ACC Limited - Integrated Annual Report 2025-26

Dear Shareholders,

Nations are remembered not only for the prosperity they generate, but for the permanence they build. Civilisations endure through institutions; institutions endure through structures that stand the test of time. India today is engaged in an undertaking of historic proportion. The deliberate creation of physical, economic and social infrastructure will support the aspirations of more than a billion citizens and advance the nation's ambition of Viksit Bharat by 2047. This is not incremental expansion. It is structural transformation.

Across the country, highways, ports, renewable energy corridors, logistics platforms, urban clusters and industrial ecosystems are expanding. These are not isolated projects. They are the architecture of India's next economic era.

The Adani Group has long believed that infrastructure is the foundation upon which national growth is built. Its vision has always been to create world-class, integrated infrastructure platforms that strengthen India's competitiveness, enhance productivity and expand opportunity over the long term, with the near term requiring disciplined execution and sustained focus on fundamentals. Whether in energy, transport, logistics or urban infrastructure, the Group's philosophy is anchored in disciplined growth, speed and sustainability, building assets that endure and systems that multiply value across sectors. While India's long-term growth outlook remains favourable, near-term demand conditions are expected to stay moderate, necessitating a balanced and disciplined growth approach.

Within this larger national and institutional vision, the cement business holds a distinctive responsibility. Cement is not merely a material input; it is the binding force of infrastructure itself. Every airport runway, metro corridor, data centre, housing complex and industrial facility ultimately depends on the integrity of its foundation. The durability of infrastructure determines the durability of progress.

It is in this context that our theme, 'Accelerating Infrastructure, Leveraging Intelligence', assumes deeper significance.

Acceleration reflects India's momentum and our commitment to support it. The country is building at a rapid pace. Demand for reliable construction materials continues to expand alongside public investment, urbanisation and industrial growth. As part of the Adani portfolio, ACC stands aligned with this momentum, contributing to the creation of an integrated building materials platform capable of serving India's infrastructure needs.

The Group's philosophy is anchored in disciplined growth, speed and sustainability, building assets that endure and systems that multiply value across sectors.

Yet acceleration alone is insufficient. Speed without foresight risks fragility. Intelligence must guide ambition.

Leveraging intelligence means embedding data, technology and predictive systems into every dimension of our business. It means applying advanced analytics across manufacturing, strengthening digital visibility across logistics and enabling real-time responsiveness across markets. It means ensuring that scale does not compromise quality, that growth does not dilute discipline and that sustainability remains integral to expansion.

The integration of intelligent systems across the cement value chain is not simply an operational enhancement; it is a strategic necessity. As infrastructure becomes more complex and environmental standards more exacting, construction materials must deliver greater precision, consistency and resilience. AI-enabled optimisation, digital traceability and advanced material science are enabling us to align with these demands.

For ACC, with a legacy spanning more than nine decades, this moment represents both continuity and renewal. Our heritage is rooted in engineering excellence and uncompromising quality. Generations of builders have relied on our products to create structures that define cities and communities. Today, as part of the Adani Group's expanding cement ecosystem, that legacy is reinforced by disciplined growth, integration and forward-looking investment.

The consolidation of cement assets within the Group reflects a clear strategic vision: to create a globally competitive, futureready building materials platform anchored in operational discipline, cost optimisation and sustainability. Our role within this platform is defined not only by capacity, but by credibility. Trust built over decades remains one of our most valuable assets.

Our responsibility is to ensure that the Company remains steadfast in its stewardship of quality, trust and permanence. We are committed to strengthening governance, reinforcing institutional depth and maintaining disciplined capital allocation even as we pursue growth. Expansion must be purposeful. Scale must be sustainable. Leadership must be responsible.

India's infrastructure journey is far from complete. Per capita cement consumption remains below global averages, indicating substantial long-term headroom. As the country moves toward becoming a developed economy, the demand for resilient, sustainable construction will continue to rise. Supported by the broader Adani vision, we, at ACC, are positioned to contribute meaningfully to this transformation.

India's development trajectory is now entering a phase where scale and speed must coexist with sustainability and precision. It is noteworthy to mention that public capital expenditure has risen more than fivefold to more than ₹ 12 trillion, accounting for about 4.4% of the GDP. The country is simultaneously expanding urban housing, modernising logistics networks, building renewable energy capacity and strengthening its industrial ecosystem. These multiple vectors of growth require building materials companies to evolve from commodity suppliers into integrated solution providers. Reliability must be engineered, not assumed; efficiency must be designed, not improvised.

We have undergone a structural evolution in how we position ourselves within the larger economic ecosystem. As part of the broader framework of the Adani Group, we now function within a coordinated industrial network that integrates energy access, logistics reach, infrastructure capability and digital visibility. The importance of this integration lies not in consolidation but in capability creation.

When supply chains communicate seamlessly, when energy sources are optimised and when distribution networks operate with predictability, scale transforms into resilience.

