Building Future-ready Foundations

More important than the capacity number is the capability it reflects: our ability to conceive, execute, commission and stabilise multiple projects with repeatable outcomes while operating a national manufacturing and distribution system at scale.

Our progress reinforces our emergence as the world’s 9^th largest building materials solutions provider.

Creating the One Cement Platform

During the year, we completed the amalgamation of Sanghi Industries Limited and Penna Cement Industries Limited. We are further strengthening this with the proposed amalgamation of ACC Limited and Orient Cement Limited with Ambuja Cements, creating a nationwide ‘One Cement Platform’.

Yet the deeper change underway goes beyond corporate consolidation. Structures are being flattened, cross-functional silos reduced, and decision-making moved closer to the market. Real-time digital visibility now supports frontline teams respond faster, more effectively to demand conditions.

Our Aikyam operating model decentralises performance ownership to the district level, enabling faster decisions, tighter cost and pricing discipline, and closer alignment between sales, logistics and manufacturing.

For shareholders, this translates into improved transparency, predictable performance and sustainable long term value creation. For customers, it strengthens consistency of quality and availability. For employees and partners, it creates clarity of responsibility and opportunity for impact.

Complementing this approach is Navgati, our integrated operating system that coordinates production planning, logistics movement and market demand in real time across the cement network.

While we delivered strong annual volume growth and improved realisations during the year, performance remained sensitive to input cost volatility, particularly in the latter part of the year, requiring continued focus on cost efficiency. Higher capacity utilisation, sharper pricing discipline and cost optimisation supported improvement in EBITDA per tonne, while a stronger distribution network and deeper penetration into high-growth micro-markets allowed us to capture demand across both urban and rural geographies.

Revenue growth reflected a combination of higher dispatch volumes and improved product mix. The continued shift towards differentiated and premium products strengthened realisations even in competitive markets, improving margins and reducing vulnerability to cyclical pricing movements.

Operationally, FY 2025-26 set new benchmarks across production, dispatch and sales. These outcomes represent the collective efforts of our employees, channel partners and stakeholders, reinforcing the effectiveness of a strategy that prioritises value creation over volume alone.

Driving Cost Optimisation

Cost optimisation continues to be a strategic priority. In an environment of persistent cost volatility, we have intensified our focus on efficiency and cost optimisation. We proactively optimised our fuel mix, improved kiln efficiencies and strengthened logistics planning to mitigate volatility. Our increasing share of renewable energy and alternative fuels is aligned with our sustainability commitments and enhances cost predictability over the long term. We also undertook substantial asset improvements across Sanghi and Penna, resulting in meaningful capacity utilisation improvements.

Built to Create Value

One of the most significant foundational shifts underway in the Indian cement industry is the transition from commoditisation to premiumisation. Customers today are increasingly discerning, seeking performance assurance, durability and technical support rather than purely price-driven procurement.

During the year under review, we strengthened our portfolio of differentiated products. Premium cement volumes now constitute approximately 35% of trade sales, increasing significantly year-onyear, among the highest in the industry. Products such as Ambuja Kawach and ACC Gold continue to be strong offerings in the superpremium segment, supporting our positioning as a solutions provider rather than only a material supplier.

This shift is supported by sustained investment in research and development (R&D) and innovative materials, enabling performance-led differentiation aligned with futureready construction needs.

Our technical services teams have played a pivotal role in this transformation, through on-site advisory, contractor engagement programmes and application training initiatives. By supporting customers at the point of usage, we create trust and improve brand stickiness.

The financial impact of premiumisation is increasingly visible. Unlike short-term price adjustments, mix-driven improvement reflects sustainable competitiveness.

Importantly, premiumisation is closely aligned with sustainability. Blended cements and lower-carbon variants are gaining traction as environmental awareness grows. In the coming years, sustainabilitylinked premiumisation is likely to become a defining advantage for future-ready cement companies.

