FY26 Volume Growth: Mid-Teens
Despite H1 shortfall from monsoon and GST disruptions, management is confident of achieving mid-teens volume growth over FY25, targeting approximately 15.5 million tons full year.
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Nagore Unit Commissioning: Early Q4 FY26
The 3.3M clinker and 2.5M grinding integrated unit in Punjab is on track for early Q4 FY26, with an additional 1M ton grinding unit and WHRS to follow in mid-FY27.
Cost Savings: Full ₹400/ton Target
₹200/ton already realized in Q2; remaining ₹200/ton to flow through Q4 FY26 and FY27, driven by renewable energy ramp-up to 63% green power by FY27 exit from current 22%.
FY26 Capex: ₹2,300 Crore
Q2 capex was ₹509 crore; H1 capex including maintenance was ₹964 crore. Total FY26 capex guidance of ₹2,300 crore with FY27 plan of ₹2,000 crore. Includes Nagore (₹3,350 crore project cost, ₹1,950 crore spent by Sept), Dolvi 4M expansion (₹1,600 crore), and Vijayagar (₹800 crore) for FY28.
FY27 Volume Growth: Mid-to-High Teens (excluding North)
Management targets 15-18% volume growth for FY27 from existing capacities, with the Nagore Phase 1 volumes (3.6MT clinker + 2.5MT grinding) to be incremental. GGBS expected to grow faster than cement segment.
Nagore Phase 1 Commissioning: Q4 FY26
3.6 MTP clinkerization unit with 2.5 MTP grinding capacity received CTO and is on track for commissioning this quarter. Phase 2 (additional 1 MTP grinding + WHRS) targeted before September 2026.
Renewable Energy Target: 63% RE Share
Targeting 63% RE share in existing operations (excluding North) by March 2026, up from current 25%. Nagore operations will have significantly higher RE share. 127 MW of additional RE capacity planned.
Capex Guidance: ₹2,300 crore (FY26), ₹2,000 crore (FY27)
Total project capex of ₹7,300+ crore for all expansion projects (33.85 MTPA capacity by CY28). UAE grinding unit (1.65 MTPA, ~$39 million) to be commissioned April 2027. Punjab awaiting EC/CD with 15-18 month construction timeline.