NSE: AMBUJACEM · BSE: 500425
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Cement, Ready Mix Concrete. Cyclical, asset-heavy cement manufacturer in an active capacity-expansion and M&A consolidation phase.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | — | 38,937 | 33,160 | 35,045 | 40,656 |
| EBITDA (ex other income) | — | 4,803 | 6,611 | 5,949 | 6,238 |
| margin % | — | 12.3 | 19.9 | 17.0 | 15.3 |
| Owners' profit | — | 2,583 | 3,577 | 4,145 | 4,728 |
| EPS, as reported (₹) | — | 13.01 | 17.99 | 17.00 | 19.15 |
| ROE % · ROCE % | — · — | 7.8 · 9.7 | 9.3 · 11.6 | 8.1 · 9.1 | 7.8 · 4.6 |
| Debt / equity (x) | — | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | — | 735 | 5,646 | 3,295 | 5,362 |
| Capex | — | (4,232) | (4,482) | (8,687) | (6,344) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 7,516 | 9,329 | 9,889 | 10,289 | 9,174 | 10,277 | 10,915 | 9,500 |
| Profit before tax | 710 | 2,333 | 1,775 | 1,328 | 833 | 407 | 522 | 843 |
| Net profit | 473 | 2,620 | 1,282 | 970 | 2,302 | 367 | 1,857 | 660 |
| EPS (₹) | 1.85 | 8.59 | 3.88 | 3.20 | 7.15 | 0.82 | 7.41 | 2.32 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Cement | 38,898 | 95.2 |
| Ready Mix Concrete | 1,544 | 3.8 |
| Ready mix concrete | 421 | 1.0 |
| Total, before eliminations | 40,863 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ULTRATECH CEMENT LIMITED | 3,29,452 | 38.5 | 4.08 | 20.1 | 10.1 | 10.2 | 14.6 | 20.8 |
| GRASIM INDUSTRIES LTD | 1,97,360 | 34.5 | 1.16 | 16.4 | 6.1 | 3.2 | 18.1 | 16.6 |
| AMBUJA CEMENTS LTD ◆ | 87,273 | 19.8 | 1.21 | 12.2 | 7.8 | 4.3 | — | 18.3 |
| SHREE CEMENT LIMITED | 83,056 | 51.0 | 3.56 | 15.9 | 7.5 | 9.4 | 9.2 | 23.8 |
| JK CEMENT LIMITED | 38,558 | 40.8 | 5.44 | 17.7 | 13.9 | 10.3 | 15.7 | 17.0 |
| DALMIA BHARAT LIMITED | 28,101 | 29.7 | 1.55 | 10.6 | 6.4 | 5.2 | 7.1 | 19.6 |
| ACC LIMITED | 21,387 | 11.2 | 1.04 | 6.2 | 10.4 | 9.9 | — | 8.4 |
| THE RAMCO CEMENTS LIMITED | 17,308 | 26.9 | 2.14 | 10.3 | 8.6 | 7.1 | 11.3 | 14.3 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 19.8 | 27.7 | 10 of 29 | 68% |
| P/B | 1.2 | 1.3 | 16 of 34 | 55% |
| ROCE | 4.3 | 3.7 | 17 of 37 | 56% |
| ROE | 7.8 | 7.2 | 15 of 34 | 58% |
| Debt / Equity | 0.0 | 0.4 | 3 of 33 | 94% |
| EBITDA margin | 18.3 | 13.1 | 10 of 37 | 75% |
| Revenue growth | (7.7) | 7.8 | 31 of 37 | 17% |
| Profit growth | (31.9) | (24.7) | 21 of 37 | 44% |
| Market cap | 87273 | 1735 | 3 of 38 | 95% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Ambuja promoter holdings 99.48% encumbered for up to USD 1.375 billion refinancing | ownership changes | medium | — | — |
| 26 Oct 2026 · Promoter shares encumbered for up to USD 1.375 billion refinancing facility | ownership changes | high | — | — |
| 24 Oct 2026 · Refinancing leaves 66.94% of Ambuja shares encumbered | compliance | minimal | — | — |
| 13 Oct 2026 · NCLT hearing on Nov 19 for Ambuja mergers with Orient Cement and ACC | compliance | minimal | — | — |
| 13 Oct 2026 · NCLT hearing on ACC and Orient Cement amalgamation fixed for Nov 19 | compliance | minimal | — | — |
| 9 Oct 2026 · Compliance Certificate for Demat of Shares - Q2 FY26 | compliance | minimal | — | — |
| 8 Oct 2026 · Board meeting on Oct 29 to consider Q2, H1 FY27 results | results | low | — | — |
| 8 Oct 2026 · Board meeting on Oct 29 to approve Q2 and H1FY27 results | results | low | — | — |
| 7 Oct 2026 · Ambuja Cements to interact with investors on Nov 18-19 in Singapore | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Ambuja subsidiaries commission new cement capacity at UP and Maharashtra | capex operations | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.