Sustainability at the Core of Growth

Sustainability is not a programme we pursue; it is a philosophy that defines how we grow. Our climate commitments are anchored in credibility and accountability. We aligned our decarbonisation roadmap with net-zero targets validated by the Science Based Targets initiative (SBTi) and adopted the Taskforce on Naturerelated Financial Disclosures (TNFD) framework.

Our climate commitments are anchored in credibility and accountability. We aligned our decarbonisation roadmap with net-zero targets validated by the Science Based Targets initiative (SBTi) and adopted the Taskforce on Nature-related Financial Disclosures (TNFD) framework.

We advanced breakthrough technologies, including the commercial deployment of Coolbrook’s RotoDynamic Heater and the Indo-Swedish carbon capture and utilisation pilot with IIT Bombay and EcoTech Sweden, accelerating our transition towards lower-carbon cement manufacturing.

Circularity remains equally central to our sustainability journey. Through Geoclean, our waste management arm, we co-processed over 5.6 lakh tonnes of waste in FY 2025-26, achieving an 7.23x plastic negative impact. Today, over 80% of our portfolio comprises blended cement, supported by India’s widest green cement range. Alongside this, we are 12x water positive.

Furthermore, the launch of the Adani Cement Sustainable, Circular, Environmental and Net- Zero Transformation (ASCENT) enterprise-wide framework strengthens environmental performance, risk management and data-driven decision-making through shared standards and digital integration.

We also strengthened participation in global sustainability coalitions and industry alliances. Our goal is not only to build stronger structures, but a stronger future, where growth and sustainability advance together.

Quality, Powered by Intelligence

Quality is not an outcome inspected at the end of the process. It is engineered into every stage of creation. Across our network of International Organization for Standardization (ISO)-certified plants, advanced testing infrastructure, real-time monitoring systems and rigorous process controls ensure that each product meets and exceeds the highest national and global benchmarks.

Our state-of-the-art R&D Centre in Kalamboli anchors this commitment. Focused investments in research have enabled the development of solutions, such as low-clinker formulations and circular material usage, incorporating fly ash, slag and other industrial by-products, while preserving strength, durability and reliability.

Quality in our manufacturing environment is increasingly intelligent and predictive. Our 'Plants of the Future' operate through real-time analytics, AI-driven optimisation and automated traceability, enabling precision at every stage, from clinker formation to final dispatch.

Every bag we produce carries material strength and the assurance of credibility, building structures designed to endure for generations.

Nation-building through Iconic Projects

Cement is the foundation of progress, and our cement and concrete solutions contribute to projects that shape India’s future. As preferred cement partners, we supported several demanding infrastructure and institutional developments during FY 2025-26.

Our solutions contributed to nation-building initiatives including airport development, complex rail infrastructure, major urban and industrial programmes, and marquee cultural and community structures. These projects are more than engineering milestones, they reflect our purpose of contributing meaningfully to India’s growth journey.

During the year, we were also recognised among India’s Most Trusted Cement Brands by TRA Research, affirming that confidence is mirrored in the perception of customers, partners and communities nationwide.

Redefining Cement Logistics at National Scale

FY 2025-26 marked a decisive redesign of how cement moves across India. We are integrating a unified digital and physical backbone that delivers cost efficiency, higher reliability, lower emissions and end-to-end visibility.

Advanced digital capabilities such as the Cement Intelligent Network Operations Centre (CiNOC), Digital Postal Index Number (DIGIPIN), fleet intelligence and AI-enabled planning are embedding intelligence into everyday execution.

Bulk movement is steadily shifting from road to rail, electric vehicles are being introduced, advanced wagons are scaling up and marine logistics will expand to 5% by FY 2027-28. Together, these initiatives can unlock significant savings and reduce emissions by up to 60%.

Bulk movement is steadily shifting from road to rail, electric vehicles are being introduced, advanced wagons are scaling up and marine logistics will expand to 5% by FY 2027-28. Together, these initiatives can unlock significant savings and reduce emissions by up to 60% Execution discipline remains anchored in Reliability, Environment, Safety and Quality (RESQ).

Building Talent for a Growing Nation

People and culture remained central to our progress. We prioritised capability building, leadership development and digital upskilling to ensure we remain agile, accountable and futuready.

