Thank you. Good morning, everyone.

On behalf of JM Financial, we welcome you to the JSW Cement Q3 FY26 result conference call. I will now hand over the floor to the management for their opening remarks, which will be followed by interactive Q&A.

Thank you and over to you, Kunal.

Thank you, Dharmesh, and good morning to all. I would like to welcome all of you to the Q3 FY26 earnings call of JSW Cement.

I trust you have had the chance to review the financial results and investor presentation which have been shared with the stock exchange and uploaded on our website. We are pleased to have with us today Mr.

Nilesh Narwekar, CEO; Mr. Narinder Singh, CFO; and Mr.

Hitendra Jariwala, Chief Marketing Officer. With this, I will hand over the call to Mr.

Nilesh Narwekar for his opening remarks. Over to you, sir.

Thank you, Kunal, and good morning, everyone. I'd like to start by reiterating four key messages about the company.

First is with the total volume growth of 14% YoY in quarter three FY26 and a 12% YoY in nine-month FY26, JSW Cement remains among the fastest growing cement companies in India in terms of sales volumes. Now it is our goal, as we have maintained, to continue to continue with this growth trajectory over the next few years as we build and ramp up our new capacities.

The second message is our GGBS business continues to deliver exceptional results in terms of volume growth and momentum across all key customer groups. The third, along with strong volume growth, we are also delivering substantially improved YoY performance in terms of EBITDA per ton and PAT, as we had highlighted to investors during the IPO.

Our cost-saving program are on track to deliver the promised savings. The fourth message is we are continuing to deliver on an efficient capex program while controlling leverage levers as promised.

Let me move on to list out a few key highlights for quarter three FY26. Our total sales volume in Q3 FY26 increased by 14% YoY to 3.56 million tons, which is significantly faster than the industry growth in our region, which we believe is around 7%.

Taking this product-wise, now cement volume sold was 1.89 million metric tons, increased by 7% YoY, and GGBS volume sold was 1.53 million tons, increased by robust 17% YoY. Within cement, the trade mix was 72% versus 52% in the previous quarter.

This primarily due to the strong demand from the institutional channels for us. Revenues stood at ₹1621 crores, increased by 13% YoY.

Operating EBITDA for the quarter was ₹285 crores, a 32% YoY improvement against last year. In terms of some of our key operational highlights, our clinker utilization in quarter three was 96% and grinding unit the grinding utilization was at 64%.

Our clinker-to-cement factor was 52% in Q3 FY26, a slight increase versus 50% in the previous quarter. With respect to our two main products, cement and GGBS, cement realization for quarter three FY26 was ₹4,459 per ton, a decrease of 4% QoQ.

As all of y'all are aware, there was softening of cement prices, particularly in the South and the East regions where we operate. GGBS realization for quarter three FY26 was ₹3,655 per ton, broadly flat on a QoQ basis with minor variations from market to market rather than any structural change in our pricing strategy.

The lead distance reduced by 10 kilometers to 273 kilometers in quarter three. In terms of capacity expansion, just to reiterate, our capacity expansion plan will take the company to a grinding capacity of 41.85 with clinker of 32 13.04 million, as is outlined in our investor presentation.

Would like to provide a brief update on the North region. Our Nagaur integrated unit in Rajasthan is that is being set up in two phases.

In the first part, in the first phase, we have a 3.3-million-ton-per-annum clinkerization unit along with a 2.5-million-ton grinding is on track to being commissioned in this quarter. In fact, we received the CTO as well.

In the next phase, the WHRS and the additional 1 MTPA grinding unit will be commissioned. On the Punjab grinding unit, we have progressed significantly on the on the preparatory streams, including engineering and ordering of main packages.

We are hopeful of receiving the EC and the CT this quarter, and thereafter of course, we'll update you on the commissioning timelines. On green power, we're happy to note that we've added 6 MW of solar capacity in Nandyal, sorry, 8 MW of solar capacity across Nandyal and Vijayanagar during quarter three of FY26.

Let me recap our plan for green power capacities. We started in FY26 with 27 MW of solar and 21 MW waste heat recovery in our existing plants across South, West, and East.

Our plan was to add a further 127 MW of RE power, of which 8 MW was commissioned in quarter three FY26, and we are on track to commission the remaining RE capacity in the coming quarters. In addition, we are planning a 60 MW of RE power at Nagaur plus a 19 MW waste heat recovery, which is a total of 79 MW linked to Nagaur operations.

