some of the other issues like the raw material costs which we could have improved in terms of the price but pending some of the railway infrastructure which will be completed in coming months and you will see a good level of improvement on that. But pending that we have we have not been able to meet our some of the raw material costs to our desired levels.<\/p>\n

Essentially there is three to six months delay on some of the efficiency capexes which has happened and hopefully like in coming quarter which we should be gaining momentum to complete and get the benefits of it. So therefore in FY27 our focus firmly remains on streamlining the operations and margin expansion. So we will continue to focus on trade sales and also on the premium product sales which we have a huge leadership. Almost 36% of my trade sales has been premium cement sales for Q4. We will continue to improve the reliability at Senna and Sandhi and the overall asset utilization.<\/p>\n

Together they have 19 million tons of capacity and the target is to increase utilization by at least 5 to 10% for these assets. In terms of the cost. While we are cognizant of the overall ongoing global geopolitical situation and we have already seen cost escalation in Q4 more so in the month of March almost by 25 rupees a bag. Closer to, let us say ballpark, 400 to 500 rupees if I have to go on a full blown basis. Our cost increase is there in the industry and so it’s to our company. So we are recalibrating our cost for this financial year.<\/p>\n

I have mentioned earlier about our journey to achieve cost of almost 4,000 rupees a ton by March 26 exit. Meanwhile, in terms of the full year of 26 we have given a figure. We have achieved a figure of 4,400 rupees a ton which is almost 10% higher to our own target for the reasons which I mentioned before Although in the month of March we are closer to 4,100 rupees a ton since there are these are like fast moving global situations and and dynamisms over the energy cost and other basically expected hikes in the fuel and diesel and all.<\/p>\n

Therefore it will be very difficult to provide any long term estimates for right now till the time things stabilize over the next two, three quarters. Therefore, I would say that on strong conviction on certain components of costs for example which I have a is in terms of the overall raw material cost led by fly ash and in terms of the green energy cost for example which is going to be substantial improvement further in our overall situation, therefore I strongly believe 150 to 200 rupees will savings will come from this component.<\/p>\n

On overall console volumes we are expecting it to grow in FY28 27 by almost 70 say 8% to around 80 million odd tonnes and we are cognizant of the fact that we will focus on value with the trade volumes and premium cement and therefore we are keeping it in moderate overall growth in the volumes part at an industry level we believe that given the headlines of inflation and weak monsoon, the industry may grow at around say 5 to 5.5%. We continue to remain committed to our end state sales volumes targeted supported by a sharper focus on higher utilization of the existing capacities and while operationalizing the new capacities and stabilizing them.<\/p>\n

Therefore, with this proposed ongoing additions of 10 million tonnes of GU which you are aware of which I will leave shared with you in the investor day, some of them for example Salah, Ibanwa and versa ligand and so on and so forth. We are expecting to hit capacity of almost 119 million tonnes by end of FY27 capacity expansion plans we are recalibrating in line with our approach to take the advantages of the recent railway policies on bulk terminals with addition pursuit more gradual in terms of first focusing on optimizing the current capacities in hand.<\/p>\n

This will also help in terms of a very disciplined allocation of capital and a steadfast commitment to maximizing the returns on the capital employed. Looking ahead, India’s long term infrastructure Story remains fundamentally very strong and secular. However, with the expected inflationary pressure, weak monsoons and the cement demand is expected to remain little soft. Against this backdrop, Amodha remains focused on disciplined execution, strengthening brand penetration, scaling trade sales, driving premium cement sales and maintaining the cost and capital discipline.<\/p>\n

Thank you and I will now hand it back to the moderator back.<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touchtone telephone. If you wish to remove yourself from the question queue you may press star and two participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. We’ll take our first question from the line of Naveen Sahadev from ICICI Securities. Please go ahead.<\/p>\n

Vinod Bahety<\/strong><\/p>\n

So friends, just to inform you that we also have our first time director and senior Mr. Karan Adani also on the call. He has just joined us. So I welcome Karan bhai and I just basically Karan bhai did the opening remark and we are now on the Q and A. So over back to the moderator please.<\/p>\n

Operator<\/strong><\/p>\n

Yes, we have a question from Naveen Sadev. Naveen.<\/p>\n

Navin Sahadeo<\/strong><\/p>\n

Yeah hi.<\/p>\n

Operator<\/strong><\/p>\n

Please go ahead.<\/p>\n

Navin Sahadeo<\/strong><\/p>\n

Thank you for the opportunity. My first question was on the volume growth front. So in this quarter as per the investor debt volumes have grown by about 10 odd percent. But if I adjust them to the Orient Cement volumes they are more like flattish on a yoy basis. And here my question is that if we are seeing some pressure on volumes because for FY27 we have given a guidance of 80 million tonnes which is roughly a growth of 9 to 10% against the backdrop that we are expecting a much softer industry growth of 5%. So I am just wanting to request overall color on your volumes. Hello.<\/p>\n

Vinod Bahety<\/strong><\/p>\n

Yeah, sorry. Yeah, sorry for the snag. So Naveen, so you’re right absolutely. In terms of the volume especially for this March quarter it has been little muted. But now for the FY27 when I given you indication of 80 million which is around closer to say 8% we have the visibility in terms of A stabilizing the acquired assets of Sangeet which I told you, B the ongoing expansions which will get commissioned in the next few months like between let us say now to September we will see the capacities, will get commissioned and will also then stabilize them.<\/p>\n

So I have the incremental volume also coming from these capacity which I mentioned almost around 10 million tonnes. And of course stabilizing the aqua assets of Penna and Sangi. Yeah. So on that basis basically we are expecting although with a softer demand for the year. Did I answer your question, Naveen?<\/p>\n

Navin Sahadeo<\/strong><\/p>\n

Yeah. Yeah. Thank you. My second question then was on the overall CAPEX plan. So as mentioned in this presentation, we are recalibrating our entire growth plan. We have visibility of taking the total capacity to 119. But I’m just trying to understand by when will like you know we get a color on the next leg of CapEx because the first day when the asset was acquired the vision was to like you know, I think double the capacity and take it to 140. In the interim we increased it to 155 and now we are taking a slightly step back.<\/p>\n

So my question was from a growth point of view, is there a by then, first of all, can we get a color of the big picture or the next longer term plan? And in the same breadth is it that we are more open to pursue inorganic growth which helps us catapult to that overall growth target or you still believe organic is the way to go? That will help. Thank you.<\/p>\n

Vinod Bahety<\/strong><\/p>\n

Our primary focus remains organic in terms of stabilizing our ongoing expansions and also already acquired assets. So therefore I would say that that remains the primary focus. I think we have a good headroom to improve our overall market share by improving the capacity utilizations of these plants. And therefore as I said we are going to follow quite a disciplined capital allocation. And given the headwinds right now for the industry it makes sense to push little bit of the capex but without losing eyesight on the overall market share and the volume, volume improvement from the existing asset and the ongoing expansions.<\/p>\n

To answer your question, I think maybe what I would say that the target plank of FY28 it could move a year or two, let us say on a safer side I would say that FY30 but as I said it doesn’t really matter. What matters is how you are able to ramp up the volume from your overall existing asset. And I have a substantial good headroom to ramp up over there. Even if I hit 120 million tonnes by end of 27 it will give me a good leverage of the overall market opportunity.<\/p>\n

