AMBUJA CEMENTS LTD

Manufactures and sells cement and ready-mix concrete in India, earning Rs 40,655.68 cr of revenue in FY26. Cement is the dominant business at Rs 38,897.99 cr in revenue for FY26, with ready-mix concrete contributing Rs 1,965.17 cr over the same period. Cement sales volume reached a record 73.7 million tonnes in FY26 (+16% YoY) at an EBITDA per tonne of Rs 887. Cement capacity stood at 109 MTPA at end-FY26, with a target of 119 MTPA by FY27 end. The trade channel accounted for 74% of cement sales in Q4 FY26, and premium cement made up 35-36% of trade volumes. Green power contributed 32% of the energy mix. Ready-mix concrete, though smaller, serves the same construction-sector customer base. Cost structure is dominated by other operating expenses at 63.4% of revenue, with materials at 16%, depreciation at 8.8% and employees at 3.9%. Cost of production peaked at Rs 4,500/tonne in Q4 FY26 (against an earlier Rs 4,000 target), driven by acquired-asset inefficiencies, packaging costs and fuel inflation; full-year FY27 target is Rs 4,250/tonne. Capex was 15.6% of revenue in FY26, with FY27 guided at Rs 6,000-6,500 cr at an 18% project IRR threshold. The company is debt-free with an AAA credit rating and is consolidating several acquired cement companies — Sanghi Industries and Penna Cement amalgamations are completed, with ACC and Orient Cement schemes pending shareholder/NCLT approval. Sanghi ran at 57% utilization and Penna at 46% in FY26, pulling on consolidated costs.