JKCEMENT

Operational Highlights - Q2 Consolidated net sales grew 21% YoY to ₹3,561 Cr, driven by strong grey cement volumes. - Commissioned a 0.6 MTPA wall putty plant at Nathdwara, taking total white cement and putty capacity to 3.65 MTPA. - Net debt stood at ₹4,571 Cr as of Sept 30, 2026, with net debt to EBITDA at 1.95x. Management Guidance & Outlook - Reaffirmed FY27 full-year volume guidance of 23+ million tonnes. - Paint business is targeted to achieve EBITDA breakeven in FY27 with full-year revenue guided at ₹500–₹550 Cr. - Aims to reach 50 MTPA total capacity by FY30 via brownfield expansions. Capex & Expansions - FY27 capex planned at ₹3,500 Cr, followed by ~₹2,500 Cr annually from FY28 to FY30. - Jaisalmer integrated unit and Bikaner grinding unit on track for commissioning in H1 FY28; Bathinda plant targeted by September 2027. - Approved a 75,000 KL paint plant capex of ₹130 Cr under the earlier approved paint investment framework. Cost & Pricing Trends - Average cement price hikes of ~₹20/bag realized from mid-September to mid-October. - Power and fuel costs expected to rise by ₹80–₹100/ton across Q3 and Q4 due to surging petcoke and coal prices.

- Audio recording of the Earnings Call held on October 27, 2026, for Q2 and H1 FY27 results is available on the company's website. - Transcript of the earnings call will be submitted in due course.

- J.K. Cement submitted the Statutory Auditor's certificate on Security Cover and covenant compliance for NCDs as of September 30, 2026. - Asset security cover on book value stands at 3.76x (requirement: ≥1.20x). - Debt Service Coverage Ratio is 2.12x (requirement: ≥1.10x) and TOL/TNW is 1.72x (requirement: ≤4.00x).

- Investor presentation for Q2 FY27 highlighting progress toward 50 MTPA grey cement capacity by FY30. - Ongoing 7 MTPA North India expansions (Jaisalmer, Bikaner, Bhatinda) slated for H1 FY28 commissioning. - Successfully commissioned 6 lakh MT wall putty expansion at Nathdwara on August 12, 2026.

- Approved new 75,000 KLPA water-based paint plant in Suryapet, Telangana by subsidiary JK Maxx Paints. - Estimated capex of ₹130 Crore; expected commissioning within 12 months. - Recommended appointment of Price Waterhouse Chartered Accountants LLP as Statutory Auditors starting from 2027 AGM upon tenure completion of existing auditors.

- Recommended appointment of Price Waterhouse Chartered Accountants LLP as Statutory Auditors for 5 years from 33rd AGM (2027) to 38th AGM (2032). - Current auditors S. R. Batliboi & Co. LLP will complete statutory tenure at 33rd AGM. - Approved ₹130 Cr expansion for 75,000 KLPA paint plant in Telangana by subsidiary JK Maxx Paints.

- Board approved unaudited financial results for Q2 and H1 ended September 30, 2026. - Recommended appointment of Price Waterhouse Chartered Accountants LLP as statutory auditors for 5 years from 2027 AGM. - Approved ₹130 Cr capital expenditure for a 75,000 KLPA paint manufacturing plant in Telangana.

Concall Schedule Concall Date: October 27, 2026 Concall Time: 12:00 PM IST

- JK Cement Limited received an order from ROC, Uttar Pradesh-I on October 06, 2026, imposing penalties for delays in filing Form BEN-2 regarding Significant Beneficial Owners. - Penalty of ₹2,64,500 imposed on the Company. - Penalties of ₹90,800 each imposed on the Managing Director, Joint Managing Director & CEO, Dy. Managing Director & CFO, and the previous Company Secretary.

- J.K. Cement Limited received an order from the Registrar of Companies imposing penalties for delayed filing of Form BEN-2 regarding Significant Beneficial Owners (SBO). This was a violation of Section 90 (4) of the Companies Act, 2013. - The company was penalized ₹5,00,000, and its officers were collectively penalized ₹4,64,600. - The company stated that the order does not have a major financial impact.

- Commissioned a new 0.60 MnTPA White Cement based Wall Putty Manufacturing Plant at Nathdwara, Rajasthan, on August 12, 2026. - The company's total White Cement & Wall Putty capacity now reaches 3.65 MnTPA.

- Concall Schedule - Concall Date: August 13, 2026 - Concall Time: 11:00 AM - Event: Equirus Annual India Conference 2026 - Mode: Physical

- J. K. Cement Limited will further invest ₹4.91 Cr in Mehrauni Electro Power Private Limited (SPV) by subscribing to 49.09 lakh equity shares, representing 18.31% of SPV's capital. - This investment aims to strengthen the company's long-term renewable energy strategy. - SPV's turnover was Nil and PAT was (₹0.13 Cr) as of March 2025.

- Consolidated Net Sales grew ▲22% YoY to INR 3,962 crores, with combined volumes growing ▲18% YoY in Q1 FY27. - Consolidated EBITDA declined ▼6% YoY to INR 648 crores, PBT declined ▼17% YoY to INR 406 crores, and EPS declined ▼14% YoY to INR 35.90 in Q1 FY27, reflecting margin pressure. - Management anticipates an increase in costs by approximately INR 150/ton in Q2 FY27, primarily driven by fuel and diesel prices. - Guiding for double-digit volume growth for FY27, with capacity expansion targets of 40 MT by FY28 and 50 MT by FY30. - Gross Debt increased to INR 5,551 crores and Net Debt to INR 3,864 crores as of June 30, 2026. - RMC business generated INR 35-40 crores in Q1 FY27, targeting INR 250-300 crores for FY27 with an aim to achieve breakeven EBITDA. - Paint business recorded ~INR 125 crores in Q1 FY27, achieving breakeven EBITDA; targeting INR 500-550 crores revenue in FY27 and 5-7% EBITDA margin in FY28. - Announced a Capex plan of ~INR 3,500 crores for FY27 and ~INR 1,200 crores for FY28 (excluding future expansions). - Noted a loss of approximately 50% of white cement volume from UAE in Q1 FY27 due to the geopolitical situation.

- Audio recording of the Earnings Conference Call on Unaudited Financial Results for the First Quarter and Three Months ended June 30, 2026, is now available on the company's website. - The conference call was held on Monday, July 20, 2026. - The transcript of the call will be submitted in due course. - The recording can be accessed at: https://www.jkcement.com/transcript-report/