• Q4 financial performance: Revenue rose 9% to ₹3,888 crore while net profit declined 8% to ₹331 crore, impacted by a 40% drop in subsidy income following GST rate changes, regional pricing pressures, and capacity stabilization costs.
• EBITDA and realizations: Grey cement realization averaged ₹4,850 per ton with recent price hikes of ₹80–₹100 per ton, while Q4 EBITDA per ton was ₹1,010 amid elevated packing, pet coke, coal, and diesel costs.
• Volume growth outlook: Total volume rose 12% year-on-year in Q4 (grey cement up 13% and white cement up 8%), with management targeting double-digit volume growth in FY27 against an industry projection of 6–7%.
• Capacity expansion capex: Having doubled Central India capacity to 12 million tons (currently running at 55–60% utilization), the company plans to spend ₹2,300–₹2,500 crore in FY27 predominantly through debt to fund an ongoing 7 million ton North India expansion.