Navin Sahadeo<\/strong><\/p>\n

Helpful sir. Thank you so much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Rashi Chopra from Citi. Please go ahead.<\/p>\n

Raashi Chopra<\/strong><\/p>\n

Thank you. Just continuing on the previous question. What is the clinker capacity as of now?<\/p>\n

Vinod Bahety<\/strong><\/p>\n

So Rashi, as of now we are sitting on 73 million tons of clinker capacity<\/p>\n

Raashi Chopra<\/strong><\/p>\n

And you will be adding another 4 million this year.<\/p>\n

Vinod Bahety<\/strong><\/p>\n

Yes. So at Maratha and at, at like Marwad we will be adding up almost like 5 million. So Penna Marwadi is 3 million. Sorry 2 million. And Maratha is another 2. Means we have 4 million. Yeah.<\/p>\n

Raashi Chopra<\/strong><\/p>\n

Okay. And you mentioned earlier on that the 56% utilization was for the year and Tenna was 47. Is that correct?<\/p>\n

Vinod Bahety<\/strong><\/p>\n

That is true. That is true.<\/p>\n

Raashi Chopra<\/strong><\/p>\n

Okay. And the next question is on cost. Now for the full year the cost is 4400. So for the quarter what was the average cost? 4500.<\/p>\n

Vinod Bahety<\/strong><\/p>\n

For the Rashi we are sitting at almost 4,250 rupees for the, for the, for the, for the overall quarter and plus some of these increases what we have seen from the overall exploration. So I would like let us say that a normalized was almost 40 to 50 and plus another 250 rupees which we have seen increases. So almost we are at now 4,500 rupees are turned for the quarter of March.<\/p>\n

Raashi Chopra<\/strong><\/p>\n

Right. And you were saying that the, the industry costs have gone out by anywhere, gone up by anywhere in the range of 400 to 500. So is it safe to assume that because of the crisis you will see another 200,250 rupees increase in costs which will get offset by your fly ash green energy? Et how we should be thinking about it.<\/p>\n

Vinod Bahety<\/strong><\/p>\n

Sorry, I, I, I I I I.<\/p>\n

Raashi Chopra<\/strong><\/p>\n

You indicated that. So we’re at 4500 now on cost. Your you said 150 to 200 is a reduction that you’re expecting because of fly ash green energy. Right. So that’s 150 to 200. But the overall industry cost has gone up by more. Right. Because of the West Asia crisis. So is that 150 to 200 already capturing the increase in industry cost or this 150 to 200 decline in your internal cost and then there’s an increase in cost because of the war beyond this.<\/p>\n

Vinod Bahety<\/strong><\/p>\n

So I see like as I said the 4,500 which is for the March quarter has already taken the heat of existing increases of almost say 250 rupees. So I would say that 4500 safely I would say is on a, on a peak basis, let us say on a higher basis which we have seen like any aberration of plus minus 50 rupees. But otherwise you will see a journey which will actually start coming down in passing quarters. So although like for example with the overall situation, how the overall energy situation emerges I would not give with conviction. But I strongly believe that yeah, this is like the peak which we have hit and should see a progressive improvement.<\/p>\n

Raashi Chopra<\/strong><\/p>\n

So if I can just rephrase this. If nothing increases further in terms of global prices, you will see a decline of at least 130 to 200.<\/p>\n

Vinod Bahety<\/strong><\/p>\n

Absolutely. Well summarized. Absolutely.<\/p>\n

Raashi Chopra<\/strong><\/p>\n

Okay. And on the pricing, what has happened to offset these cost pressures?<\/p>\n

Vinod Bahety<\/strong><\/p>\n

So that’s interesting, Lassie. So you’re hitting on both the right questions on the pricing. Like industry has seen a modest improvement of I would say 10 rupees in few pockets. Let us say 1520 rupees. But that’s like in a very selected area geographies. Otherwise ballpark for the quarter of March around ballpark 10 rupees. Now with the demand getting softer, the pressure on pricing definitely is higher. And despite the circumstances of costs gone up, unfortunately industry is still under the renewed pressure and not able to pass on the price.<\/p>\n

Raashi Chopra<\/strong><\/p>\n

Got it. And this last question. What was the capex for the year?<\/p>\n

Vinod Bahety<\/strong><\/p>\n

Capex for the year we are keeping it little moderate and ballpark when you say this. So you are seeing for FY26. FY26 is closer to about 7500 odd crores. And I will just answer because there will be another question. So for FY27 we are keeping estimate of almost 6000 to 6500cr. And that too we’ll also. That is how things pan out. It may change couple of hundred CR here and there. But that’s the estimate what we have.<\/p>\n

Operator<\/strong><\/p>\n

Got it. Thank you. Thank you. Next question is from the line of Indrajit Agarwal from clsa. Please go ahead.<\/p>\n

Indrajit Agarwal<\/strong><\/p>\n

Hi, thank you for the opportunity. Congratulations on increasing both trade sales and premium mix. But on that note, if I Look at slide 27 the realization has hardly moved QQ versus for peers it is up somewhere between 1 1\/2 to 2%. So is it mainly because of mix or what is I think weaker? So<\/p>\n

Vinod Bahety<\/strong><\/p>\n

Indrajit. Absolutely you’re right. I think the journey has just begun when we change the gears and therefore you will see more differentiated benefits coming into subsequent quarters. What we have done is we have sustained the price levels at 254 rupees a bag compared to in December. So from our own December quarter we are up by say modestly at say 1 rupee. And compared to say last year we were at 255. So yes, the journey would further see improvements with higher blended cement and more premium cement sales. So it has just begun. Thank you.<\/p>\n

Indrajit Agarwal<\/strong><\/p>\n

Second, if I look at your blended utilization for next year would we add West 71, 72% on your expanded, let’s say weighted average capacity. So on that note, probably you will not need additional capacity in FY28 as well. Is that what is driving a more calibrated CAPEX approach?<\/p>\n

Vinod Bahety<\/strong><\/p>\n

So I have Karan Nambai also to answer this question. Just a sec. Yeah, so I think the way we are looking at this, how we would look at capex is two, three things. One is when we look at our performance we need to. We know where are the places we need to improve on. There are certain capacity which is there, which is in the wrong places. And so we will be adding few capacity in places which will help us in terms of reducing our cost, logistics cost especially as well as help us improve our penetration into those markets.<\/p>\n

I’m talking specifically into the markets where we have high market share and high recall value. So those are the places that we would definitely look at expanding up our capacity over there. The second thing is as we would be looking at, as we are expanding our clinical capacity, the corresponding geucapacity will also increase. And this year we are apart from Rajasthan and Maharashtra. As you know that we have won a limestone block in Assam. Again that’s a completely new territory for us. So that is one new area which we will start in maybe end of this year.<\/p>\n

And the second new area that we will be starting is in Mundra which is again completely new Clinker line. So these are the two new projects apart from the new jus that will help us in terms of reducing our cost.<\/p>\n

Indrajit Agarwal<\/strong><\/p>\n

Thank you so much for the luck with answer. One last one if I may. In light of this, how would we see any inorganic opportunity that comes up? Would you be interested or the focus would squarely be on organic growth Right now,<\/p>\n

