First question comes from the line of Siddharth Mehrotra from Kotak Securities.

Congratulations on a good set of results. S ir, just wanted to know your thoughts on the industry demand as well as how we see our growth within that, especially in the context that a few of our peers have highlighted slowing demand conditions and we have a new plant in a new region. So how do we sort of build in industry growth and within that, our growth in particular?

Yes. specifically with respect to Q4, as I have mentioned, the industry growth in our markets was 8% Y-o-Y. And the cement volumes grew 12% in the same space, resulting, of course, in increasing market share in the geography that we operate. Now specifically in Ap ril, the demand was a bit soft. Of course, inflationary pressure being one factor and the shortage of labour, with the labour migrating from the respective states back to their home states for the elections across 3 of our primary states of Tamil Nadu, Kerala and Bengal, which has impacted the volumes in April. We're seeing the situation improv ing in May and normalizing, and we expect that to come back to normal.

So on a Y-o-Y basis, you would sort of expect in line with GDP growth, perhaps higher?

So in FY27, what we forecasted is our performance would be in the mid -teens. That was the guidance that we had given, mid-teens to high-teens. And we maintain our stance o n that. This number is excluding the North, and we are actually working towards hitting that.

Okay. Mid - to high -teens volume growth, excludi ng the North. And any sort of ramp -up guidance for the North plant in particular?

So it's been basically our first full month of operation. And there's been good acceptance of the product. We are positioned in the A category brand. And the way it is stacking up and the way it is ramping up, we are pretty excited about our performance. The guidance that we had given was 50% to 60% utilization for the full year. This is the first month of operation, I think we'll be in a better position and a little more confident of our performance at the end of Q1. That's when we discuss the numbers in a little more detail. But we maintain our guidance of 50% to 60% utilization for the full year of 2.5 million ton grinding capacity.

As far as the guidance for FY27 and FY28 are concerned, we intend to spend about INR2,300 crores in FY27 and about INR2,200 crores in FY28. So this is the guidance we are giving as far as the capex is concerned. Answering your question on the amount that we have spent in Nagaur, we have already done about INR2,400 crores.

Understood. And this is out of the total capex cost of the revised number?

Yes. So the total is INR3,500-odd crores, including the 1 million additional grinding.

Okay. And the INR430 crores comes on top of it, right?

Yes, that's on top of it.

Our next question comes from the line of Harsh Mittal from Emkay Global Financial Services.

My first question is on the GGBS. We saw around 5% Y -o-Y growth in this quarter. Just wanted to understand given that in quarter 4, there was a good buoyancy in the institutional business. It seems to have underperformed compared to the cement business. Any reason for the same, sir?

Yes. So, d uring my introductory narrative that I put forward, I specifically mentioned about that there was a slag availability related challenge at Dolvi, which serves the western region for us. And around 1.2 lakh tons of volumes is what got impacted. We tried to cover up through resourcing it from Vijayanagar plant, but we did lose some demand. Now, on top of it, what compounded the thing was, if you remember, there was a lot of pollution-related impact which happened with the closure of RMC plants during that wi ndow. And that's our direct customer in terms of GGBS. Now whatever slowdown that we saw in Jan and Feb, we saw a recovery in March, and we expect this number to go positive going forward in this starting May.

Sure sir. And my second question is a bookkeeping question . What was the total clinker production in FY26 and the clinker sold in the UAE geography?

Total clinker production within factories, Nandyal and Shiva, is 3.74 million.

3.72 million which is for FY26?

3.74 million in FY26.

Okay.

And in Fujairah, we produced 0.69 million [in the quarter].

I really don't have the JV numbers readily available with me. But the total clinker that we sold there was about 2.59 million [for FY26].

2.59 million.

Yes. And that includes what was sold to India operations.

Got it. Thank you, sir. These are my questions.

Thank you. Our next question comes from the line of Pulkit Patni from Goldman Sachs. Please go ahead.

Sir thank you for taking my question. I have a couple. After the expansion that you've announced further in Rajasthan, which will take your capacity over 6. Where does the additional clinker for your Punjab plant get s sourced as and when the a pprovals and permissions come through in the Punjab plant? That's question number one?

Yes, should I answer or you?

Please go ahead. I'll ask the second one.

So you have a very valid question. See, the current 6 million that we are going to have in Rajasthan, that will consume the entire clinker, 3.3 million that's getting produced today in Rajasthan. So the moment we have the EC in place, we will probably have to start thinking on putting up a second line in Ra jasthan. But that decision is not yet taken. But, of course, that's the only solution.

Sure. That's clear. Sir, my second question.