I'd like to comment briefly on ESG. We continue to have the lowest CO2 emission intensity in the cement industry, with Scope 1 and Scope 2 emission intensity at 270 kg per ton of cementitious material in Q3.

Our RE share has increased from 21% in FY25 to 25% in Q3 FY26, and we're making all efforts to increase our AF, alternate fuel, usage further from the 13% levels we are at in Q3 FY26. We continue to have a strong focus on health and safety of our employees and continue to pursue community initiatives in the focus areas around our plants.

Finally, on the industry context, cement demand improved in December '25 supported by pickup in infrastructure activity after relatively sluggish environment in October and November. Demand is expected to remain healthy in quarter four of FY26.

While cement prices were weak in quarter three FY26, we have seen improvement in January, as all of y'all will also know through your channel checks. Pricing in the non-trade segment showed meaningful improvement in South zone and marginal improvement in West, which is the Mumbai market.

The trend is expected to support the channel price increase in the near term. We expect pricing momentum in Q4 FY26 to remain stable and mildly positive, led by non-trade segment recovery and gradual transmission of this increase in price table across the view the trade segment or the channel segment, as we refer to it.

The added impetus, of course, with the capex spend by central and the state government continue continues, and this will of course give us give sustained momentum to the cement institutional business and GGBS. We are encouraged by the announcement of the of the Finance Minister's in the recent budget that the central capex is moving up to ₹12.2 2 trillion in FY27, an increase of 11% over the revised estimates for FY26.

We believe strongly that this will support the cement demand in the coming years. Let me now hand over to Narinder Singh, our CFO, to walk us through the the rest of the updates.

Narinder, over to you, sir.

Good morning, everyone. I will add some points to the financial performance on Q3 as well as nine months for the year.

In terms of Q3 FY26 financial performance, revenue was ₹1621 crores, that's an increase of 13% year on year. Despite weaker pricing in Q3, operating EBITDA improved by 32% year on year to ₹285 crores.

That's a very healthy ₹802 per ton for the quarter. Operating EBITDA margin was 17.6% in the quarter, which is a jump of 250 bps over the last year same quarter.

Total EBITDA including other income was ₹371 crores, an increase of 51% year on year. PBT stands at ₹184 crores in the quarter including positive contribution of ₹15 crores from our JV operations in Fujairah.

PAT for the quarter is ₹131 crores. I would like to add two points two points out of the above which are one-offs during the quarter.

During the quarter, we signed an SPA with Nuvoco to divest our investment in Vadraj Energy for a consideration of ₹191 crores. This transaction has been completed in this week and we have received the sales proceeds.

We have recorded a gain from this disposal of ₹53.6 crores, which has been shown as part of other income in the quarter and nine months also. To be clear, this item is not included in the operating EBITDA, and operating EBITDA per ton number, as I mentioned earlier, is ₹802.

As a result of the new labor code, we have recorded an expense in respect of prior financial years of ₹33.7 crores and this has been shown as an exceptional item in the quarter. Note that we have already recorded ₹1466 crores of exceptional expense, which was the fair value expense arising from the conversions of CCPS.

This was recorded in the first quarter of the year. For the nine months, total exception item expense is about ₹1500 crores.

In terms of the major cost elements during the quarter, raw material and power and fuel increased on quarter-on-quarter basis by ₹81 a ton. Broadly speaking, this was due to three reasons: higher OPC volumes in the overall sales mix, higher volume of interplant movement of raw material, higher clinker cost in West region.

This higher raw material cost was partially offset by lower power and fuel cost due to increased RE share, which is now 25% as against 21% in the previous quarter. Of course plant operating efficiencies did help in bringing down the power cost.

Blended fuel cost for the quarter was stable at ₹1.49 per Mcal versus ₹1.50 per cal in the previous quarter. Our current fuel inventory is sufficient till March 20 March or April '26, and we should see further improvement in power and fuel cost in Q4.

Logistics: lead distance reduction by about 10 kilometers quarter-on-quarter. However, the logistics cost were stable due to withdrawal of railway busy season surcharge and change in source mix, that is reallocation of volume between plants.

In terms of our nine-month performance, total sales volume increased by 12% year on year to 9.98 million, with cement and GGBS volume increasing by 8% and 14% respectively. Revenue is at ₹4617 crores, an increase of 13% year on year.