Vinod Bahety<\/strong><\/p>\n

Inorganically we keep evaluating but our focus right now is on organic development and greenfield expansion. Expansion, that is our number one priority.<\/p>\n

Indrajit Agarwal<\/strong><\/p>\n

Sure. Thanks a lot.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Ladies and gentlemen, in order to ensure that management is able to answer queries from all participants, kindly restrict your questions to two at a time. You may join back the queue for follow up questions. We’ll take our next question from the line of Jaishindeep Singh Chadha. From Nomura. Please go ahead.<\/p>\n

Jashandeep Singh Chadha<\/strong><\/p>\n

Hello. Thank you for the opportunity. So my first question is regarding the cost structure especially in the fourth quarter. Also we saw that the fixed cost, which is employee cost has increased significantly Y versus when we compare it to your peers. Also I just wanted to understand why you say there were some. You know, we’re facing a conflict that impacted the cost. However, the conflict started towards the end of February and the packaging cost was also in the mid of March which impacted the industry.<\/p>\n

I want to understand why among all your peers Abuja is seeing such a increase in the cost access and secondly in your presentation you also mentioned that the freight cost was high because of some planned shutdowns. If I’m not wrong, in third quarter also you took planned shutdowns. Normally the industry takes shutdowns in the second quarter so in quarter three and quarter four where the volume growth was really strong, the management decided to take plant shutdowns which resulted in higher cost.<\/p>\n

So I just want to understand what is the rationale behind taking plant shutdowns in volume push quarters and why are Abuja’s fixed cost is increasing way higher than its peers? My first question regarding this.<\/p>\n

Vinod Bahety<\/strong><\/p>\n

So Jasindeep, I think when Rashi asked this and we have tried to speak plan so in terms of picking out on our cost at 4,500 which I mentioned and from here you will see improvements but yeah, your question is in terms of compared to the competition why now few components which are relevant to my business. I mentioned about a higher focus now on the branding advertisement to promote the trade sales and premium cement. Second is in terms of higher repairs and maintenance costs and you’re right that ideally one should do it in the off seasons like monsoons but not all the machines can be done during that period and there have been few breakdowns also of the acquired effects of Finnas and all.<\/p>\n

So under the planning and also under out of planning we will do it. So therefore there have been those additional expenses of repairs and maintenance. Then in terms of the back cost which although came within the last week of February to the overall full month of March when you promote and sell more premium cement then there are also some additional costs of logistics and handling which also fits into to increase your cost. I also mentioned to you the journey which we want to achieve in terms of improved heat consumption.<\/p>\n

It is still not coming in the range and therefore we still have a higher heat consumption and I would say ballpark 35 40kcal minimum which we have to improve. Again I will attribute to some of the acquired assets. Actually when I look at the EBITDA of MUJA and ACC minus of the acquired assets the EBITDA is actually higher by 7080 rupees so it will be almost like 800 rupees and actually more than I normalize it but it is at least 800 rupees so I would Say that the acquired assets still are not basically coming in the range to our desired level and for which I had mentioned that the first priority is stabilize the overall operations, achieve a good level of performance improvement.<\/p>\n

Hence in the I think maybe couple of months we had taken the entire investor community to Sanghi plant just to showcase that how Sanghi is now in state of readiness and you higher improved volume improvement. This I think we did in somewhere like March itself. Right, okay, March itself. Now that is like for example we want to showcase that yes, some of the assets have taken time but now they are in the state of readiness. So now that I will take you, take all of you to Penal. But before that we took you to Marwa. Now so, so, so the journey is known, the issues are known and therefore in my opening remarks also I mentioned about certain disappointments to us also where we think that 4,500 is on a higher side and we are basically in a position to bring it down in coming quarters. So therefore like you will see this is baked out and you will see an improvement prospectively from here.<\/p>\n

Jashandeep Singh Chadha<\/strong><\/p>\n

Thank you for the detailed answer sir. My next question is largely taking forward Naveen’s question only. So you know, first of all, Ambuda is the only company which has given such a bearish scenario for FY27. And I understand the rational that you have given behind it. But you know with 5% industry growth and Ambuda expecting an 8% growth, there are certain capacities which are coming. I completely, you know understand that. But what is your target utilization from the assets of Shanghi, Orient and Penna for FY27? And I understand there are some challenges. So will there be additional capex required to bring the acquired assets to Ambuja set of standards? We just want to understand this.<\/p>\n

Vinod Bahety<\/strong><\/p>\n

Thank you Jazzeep. So like Orient for example is operating at full capacity. So far as Sanghi is concerned, I will paid myself at almost like 65 to 70%. And so far as Penna is concerned I will consider around 55 to 60% in terms of the utilization factors and the existing assets of Ambuja and ACC I would peg it to closer to around 75 to 80%. So on an overall basis at the Omida control level average in the situation the scenario which I have mentioned to you, I would say 70, 75% ballpark utilization for a.<\/p>\n

And you’re right, I’m like we have we. We anticipate the software demand and therefore we would go with this belief. But if any surprises positive in the industry and which we would all wish to this number will definitely look positive but as of now situation is softer.<\/p>\n

Jashandeep Singh Chadha<\/strong><\/p>\n

And sir, any further Capex to bring these assets to a budget standard.<\/p>\n

Vinod Bahety<\/strong><\/p>\n

So as mentioned by Karan bhai, the the overall say disciplined approach of CapEx where we want to now set up in the high potential market which we have now completely done a mapping where we have market leadership so which we will. So he has already indicated few of the assets in his narrative. But progressively now for example let me first commission the existing assets in hand which are ongoing basically this 10 million and come to you all with stabilization and achievement of the capacities for them but passing quarters. Then we will also highlight to you the APEX program as it forms up. Very much now in the in the pipeline and so are a few of it which he mentioned.<\/p>\n

Jashandeep Singh Chadha<\/strong><\/p>\n

Thank you so much.<\/p>\n

Operator<\/strong><\/p>\n

We’ll take our next question from the line of Manish Somaya from Cantor. Please go ahead.<\/p>\n

Manish Somaiya<\/strong><\/p>\n

Good evening and thank you for taking my questions. You know Bhai, I just wanted to ask we have talked quite a bit about fiscal 27 and outlook. But what I’m trying to reconcile is how should we reconcile between the improvements that you’re planning in fiscal 27. Is that dependent how much of that is dependent on internal execution versus external normalization? Maybe if you can just help us understand that.<\/p>\n

Vinod Bahety<\/strong><\/p>\n

I would say. Manish bhai, thank you. A very good question. I would say that the external factors will affect most of the industry players. Therefore I will give more weightages on the internal factors and the execution of the same which will bring the overall differentiation and leadership leverage on that so that I would put it in this money.<\/p>\n

Unidentified Speaker<\/strong><\/p>\n

So Manish, if I may just come here. Karan here. I think if you look at our performance we realize that where the gaps are and that’s exactly where we are hyper focused on and improving on those performance. And based on whatever guidance we are Giving, this is 100% which is controllable by us. And if you’re not able to achieve the guidance it’s purely because of our internal execution and not any other factor. And that’s where the whole team is really focused on and delivering on the numbers now that we are talking about. And we are very confident that this year we will be able to hit the numbers that we are talking about. Thank you very much.<\/p>\n