Just keep in mind that we have more than 600 million metric tonnes of limestone reserves with us in 4 limestone blocks. And we have enough land and all the approvals in place to put up probably three lines, 10,000 TPD each. So that much we can do there. But yes, as I said because Punjab is getting a bit delayed. It's not going to come up by FY 28, which we had intimated earlier, this would definitely get shifted. Please keep in mind that there are elections due in Punjab sometime in Feb next year. So things are a bit slow on the government side. So we expect this EC to be a bit delayed. As and when that happens, we will take a call on the second line probably in Rajasthan.

Sure. So that is clear. Sir, my second question is so fair to assume that in this particular quarter that you reported, there is no volume contribution coming from Raj asthan. There is no cost related to Rajasthan, except the INR23 crores of promotion and other expenses, which you said you have not capitalized, but you have taken it in the P&L. Is that the right understanding?

Yes. Very small revenue beca use 30th March is when we capitalize, we announced the COD. So whatever revenue is there is the sales that would have happened in the last 2 days of the year, but the number is very small.

But just curious to understand why would you then not capitalize this promotion cost and other costs and take it to P&L? I'm just curious to understand?

The practices vary. Some people prefer capitalizing, but we prefer not doing things which are against the stated accounting norms. Not every thing can be capitalized like branding spend, etcetera is something that cannot be capitalized. So that's the prudent accounting policies that we follow. And hence we preferred charging them off.

Okay. Very clear. Thank you so much, sir.

Thank you. Our next question comes from the line of Prateek Kumar from Jefferies. Please go ahead.

Yes. Good evening, sir. M y first question is on your cost savings. We talked about like 400 Rupees per ton like I think 1 year back or 1.5 year back. So how much of that is now realized and how do we stand there for the remaining savings?

Yes. So we have achieved about more than 50% of what we had forecasted across the various levers that we had mentioned. We expect in FY27 for that number to jump up to close to 75% ; I mean 25% more to be added across power cost, logistics and premiumization primarily. And within power cost, it's primarily going to be our green energy capacity, which is going to take it up from the current numbers which you see probably for FY26 at around 24% all the way up to 63% and beyond.

And sir percentage, can you highlight numbers out of -- so basically, you're saying INR 100 savings in FY27 and INR100 remaining in FY28. Is that what you mean?

Yes, around INR100 per ton in FY27 and the balance would be FY28. And if I was to give you numbers for FY27 across power cost, logistics and premiumization, broadly around INR69 - INR70 per ton on power , around INR36 per ton on logi stics and INR4 per ton on premiumization.

Okay. And this is relat ed to your total cost , right, not like further related to cement. Is that correct?

This is on cement. If you want to take it at a company level, you'll have to weight it on the volume.

But some benefit of power will definitely flow to GGBS also?

That's not considered as part of the above.

So at c ement level, it probably be INR50 to INR 75 -- sorry, total company level, INR50 to INR75 for this year and maybe similar next year?

That's right.

Yes.

Okay. Other question on tax regime, new tax regime assumption from this year. So next year onwards, we should assume 25% tax rate for our modeling purpose?

Yes.

Lastly, on your dealer strategy in North India. So what do you think you have targeted like the multi-dealers, multi -brand dealers in North or like you have used some of y our JSW Steel dealers expanding their scope of work to cement or can you comment something on that?

So yes, so let me take that question. Our strategy in the North and the dealer expansion and onboarding has as of now being core cement d ealers with approximately 25% of them being exclusive dealers for us and 75% being multi -brand dealers. This i s across Haryana and Rajasthan. And we have, as of now, not yet leveraged on the strength of JSW Steel. Very few number of dealers from JSW Steel have onboarded in this entire lot of 1,000 dealers. We are yet to embark on that journey for taking help from the steel network and the paint network in the North.

Thank you. These are my questions.

Thank you. Our next question c omes from the line of Rajesh Ravi from HDFC Securities. Please go ahead.

Sir, could you share some housekeeping numbers what would be the RMC revenues in Q4? And what was the premium product sales share in Q4? And what would be the incentives that you are targeting for FY '27 flowing through revenues?

So RMC rev enue during the quarter was INR 184 crores and for the year it's about INR 574 crores Rajesh Ravi Sorry, can u share the number?

So for the year, R MC revenu e is INR 574-odd crores. And for the quarter, it was INR 184 crores.

Incentive accrued is a very small number. It's only INR3.47 crores in the quarter.

And for the Nagaur plant next year, what is the estimation on a full year basis?

So Rajasthan, we have the incentive as approved by the state. It's going to be INR 50 crores towards the capital subsidy and there will be some number on electricity duty waiver as well.

Okay. Will this flow through your revenue?

Revenue.

Understood. And sir, on the capex, what is the guidance for full year FY '27 you are looking at?

INR2,300-odd crores.