Operating EBITDA is ₹875 crores, a 43% increase, which equates to ₹877 a ton for nine months. Total EBITDA including other income was ₹953 crores.

Adjusted PAT, which we define as PAT excluding the CCPS non-cash payments expense, is ₹306 crores in nine months. In terms of the balance sheet, net debt is ₹3557 crores at the end of December.

Net debt to EBITDA stands at 2.9 times. Average cost of debt for the quarter is 7.8%.

Happy to note that during the quarters CRISIL upgraded the company's long-term credit rating to AA- stable from A stable. During Q3 and nine months of the year, the company incurred capex including maintenance capex of ₹491 crores, that is for the quarter, and for nine months, ₹1455 crores.

We will now be happy to address your questions. Thank you.

Hi, sir. Good morning.

Am I audible?

Yeah. Congrats on good set of numbers.

My first question pertains to while you mentioned non-trade prices have improved and expectations of a trade prices recovery, what is the overall demand traction in Q4 that you're witnessing across your market of operations?

Hello, Jariwala?

Yes, yes sir. Please go ahead.

Hello?

Jariwala, please.

Let me come in.

Am I audible, sir? Jari, go ahead.

You're audible.

Yeah. I wanted to check how is the demand traction shaping up in Q4?

How has been January in terms of industry-level growth?

Before Jari comes in, Jari, are you there?

I'm here.

Go on.

We are expecting a very healthy growth in terms of the infrastructure and housing demand in the South. The payments from the government departments also have been released in the month of October and November, which has given a lot of speed to the kind of projects which are going on, be it infrastructure projects, be it road projects.

All these payments have been released by the government departments and so we are expecting a very healthy demand from all these sectors. In fact, a lot of parts of South were also affected due to this intermittent rains in the month of October and November, which had not caught up speed for the projects.

In the month of December, we have seen a healthy trend. January has been much better, both in terms of prices and demand, and we are expecting this to go on in the quarter three quarter four also.

Great. Great, sir.

A few more questions. On the GGBS, we have seen steel prices witnessing a sharp recovery December onward.

How does that impact your margins in the GGBS positively, negatively? What is the thoughts over there?

Sorry, we didn't catch your question, Rajesh. Can you repeat that, please?

Yeah. GGBS, with the steel prices shooting up 10% to 14% in this quarter, in fourth quarter, December and January, we have seen strong price uptake.

What is the thought on the GGBS profitability? How does that move along with steel prices?

No, no, GGBS and steel, we have a long-term contract and the pricing is discovered annually. Okay.

Not a discovery, rather annually it's linked to the Wholesale Price Index of slag cement. We are not impacted.

Steel prices can move wherever, but for us the price is locked unless there is a price escalation attributed to Wholesale Price Index.

Okay. Even your selling price do not change materially with steel prices movement, right?

No.

No. Yeah.

Okay.

In fact, it's a good thing.

Right. Given that if steel prices were to remain steady at the higher side that we are seeing currently, are there a potential of the next year's prices for GGBS going up?

No. In fact, due to the rising demand in the infrastructure segment and with this recent announcement of a lot of packages of high-speed rail coming up, we are seeing a lot of activity in terms of construction in the railway segment where there is a good demand for GGBS and PSC cement.

That may in fact help us in marginal improvement of GGBS prices for the coming year.

Understood. Sir, in GGBS, until your next expansion, what is the growth opportunity you have available till you reach full utilization?

This is likely to continue. This kind of growth is likely to continue.

It all depends on which area. We are seeing a very healthy demand in the West with the huge number of infra projects being announced in particularly MMR region.

We are seeing a healthy demand here. We are also seeing a very healthy demand in Telangana and Andhra Pradesh areas with this continuation of this Capital Region Development Authority projects.

We are seeing a healthy demand in both AP, Telangana, as well as in case of MMR region.

Understood. Lastly, on the cement business, Phase 1 is on the verge of getting commissioned.

What sort of market seeding, we are already doing that? What is the thought process for FY27 in terms of volumes and in terms of trade/non-trade mix on the first two years?

Any direction on the same?

To answer your first question, we are not doing any kind of seeding over there unless and until we get our own clinker. We are not going to put our product in the marketplace.

The projections will depend on the kind of demand we generate in that area.

We have added a significant amount of network already onboarded, Rajesh. It's already come on stream.

Okay. They've already signed up with us.

