Ambuja Cements Limited has submitted to the Exchange, the financial results for the period ended September 30, 2025.
AMBUJACEM · price
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On the reaction day the stock moved 2.0 pts more than Nifty 100 and 2.5 pts more than its Cement & Cement Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Ambuja Cements reported standalone revenue from operations of ₹5,139.48 crore for Q2 FY26, up about 26% from ₹4,073.17 crore in Q2 FY25. H1 FY26 revenue rose to ₹10,660.34 crore from ₹8,611.43 crore, a ~24% jump. Standalone profit after tax for Q2 came in at ₹1,387.55 crore (vs ₹500.66 crore a year ago) and H1 PAT was ₹2,243.04 crore (vs ₹1,068.05 crore), more than doubling year-on-year. However, the PAT surge was driven largely by a one-time tax write-back of ₹1,179.71 crore after favorable High Court rulings on past tax matters. The company also recorded an exceptional expense of ₹222.80 crore to fully write off a West Bengal government incentive that was revoked. Underlying operating performance was weaker — pre-exceptional profit before tax fell to ₹507.33 crore in Q2 from ₹673.46 crore a year ago, indicating margin compression despite higher revenue. Results are not strictly comparable due to the Orient Cement acquisition (April 2025) and the merger of Adani Cementation with Ambuja (effective August 1, 2025).
Headline PAT growth looks spectacular but is inflated by a one-time tax credit; core cement margins have compressed and pre-exceptional earnings actually declined. Short-term stock reaction may be muted, as investors are likely to focus on the underlying margin pressure and the West Bengal incentive write-off rather than the tax-driven headline PAT.