INR2,300 crores. And the Dubai grinding unit -- UAE grinding unit will be operational by end of FY '27. Is that understanding, correct?

No, because of this war, it's delayed by a month. So, we are hoping by April ’27 end that should be commissioned.

Understood. Right. Sir, last question on the GGBS. Given the steel prices have shot up by more than 20%, how is your GGBS cost and your margin getting impacted , selling price and margins getting impacted in Q1?

No, for us, the slag prices are governed by a contract. This is a 5 -year contract where there's a mechanism for this price discovery to happen every 2.5 years . Please keep in mind that slag prices from most of these other sources outside India are quite l ow today. The reason being that the freight costs are very high ; while I was speaking, there was an inquiry from UAE looking for some slag out of India. Now when I was doing some comparison, the landed cost of slag in UAE out of China is about $36, $37 C FR, but the freight is in excess of $32, $33 , even $34. So, excluding that, China is today anywhere $3 to $5. So, we are not seeing a situation where slag prices are going to go up any time. Of course, JSW Steel is free to do a price discovery every 2.5 ye ars of the contract. Our contract started from October 2024. So, whenever that 2.5 -year period is over, they will be doing a price discovery. But there is a mechanism for that. So, we'll get back to you on that once that happens.

Understood. But your selling prices will move in line with the market pricing. And would that mean that you will have a windfall gain for next few months or next few quarters?

No, So, for us, it's not that just because steel prices have gone up, GGBS prices are going to go up. They probably have no correlation. When we sell to our customers who are primarily RMC buyer or RMC contractors , they will look at a design mix and compare the cost between OPC GGBS and OPC fly ash. It's not that I'm going to get a windfall, windfall can only come if OPC prices go through the roof, probably that's a situation where we would be doing that. But that's still some time to go before such a situation happens. We'll wait and watch. Today, I'm answering you directly, there is not going to be any windfall just because steel prices are up. And then coming to the question on the premium segment, our overall volume was about 52% during the quarter.

Thank you, sir. I will come back in queue. Moderator Thank you. Our next question comes from the line of Raghav Maheshwari from Equirus Securities. Please go ahead.

Congratulations sir, on a good set of results. Just wanted to understand one thing that INR23 crores, which we spent on Nagaur for the North operation, is it a onetime expense? How much percentage of this is onetime? Or is it a regular expense which we incurred, but the revenue has not booked because we have done sales for only few days?

So Raghav, you can consider it onetime, but it is not one -time. It's going to be a regular expense because most of it has gone towards hoarding and branding, etcetera. And this is a routine affair that we'll have to follow ; wherever we have put up the hoardings outside the shop, they may need t o be replaced every 2 or 3 years probably. But yes, these are routine expenses which we have to incur if the branding has to happen.

But is it fair to assume against this expenditure, we have not booked any revenue -- major revenue or the profitability in the last quarter. Is it the correct understanding because of the last -- it started the operations started the last?

Yes, you are very correct. As I stated earlier, 30th March is when we announced the COD and the sales we re a very, very small number. Even if there is a revenue, the revenue maybe a couple of crores that's it.

Got it. Basically, we can consider this is a onetime because we have cut down our main EBITDA due to the non-revenue booking for the same operations?

Yes.

And sir, just last one question from the UAE side. One grinding unit, which we announced into our subsidiary. So, what is the understanding? If the volume coming for the cement will come into the m ain JSW Cement, our revenue and EBITDA will come into the consol one and the JV will continue selling at their clinker, whatever the clinker spare they will remaining other than this one grinding unit requirement. Is it the understanding correct?

Yes. So, JV will continue to sell as it does business today. It will sell clinker to the grinding unit, whatever the grinding unit requirements are. That transaction will happen at arm's length. And when it is about the subsidiary, this grinding unit, the entire number gets consolidated into the parent.

Got it. And sir, any plans to merge that JV into the consolidation?

Not as of now. Probably going forward in next 2 -3 years, we will have a look because there is a financial investor sitting there, we'll have to provide exit to him. That's some time to go, but we'll take that call maybe a couple of years down the line some time.

Our next question comes from the line of Gaurav Jain from ICICI Mutual Fund.

Yes, hi. Sir, just one question from my side. On this pollution issue in some cities of Western India and subsequent closure of RMC unit, is that issue completely behind? Or do you still see some impact of that?

This issue was mainly on account of the aggregate manufacturers and the RMC plant. So, it started off with Bombay, where it is well behind us now. Majority of the RMC plants, commercial plants as well as the dedicated plants, are all online and everything is behind us. Pune, which started in the last week of March and extended up to the end of April, even that is behind us now. And all the RMC plants across are up and running now. So, it is well behind us.