A building materials enterprise must anticipate demand patterns, respond rapidly to regional requirements and ensure continuity in supply even under volatility. Our integrated operations enable precisely this: the ability to align production with national demand cycles while maintaining operational discipline.

A defining dimension of our strategy is the recognition that cement and concrete together form the language of construction. Cement is the ingredient; concrete is the performance. Increasingly, infrastructure and real estate development demand engineered solutions delivered at the point of application. For this reason, we have strengthened our presence in ready-mix concrete alongside cement manufacturing, moving closer to construction sites and engineering decision-making. By doing so, we help accelerate project timelines, optimise material usage and enhance structural longevity. This approach reflects a broader philosophy that value lies not merely in what we manufacture, but in how effectively it serves the built environment.

The expansion of ready-mix concrete capabilities represents an evolution in responsibility. We are no longer distant participants in construction; we are partners in execution. Through technical engagement, mix optimisation and application support, we contribute directly to performance outcomes. This proximity improves reliability for developers and infrastructure planners while reducing wastage and improving lifecycle efficiency.

In the years ahead, the convergence of cement and concrete solutions will become central to how modern construction ecosystems operate, and we intend to play a vital role in this growth.

Equally central to our long-term approach is sustainability. The built environment must grow, but its environmental footprint must decline. This dual imperative requires innovation across energy sourcing, material composition and logistics design. We continue to expand the use of blended cement, alternative fuels and renewable energy while improving thermal efficiency across our operations. The objective is clear: align industrial growth with environmental responsibility.

In concrete applications, optimisation plays an equally meaningful role. Better engineering allows lower material intensity without compromising strength. Over the life of a structure, durability reduces repair cycles, resource consumption and environmental impact. Sustainability, therefore, must be understood not only as emissions reduction at manufacturing sites but as lifecycle performance across decades of use. By focusing on durability and efficiency simultaneously, the industry can meaningfully contribute to climate goals while supporting infrastructure expansion.

Economic cycles fluctuate, demand patterns shift and climatic conditions evolve. A responsible enterprise must remain steady through such variability. Our balanced exposure across infrastructure, housing and commercial construction, combined with strengthened logistics capabilities and diversified product offerings, provides stability in uncertain environments. Our objective is not merely to grow during favourable periods but to remain dependable during challenging ones.

Equally important is the security of resources. We continue to optimise our mining portfolio to ensure longterm availability of limestone and fuel linkages, strengthening cost stability across cycles. Responsible mining practices, supported by scientific mine planning and reclamation initiatives, ensure that resource expansion is balanced with environmental stewardship, reinforcing both competitiveness and credibility.

Yet technology alone cannot transform an institution. It must be accompanied by people who understand its purpose and apply it responsibly. The future of manufacturing will depend as much on human capability as on industrial capacity. We are therefore investing in developing technical expertise, strengthening safety culture and encouraging leadership that combines engineering knowledge with managerial judgement. Institutions are built not only through assets but through the character of those who operate them.

As India progresses toward becoming a developed economy, the demands placed upon infrastructure are expected to become increasingly sophisticated. While India's longterm growth outlook remains strong, near-term demand conditions are expected to remain moderate, requiring a balanced and disciplined approach to growth. Urbanisation will require vertical expansion, transportation networks will require heavier load tolerance and climate resilience will require higher durability standards. These realities reinforce the importance of disciplined manufacturing and responsible innovation. The industry must anticipate tomorrow's requirements while delivering today's performance.

Our strategic direction is aligned with this national trajectory. We will continue expanding our cement capacity in a calibrated manner, deepen our ready-mix concrete footprint, strengthen integration across logistics networks and accelerate adoption of low-carbon technologies. Our aspiration is to remain both competitive and conscientious, as a company that contributes meaningfully to economic growth while safeguarding environmental balance.

The legacy of ACC spans generations. For decades, our products have supported homes, public infrastructure and industrial development across India. That legacy is not merely an inheritance; it is a commitment. Each new structure built using our materials extends a chain of trust built over time. Trust cannot be claimed, it must be demonstrated repeatedly through consistency and integrity. In the coming decades, India will build more infrastructure than it has in the previous century. Airports will connect emerging cities, renewable energy installations will redefine power generation and urban corridors will shape new patterns of living and working.

The durability of these assets will influence economic efficiency and public confidence alike. Our role is to ensure that the materials enabling this transformation meet the highest standards of strength and responsibility.

The measure of an institution lies not in quarterly outcomes but in enduring relevance. Markets evolve, technologies change, and economic cycles pass, yet organisations rooted in purpose remain meaningful across eras. Our focus remains firmly on providing building materials that stand the test of time and contribute to the stability of the nation's progress.

With a clear vision, integrated capabilities and a commitment to sustainable development, we are prepared for the responsibilities that lie ahead.

We remain guided by prudence in expansion, discipline in execution and integrity in conduct. The future will demand scale, but it will reward reliability and discipline.

It is with this conviction that we continue our journey, building not merely for the present but for permanence.

Regards, Karan Adani

Accelerating India's Infrastructure with Intelligence

Accelerating India's
Infrastructure with Intelligence