Orient Cement Ltd

Dear Shareholder,

It is with great pride and a deep sense of purpose that I address you as the Chairman of Orient Cement Ltd. (OCL), now a part of Ambuja Cements, the flagship cement company of the diversified Adani Portfolio. The successful completion of this acquisition marks a transformative moment in our journey. It is more than a strategic consolidation; it represents the convergence of legacies, values and aspirations.

Like two streams converging to form a mightier river, this integration combines our collective strengths to carve new pathways of growth, sustainability, and innovation. As we stand at this powerful inflection point, we are prepared to build a resilient and future-ready organisation that honours our heritage and propels us toward even greater accomplishments.

Over the past decade and a half, OCL has emerged as a formidable player in its focused markets. Our plants are strategically located and backed by highly efficient, integrated infrastructure. Equipped with railway sidings, captive power plants, renewable energy sources, Waste Heat Recovery Systems (WHRS), and Alternative Fuels and Raw Materials (AFR) capabilities, OCL is well-positioned for operational excellence.

One of our most significant assets is a large, high-quality limestone mining lease in Chittorgarh, Rajasthan. This strengthens our resource base and presents the opportunity to add an additional 6 MTPA capacity in North India—a key strategic market. The acquisition significantly enhances our presence in core markets and is expected to increase our pan-India market share by approximately 2%, in alignment with our long-term consolidation and growth strategy.

Integration and Synergies

With the acquisition now complete, we have initiated the process of integrating OCL's operations with those of Adani Cement. A critical first step has been the execution of a Master Supply Agreement and Master Service Agreement (together, the ‘MSA') with Ambuja and ACC. These agreements establish the framework for the procurement and sale of raw materials and spare parts, as well as for the provision of critical services.

Under the MSA, clinker and cement will be sourced in bulk from OCL and marketed under the trusted Ambuja and ACC brands. This arrangement enhances our ability to optimise capacity utilisation, strengthen financial performance, and unlock significant value for all our stakeholders—shareholders, creditors, employees and governments alike.

Some of the initiatives on de-bottlenecking and efficiency improvements have already been rolled out which will help improve overall profitability of OCL in the near future.

In addition, we now have access to the extensive infrastructure and capabilities of the Adani Group. This includes synergies across energy, logistics, mining, and digital technologies such as artificial intelligence. Through shared infrastructure, unified cash management systems, common digital platforms, and access to Group-owned energy and mining assets, we anticipate significant operational efficiencies, margin expansion, and long-term value creation. Employees, vendors and dealers have also been onboarded. Soon, cement under the Ambuja and ACC brands will start rolling out.

Sustainability: Our Guiding Principle

At Ambuja Cements, sustainability is not just a goal—it is a core philosophy. As we integrate into the Group, we are aligning closely with its ambitious sustainability goals. We are committed to delivering responsible growth that benefits the planet, uplifts communities, and upholds the highest standards of governance.

Our Environmental, Social, and Governance (ESG) priorities will continue to shape every aspect of our operations. From reducing our carbon footprint to enhancing community welfare and ensuring transparency and accountability, we are focused on building a future-ready and responsible organisation. Our sustainability journey is a continuous one, and we are determined to lead through innovation, collaboration and commitment.

Cultural Transformation through RESQ

As we move forward, the values of RESQ - Reliability, Environment, Safety, and Quality, will serve as the cultural and operational compass for OCL. These values will be embedded in every decision we make, every process we refine, every product we deliver, and every relationship we nurture.

RESQ is more than a philosophy; it is a promise. A promise to uphold the highest standards, to act with responsibility, to ensure the well-being of our people and our planet, and to deliver excellence at every touchpoint. It will guide us as we strive for greater operational integrity, stakeholder trust, and sustainable outcomes.

Way Forward

India's robust economic trajectory, underpinned by a surge in construction activities and infrastructure development, presents a strong opportunity for the cement industry. The Government's enhanced capital allocation in the Union Budget 2025-26 and increased investments in flagship initiatives like Pradhan

Mantri Awas Yojana and Pradhan Mantri Gram Sadak Yojana will catalyse cement demand. Strategic investments in transportation networks, urban infrastructure, and commercial amenities are poised to drive long-term sectoral growth. We are strategically positioned to capture this opportunity. Leveraging Group synergies. distribution network, an enriched product portfolio, and enhanced technological capabilities, we are ready to contribute meaningfully to India's infrastructure-led development. As part of the Adani Group, we are also leveraging digital technologies and data intelligence to transform our operations and enhance customer experience.

Through smart supply chain optimisation, AI-powered predictive maintenance, and customer-centric platforms, we aim to stay ahead of industry trends and drive efficiencies at scale.

Gratitude and Closing

On behalf of the Board of Directors, I extend my heartfelt gratitude to all our stakeholders for your trust and support through the years. Your belief in our journey has been our greatest strength. As we enter this exciting new phase, we do so with a clear vision, renewed energy and bold ambition.

We are confident that this integration will unlock new opportunities, accelerate our transformation, and deliver enduring value to all. The best is yet to come, and together, we will build a stronger, brighter, and more sustainable tomorrow.