A defining pillar of this effort is Adani Cement FutureX, now covering 750+ institutes and engaging over 1.3 million students. FutureX introduces future engineers and architects to modern materials, sustainability practices, digital tools and safety standards early.

Investments in R&D, nextgeneration technical platforms such as Adani Certified Technology (ACT), and structured dissemination of best practices are raising standards in productivity, construction quality and safety across the ecosystem.

At our organisation, community building and capability creation are not parallel agendas. They are integral to responsible growth, ensuring that scale is matched by inclusion, competence and longterm societal value.

Safety as a Business Enabler

Safety is embedded as a strategic enabler of operational excellence, productivity and long-term value creation. Industry-first innovations including drone-led confinedspace inspections, automated sampling systems, smart sensors and AI-enabled monitoring are reducing downtime, minimising human exposure and strengthening process reliability. High-risk activities such as silo overhauling have been transformed, setting new benchmarks in safe execution.

Through various safety initiatives, we continue to reinforce a Zero Harm culture.

Deepening Our Stakeholder Connect

Across FY 2025-26, we sustained continuous engagement across our stakeholder value chain. We hosted capital markets plant visits, as well as active engagement with the Board, including site visits, reinforced transparency, governance oversight and alignment between strategy and execution.

Internally, CEO SamvAAAd continued as an employee-focused dialogue platform. External CEO Club interactions with leading dealers, contractors, transporters and Carrying and Forwarding (C&F) partners strengthened shared ambition and accountability.

The flagship NirmAAAnotsav, in collaboration with the Confederation of Real Estate Developers’ Associations of India (CREDAI), dedicated SamvAAAd forums with infrastructure and institutional customers positioned us as a technical partner rather than only a material provider.

Our association with industry bodies continued to support sectoral dialogue, standards development and knowledge exchange, reinforcing our role as a responsible industry participant. At the channel level, the Dhanvarsha series strengthened transparent, data-driven partner rewards.

Our largest promotion exercise in the cement business history reinforced meritocracy and aspiration. Milestones were documented and shared through the Adani Cement Connect digital platform.

Building an Ecosystem of Trust

The year was marked by initiatives that placed people at the centre, bringing employees, partners and families together around a shared sense of purpose.

Our understanding of brand continued to evolve, from a communication output to an ecosystem of trust, participation and belonging.

Several distinctive initiatives reflected this philosophy. Beyond products and partners, we sustained emphasis on family- and community-centric platforms.

India’s Growth Opportunity

India continues to stand out as one of the most compelling growth landscapes for the cement industry over the long-term. Roads, rail corridors, ports, airports, housing and industrial parks are expanding, creating a durable demand foundation for building materials. In this environment, cement is not merely participating in growth, it is enabling it.

Policy clarity and reforms that support affordability, project viability and infrastructure execution can have a multiplier effect, reinforcing India’s progress towards a multi-trillion-pound equivalent economy.

Equally encouraging is the balanced direction reflected in the Union Budget 2026. Our decarbonisation initiatives are aligned with this national agenda, reinforcing our commitment to lower-carbon construction solutions.

Equally encouraging is the balanced direction reflected in the Union Budget 2026. Our decarbonisation initiatives are aligned with this national agenda, reinforcing our commitment to lower-carbon construction solutions.

Over the coming decade, the expansion of tier-II and tier-III cities, housing formalisation and industrial diversification are expected to steadily elevate consumption intensity. Simultaneously, the industry is witnessing consolidation. This phase offers an opportunity to strengthen market presence.

Our objective is to play a vital role in this growth.

Closing Thoughts

The achievements of FY 2025-26 reflect the dedication of our employees, the trust of our customers, the support of our partners and the confidence of our investors.

The foundations are strong. The strategy is clear. The opportunity remains strong over the long term, while the near term requires disciplined execution and sustained focus on fundamentals. By accelerating infrastructure and leveraging intelligence, we will deliver growth that is faster, smarter and more sustainable, building enduring value for India and all our stakeholders.

Thank you for your continued trust and partnership