There's a very healthy interest across the geography. Last count, I think we'd already crossed 500 channel partners and close to around 37 people MMC agents in the direct segment.

We're seeing a good amount of traction in terms of interest for us. As Jariwala mentioned, only when we get our own clinker, which is just round the corner, we'll make the cement and that's when we'll enter the market.

Understood. Understood.

One last clarification, the total trade sales Rajesh,

I'll just come. I'll

Thank you. Just on the point that you mentioned on GGBS that infrastructure demand should help pricing.

Last time you had talked about strategy of trying to keep pricing more stable to get more favorable demand for GGBS. Any change in that strategy?

No, there is no change in that strategy. We would maintain that strategy of maintaining healthy realizations for GGBS segment, ma'am.

See,

the thrust is on increasing the volumes. We feel unless there is a drastic change in prices of OPC, we will continue to maintain the same prices.

Got it. Against that, I know you don't give the split between cement profitability and GGBS profitability, but is it safe to assume that given that GGBS pricing has more or less been stable and slag prices don't really change for you, the profitability should also have been mostly stable for GGBS and probably corrected a bit for cement this quarter sequentially?

Yes, you are right.

Got it. Then, I think the last time around you had spoken about your cost improvement, which was ₹200 still pending for cement and about 35-odd rupees for GGBS.

Any update on that, please?

Rashi, we are progressing on all the levers. As we've noted in our presentation, lead has reduced during the quarter.

We've also commissioned some RE capacity which has increased our RE share as well Q-on-Q. I think it would be best for us to update you in the next quarter because we'll calculate that cost saving on an annualized basis.

We have made progress on the remaining ₹200 per ton saving as well.

Understood. Okay.

Sorry, just one last question. In the nine months, could you share the regional growth trends for your volumes, between South, East, and West?

Or for the third quarter?

Just one second.

Sure.

Except for Bihar, South Tamil Nadu, and South Kerala, from where we have strategically withdrawn from a few markets, all other markets we have grown. We've grown in the East, we've grown in the South, and we've been stable in the West because we don't operate in many areas in the West.

We're more or less stable in the West.

This is for the nine months?

This is for the nine months.

Thank you.

Hi, sir. Thanks for the opportunity and congratulations on a good set of results.

Sir, I wanted to know what sort of volume guidance are we sort of building in given the fact that our major North capacity is sort of slated to come online this quarter? On a blended basis, perhaps if you could sort of give us some guidance and color on regional volume growth for next year, that would be helpful, sir.

The target continues to be a volume growth of mid-teens, probably high teens. That's the target and that's the guidance probably we'll be giving for the next year also.

Let's wait for the performance for this year get over. We are seeing very healthy improvement in volumes and we are hopeful we'll continue to grow at this pace.

When I say mid-teens, high teens, I'm not factoring in the North into this. This is excluding.

North will be over and above this number.

Sir. Understood.

This is very helpful. Secondly, sir, wanted to understand what is the strategic intent behind us setting up this grinding facility in UAE?

What I understand, our clinker is in a JV held in that geography. We were supposed to service Dolvi from UAE.

With this new capacity coming up, what sort of timelines are we looking at, number one? Number two, why the strategic shift in terms of clinker utilization within UAE itself?

What happens to Dolvi clinker now?

No. Our current capacity in Fujairah, clinker capacity, we are producing about 2.7 million tons a year.

This grinding unit is going to be 1.65. At a let's say 80%-85% utilization, we are looking at 1.45 to 1.5 million clinker requirement for this grinding unit.

We still have 1 million plus to feed into Dolvi, and that would continue. Dolvi requirement will be around that number only for a couple of years more.

Now regarding the rationale behind it, one, this plant will be coming up within 12 months. It's a very short construction period, okay.

It should be up and running by April 20 7. Today, as you might be knowing, the market in UAE has been very hot last year or so, and the industry expects this to continue for next 5 to 7 years just because of all the construction activity that is happening in UAE, primarily Dubai, Ras Al Khaimah, Abu Dhabi.

Kuwait is on a rebuilding phase or building phase after 1991 war. There is a very, very active interest from all our current customers if we can feed them cement.

Most of the large builders out there, without naming any, I have met three of them, they are willing to do a long-term agreements with us for cement supplies or concrete supplies. We feel this is a very attractive business opportunity, and hence the rationale behind putting up this unit.

Understood. Just one small clarification.