Our next question comes from the line of Rajesh Ravi with HDFC Securities.

Sir on the UAE grinding unit, just wanted to understand the flow like -- when this plant is operational, it will source the clinker from the JV clinker unit, which you have over there. Now what we understand that unit is s elling approximately 1 million ton in open markets, which is not consolidated in our and the remaining around 1 million tons or something like that they ship to India, which is booked -- which is used in India. Is this understanding, correct? And how will this change when this grinding unit is operational?

Your understanding is correct. Probably the numbers are a bit of f; so like I stated earlier, we sold about 2.6 million tons in UAE out of that unit last year and probably 2 million odd ton s is what would have got sold there itself. The remaining plus/minus has come to India . Now the production, that unit runs almost 100% plus every year since inception. So, it will still continue to produce about 2.6 million tons.

Yes, sorry, sir, missed your last point. You mentioned around 2.6, they operate utilization and 0.6 odd was shipped to India or sold to India?

Right. As we speak, see, that plant runs at full capacity. It runs more than its rated capacity, nameplate capacity. Now as we speak, see for the current year, I have clinker tied out of a Japanese source at fixed price. And this price we had fixed before the war. Now for me, that's the best-case scenario, a very advantageous situation compared to the others because for me, whatever happens to coal prices as far as the Japanese supplier is concerned, the price is locked. Now when this UAE unit, the JV is producing clinker 2.6, some volume is definitely going to come into India going forward also. 1 million - or maybe slightly more, probably 1.5 million would get sold to the grinding unit from the JV in UAE and the balance would be sold to third parties.

Understood. That makes it clear that in terms of clinker availability there won't be any issue at the UAE unit.

No. So just if I have to make it known to all of you, this war situation, though it continues there and there's a lot of uncertainty around it , for me, as far as getting clinker for Dolvi unit till December of this year, I am sorted. We have enough clinker tied up from other sources at fixed price, and the fixed price is pre-war.

Okay.

Thank you. Ladies and gentlemen, we'll t ake the last question from Ragha v Maheshwari with Equirus Securities. Please go ahead.

Sir just last one thing. Can you please tell full year GGBS realizat ion per ton and the gre y cement realization per ton number?

Yes. The full year GGBS realization is 3,683 per ton FY26.

Sir, for grey cement?

4,667 per ton.

Okay, thank you.

Okay great.

Thank you. Ladies and gentlemen, that was the last question for today. I would like to hand the conference over to Vaibhav Agarwal for closing remarks. Thank you, and over to you, sir.

Sir, just one question. You said that in Punjab, there could be a delay in terms of the grinding expansion of what you are kind of envisaging in that market. So, is your Rajasthan announcement basically to compensate for that delay? Or what is the thought process there? Because how can one read that?

Yes, you are right. Because of the uncertainty around the timelines for the Punjab grinding unit, and that would lead to suboptimal operations of the kiln, the clinkerization line impacting performance. Hence collectively as a management unit, we believe this is the most prudent thing to do. It will be one unit, which is set it up here and ensuring it stacks up for the entire sale, and we have all the benefits of setting it up here at a much lesser capex plus it coming up 1 year in advance versus if you were to start setting it up there. So in all aspects, it does stack up more favourably.

So that's what actually, sir, I also kind of anticipated. But , and second question was on the call also Gaurav asked from ICICI Prudential Mutual Fund that regarding the ban on the , or the restrictions on the RMC units in Maharashtra now that you said that that's behind us. So as far as GGBS is concerned, are we looking at the original guidance? Or we are looking , is there any change, does it impact our annual guidance in any way? Or do we anticipate this issue to crop up again? Or any change there? I just wanted to check that.

No, no. We hold on to our original guidance that was mentioned earlier.

So we probably are targeting kind of 7 million ton of volumes of GGBS this year. Is that fair over 6.5 million ton of volume from GGBS?

Yes, it is around the same number.

And just last thing, sir, our capacity guidance stays intact. There's no change , obviously, there were minor changes would be there because of the Punjab thing, but the broader guidance touching the 43 million ton mark by FY30 remains intact, right?

Yes.

Yes. So we are just replacing Punjab, which was 2.75 with 2.5 of Rajasthan that's the only change.

So that's the only change. That's just 0.25, nothing , no major change. So 43.5 guidance for FY30 remains intact. That's what I'm reconfirming?

Yes.

Thank you sir. These were all my questions. We don't have any further questions from participants. On behalf of PhillipCapital, I would like to thank the management of JSW Cement for the call and also many thanks to the participants for joining the call. Thank you very much, sir. Danish you may now conclude the call. Thank you.

Thank you so much. I appreciate it.

Thank you, team. On behalf of PhillipCapital India Private Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.