Questions across 3 calls

Manish Somaiya

Cantor Fitzgerald & Company

Ambuja Cements Limited

Ambuja Cements Limited CC-Nov25.pdf · 2025-11-03

Congratulations again on a good set of numbers. There's been a lot of discussion about costs, and maybe I'll switch to volume growth. I think you had 20% volume growth in the latest quarter. And obviously, the industry is growing at much less. My question is, how sustainable is this growth? And then secondly, as you sort of go upmarket, go more premium, how are you balancing pricing and volume?

My second question is, as you talk about the integration of Orient, Penna, Sanghi, how should we think about volume growth, margin growth, and market share growth over the next, call it, 12 to 15 months? If you can help us understand, that would be really helpful?

Adani Power Limited

Adani Power Limited CC-Nov25.pdf · 2025-10-30

Thank you, gentlemen. Congratulations. A couple of questions. One, if you can just talk about the expectations on the merchant and PPA tariff realizations in the second half given softness in merchant pricing that we have seen so far? If you can just give us a big picture perspective on how we should think about the second half versus the first half?

On the PPAs portion itself, I think right now it is at 88%. S BK, are there any plans to try to increase that so hence to avoid the volatility in pricing? And how do you think about that?

Adani Green Energy Limited

Adani Green Energy Limited CC-Nov25.pdf · 2025-10-29

Good morning. Just a couple of questions for me. One on capex. Capex was about 18% higher year-over-year. So maybe if you can just help us understand the cadence of capex spending in fiscal ‘26 and maybe even ‘27. And if you can go beyond that, that would be also super helpful.

Okay. That's super helpful. I did see the receivable days improved. And perhaps if you just kind of give us some color on what is that attributable to? Are you having delays in payments from discounts? Maybe if you can just help us understand that improvement and how sustainable is that?