Margin miss, steady volumes, guidance cut to ₹500-550/tonne

Revenue up 5.3% YoY confirms volume lift; volumes not independently verifiable from transcript

Specific claim; net profit loss of ₹28Cr on ₹706Cr revenue implies margin compression far below ₹451/tonne EBITDA claim

Management explicitly cut to ₹500–550; acknowledged ₹100/tonne cost inflation overwhelming price increases

Net profit loss and -4% NPM suggest pricing could not offset cost inflation; realizations likely under pressure

Management hedged: 'should more than make up in Q3/Q4'; depends on asset ramp-up execution and stable pricing

Prior FY26 guidance ₹600/tonne → now ₹500–550; miss attributed to ₹100/tonne cost inflation (fuel ₹50, misc ₹50) from geopolitical tensions, partially offset by price hikes

Q1 delivered -₹28Cr loss vs prior quarters' profitability; OPM 10.3% on revenue but NPM -4% reveals debt servicing strain and fixed cost burden

Prices 'broadly stable' but failed to stick post-hikes; competitive intensity and regional dynamics caused erosion; no net positive realization sequentially

13% Q1 growth & 7M tonne FY27 target reaffirmed; double-digit growth expected FY28 as well; no change vs prior guidance

Jeerabad 0.5M tonne, Gudipadu WHRS 1.55 MW, Andhra mill end-Sep all on track; no delays reported

7M tonnes excludes clinker; Andhra sells to Bayyavaram, Jeerabad to stabilize. FY28 expects similar double-digit growth. Q2 cost ₹100/tonne, offset by inventory + efficiency ramp. Guidance cut to ₹500–550/tonne.

Variable cost gap ₹100–125 due to lack of waste heat recovery at Andhra; electricity sourced from grid. Product mix (OPC vs PPC) differs. ₹550 definitely doable post-capex.

South Q1 6% growth (vs 8–10% expectation); AP/Telangana 11%, Tamil Nadu 4%, Kerala 12%. June saw 20% growth. July tracking similar to June; monsoon delay helping.

No control over inflation; only usage efficiency. Company efficient vs peers. ₹100/tonne pencilled in; clinker at peak, moderation expected by October. Initiatives should offset.

₹150Cr pencilled for FY27; ₹200Cr expected FY28. Yes, included in projection.

₹240Cr ongoing CapEx spread over this & next year; no major CapEx beyond that. Maintenance ₹30–40Cr/year only.

Yes, some inventory from Q4 and stocked for shutdowns. Power/fuel ₹50, misc ₹50 for Q1.

3 years back ~30% util., now ~50%, expect 60% by year-end. Forward 60–70% utilization despite high competitive intensity.

Gudipadu: ₹25/tonne consolidated. Jeerabad: ₹100–125/tonne. Andhra has no WHRS yet; target next couple years for similar savings.

Work started. Operational plan details by end of Q2.

13% Q1 growth supports trajectory; regional demand (South 6%, AP/TG 11%) backing incremental ramp

Dependent on capacity ramp-up (Gudipadu WHRS, Jeerabad, Andhra mill) offsetting ₹100 cost inflation; assumes stable pricing

Jeerabad, Gudipadu, Andhra expansions all in execution phase; no new projects announced

₹100/tonne cost inflation from fuel (West Asia crisis) only partially offset by price hikes; competitive intensity causing pricing momentum to fizzle; prices 'broadly stable' but failing to hold gains

Andhra operating at 50% utilization with ₹5,100/tonne cost vs Mattampally ₹4,000; variable cost ₹100–125 gap due to lack of WHRS; execution risk on new mill by Sep

Net loss ₹28.1Cr in Q1 FY27 on ₹706Cr revenue (-4% NPM); gross debt ₹1,704Cr; high fixed cost burden limits profit leverage; margin recovery dependent on capex ramp execution

South region demand 6% YoY (vs 8–10% expectation); Karnataka flat, Tamil Nadu post-election weakness despite 20% June recovery; first 6 months post-election typically slower

Super fine building materials division 'started work'; operational plan deferred to end-Q2; no details on margin profile, investment, timeline, or market demand