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Ambuja Cements Q2 FY27 results: net profit down 89.7% to ₹236 crore, revenue up 0.2%
Ambuja Cements Limited reported consolidated revenue of ₹9,197 crore for Q2 FY27, up 0.2% from a year earlier, while EBITDA fell 27.8% to ₹1,271 crore and the EBITDA margin declined to 13.8%. Profit after tax was ₹236 crore against ₹2,302 crore in Q2 FY26, with basic EPS of ₹0.78. The board also approved the acquisition of 26% equity shares of SWE Renewables Limited.
Key points
- Consolidated revenue was ₹9,197 crore in Q2 FY27, up 0.2% from ₹9,174 crore in Q2 FY26, but down 3.2% from ₹9,500 crore in Q1 FY27.
- EBITDA fell 27.8% year on year to ₹1,271 crore, with the margin down 5.4 percentage points to 13.8%.
- Profit after tax was ₹236 crore, down 89.7% from ₹2,302 crore a year earlier, and basic EPS fell to ₹0.78 from ₹7.15.
- Other expenses rose 11.0% to ₹6,325 crore and other income fell 77.4% to ₹58 crore, with an exceptional item charge of ₹85 crore.
- For H1 FY27, revenue was ₹18,697 crore and profit after tax was ₹896 crore, against ₹19,463.56 crore and ₹3,319.25 crore in H1 FY26.
How did Ambuja Cements perform in Q2 FY27?
Ambuja Cements reported consolidated revenue of ₹9,197 crore for Q2 FY27, against ₹9,174 crore in Q2 FY26 and ₹9,500 crore in Q1 FY27. Total income was ₹9,255 crore, down 1.9% year on year and down 4.3% sequentially. On the standalone basis, revenue was ₹6,121 crore, profit after tax was ₹114 crore, and revenue from operations was ₹6,113 crore against ₹5,579 crore a year earlier.
EBITDA was ₹1,271 crore, down 27.8% from ₹1,761 crore a year earlier and down 20.0% from ₹1,589 crore in the previous quarter. The EBITDA margin fell to 13.8% from 19.2% in Q2 FY26 and from 16.7% in Q1 FY27. Profit before tax was ₹293 crore, down 64.8% year on year, and profit after tax was ₹236 crore against ₹2,302 crore. Basic EPS was ₹0.78, and profit attributable to owners was ₹193 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 9,197 | 9,500 | 9,174 | +0.2% | −3.2% |
| Other income | 58 | 169 | 257.04 | −77.4% | −65.7% |
| Total expenses | 8,877 | 8,802 | 8,376 | +6.0% | +0.9% |
| EBITDA | 1,271 | 1,589 | 1,761 | −27.8% | −20.0% |
| EBITDA margin | 13.8% | 16.7% | 19.2% | −5.4 pp | −2.9 pp |
| Profit before tax | 293 | 843 | 833.14 | −64.8% | −65.2% |
| Tax | 62 | 188 | −1,465 | −67.0% | |
| Net profit | 236 | 660 | 2,302 | −89.7% | −64.2% |
| EPS (₹) | 0.78 | 2.32 | 7.15 | −89.1% | −66.4% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Ambuja Cements' costs and profit?
Total expenses rose 6.0% to ₹8,877 crore from ₹8,376 crore in Q2 FY26, and other expenses were up 11.0% at ₹6,325 crore against ₹5,700 crore. Other income fell 77.4% to ₹58 crore from ₹257.04 crore, and the quarter carried an exceptional item charge of ₹85 crore against ₹222.80 crore a year earlier. Cost of materials was lower at ₹1,308 crore, down 18.7% from ₹1,608 crore, while employee cost fell 7.9% to ₹373 crore, finance costs fell 3.7% to ₹74 crore and depreciation fell 0.9% to ₹877 crore.
