Questions across 6 calls

Jashandeep Singh Chadha

Nomura

Nuvoco Vistas Corporation Limited

Nuvoco Vistas Corporation Limited · 2026-07-14

Yes. Hi. Thank you for the opportunity. And congratulations on a very good set of numbers despite challenging environment. So, my first question is regarding your capex guidance which you gave last quarter, INR900 crores and INR960 crores for FY27, '28. Is there any change in that? And my second question will be on the, your -- how are you seeing, first quarter has been completed and second quarter is going on, so how are you seeing demand for FY27 because last quarter a lot of your peers painted a very bearish picture on in terms of demand for this year. So, how are you evaluating demand this year?

Yes. Thank you for that, sir. Sir, my second question is regarding Gujarat profitability. I understand and you've already given an elaborate answer on that that from the second and third quarter, the Gujarat, profitability will be in line with rest of Nuvoco, but I still want to, you know, focus on Surat GU because even when the Kutch clinker unit comes, I think Chittorgarh is still nearer to Surat plant than the Kutch unit. So, how will the profitability, is it fair to assume that Kutch will be more profitable in terms of EBITDA per ton than Surat unit or is the company, working on something to improve the profitability of the Surat? Just wanted you to focus on that?

Nuvoco Vistas Corporation Limited CC-Jan26.pdf · 2026-01-16

Thank you for the opportunity and congratulations on a good set of numbers despite weaker pricing. Just wanted to understand a couple of things. Firstly, you mentioned that Nu voco took a price hike in this month. So, wanted to understand when did you take that price hike and how much was the price hike? And is the price hike sustained in the market? First question was that. If you can clarify that, then I will proceed with my next question.

Okay. And has the demand, tapered off after the price hike or the momentum continues, which we saw in the first 10 days?

JINDAL STEEL LIMITED

JINDAL STEEL LIMITED CC-Feb26.pdf · 2026-01-31

Hello. I hope I am audible and thank you for the opportunity. Most of my interesting questions have been taken by my peers. So, I will start with how much, so I see that you have a commissioned coal mine as well. There is one iron ore mine also has been commissioned. With that and global coal prices going up, what sort of impact do you think will hit the Company in fourth quarter, if we can start with this?

Yes, sir. So, I just wanted to understand the input cost escalation that we might see in fourth quarter for Jindal Steel?

Ambuja Cements Limited

Ambuja Cements Limited CC-Feb26.pdf · 2026-01-30

Sir, my first question is regarding the acquired assets. It feels like for a year or so, these acquired assets have been a drag on the performance of Ambuja consol. In your presentation also, you mentioned that from the organic assets, you delivered INR1,045 per ton EBITDA. I just wanted to understand from the management point of view, from the strategy point of view, by FY '27 end, what are the utilizations that you are targeting from these assets? What is the internal EBITDA per ton target? And what will be the key levers in generating those numbers? I just wanted to get a sense of how you are planning to ramp up the acquired assets?

Understood, sir. Sir, my next question is more from a strategy point of view, from an industry point of view. Adani Cement is one of the largest player we have. Just wanted to understand your view on consolidation. Do you think -- I mean, you have already told us that organic capacity expansion, you will be discussing in a later call. But do you think that, is the consolidation phase over? Or there is more scope? I mean, just a structural view, if you can give us how are you looking at the industry right now?

ACC Limited

ACC Limited CC-Feb26.pdf · 2026-01-30

Sir, my first question is regarding the acquired assets. It feels like for a year or so, these acquired assets have been a drag on the performance of Ambuja consol. In your presentation also, you mentioned that from the organic assets, you delivered INR1,045 per ton EBITDA. I just wanted to understand from the management point of view, from the strategy point of view, by FY '27 end, what are the utilizations that you are targeting from these assets? What is the internal EBITDA per ton target? And what will be the key levers in generating those numbers? I just wanted to get a sense of how you are planning to ramp up the acquired assets?

Understood, sir. Sir, my next question is more from a strategy point of view, from an industry point of view. Adani Cement is one of the largest player we have. Just wanted to understand your view on consolidation. Do you think -- I mean, you have already told us that organic capacity expansion, you will be discussing in a later call. But do you think that, is the consolidation phase over? Or there is more scope? I mean, just a structural view, if you can give us how are you looking at the industry right now?

Dalmia Bharat Limited

Dalmia Bharat Limited CC-Jul25.pdf · 2025-07-23

First of all, congratulations on a very good set of numbers. So Puneet, I have just two questions. Firstly, I think the cost saving of 150 to 200 per ton, Dalmia actually announced it last year. So, I just wanted to understand has some cost savings come till now or if you can directionally tell us. I understand it will be very difficult to quantify it, but some cost savings that might be coming in the near coming quarters. And in which key heads it will be? My second question is, I understand going to Kadapa and Belgaum because you have higher life of mine and lease like they make sense. But just wanted t o understand, and thinking out loud that the reason -- one of the reasons for waiting for JP could that also be that Dalmia has already made inroads in that central relatively newer market because of tooling. And also, as you get auction fee. So, there's no premium on the central limestone whereas for Jaisalmer, you have around 12%, 15% of auction premium. Can that also be one -off the condition in your scenarios that you played out? Just 2 questions from my side.