1. Q1 FY27 cost almost ₹4,500, flattish vs Q4 Delivered - At the Q4 FY26 call, Vinod Bahety guided Q1 FY27 cost pegged at almost ₹4,500, flattish vs Q4, with the reduction journey continuing. In Q1 FY27, net operating cost reduced to ₹4,241 per metric ton, down ₹206/ton sequentially from Q4 FY26's ₹4,447.
2. Power cost reduction to ₹4.9/unit via RE/WHRS Delivered - At the Q2 FY26 call, management guided power cost reduction from \~₹6 per unit to \~₹4.5 by FY28 via green power reaching 60% by FY28; at the Q1 FY27 call this was reiterated as "in line with our earlier guidance". In Q1 FY27, power cost per unit reduced from ₹5.9 to almost ₹4.9.
3. 11.9 crore tons installed capacity by end of FY27 On track - At the Q1 FY27 call, management guided installed capacity of 11.9 crore tons by end of FY27 via addition of 1.02 crore tons, from the PPT-stated 109 MTPA as on 30th June 2026. Capacity stood at 10.9 crore tons as of Q1 FY27, with additions guided for the year.
4. Capacity expansion to 1.15 crore tonnes by FY24, 1.45 crore tonnes soon thereafter Missed - In the FY21 annual report, management planned expansion of capacity to 1.15 crore tonnes by FY24, and further to 1.45 crore tonnes soon thereafter. Total capacity was 8.5 MTPA (0.85 crore tonnes) as of FY23, and no capacity of 1.15 crore tonnes by FY24 is disclosed in our record; Orient Cement was acquired by Ambuja in April 2025.
5. One-cement-platform merger to close in FY27 On track - At the Q1 FY27 call, management guided the one-cement-platform merger would close this financial year ("we are hoping that we will be able to close it"), with no ACC/Ambuja brand merger into "Adani Cement" planned. The schemes received NSE no-objection and BSE no-adverse-observation letters dated June 4, 2026, with completion expected over FY27 subject to approvals.
6. AFR/TSR of 12-15% for FY27, 25% longer term On track - At the Q1 FY27 call, management guided AFR/TSR of 12%-15% for this fiscal year from \~7% now, with the longer-term 25% target reiterated though "we are a little behind on that schedule". Thermal substitution rate was 7.1% in Q1 FY27, against 7.3% in Q4 FY26.
7. WHRS capacity from 228 MW to almost 376 MW by FY28 Pending - At the Q1 FY27 call, management guided WHRS capacity to increase from 228 MW to almost 376 MW by FY28, a \~148 MW addition covering new kilns plus Sanghi/Penna. WHRS capacity was 228 MW as of 30th Jun'26, with no addition disclosed in Q1 FY27.
8. Mundra and Assam clinker lines in 24 to 28 months Pending - At the Q4 FY26 call, Karan Adani guided Mundra clinker (0.2 crore tonnes) and Assam clinker (0.2 crore tonnes) targeted in 24 to 28 months; at the Q1 FY27 call Mundra was guided on stream in "about 18 to 24 months from here. So 2029 basically". No construction start is disclosed in our record for Q1 FY27.
9. FY27 cost reduction of ₹250 per ton, to ₹4,250 PMT On track - At the Q4 FY26 call, Karan Adani guided cost reduction of roughly ₹250 a tonne this year and another ₹250 next year, implying a FY27 target of ₹4,250 a tonne from the ₹4,500 peak; at the Q1 FY27 call the ₹4,250 target was reiterated. Q1 FY27 cost was ₹4,241 per metric ton, down ₹206/ton sequentially, already below the target.
10. FY27 capex of \~₹6,000-6,500 crores On track - At the Q4 FY26 call, management guided FY27 capex of almost ₹6,000 crores to ₹6,500 crores, possibly changing a couple of hundred crores; at the Q1 FY27 call this was guided "closer to ₹6,500 crores". Q1 FY27 capex spent was \~₹1,500-1,600 crores, almost 25% of the ₹6,500 crores annual budget.
11. FY27 volume growth of 8% On track - At the Q4 FY26 call, management guided consolidated volumes to grow in FY27 by almost 8% to around 8 crore-odd tonnes; at the Q1 FY27 call the 8% guidance was reiterated, backed by 8% July trade growth. Q1 FY27 volumes were 17.1 MnT, down 7% YoY, with July trade up 8% YoY.