Manish Somaiya<\/strong><\/p>\n

The other my second follow up is on the premium products. Now they constitute about 35 to 36% of trade. What should be the realistic target that we should have in our our models as we go out to fiscal 27 and maybe even beyond what’s the upside to that? 35 to 36%.<\/p>\n

Vinod Bahety<\/strong><\/p>\n

So Manish, right now for example, I would say that 36 is a good number for us to sustain. And therefore that is what for example can be considered in terms of the share of premium cement as percentage of trade sales.<\/p>\n

Manish Somaiya<\/strong><\/p>\n

Okay, wonderful. Thank you so much. I’ll get back in the queue.<\/p>\n

Vinod Bahety<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We request participants to respond to one question at a time please. We take our next question from the line of Pratik Kumar from Jefferies. Please go ahead.<\/p>\n

Prateek Kumar<\/strong><\/p>\n

Yeah, good evening. My question is on cost again. Yeah. So in the last third quarter con call which happened like around start of the February, management talked about like cost of 4,000 rupees. Yes. We’re talking about 4,100 rupees. 4,000 rupees in January. We’re talking about 4100 rupees in exit of this quarter. So how the quarter cost is 4,500 I’m unable to understand. Other question is on the balance sheet. So your ACC’s operating cash flows are negative, sharply negative for the year. And your overall consolidated Amuja’s cash flows also like negatively impacted by negative working capital. Can you throw some light on this? Thank you.<\/p>\n

Vinod Bahety<\/strong><\/p>\n

Thanks. I will take the second question first. In terms of the Act Ambuga it was see ACC has receivable from Ambuja under the nsa. And you also will be aware that we have taken shareholders approval in terms of the ICD wherein this receivables will get paid. Also like you’ll find in the in the coming quarter this will get knocked off with the ICD number one. So it’s like as a one consult business under the msc the receivables are there. Therefore ACC will find negative operating cash flow so far as Ambuja is concerned.<\/p>\n

I think if you would have seen we have a good level of inventory which is higher. But when it comes to receivables these are under good control with the higher degree of trade sales. And therefore on our overall working capital of Ambuja you will see only improvement for the March quarter compared to December quarter. Your question about the cost. So Pratik, I think what we had envisaged to. What is the reality? Yes, there are differences because of the overall acquired asset situations. And many times those anticipations for example have not worked upon.<\/p>\n

And then suddenly the packing bat situations which have come up and which also for example when Naveen mentioned about tepid 10% growth we also lost a good level of volume because of the packing issues and all. So there are these situations which will, which will have to be dealt with. But luckily now at least we know that this is the peak level of sick cost which we have hit. And from here, for example, as Karma also mentioned that the numbers will be tapping down with every passing quarter. So reasons I have already explained, right from branding to repairs and maintenance to the higher freight cost, the higher lead, for example the AGPs or the, for example when it comes to EBITDA, the lower government incentives which we are now that also for example we have a lower government incentive A because of the GST rates which have come down, B they also exhausted some of the plants which were giving having the incentives.<\/p>\n

And third, in some of the states we are now accruing on incentive on virtual visibility which is basically certainty basis, basically so that we don’t want to have pending long term accruals and all. So there are combination of these accounting policies and the situation of some of the plants which have not mature to what we thought most of the acquired assets. Yeah.<\/p>\n

Prateek Kumar<\/strong><\/p>\n

Sure. Just one clarification.<\/p>\n

Operator<\/strong><\/p>\n

Go ahead please.<\/p>\n

Prateek Kumar<\/strong><\/p>\n

Yeah, one clarification. In the opening remarks it was said that you had like 4,100 rupees. Of course, is it just a day cost or a month cost or a last like what is that cost?<\/p>\n

Vinod Bahety<\/strong><\/p>\n

We had basically hit it 4100 for the month of March critique. But then, but as I said that except those the escalations of War, for example, almost 250 rupees which, which affected us. So on a normalized basis I was saying 4100 for the month of March.<\/p>\n

Prateek Kumar<\/strong><\/p>\n

Sure. Okay, thank you. I’ll get back.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Ambar Singhania from Nepal, India. Anc, please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah, hi gentlemen. Thanks for taking my question. Yes, my question is also following up with the question on the cost front. So if you see on the first week of February when we had the last phone call and if I may quote, the average cost for the quarter was 4,500 rupees along with the one off. Whereas we have exited December quarter when below 4,000 rupees of cost. That was the commentary on the first week of February. I understand we do carry a good amount of inventory as well, at least a month on, on that account for most of the part.<\/p>\n

Furthermore, we had some one off in the Q3. We have increased or enhanced our contribution in this quarter. Pricing was slightly better than the previous quarter seasonally. This is a better quarter which will logically contribute towards the better profitability. Despite everything. And also with this previous answer that march month was 4th was cost. Trying to understand how to add one add up the entire cost for the quarter on the light of the previous commentary of December 4000 rupees that was given on first week of February with the inventory which generally the people carry along with your community.<\/p>\n

Currently on the March four to one hundred rupees average cost. Also the meetings with most of them are external macro factors which would impact every player or most of the players. So far, whatever results we have seen from the large size of smaller size or the factors are not affecting too much in this quarter. Wanted to understand how should we reconcile your last commentary along with the exact number which has been reported along with the peer peers who have reported numbers. Then how could you look at. Thank you very much.<\/p>\n

Vinod Bahety<\/strong><\/p>\n

Okay, thank you, Martin. See basically when in the December for example we have been very upbeat in terms of some of the turnarounds which you will see in some of our acquired assets of Penna, for example Morse especially. And as you know, Penna is geographically more in south. And if you. If you actually look at the numbers and south for example has been one of the most affected geography for the March quarter. Therefore we have taken some of the machines on shutdown and basically there have been a couple of breakdowns also and therefore which has increased my higher repairs and maintenance for the quarter of March, number one.<\/p>\n

Number two, in terms of some of the acceleration which we have to give to our sales and branding and advertisement is what we have given. And the results of the same we will get actually as an investment on our supply chain. But this will most be accounted as a operating cost. So that is where for example the branding and advertisement costs are higher. Then of course for the month of March there have been this abnormal cost for the packing, for example. And we have also seen a higher fuel cost and higher fuel consumption also for example, the moment if you don’t have a right blend of fuel, the consumption of the fuel, the heat consumption is also higher.<\/p>\n

So those also for example technically the technical KPIs have got affected. Now that was when we also in December our quarter was at 4,500 rupees across for the for the quarter 4,500 and March also, for example we are almost at say 4,500. Yeah. Starting look at in this manner that certain planned movements for the march could not rectify or we could not also fulfill. And therefore we have basically been at the same level to what we were in December 25th.<\/p>\n

Thank you. I understand that part of 4500 versus 4500. I’m just trying to reconcile the commentary gate quarter of 4000 exit in December this is a student coming through 4100 for the month of March just because one month in February. I’m just trying to understand how the entire cost takes up because of that when we move that inventory gets carried on for a couple of months which is there. I mean I will appreciate if you can tell us quantification of various source items large cost item along with the benefits also which is coming from exit of 4000 rupees now exit of in March may not be now but later on also we can release that.<\/p>\n

