This financial year marked a milestone for Adani’s Cement Business as we crossed the 100 MTPA mark, becoming the fastest-growing cement business in India and the ninth-largest globally. Our ‘Oldest to the Highest to the Fastest’ journey is powered by strategic expansion and operational excellence. With raw material security, people commitment, partners’ trust, and visionary leadership, we are integrating operations, optimising costs, and expanding our footprint to successfully reach our goal of 140 MTPA cement capacity by FY 2027-28.

What began with Lakheri rose to new heights at Darlaghat and has now evolved into the fastest-growing, pan-India cement platform that achieved rapid scale-up to triple digits in just 30 months. This transformation has been fuelled by a unified vision, strategic conviction, and accelerated execution exemplified by the record-time integration of assets into our ecosystem.

As India advances toward its USD 10 trillion economic ambition, we see ourselves as enablers of this national transformation. We are scaling capacity, operational excellence, and sustainable practices to meet rising demand and build enduring national assets.

We are proud to be building India — brick by brick, home by home — with speed, resilience and responsibility.

Sustainability is embedded in how we grow. Guided by the Group's philosophy of 'Growth with Goodness', we are scaling our green cement portfolio, deepening the use of alternative fuels and raw materials, and ingraining circular economy principles across the value chain. From integrated units to bulk cement terminals, grinding facilities, and captive ships, every asset is aligned to our decarbonisation goals.

Our Company-wide efficiency programmes across both Capex and Opex have reinforced this momentum, improved competitiveness while advancing sustainability outcomes. With a growing green power mix and the commissioning of large-scale renewable assets, we are steadily progressing on our route towards efficiency, lower kiln fuel consumption, and strategic use of marine logistics. Our logistical efficiencies are reducing our emissions as well as unlocking cost efficiencies, showcasing that sustainable operations and high performance can go hand-in-hand.

At the core of our operations lies RESQ — Reliability, Environment, Safety, and Quality. This philosophy guides every decision and investment across our businesses. We have reinforced this mindset by enhancing safety protocols, strengthening quality processes, and accelerating digital adoption. We continue to benchmark ourselves against global standards, ensuring excellence in both product and performance.

We improved operational uptime, optimised fuel and raw material use, and commissioned waste heat recovery systems. These efforts have reduced our carbon footprint, improved energy efficiency, and strengthened our ESG credentials, aligning us with international frameworks, including the Science Based Targets initiative (SBTi), the Global Cement and Concrete Association (GCCA) guidelines, and the Task Force on Climate-related Financial Disclosures (TCFD).

True leadership is built on learning, humility, and the courage to evolve – this belief drives everything we do from embracing best-in-class global practices to implementing cutting-edge technologies in automation, AI-driven maintenance, intelligent dispatch, and sustainable logistics. We are continuously evolving ourselves against the best, learning from peers across industries, and replicating models that elevate governance, service and operational excellence, all with a customer-first mindset.

But the progress of this scale is never solitary. It is made possible by our employees, partners, and customers. Our workforce has embraced the integration journey with pride and purpose. Our channel partners and vendor networks continue to stand by us with confidence. Every stakeholder, from the communities we uplift to the governments we work with, has shaped this transformation.

To every partner, we say this: you are not just enabling construction — you are building lives, empowering livelihoods, and contributing to India's development story.

In a strategic move to enhance scale and synergy, we announced the merger of Sanghi Industries Limited with Ambuja Cements. This consolidation will unlock significant operating and financial synergies, bolster market leadership, and deliver greater value to shareholders. Optimised working capital, internal accruals, and unified cash flow management will drive expansion while simplifying compliance and improving cost efficiencies. We aim to achieve higher EBITDA per tonne through operational excellence, cost discipline and value-led innovation.

Let us move forward — as one team, one purpose, one ambition.

Regards, Vinod Bahety CEO – Cement Business