12. Acquired assets utilization of \~80% On track - At the Q3 FY26 call, management was confident of achieving almost 80% capacity utilization on the acquired assets, with Q4 FY26 revisions guiding Sanghi and Penna up by at least 5% to 10%, to FY27 targets of \~65% to 70% and \~55% to 60%. Q4 FY26 utilization was around 57% at Sanghi and 46% at Penna; Q1 FY27 saw Orient Cement at 87%.
13. Cost reduction journey to ₹3,800/ton by March '27 and ₹3,650/ton by March '28 On track - At the Q2 FY26 call, management aimed for 5% cost reduction in FY27 (₹3,800/ton by end March '27) and another 5% in FY28 (₹3,650/ton by end March '28); by Q4 FY26 this was reset to ₹250/tonne per year, implying ₹4,250 for FY27, and Q1 FY27 guided ₹4,250 and ₹4,000. Q1 FY27 cost was ₹4,241 per metric ton against the revised ₹4,250 target.
14. EBITDA per ton of ₹1,500 by FY28 On track - At the Q2 FY26 call, management reiterated the FY28 aim of ₹1,500 EBITDA per ton; by Q4 FY26 management declined EBITDA/tonne guidance ("Herculean task") and at Q1 FY27 restricted guidance to cost only. EBITDA/ton was ₹931 in Q1 FY27, versus ₹1,060 in Q2 FY26 and ₹887 normalized in Q4 FY26.
15. RMX to \~5% of cement consumption by FY28, \~365 RMX plants On track - At the Q2 FY26 call, management targeted \~5% of cement consumption in RMX on a full-blown basis by FY28, with almost 365 RMX plants in the next couple of years, from \~2% currently. RMC/RMX share of revenues was \~4.5% in 1H FY26, with 119 RMC plants as of Q1 FY27, where RMC EBITDA was ₹33 crores at \~7% margin.
16. Salai Banwa, Marwar Mundwa, Dahej, Kalamboli, Bathinda, Jodhpur, Warisaliganj up and running by end of FY26 Partial - At the Q2 FY26 call, management guided these greenfield/brownfield expansions to be up and running by end of the financial year, three in Q3; Warisaliganj later slipped to Q1 FY27 and remaining units to H1 FY27. In FY26, 1.07 crore tonnes of grinding capacity was commissioned at Marwar, Farakka, Sankrail, Sindri and Krishnapatnam plus 0.7 crore tonnes clinker at Jodhpur and Bhatapara; by Q1 FY27 trial runs had begun at Dahej, Salai Banwa, Bathinda and Jodhpur, with Kalamboli and Warisaliganj guided for Q2 FY27.
17. Renewable energy capacity of 900 MW by end of FY26, 1,122 MW by FY27 On track - At the Q2 FY26 call, management guided renewable capacity to reach almost 900 MW by end of FY26 and 1,122 MW by FY27, reiterated at Q3 FY26 and in the Q4 FY26 PPT. Q2 FY26 capacity was 673 MW, \~900 MW by Q3 FY26, and 973 MW commissioned as of 30th Jun'26, \~87% of the 1,122 MW target.
18. Clinker capacity of almost 9.6 crore tons by FY28 On track - At the Q2 FY26 call, management revised the clinker target from 8.4 to almost 9.6 crore tons by FY28 via three additional kilns of \~0.4 crore tons each; by Q4 FY26 the FY28 plans "could move a year or 2, on a safer side, FY30". Clinker capacity was 6.9 crore tonnes, becoming 7.3 crore with Maratha, with Bhatapara commissioned and Maratha guided for Q1 FY28.
19. Capacity target of 155 MTPA by FY28 On track - At the Q2 FY26 call, management revised the capacity target from 140 to 155 MTPA (15.5 crore tons) by FY28, reiterated at Q3 FY26; by Q4 FY26 the timeline could "move a year or 2, on a safer side, FY30". Capacity reached 10.9 crore tonnes in FY26, with 11.9 crore tons guided by end of FY27 and 0.8-1 crore tons of additions expected each year in FY28-29.
20. Total cost of \~₹4,000 per metric ton by exit of FY26 Missed - At the Q2 FY26 call, management targeted total cost of \~₹4,000 per metric ton by exit of FY26, a 5% reduction from \~₹4,200/ton, with "very high" confidence at Q3 FY26; later clarified as an exit-month aspiration. FY26 achieved ₹4,400 a tonne and the March month was closer to ₹4,100 a tonne.