Unidentified Speaker<\/strong><\/p>\n

I know the commentary, the commentary I think again even if you remember the last call I had always said that the exit month of March. So while you are considering for the whole March quarter of 26. No, that was not the. The commentary was more about our aspiration and our plan to get closer to 4,000 by month of March. Now basically, therefore while the average would still be higher than not at 4,000 therefore please don’t mistaken with 4,000 as average for the March quarter number one. Number two, of course like therefore I was highlighting that month of March for example barring this aberration of the West Haf crisis and you might say that we would have got little bit affected more compared to degree as compared to others could be.<\/p>\n

But yes we have we got affected with the overall packing bags and all and therefore the pressure of volumes and therefore the pressure on sales and hence the higher advertisement, branding or sales promotion have been there. So therefore like we unfortunately could not come below 4,500 for this entire quarter of March 26th.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you.<\/p>\n

Vinod Bahety<\/strong><\/p>\n

Yeah yeah.<\/p>\n

Operator<\/strong><\/p>\n

Am I requested to join back the key? Thank you. We’ll take our next question from the line of Phulkit Patni from Goldman Sachs. Please go ahead<\/p>\n

Pulkit Patni<\/strong><\/p>\n

Sir. Thank you for taking my questions. I have a couple of them. One is for the Sanghi plant which is operating at 57% utilization how important is for the Nalliya railway line to be ready? And how far do you see Nalia being connected and ramp up in volumes at Sanghi? That’s question number one.<\/p>\n

Vinod Bahety<\/strong><\/p>\n

So Pulkit, our base model is not linked to Nadia and railway line it is more with the overall our marine infra for example and therefore I would know that we have already ordered seven vessels which will be delivered in a progressive manner starting from next year. So that is what for example bring the strength and then otherwise we are counting on the Road movement from Sangi the railway line only will be an add on but not being considered in the base model.<\/p>\n

Pulkit Patni<\/strong><\/p>\n

Sure. So the plan is to ramp up even if Malia takes a little longer to be ready. Is that the right way to look at it?<\/p>\n

Vinod Bahety<\/strong><\/p>\n

Yes. Yes. For right now, almost in Sanghi we don’t have a ramp up per day of capacity expansion. But yes, rank above the existing capacity. The utilizing part, correct?<\/p>\n

Pulkit Patni<\/strong><\/p>\n

Absolutely, sir. My second question is is it fair to assume that as and when there is a final resolution on the JP assets that those assets would come to us? Or is there a possibility given that we already have our own organic growth plan, a lot of work to do on increasing capacity utilization that we could also not be considering having those assets. How should we look at it?<\/p>\n

Vinod Bahety<\/strong><\/p>\n

I will still consider that for jp the RP is another listed company and therefore it would be inappropriate from my side to enter anything on that. But as things progress, whatever development happens will come to know.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We’ll take our next question from the line of Pinatan from hl. Please go ahead.<\/p>\n

Pinakin Parekh<\/strong><\/p>\n

Thank you sir. I have two questions. My first question is given Abuja is the fourth company to have reported earnings and the EBITDA per ton is the lowest with high cost inflation. Do you see the industry and the company raising cement prices in the next few months to pass on to the full cost inflation? Or can we expect further margin deterioration with the inability to raise cement prices?<\/p>\n

Vinod Bahety<\/strong><\/p>\n

So Pinakin, I would say that given the scenario of demand will be very important to basically see the price price being passed on to the to the customers. And as of now I anticipate the overall demand looks to be for right now when I look at say and now in May with little subdued and soft. Therefore for example when you attempt for say X I would be happy even if the industry gets half of the same. So that is like for example right now the situation is. But yes, cost on the other side has gone up by at least 25 rupees.<\/p>\n

So that is like. The only way then to resolve and protect the margin is to focus on our own cost of production. And that is therefore I was highlighting the internal factor will be playing more important. What Manish Sumayya had asked. The internal sector will be more important compared to the external factor.<\/p>\n

Pinakin Parekh<\/strong><\/p>\n

Sure. My second question is given Ambuja’s cost delivery has been all over the place over the last few quarters. Can you give us some guidance when you move away from cost to EBITDA per ton by FY28 given where your EBITDA per ton is today and over the next two years, where do you see the EBITDA per ton reach and what are the building blocks of that margin? What kind of price increases, what kind of cost savings, what kind of turnarounds do you want to see or do you expect in the next few years?<\/p>\n

Vinod Bahety<\/strong><\/p>\n

So, Pinakin, I think it will be her coolant. Ask for any industry person to give any estimate of EBITDA per ton at this stage. I would rather still continue my efforts on cost. And therefore, for example, one thing is like 4,500 rupees a turn. Let us say it peaks out and then it starts coming down from here to what journey we will go. I think progressively we’ll keep you posted and especially next 2, 3\/4 as things look some more brighter and clear. But for right now, cost remains the key focus area.<\/p>\n

Obviously, like when you focus on trade sales and when you focus on premiums, this will keep giving you more mitigations. But I think any guidance on EBITDA will be difficult at this stage. Let me just add that cost. We are Looking at roughly 250 rupees a ton reduction this year and then another reduction of 250 rupees next year as well. That is a minimum that we are looking at.<\/p>\n

Pinakin Parekh<\/strong><\/p>\n

Okay. Thank you. Thank you very much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Participants are requested to do. Requested to restrict to one question at a time, please. Next question is from the line of Rahul Gupta from Morgan Stanley. Please go ahead.<\/p>\n

Rahul Gupta<\/strong><\/p>\n

Yeah. Hi. Thank you for taking my question. My first question is now that you have Talked about cumulatively 500 rupees per ton of cost improvement over the next couple of years, are we shying away from the earlier target of Rupees 3650 that you had shared earlier? That is my question number one.<\/p>\n

Vinod Bahety<\/strong><\/p>\n

So we are not shying away from our target. I think as we told earlier also we need to focus on our execution. We still have. There are multiple steps on the cost that we need to take between manufacturing, between raw material and between logistics. And we are confident that we will be able to achieve that number. I think it’s just we are giving you realistic in terms of where we will be able to achieve in next two years time. But that does not mean that we don’t have the Runway to go to the earlier target that we have said.<\/p>\n

We know what are the steps we need to take, we know where we need to improve in terms of our efficiency and that’s where we are focused on. But this is something the 500 is what we can commit right now for the next two years.<\/p>\n

Rahul Gupta<\/strong><\/p>\n

Got it, Got it. So I have, I have one more clarification that I want Karan is you talked about shifting away from 155 million ton capacity. So just a clarification that the company had earlier guided for 15 million ton of deep bottlenecking exercises across assets. So does that stay or. There will be some change on that as well.<\/p>\n

Vinod Bahety<\/strong><\/p>\n

So those still continues. I think it’s just timing which will differ based on, based on where we get the maximum return of the return on the, on the investment.<\/p>\n

Rahul Gupta<\/strong><\/p>\n

Got it. Thank you. One final question. I remember in second quarter and third quarter the company was already accelerating your branding and advertisement cost. So it would be helpful if you can help us understand what would be overall branding and advertisement cost for full fiscal 26. Thank you.<\/p>\n

