Mangalam Cement Limited — Important, 03-01-2026: Disclosure of material issue

Mangalam Cement's bid for a 408.2974-hectare limestone mining lease in Rajasthan has been rejected by the government.

**The Issue:** The government found Mangalam Cement's 35.05% price offer to be comparatively lower than bids received for other similar limestone blocks in the region. The company was previously declared the preferred bidder.

**Possible Impact:** This rejection means Mangalam Cement will not secure a significant raw material source it was previously set to acquire. This could potentially affect its long-term raw material access, cost efficiencies, and future expansion plans.

**Company's Response:** Mangalam Cement is currently examining the situation to decide on its future course of action, including pursuing legal recourse. The company states it had complied with all procedural requirements during the e-auction process.