Against Q1 FY27, total expenses rose 0.9% to ₹8,877 crore, with other expenses up 3.1% to ₹6,325 crore, depreciation up 5.2% to ₹877 crore and finance costs up 29.8% to ₹74 crore. Cost of materials fell 14.3% to ₹1,308 crore and employee cost fell 3.6% to ₹373 crore. Other income fell 65.7% to ₹58 crore from ₹169 crore, and the exceptional item charge was ₹85 crore against ₹24 crore. Tax was ₹62 crore against ₹188 crore. The filings did not state the reasons for the changes in these cost lines.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 1,308 | 1,608 | −299.92 | −18.7% |
| Employee cost | 373 | 405.13 | −32.13 | −7.9% |
| Finance costs | 74 | 76.82 | −2.82 | −3.7% |
| Depreciation | 877 | 885.15 | −8.15 | −0.9% |
| Other expenses | 6,325 | 5,700 | +625.02 | +11.0% |
| Total expenses | 8,877 | 8,376 | +501.41 | +6.0% |
| Other income | 58 | 257.04 | −199.04 | −77.4% |
| Tax | 62 | −1,465 | +1,527 | |
| Exceptional items | −85 (charge) | −222.80 (charge) |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For the first half of FY27, consolidated revenue was ₹18,697 crore, down 3.9% from ₹19,463.56 crore in H1 FY26. Total income was ₹18,924 crore, down 5.3% from ₹19,976.69 crore, and profit before tax was ₹1,136 crore, down 48.9% from ₹2,224.82 crore.
Profit after tax for H1 FY27 was ₹896 crore against ₹3,319.25 crore in H1 FY26, down 73.0%, and basic EPS was ₹3.1 against ₹10.55, down 70.6%. On the standalone basis, profit after tax was ₹618 crore for the half year, and basic EPS was ₹4.69 against ₹7.93 in the year-ago period.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 18,697 | 19,464 | −3.9% |
| Profit before tax | 1,136 | 2,225 | −48.9% |
| Net profit | 896 | 3,319 | −73.0% |
| EPS (₹) | 3.10 | 10.55 | −70.6% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets stood at ₹91,564 crore on 30 September 2026, against ₹89,606.6 crore at 31 March 2026. Total equity was ₹72,238 crore against ₹71,846.24 crore, while borrowings were ₹55 crore against ₹52.78 crore and cash was ₹395 crore against ₹891.59 crore. Inventories were ₹4,711 crore against ₹4,552.33 crore, trade receivables ₹2,233 crore against ₹1,868.47 crore, and trade payables ₹4,894 crore against ₹4,185.03 crore.
For H1 FY27, cash flow from operating activities was ₹2,896 crore, against ₹1,444.21 crore in H1 FY26. Investing cash flow was negative ₹2,658 crore against negative ₹5,074.74 crore, and financing cash flow was negative ₹737 crore against negative ₹1,098.45 crore. Capital expenditure was ₹2,967 crore against ₹3,561 crore in the year-ago period.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 91,564 | 89,607 |
| Total equity | 72,238 | 71,846 |
| Borrowings | 55 | 52.78 |
| Cash and equivalents | 395 | 891.59 |
| Inventories | 4,711 | 4,552 |
| Trade receivables | 2,233 | 1,868 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 2,896 | 1,444 |
| Cash from investing | −2,658 | −5,075 |
| Cash from financing | −737 | −1,098 |
| Capital expenditure | 2,967 | 3,561 |
Source: Company's results filing (XBRL).
How has Ambuja Cements done over the last 8 quarters?
Revenue over the last eight quarters peaked at ₹10,915.47 crore in Q4 FY26 and was lowest at ₹9,174.49 crore in Q2 FY26. In the latest quarter, revenue of ₹9,197 crore was above that low but below the peak. The pattern has alternated between higher and lower quarters, with the recent sequence running from ₹10,276.65 crore in Q3 FY26 to ₹9,500 crore in Q1 FY27 and ₹9,197 crore in Q2 FY27.
Which businesses drove the quarter?
Cement revenue was ₹8,742 crore in Q2 FY27, down 0.1% from ₹8,753.62 crore in Q2 FY26, with segment EBIT of ₹350 crore against ₹862.87 crore and an EBIT margin of 4.0%. Ready Mix Concrete revenue was ₹546 crore, up 18.2% from ₹462 crore, and segment EBIT was ₹53 crore against ₹31.88 crore, with an EBIT margin of 9.7%.