Vinod Bahety<\/strong><\/p>\n

So for the full fiscal year 26 we are closer to almost like, almost like 700 rupees or ton. Basically 70 rupees a ton. Basically. Yeah, 70 rupees a ton basically on the full year basis of 26.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Ritesh Shah from Investech. Please go ahead.<\/p>\n

Ritesh Shah<\/strong><\/p>\n

Yeah, hi, thanks for the opportunity. One question for Karan bhai, one for Vinodi. Karan bhai, one question. What prompted us for a reset right now? If you could highlight five key monitorables that probably are set for yourself for last, for next one year and how does SLA fit in overall scheme of things after the reset? Sorry, can you repeat that question because I don’t hear you properly. So the first question is what prompted us for a reset right now? Second, what are the five key monitorables that you have laid out for yourself? And third, how does SLA fit in overall scheme of things after the reset?<\/p>\n

Vinod Bahety<\/strong><\/p>\n

Yeah, so I think why the reset? I mean it’s quite evident our performance has not been great. We’ve not been able to deliver what we have promised to our shareholders. And so that is number one, I think if we have to assess ourselves, we really need to improve on our cost. That is number one, I think the key KPIs that we are putting for ourselves is we need to reduce, we need to, I would say five things that we need to focus on. One is L1 plants delivering to the market. The discipline on L1 plants delivering to the to the respective markets.<\/p>\n

Second discipline is on trade versus non trade sales. Number three is on our raw material consumption reducing our cost on raw material as well as on the electricity front, energy consumption. And number four is improving Our improving our, I would say channel network in terms of, to help us increase our, increase our sales. So I think these are the five things. But predominantly if I would say 80% of it is to do with the cost and we really need to, we really need to get our act in order in terms of, to make sure that we are able to reduce our cost.<\/p>\n

And so, so that is what we are looking at. Until the time we are not able to deliver on what we are promising. I don’t think so it makes sense to make more capital investment because you don’t get the returns on those capital invested as well. You had a second question?<\/p>\n

Rahul Gupta<\/strong><\/p>\n

Yeah, on Saturday service agreement, I think a few of the plans that we have tied up. How should we look at that on overall?<\/p>\n

Vinod Bahety<\/strong><\/p>\n

Yeah, sure. So SLA based contracts, this is something that is part of these initiatives because we do believe that what we need our teams to focus on and where do they need to put their energy on? We do believe that there are at least in India now there are enough competent partners out there who can run the plants at the efficiency level that we would aspire to. And that’s how we are looking at. And second, obviously given the history of Ambuja in acc, I think the SLA partners help us in terms of cleaning up all the past, you know, union issues and all of that. So from that perspective it really helps us in terms of reducing our cost and improving our efficiency.<\/p>\n

Rahul Gupta<\/strong><\/p>\n

Thank you, Thank you so much.<\/p>\n

Operator<\/strong><\/p>\n

Next question is from the line of Ashish Jain from Macquarie. Please go ahead.<\/p>\n

Ashish Jain<\/strong><\/p>\n

Hi sir. Good evening sir. You know, it is great to see, you know, explicit capital discipline. But in that context, you know, I just want to understand this 65 to 70 billion rupees of annual capex for the next two years that we’re talking about. Can you break it down ballpark in terms of, you know, growth versus cost efficiency versus any other initiative that it includes?<\/p>\n

Vinod Bahety<\/strong><\/p>\n

Yeah, so roughly, roughly 4 billion is what is already the capex, which is already under execution and it is implementation of that which includes, which includes capacity, which includes WHRs, which includes your fly ash transportation system that we need. And the balance is I would say debottle making plus maintenance capex. Yes. So yeah, yeah, so yeah, basically. I hope that answers your question.<\/p>\n

Ashish Jain<\/strong><\/p>\n

Yeah, yeah, yeah.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Amit Murarka from Access Capital. Please go ahead.<\/p>\n

Amit Murarka<\/strong><\/p>\n

Hi, thanks for the opportunity. I just wanted to understand more from a strategic perspective. When Adani had acquired these cement assets, you had voiced out an ambition to kind of become the industry leader and double capacity and volume. So in that context the current guidance seems to be quite subdued. So is it fair to say that there is a reset in ambition kind of from the earlier thought that was there at the time of acquisition?<\/p>\n

Vinod Bahety<\/strong><\/p>\n

We’ll be honest with you, yes, partially there is a reset. We are not moving away from the target. Yes. We are moving away from the timeline that is to do with. We know that we are not delivering in terms of what we have, what we had committed. And so it definitely makes sense to step back, to look back and to see where we are going wrong and to course correct and then to. Then that’s where we are and that’s why we are giving you the new guidance in terms of where, what is the capacity, revised capacity enhancement that we are looking at and the time frame that we are.<\/p>\n

Amit Murarka<\/strong><\/p>\n

Sure. Thanks. And is there a target IRR in mind when you are doing your CapEx program? Now<\/p>\n

Vinod Bahety<\/strong><\/p>\n

It’s, it’s CapEx. I mean the project IRR has to be 18%. You this is all equity money. So you have to look at equity return like anybody else.<\/p>\n

Amit Murarka<\/strong><\/p>\n

Sure. Thanks a lot.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Rajesh Ravi from HDFC Securities. Please go ahead. Yes Rajesh, please go ahead.<\/p>\n

Rajesh Ravi<\/strong><\/p>\n

Yeah, thanks for the opportunity and happy to know that the management focus is more graded on capex and also focused on cost execution. My only question while you have been candid on the, you know the guidance this when you say 250 rupees cost reduction you’re looking for FY27 over FY26. And at the same time from exit Q4 we are seeing around 250 to 300 rupees cost inflation because of the packaging and fuel rise increase. So is this 250 net off or you know net net we will see 300 odd rupees increase and 250 decline. So from current level you would still see our first going up by 50 to 100 rupees in Q1 or in FY27.<\/p>\n

Vinod Bahety<\/strong><\/p>\n

So Rajesh, thank you. What we would put it is 4500 is the peak and uh, this 250 uh reduction is uh, from here. So essentially then it would mean to 4250 as a target for 27.<\/p>\n

Rajesh Ravi<\/strong><\/p>\n

Right. This is factoring in the cost inflation that we are already doing place.<\/p>\n

Vinod Bahety<\/strong><\/p>\n

Yes, that is true.<\/p>\n

Rajesh Ravi<\/strong><\/p>\n

Okay. And in Q1 also you’re looking at similar cost structure In Q1 versus Q, Q4 versus Q1. What sort of cost you are looking at this is the current cost inflation.<\/p>\n

Vinod Bahety<\/strong><\/p>\n

So right now for example the headwind still continues and therefore could be flattish for Q1 and as things comes out better that it will start tapering.<\/p>\n

Rajesh Ravi<\/strong><\/p>\n

Flattish means your current cost which is some of the cost inflation is factored in Q4, you know the energy and the packaging<\/p>\n

Vinod Bahety<\/strong><\/p>\n

Almost like 4,500. I would peg it for say Q1 and then from there we will have the reduction journey continue. And for the year therefore we are targeting to have reduction of 250 rupees.<\/p>\n

Rajesh Ravi<\/strong><\/p>\n

Right? Right. And on the non corn working capital, if I look at your core working capital has come down year on year from 30 days to 20 days. But if I look at your non core working capital X cash that seems to have gone up significantly. So is there any strategy reasons from what 14 days it has now gone up to 49 days. You know, that is where your total non cash working capital seems to have shot up significantly. You know from<\/p>\n

