Volume growth masked by -51% PAT collapse, capacity bet ongoing

Revenue grew 7% YoY to ₹3,890 Cr; volume growth present but pricing offset by QoQ margin compression

Absolute EBITDA declined 11% QoQ to ₹805 Cr despite per-ton improvement; higher volumes & costs outweighed per-ton gains

PAT collapsed 51.4% YoY to ₹192 Cr; NPM compressed to 4.8%; cost inflation only partially offset by ₹10-20/ton price increases

Savings achieved but insufficient; power/fuel cost still up 10% YoY; Q2 expected to face ₹70-80/ton fresh headwinds

Guidance pulled back to 67 MT by Q3 FY28, with 70 MT eventual target timing uncertain (possibly early FY29)

75 MT by FY28 → now 67 MT by Q3 FY28 + Northeast grinding in FY28 or FY29. Timing uncertain; approximately 70 MT by end FY28 vs 75 MT prior guidance

₹2,850 Cr deal announced in May; 7-8 quarters to normalize EBITDA per ton. No margin guidance for FY27 contribution; phased ramp-up expected

Capex ₹3,200-3,400 Cr reaffirmed ex-deal. Q2 headwinds ₹70-80/ton expected; ₹150/ton mitigation achieved in Q1 but insufficient to drive profit growth

East pricing remains well below other regions; no catalyst for gap narrowing within FY27; 2-3 years expected. Management acknowledged pricing suppression in Bengal post-elections

Mix of both. Adjacent reserves exist. Initial years covered. Land procurement ongoing, gradual, not a onetime hit. No exact number yet.

Believe in Northeast potential, invested ahead of time. Grinding unit somewhere near clinker on agenda. Not yet announced exact project.

Provisional conservative estimate, 2 months old. Will finalize registration in 2 months, likely better outcome. Preliminary assessment.

Allow time to stand on legs. Decent capacity utilization in few quarters. No guidance as of now.

Looking at ₹70-80/ton input cost increase Q2 over Q1. Very turbulent, will reassess. Negative operating leverage separate discussion (seasonality).

Gut says 200-250 bps higher than industry. Early days, not all results out yet.

Not new market, continuously invested. Decent presence, network still active. Couple quarters to EBITDA breakeven, 7-8 quarters to normal Dalmia EBITDA.

Path clear, date is milestone (directional). Flexibility on speed dial up/down. Example: 75 target moved FY27→FY28, heavens not falling. Disciplined capital allocation, financially accretive growth.

No answer on what makes prices stick. Very dynamic, industry-wide issue. Premiumization agenda is what we chase. Market pricing for all to see.

Couple quarters EBITDA breakeven, 7-8 quarters to deliver per ton in line with Dalmia average. Early days.

Definitely on track. Demonstrated delivery couple years ago. Continuous activity. Trust us, working 24/7 on it.

₹150 avoided, no reason to expect hit in Q2. Permanent change in working. Opening inventory impact included. Q2 expect ₹70-75/ton unless things turn bad. Diesel late May impact; packing cost improving.

Business combination: fair value assets, stamp duty doesn't add value, expensed per standards. Asset purchase would capitalize stamp duty. Tax treatment still capital asset.

Strategic fit: accelerates Central entry, attractive market structure & growth. Brownfield/debottleneck optionality. Older plant, needs catch-up capex. Jaypee plants technically sound (Bokaro success). Buying near replacement cost.

Yes, both brownfield & debottlenecking on table. Mentioned in investor deck. Enough reserves, enough land. Will detail as we go.

Most markets held steady. Bengal seen some suppression. July initial uptick in South. Evolving space, not monitoring one date vs average.

Not transporting Central to Rajasthan. Pan-India aspiration on table. North definitely there. When announced, will come back to you later.

10-11 MT industry-wide each year FY27, FY28. On Jaypee EBITDA/volume assumptions: very promising region, higher utilization, 6-8 quarters to normal Dalmia EBITDA.

IEX goes to comprehensive income. Other income only treasury mutual funds/bonds. Q4 yields up (MTM loss). Q1 yields down after RBI policy (MTM gain). Assume 6.5-7% forward treasury yield.

Based on 9% Q1 volume growth & execution. Acquisition volumes on top.

₹150/ton Q1 mitigation not expected to repeat. Fuel/raw material remain above pre-war. Pricing pass-through limited.

₹2,200 Cr on projects (Belgaum, Kadapa, Pune), ₹1,200 Cr maintenance/Jaypee catch-up/ROI. Q1 spend ₹510 Cr

Further ₹100-150 Cr increase FY28 with Kadapa/Pune commissioning

Pet coke $160/ton peak, moderated to $130-135 vs $110-115 pre-war. Raw material +12% QoQ. Packing bags ₹14 vs ₹9.5. Pass-through ₹10-20/ton insufficient. Q2 ₹70-80/ton headwinds expected.

East cement prices remain well below South/West despite brand strength. Recent suppression in Bengal post-elections. Management gave 2-3 year timeline for gap narrowing. Margin compression evident (NPM 4.8% vs prior ~10%).

₹2,850 Cr deal announced May 2026. Plant is older, shut for long time. Requires 7-8 quarters to reach normal Dalmia EBITDA. ₹550 Cr catch-up capex planned. Analysts pressed hard on timeline; management evasive on utilization/EBITDA targets. Pune delays already noted ('teething troubles').

75 MT by FY28 target revised to 67 MT by Q3 FY28 + Northeast (70 MT eventual). Pune execution delayed due to 'teething troubles'. FY31 target of 110 MT now called 'directional, flexible'. Analyst Shravan Shah pushed back on aggressive timelines; management conceded delays of couple years 'don't matter' but impact shareholder returns.

Q1 disrupted by state elections in key markets; project execution slowed. Monsoon uncertainties linger (El Niño risk). Q2 typically weak seasonally. Negative operating leverage compounds cost inflation headwinds in low-volume quarters.