This plant is fully owned, while clinker plant will continue to be owned in a JV. Is that understanding correct say for the next few years?

Yes, correct.

Sir. Thanks for the opportunity, sir.

Thank you.

Hello. Yeah.

Good morning. Congrats for good results.

My first question is on your North operations. When you say that have channel partners, are some of the channel partners your steel business partners or these are some of the other competition cement partners who have now come with you and

See, the majority of the dealers that we have appointed or we are on the process of appointing in the North, be it in Rajasthan or Haryana, they happen to be core cement, paint, and hardware dealers. We are surely getting a lot of support from the steel dealers that are there in our system.

We are getting a lot of support from them also. The total number as of now who have been onboarded is very, very low.

It is very low. Close to about 90% of the dealers, 95% of the dealers are core cement dealers who are operating with other brands also.

Does that answer you? That does.

Also now into FY27, what is your expectations for is about to commission on this plan?

Can you repeat, Prateek, please? We couldn't hear you.

I'm saying the expectation of volumes in Year 1 from the North operations?

We expect about 50%-55% utilization in the first year, and this will gradually go up.

Okay. One second question on GGBS.

While you've been saying that the prices are expected to be stable, there is a mild dilution Q-on-Q again. Last quarter you said that there is a change in customer mix and that has resulted in this.

What is the specific reason here?

No, the only reason is see, we are running short of slag in Dolvi today, yeah, and we even have to move slag from Vijayanagar to Salem. That number is up in the current quarter.

This is a very good situation to be in wherein we have almost exhausted all the slag that's available in Dolvi, and it would continue this way for another year or so till the next blast furnace is up and operational within the next few months. It's only the cost which is impacting us because of the way we have started distributing the GGBS.

Basically there is no change in strategy.

It's a geography mix change.

It is only a geo mix change, nothing else.

Sure. Thank you.

I'll get back in the queue.

Hi, sir. Thank you so much for taking my question.

Congratulations on a great set of results. Sir, just a clarification.

When we say that we aim for mid-teen to high-teen growth excluding the North expansion, is it fair to assume that cement segment should be growing in tandem with the industry growth, as we understand that GGBS will continue to grow in high teens?

We are targeting similar growth for cement and GGBS. In fact, GGBS we are targeting a much higher growth because of the acceptance in larger market segments.

We are expecting a higher growth in GGBS. Yes, cement we would like to get it in line with whatever we are doing as per the industry.

We will definitely outperform the industry.

Sure, sir. Sir, with Nagaur expansion coming in Q4 and Punjab grinding unit and the Phase 2 coming somewhere in FY27-28, do you see any competitive intensity increasing in the Northern region considering that bulk of capacities are lined up in next 12 to 15 months?

See, if you go through the kind of projects coming up in Rajasthan and Haryana and the NCR region, any kind of capacity coming there will definitely be consumed and absorbed in those markets. Additional capacities will definitely not be sufficient to cater to the kind of demand coming up over the next 2-3 years.

Got it, sir. Thank you so much.

Thank you.

Hi sir. Congratulations on the performance.

Sir, first question is on the non-trade pricing levels in South, right? The kind of levels we have seen during the third quarter, now would it be fair to assume that the OPC and GGBS mix during 3Q was at par or more expensive than the traditional mix at the RMC level?

Just 1 second, Prateek. See, people are accepting GGBS at a particular price.

Whatever pricing levels we have maintained, people are accepting at that, and we don't see any kind of threat with the ups and downs in the cement prices in non-trade segment. Though in the beginning of January we've seen a little bit of improvement in the non-trade prices across all territories in South and marginally in the West.

That normally doesn't affect us because majority of the places the mixes are prescribed.

Kunal, this is Nilesh. Just to weigh in.

Typically, as Jariwala mentioned, the customers once they freeze on a design mix, they don't change it that often because they have to do the entire testing process all over again if the source change. With the increase in January, while it would have been a little more favorable in December, but I think we're back to being more favorable in terms of the design mix than the traditional mixes.

Understood. No sir, what was interesting was despite the kind of cement pricing we have seen, and even if the mix was at par, you've still able to get a 17% sort of a volume growth.

My question was just more related to the product, is it now entering into that stickiness phase wherein customers are even willing to pay that marginal premium or even at that par at the RMC level? I was just referring more towards that.

We believe so, Kunal. We actually believe so, but I would like to see this play out for a couple more quarters.