Vinod Bahety<\/strong><\/p>\n

Like for example some of the. Some of the points which I mentioned that on certain incentives and all now we will be looking to book it on an actual basis when received then the equal basis for example so that this non core working capital or of operating the working capital can be controlled. Second is I think some of these are which you are referring to could be purely accounting working capital. So maybe separately we can connect. But generally the core working capital as you also mentioned has come down and that efficiency of working capital will continue. Which specific non core you are referring to. For example you can connect to me offline.<\/p>\n

Rajesh Ravi<\/strong><\/p>\n

Two thank you, Looking forward to one was Indra not Clinker but quasi clinker. And what is the other beyond what is getting commissioned right now.<\/p>\n

Vinod Bahety<\/strong><\/p>\n

So the one which I mentioned was one was so in our 73 for example the 4 million. And just to correct what Rashi asked me the first question. But my current capacity says 69 and this 4 million ton will have one at Penna Jodhpur, 2 million and 2 million at Maratha. That that would be like 73 now on top of it the upcoming Mundra will be another 2 million of cleanser. So that will be over and above this 4 million which I mentioned. And then the one which will be another 2 million. So that will be pair of additional new assets.<\/p>\n

Rajesh Ravi<\/strong><\/p>\n

That would actually take you three years from now that Monday let us say 24 to 28 years.<\/p>\n

Vinod Bahety<\/strong><\/p>\n

28 months is what we are targeting.<\/p>\n

Rajesh Ravi<\/strong><\/p>\n

That’s all from my side. Thank you.<\/p>\n

Vinod Bahety<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Shavan Shah from Dalit Capital. Please go ahead.<\/p>\n

Shravan Shah<\/strong><\/p>\n

Yeah, thank you. Sir. Just to clarify this 250 rupees cost reduction, this is on a full year average FY27 that we are seeing.<\/p>\n

Vinod Bahety<\/strong><\/p>\n

Yeah. So thanks. This is for the full year FY27 as an average. And therefore for example when I say that June quarter will be flat from the March quarter then the degree of acceleration will have to be more for the rest 3\/4. So you’re right. The 250 will be average for the year.<\/p>\n

Shravan Shah<\/strong><\/p>\n

Got it. And second when you mention about the prices was it 10 rupees and the 1520 rupees hike that you mentioned. This was for the April you are wanted to say or this is for March. So currently on an average from the exit of March have the prices for us have increased by 10 odd rupees. That’s what we are trying to say.<\/p>\n

Vinod Bahety<\/strong><\/p>\n

Yes, basically I was hinting on that only. So April trend for the height cost.<\/p>\n

Shravan Shah<\/strong><\/p>\n

Okay. And lastly for full year FR26 RMC bid in Q4 you mentioned 102 crore. But for full year FR26 what could be the number?<\/p>\n

Vinod Bahety<\/strong><\/p>\n

Just a sec. I have to just dig on this number. So a full year RMX EBITDA you’re asking right?<\/p>\n

Shravan Shah<\/strong><\/p>\n

Yes sir.<\/p>\n

Vinod Bahety<\/strong><\/p>\n

Okay. Around 300 cr. So full year RMax EBITDA is a number of standards here basically for the FY26.<\/p>\n

Shravan Shah<\/strong><\/p>\n

Yeah, got it sir. Thank you. And hope we will be achieving our cost reduction targets and maybe revisiting and upgrading the the original target. Thank you.<\/p>\n

Vinod Bahety<\/strong><\/p>\n

Yes, thank you very much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Raghav Maheshwari from Equity Securities. Please go ahead.<\/p>\n

Raghav Maheshwari<\/strong><\/p>\n

Yeah. Hi sir. Good afternoon. So just one question from the Capex side. Our Capex is continuously getting delayed as a Adani standard. We are known for a pro Capex and the very fast execution. But at the cement side we are continuously getting delayed. Especially like Maratha plant we have. We have already delayed. Plus our earlier plant also got delayed for this one. What is the issue behind the continent and the continuously we are getting some breakdowns. It are bigger plants. Is it the maintenance related issue or what we are facing currently right now?<\/p>\n

Vinod Bahety<\/strong><\/p>\n

So you’re right. Your observation is right that Capex. Capex has not been up to the mark. And that’s one of the reasons why we are pausing and correcting ourselves. And we want to first complete our projects that we have taken in our hand before we start any new projects. One of the main reasons why we have not been able to deliver as per what our standards are is two, three things I think. One is we did not choose the right contractor for execution. Number two is we started these projects when we acquired Ambuja and acc and at that time there was no team.<\/p>\n

So it took us time to build up that team as well. And we are confident that at least now we will be able to complete these projects in the timeline that were given. And number three is a lot of these projects were started without full engineering being done in place. So we are using this six months to complete all our engineering for the new projects that we are thinking of starting. And once that is in place, then we will be looking at starting the project. So that’s where you are. But you’re right, that’s a correct observation that we’ve not been able to deliver projects in the stipulated time.<\/p>\n

Number two, I think the breakdown, I would say it is predominantly in the acquisition assets where we have seen major breakdowns happening, especially Penda and Sanghi. And that’s where the problem area has been for us. And that’s where the team is focused on in terms of improving the reliability of the plants. And that’s one of the reasons why you are seeing higher RNN costs in this year. Partially because a lot of the repairs and maintenance which was supposed to be done was not done. And which is why one of the reasons for this breakdown as well.<\/p>\n

Raghav Maheshwari<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank You. I request you to join back please. We have other participants waiting for their turn. Thank you. Next question is from the line of Harsh Mittal from MK Global. Please go ahead.<\/p>\n

Harsh Mittal<\/strong><\/p>\n

Yeah, good evening to the manager. Thank you for the opportunity. So my first question is that in your pursuit to focus on seniorization. What is the current average gap between Ambuja brands? Was this the nearest competitor currently? And what is the target to narrow it further? My first question.<\/p>\n

Vinod Bahety<\/strong><\/p>\n

So you are referring to premium cement and I can highlight that the gap between my base product and the premium cement product is closer to, let us say 50, 55 rupees for the super premium and 20, 25 rupees for the premium. 1. I think that was like first, then second. Your question is about the gap between our price and compared to that competition. I think see everyone looks to his price better than others and therefore every, every time when the industry people try and compare there is always different opinions.<\/p>\n

I would say that the, the, the Pan India players like us and basically the other players, number one, altered. I think the prices are more or less in the similar range in few districts. 5, 10 rupees here and there. Either they are higher or we are lower or whatever reverse way. But that’s how the trend has been. And that is also reflected in the overall NSP of the quarter which is close to each other for the number one and number two.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Harish, I request you to join back please as we have participants waiting for their turn. Thank you. Next question is from the line of Satyadeep Jain from Ambed Capital. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hi. Thank you. This question is for current. I just want to understand the comment you made about recalibrating capacities that earlier the capacities were not in the right location. Now the capacities you’re looking at in the right location. So where were you initially looking at these capacities? I believe Sanghi was also there in terms of expansion initially. So maybe could you just discuss where is this recalibration coming from in terms of capacities.<\/p>\n

