• Q4 earnings drivers: Net profit contraction was driven by a 40% decline in subsidy income following GST revisions, stabilization costs for newly commissioned Central India capacities, and regional pricing pressure despite 9% revenue growth to ₹3,888 crore.
• Realization and EBITDA: Grey cement realizations stood at approximately ₹4,850 per ton in Q4 with cumulative price hikes of around ₹100 per ton, while Q4 EBITDA per ton reached ₹1,010 amid rising fuel, cooling, and freight costs.
• Volume growth outlook: Total sales volumes rose 12% year-on-year in Q4, and the company targets double-digit volume growth in the next financial year, outperforming the projected industry rate of 6% to 7%.
• Capacity and capex: Operating at 55% to 60% utilization after expanding Central India capacity to 12 million tons, the company is executing a 7 million ton North India expansion with ₹2,300 to ₹2,500 crore in planned capex funded predominantly through debt.