The hard work put in by the technical teams around trying to emphasize the green properties of GGBS and the quality of the concrete that gets made is nevertheless, we keep doing more and more of it. We believe that's what is causing it.

I think the proof of the pudding would be once we see the performance in quarter four and thereon. I think that's when we can probably authoritatively say that yes, it's a stickiness factor which is driving this.

Understood. Just a follow-up on this, just trying to dissect it further.

Now this 17% growth, could you touch upon whether the underlying RMC demand was also this strong or the GGBS penetration within the RMC TAM is improving? Can you just try to understand on the penetration levels here?

Definitely the penetration levels have increased. We have reached a much larger number of customers in the last quarter and the quarter before that.

We have seen a very, very healthy acceptance by both RMC and new infrastructure projects across our operating markets.

Understood. This is helpful.

Sir, my follow-up, thank you.

Hi, sir. Thank you.

Sir, for capex for FY26, ₹1455 crore we have done in 9 months. Last time we said ₹2300 crore for '26 and ₹2000 crore for FY27.

If you can again specify and even possibly for FY28 also if you can broader range would be helpful.

For next year that is FY27, we will be spending about ₹2000-odd crores. For FY28 also, the number would be somewhat similar.

And '26 about 2300 is what we are going to end up spending. If you remember a few months back, we had given a guidance that we will be spending about ₹7300-odd crores to complete all our projects.

We have just one addition into that, that's the Fujairah thing. That's about $39 million.

Adding up all of these, I think we should be spending about 2300 this year, 2000 and 2000 in the following 2 years. That should be sufficient to complete all the projects.

Okay. For for for Nagaur the the by by by March how much or or maybe till December, how much we have already spent?

Hello? Hello sir, please go ahead.

Just 1 second, Shravan.

Yeah.

About ₹2700-odd crores has been spent.

Sorry, sir. I didn't hear, sir.

About ₹2700 crores has been spent till December.

Okay. Out of ₹3350-odd crore?

Correct. Because the project is nearing completion, it's only some payments which are pending.

Got it, sir. Sir, in terms of the timeline, if you can just specify the remaining 1 million ton for Nagaur when it will come, and this Punjab 2.75 when it will start?

I think the additional 1 million should be up and running before September current year. That is FY26 27.

Yeah. Before September '26, it should be up and running.

Regarding Punjab, we are just awaiting the ECs and all. Anytime they are there, we should be starting the work because the land is in control with us.

From then, it shouldn't be more than 18 months. Of course, our target would be 15 months.

Okay. The Vijayanagar and the Dolvi, 2 million Vijayanagar and 4 million Dolvi, when it will be coming?

We are going to start them both the projects in FY27. In the next call, we should be updating you.

Okay. Lastly, sir, is it possible to share the RMC revenue and the clinker revenue for third quarter matlab third quarter FY26 YoY, QoQ, and nine months also would be helpful?

RMC during the quarter, we have done about ₹168 crores revenue.

₹168 crore in third quarter? Yeah.

In third quarter.

Clinker revenue, sir?

Clinker revenue is about ₹36 crores.

36. Is it possible for QoQ, YoY, and nine months if you can share the number?

We'll share it with you, Shravan, offline.

Okay. That's it from my side.

Thank you. Thanks.

Thank you.

Good morning and thank you for the opportunity. Just a couple of clarifications.

In your opening comments the management said clinker utilization is almost 95%-96%, if I heard that correct. Is it only for the Indian market or the India-based clinker capacity that we are talking about?

Because you also said that cement volumes without Nagaur can continue to grow in double digit rather mid-teens as you said. Just wanted to understand that.

You are right. The Nandyal and Shiva, that's India operations only, is at 96%.

As regards Fujairah, that operates at more than 100%. We have not considered in this calculation of 96%.

Of course. If it's already the domestic capacity is at 90 96%, are we banking on significant increase in blending for the cement volumes to grow in double digit?

It is both. Currently we are selling some clinker, this number of ₹36 crores revenue which I mentioned.

That is the clinker sold to third parties. That will go off, which we are expecting in this March itself.

That clinker would be available and of course the product mix would change.

This purchase of stock-in-trade which is there in the P&L, is this purchase of clinker from Fujairah unit? Hello?

Sorry, am I audible? Yeah.

This is more of slag that we purchased recently.

That is slag. That is not clinker purchased from Fujairah?

Very small volume of clinker.