Interest and dividend income recorded segment EBIT of ₹44 crore against ₹241.83 crore in the year-ago quarter. Exceptional items carried an expense of ₹85 crore, and share of profit of joint ventures and associate, net of tax, was ₹5 crore. No revenue was reported for these three segments in either period.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Cement | 8,742 | −0.1% | 350 | 4.0% |
| Ready Mix Concrete | 546 | +18.2% | 53 | 9.7% |
| Interest and Dividend Income | 0 | 44 | ||
| Exceptional Items- Expense | 0 | −85 | ||
| Share of profit of joint ventures and associate (net of tax) | 0 | 5 |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
The board, at its meeting on 29 October 2026, considered and approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026, along with the limited review report issued by the statutory auditors. The board also considered and approved the acquisition of 26% equity shares of SWE Renewables Limited, with the disclosure filed as Annexure B. The company filed an investor presentation on Operational and Financial Highlights alongside the results.
What did Ambuja Cements' management say?
Management said trade volumes grew 8.6% year on year, trade share reached 74% and premium products were 37% of trade sales. Management said the ready-mix concrete business achieved quarterly volume of 1.07 million cubic meters, up 19% year on year, with a network of almost 125 plants, and that the pace of growth is expected to accelerate. Management identified geopolitical conflict, global uncertainty, a weaker monsoon and drought declarations, domestic coal availability constraints, and the operation of Penna and Sanghi near 50% utilisation as risks. Mr Vinod Bahety, Chief Executive Officer, said: "Our strategy remains clear, creating sustainable value ahead of the volumes."
How did Ambuja Cements shares react?
The stock was up 1.6% on the reaction day from the previous close, after moving 1.6% in 15 minutes and 1.1% in 30 minutes from the price when the filing appeared. By the next day's close, the stock was up 0.9% from its pre-results close, while the industry median moved 0.1% on the reaction day and fell 1.3% by the next close. The stock's move was 1.5 percentage points above the industry median on the reaction day and 0.4 percentage points above it by the next day's close.
Earlier reaction-day moves were negative 0.9% on 28 July 2026, 0.1% on 4 May 2026, negative 4.9% on 30 January 2026 and 2.3% on 3 November 2025. Moves on 31 July 2025, 29 January 2025, 28 October 2024 and 31 July 2024 were negative 4.5%, negative 4.6%, 3.2% and 0.9% respectively.
| After the filing | Stock | Cement & Cement Products median |
|---|---|---|
| 5 minutes | −0.1% | |
| 15 minutes | +1.6% | |
| 30 minutes | +1.1% | |
| Reaction day | +1.6% | +0.1% |
| Next day | −0.9% | −1.3% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 28 July 2026 | −0.9% |
| 4 May 2026 | +0.1% |
| 30 January 2026 | −4.9% |
| 3 November 2025 | +2.3% |
| 31 July 2025 | −4.5% |
| 29 January 2025 | −4.6% |
| 28 October 2024 | +3.2% |
| 31 July 2024 | +0.9% |
Source: MarketPing price-reaction measurement.
How did other Cement & Cement Products companies do?
Nineteen other Cement & Cement Products companies that have filed for this quarter were compared. Their median revenue growth was 13.5%, and 16 grew faster than Ambuja Cements while 3 grew more slowly. Nine of the 19 reported higher profit.
| Ambuja Cements revenue growth (YoY) | +0.2% |
|---|---|
| Median of 19 other Cement & Cement Products companies | +13.5% |
| Companies with slower revenue growth than Ambuja Cements | 3 of 19 |
| Companies with faster revenue growth than Ambuja Cements | 16 of 19 |
| Companies whose net profit rose | 9 of 19 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Ambuja Cements' revenue in Q2 FY27?
Revenue from operations was ₹9,197 crore, up 0.2% from ₹9,174 crore in Q2 FY26 (consolidated).
Did Ambuja Cements make a profit in Q2 FY27?
Yes. Net profit was ₹236 crore, against a net profit of ₹2,302 crore in Q2 FY26.
What was Ambuja Cements' EPS in Q2 FY27?
Basic earnings per share were ₹0.78, against ₹7.15 in Q2 FY26.
How did Ambuja Cements shares react to the Q2 FY27 results?
On the reaction day the stock moved +1.6% from the previous close; the median Cement & Cement Products stock moved +0.1%.
When did Ambuja Cements announce its Q2 FY27 results?
On 29 October 2026, in a filing to the NSE.
Sources
- Board Meeting Intimation for Considering And Approving The Un-Audited Financial Results For The Quarter And Half Year Ended On September 30, 2026. (BSE, 8 October 2026) · PDF
- Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation (BSE, 8 October 2026) · PDF
- Outcome of Board Meeting (NSE, 29 October 2026) · PDF
- The earnings call (3 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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