Vinod Bahety<\/strong><\/p>\n

So the recalibration is coming basically especially where we have the integrated units. Those are the locations where we are recalibrating because we find that the branding units, the operating cost, the logistics cost. One of the reasons for the logistics cost being so high compared to competition is because the distance traveled by the integrated units is quite higher than what it should be. So one of the things that we are working towards is shutting down the grinding units in a lot of these projects and moving them closer to the market.<\/p>\n

So that is the recalibration we are looking at. I don’t think that we are looking at recalibration of let’s say tinker units. The second is. Sanghi is predominantly a plinker plus cement we are moving towards. In the next years you will see Sanghi moving predominantly into plinker and you will see new capacities coming up on the coastal region of Gujarat and The hedge line 2 is one of the classic examples of that. Where we would look at Sandhi supplying clinker and moving and cement being supplied from these fuse. So some of these recalibration is happening. Majority of the recalibration is happening in the north UP and Bihar region and southern Gujarat and Maharashtra.<\/p>\n

Unidentified Speaker<\/strong><\/p>\n

This is not something ACC specific because I believe ACC had more integrated units. But you’re mentioning It’s ACC and Ambuja. Both of them had issues. So I’ll give you example. Like today we move, we supply our Bihar market through Chhattisgarh and though we get the EBITDA but it is not the optimal movement of the of the cement that we are seeing. So that’s where we are looking at. We need to set up grinding units in Bihar to serve the Bihar market. And Chhattisgarh unit should be just a clinker unit.<\/p>\n

Operator<\/strong><\/p>\n

Thank you, ladies and gentlemen. We’ll take that as the last question for today. I now hand the conference over to Mr. Deepak Balwani for closing comments. Over to you, sir.<\/p>\n

Deepak Balwani<\/strong><\/p>\n

Yes. Thank you Parambhai, for joining the call and sharing your insights. Thank you all. I trust most questions have been answered. You have my contact number. Please feel free to call me. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. On behalf of JM Financial Institutional securities limited that concludes this conference. Thank you for joining us. And you may now disconnect your lines.<\/p>\n","protected":false},"excerpt":{"rendered":"

Orient Cement Limited (NSE: ORIENTCEM) Q4 2026 Earnings Call dated May. 04, 2026 Corporate Participants: Deepak Balwani \u2014 Head of Investor Relations Vinod Bahety \u2014 Chief Executive Officer Unidentified Speaker Analysts: Dharmesh Shah \u2014 Analyst Navin Sahadeo \u2014 Analyst Raashi Chopra \u2014 Analyst Indrajit Agarwal \u2014 Analyst Jashandeep Singh Chadha \u2014 Analyst Manish Somaiya \u2014 […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,10089],"class_list":["post-182286","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":178667,"url":"https:\/\/alphastreet.com\/india\/orient-cement-limited-shares-rise-after-q3-fy2026-results-pat-more-than-doubles\/","url_meta":{"origin":182286,"position":0},"title":"Orient Cement Limited Shares Rise After Q3 FY2026 Results; PAT More Than Doubles","author":"Staff Correspondent","date":"January 30, 2026","format":false,"excerpt":"Orient Cement Limited (NSE: ORIENTCEM) shares traded at \u20b9342.50 during intraday sessions on Friday, marking a 2.4% increase from the previous close. The stock has maintained a 52-week range between \u20b9195.00 and \u20b9360.00, reflecting a steady upward trend as the company moves toward consolidation within the Adani Cement platform. Quarterly\u2026","rel":"","context":"In "Analysis"","block_context":{"text":"Analysis","link":"https:\/\/alphastreet.com\/india\/category\/stock-analysis\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/10\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/10\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/10\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":109778,"url":"https:\/\/alphastreet.com\/india\/infosys-limited-infy-q4-2021-earnings-call\/","url_meta":{"origin":182286,"position":1},"title":"Infosys Limited (INFY) Q4 2021 Earnings Call","author":"Sahil Anand","date":"April 21, 2021","format":false,"excerpt":"Infosys Limited (NYSE: INFY) Q4 2021 earnings call dated\u00a0Apr. 14, 2021 Corporate Participants: Sandeep Mahindroo\u00a0\u2014\u00a0Vice President, Financial Controller & Head \u2013 Investor Relations Salil Parekh\u00a0\u2014\u00a0Chief Executive Officer and Managing Director Pravin Rao\u00a0\u2014\u00a0Chief Operating Officer and Whole-time Director Nilanjan Roy\u00a0\u2014\u00a0Chief Financial Officer Analysts: Ankur Rudra\u00a0\u2014\u00a0JPMorgan \u2014 Analyst Diviya Nagarajan\u00a0\u2014\u00a0UBS \u2014 Analyst\u2026","rel":"","context":"In "Earnings"","block_context":{"text":"Earnings","link":"https:\/\/alphastreet.com\/india\/category\/earnings\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":171126,"url":"https:\/\/alphastreet.com\/india\/orient-cement-q1-fy26-earnings-results\/","url_meta":{"origin":182286,"position":2},"title":"Orient Cement Q1 FY26 Earnings Results","author":"Chirag Gupta","date":"September 10, 2025","format":false,"excerpt":"Orient Cement Ltd is primarily engaged in the manufacture and sale of Cement and its manufacturing facilities at present are located at Devapur in Telangana, Chittapur in Karnataka and Jalgaon in Maharashtra. Presenting below are its Q1 FY26 earnings results. \u00a0 Q1 FY26 Earnings Results Revenue from Operations:\u00a0\u20b9866.48 crores, up\u2026","rel":"","context":"In "AlphaGraphs"","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"Orient Cement Q1 FY26 Earnings Results","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/09\/5-6.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/09\/5-6.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/09\/5-6.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/09\/5-6.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/09\/5-6.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/09\/5-6.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":173956,"url":"https:\/\/alphastreet.com\/india\/orient-cement-limited-orientcem-q1-2026-earnings-call-transcript\/","url_meta":{"origin":182286,"position":3},"title":"Orient Cement Limited (ORIENTCEM) Q1 2026 Earnings Call Transcript","author":"News desk","date":"January 22, 2026","format":false,"excerpt":"Orient Cement Limited (NSE: ORIENTCEM) Q1 2026 Earnings Call dated Jul. 31, 2025 Corporate Participants: Unidentified Speaker Vinod Bahety \u2014 Chairman Rakesh Kumar Tiwary \u2014 Chief Financial Officer Deepak Balwani \u2014 Head of Investor Relations Analysts: Unidentified Participant Satyam Kesarwani \u2014 Analyst Rahul Gupta \u2014 Analyst Atishy Rathi \u2014 Analyst\u2026","rel":"","context":"In "Earnings Call Transcripts"","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":178727,"url":"https:\/\/alphastreet.com\/india\/acc-shares-decline-on-earnings-miss-as-amalgamation-with-ambuja-progresses\/","url_meta":{"origin":182286,"position":4},"title":"ACC Shares Decline on Earnings Miss as Amalgamation with Ambuja Progresses","author":"Staff Correspondent","date":"January 30, 2026","format":false,"excerpt":"ACC Limited (NSE: ACC) shares fell on Friday after the Adani-owned cement maker reported lower-than-expected earnings for the third quarter of fiscal 2026. 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