Understood. It's slag.

Understood. Just one more question if I may.

You mentioned 2.5-million-ton grinding in Nagaur coming in Q4, And Punjab, you said it's awaiting EC and 15 to 18 months thereafter. What about the 1-million-ton additional grinding unit in North?

Is it at the same location and what is the timeline for that?

Same location and as I mentioned, that would come up by September '26.

Understood. Helpful.

Thank you so much. Thanks.

Good morning to the team. Congratulations on the good numbers.

I hope you are able to hear me.

Yes.

Yes. Yes.

Yeah. Ask you about Shiva Cement or a separate concall has been scheduled for the same?

Hello?

No, there's no separate call for Shiva.

We can ask, right?

You can. Go ahead.

All right, sir. Now light on

I'm sorry to interrupt, Jen, you're not audible. Could you please change your location?

Your voice is breaking. Yes, go ahead.

This call is no longer being recorded.

Am I now audible?

Yes, go ahead, Jen, please.

Yeah. Now, I just wanted to ask you about the grinding capacity that has come up in Shiva.

What is the breakup of the revenue of clinker and cement in Shiva Cement?

One second.

Yes, sir.

This call will be recorded. Cement the revenue is about ₹14 crores.

All right. For the quarter.

Okay. Clinker is ₹112 crores.

₹112 crores. Now

Thank you. Just a basic follow-up.

What is your green energy target for next year? We're at 25%?

Yeah, 63 is the overall target. Hopefully this should be up and running by March, this March.

We may slip very small capacities into the next financial, but the target continues to be 63% of the overall in the existing operations excluding North. North will be a much higher number.

Understood. In this quarter, what was the percentage of the premium cement?

It was 60%.

Thank you.

My questions have been answered. Thank you.

Yeah. Sir, just a couple of clarifications.

When we say ₹7300 crore is the total capex, this is till 33.85 MTPA, which as per the presentation is by CY28 we are planning to start or if you can specify?

Yes, that's right. It's up to calendar year '28.

MTPA, this is the ₹7300 crore is the total capex. Hello?

It's for the first leg, Shravan, as we've given in our presentation. It's about 33.85 million, right, as per our presentation.

It's up to that.

Got it. Sir, is it possible to break it down the current 21.6 MTPA capacity out of that how much is for GGBS and how much is for cement?

No, the capacity is fungible, Shravan. The same grinding unit can grind slag and it can grind clinker as well.

There is no specific capacity split as such.

Thank you for the follow-up. My question was regarding this UAE facility.

You said it operates at 100% utilization, but entire volume is sold in that region only. We don't intend to bring it here because I thought initially maybe that was the plan to have those clinker imported on the West Coast and utilize it.

Is it more remunerative there and that's why we are not bringing it, or how should one look at it from a volume addition to domestic growth point of view?

Navin, I'll break this up into what we sell there and what we bring into India. Our current production is about 2.7 2.75 million.

Dolvi requires slightly less than 1 million at the moment. Whatever Dolvi needs, we bring it here.

The balance is sold domestically. Now today we are selling clinker.

It is more remunerative to sell cement. Because we have this surplus capacity, we thought we will put up a grinding unit to sell cement there.

What comes to Dolvi will continue to come. Dolvi's requirement would continue to be met from Fujairah.

Understood. That cost is captured in purchase of stock-in-trade, right?

Or in raw material?

No, that's in raw material.

Understood. Then my second question was on the GGBS pricing.

I think in the previous calls you said because OPC prices were a little soft, that is why GGBS prices were a little under pressure. In this quarter, your numbers itself are of 4% sort of a decline, but GGBS has not seen a major decline as such.

Because there is some improvement now in the March quarter as we speak, as you said, is it fair to assume that GGBS prices also have bottomed out and here to stay, or is there more dynamic pricing to it? It competes with other additives and if that is the case, then is it project-based pricing?

Is it one-year contract, three-months contract? How does this pricing, if you could just help us understand?

Thanks.

The way we look at it is we would like to hold on to the present levels of prices. Definitely, as you said, if any project is there of national importance, then we tie up with the respective contractor or the company to give them a long-term perspective or commitment on the price.

Our strategy holds. We would like to maintain the prices or in fact go up, but not go down.

Thank you, everyone, for taking time to join our call. We look forward to staying engaged and you can obviously reach out to us if there are any further questions.

Thank you and good morning to everyone.