21. Premium cement share of 25% of trade sales by FY25 Partial - At the Q4 FY24 call, management confirmed "25 should happen in FY'25, absolutely", from 22% in Q4 FY24; at Q1 FY25 the target was expected to be hit by year-end, from current 23%. Q1 FY25 premium products were 23% of total sales, but our record holds no FY25 year-end premium share disclosure for Orient Cement standalone, which was acquired by Ambuja in April 2025; post-acquisition consolidated share was 35% of trade sales in Q2 and Q3 FY26.
22. FY25 volume growth of 8% Missed - At the Q4 FY24 call, management said they are gunning for 8% volume growth in FY25 versus industry talk of 6-8%; at Q1 FY25 the forecast "needs to be relooked at" if H1 doesn't deliver. FY25 total sales volume degrew 12% YoY on subdued retail demand, with Q1 FY25 volumes of 13.5 lakh tons down 15% YoY.
23. Chittapur expansion of 0.3 crore tonnes, \~₹1,500-1,600 crores, commissioning by Q4 FY26 Missed - At the Q4 FY23 call, management announced on-site work on the Chittapur kiln line from Q3 FY24, capex of ₹1,550-1,600 crores adding 0.3 crore tons, with completion 15-18 months from start; the commissioning target was last framed as the last quarter of FY26. Public hearings were held and MoEF clearance applications filed by Q1 FY25, but no construction start or commissioning is recorded through Q1 FY27; Orient Cement was acquired by Ambuja in April 2025.
24. FY24 sales volume target of 0.63-0.65 crore tonnes Partial - At the Q4 FY23 call, management targeted FY24 volumes of 0.63 crore tons to 0.65 crore tons versus 5.8 done in FY23, reiterated through Q2 FY24. FY24 volumes came in at 61.3 lakh tons (0.613 crore tons), up 6%, which management scored as \~3% short of the 0.63 crore tons indicated.
25. Rajasthan Greenfield cement line of \~0.2 crore tonnes, commissioning in \~3 years Missed - At the Q1 FY23 call, management planned a Rajasthan Greenfield cement line of \~0.2 crore tonnes per year at the restored mines, commissioning "somewhere around three" years out; construction had not started as of Q2 FY23 and it was called a "minimum three-year project". The lease deed was executed by Q3 FY24, but no land was acquired through Q1 FY25 and no construction start is recorded through Q1 FY27; Orient Cement was acquired by Ambuja in April 2025.
26. Chittapur fly ash rake handling system complete within FY23 Delivered - At the Q1 FY23 call, management said the fly ash rake handling system at Chittapur was under construction as per schedule for completion within FY23, firmly committed at Q2 FY23. By Q4 FY23 the system was up and ready with the first rake brought in, and it was operational in Q1 FY24.
27. 10 MW WHRS plant at Chittapur commissioned by end of FY23 Partial - At the Q4 FY22 call, management planned to commission the 10 MW WHRS plant "by the end of this financial year" (FY23), reiterated on schedule through Q3 FY23. Construction was over by Q4 FY23, but phase 2 was commissioned on 29 April 2024 for a total of 10.1 MW, roughly one year late, with phase 1 delivering over ₹4 crores per month.
28. FY23 expansion capex of ₹700-750 crores, total expansion capex \~₹2,000 crores Missed - At the Q4 FY22 call, management guided FY23 expansion capex at ₹700-750 crores with total expansion capex of \~₹2,000 crores; guidance was cut to \~₹500-600 crores at Q1 FY23 and to just about ₹150 crores by Q3 FY23. FY23 capex spend was about ₹130 crores for the full year, attributed to the Tiroda cancellation, and FY24 capex was spent sub-₹100 crores against \~₹1,000 crores guided.
29. Devapur Brownfield capacity and Tiroda grinding unit commissioned by FY24-FY25 Missed - At the Q4 FY22 call, management committed to commissioning the enhanced Devapur Brownfield capacity and the Tiroda grinding unit by FY24-FY25, firmed to "at the end of FY24, March '24" for Devapur, "completely on track". Tiroda was cancelled in FY23, Devapur forest clearance remained pending through FY24-FY25, and no commissioning of Devapur line 4 or the MP/Sarni grinding unit is recorded through Q1 FY27; Orient Cement was acquired by Ambuja in April 2025.