Ambuja Cements Limited (AMBUJACEM)
₹360.00 +2.59% last close, 16 Oct
Q2 FY27 results
📅 Next results: 29 Oct 2026 (board meeting)Ambuja Cements Limited's board meets on 29 Oct 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, Ambuja Cements' revenue was ₹9,500 Cr (-7.7% year on year, -13.0% on the previous quarter), and net profit ₹660 Cr (-35.1% year on year); the operating margin was 16.7%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹9,500 | -7.7% | -13.0% |
| Operating profit | ₹1,589 | -19.0% | +8.5% |
| Net profit | ₹660 | -35.1% | -64.5% |
| EPS (₹) | 2.32 | -31.6% | -68.6% |
| Operating margin | 16.7% | — | — |
AMBUJACEM delivery percentage and open interest
NSE end-of-day data for
On Fri, 16 Oct 2026, 39.87% of the AMBUJACEM shares traded on NSE were taken to delivery, against the stock's own 20-session average of 47.01%. The price rose 2.59% on unusually low delivery, so more of the move than usual was intraday trading. In AMBUJACEM futures, open interest fell 1.96% while the futures price rose 2.13%: short covering (shorts closing out).
Delivery in the last 5 sessions: 42.8% · 36.1% · 47.2% · 60.9% · 39.9%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Ambuja Cements Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the period ended September 30, 2026. The certificate, issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited, confirms that securities received for dematerialisation were processed and confirmed to depositories within prescribed timelines. The physical security certificates were verified, cancelled, and substituted in the register of members. This represents standard quarterly regulatory compliance and carries no financial or operational impact.
- Regulation 74(5) certificate submitted for the quarter ended September 30, 2026
- Confirmation issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited dated October 03, 2026
- Filing submitted to the stock exchanges on October 09, 2026
- Physical security certificates received for dematerialisation confirmed mutilated and cancelled as per timelines
Ambuja Cements has scheduled its Board of Directors meeting on October 29, 2026, to consider and approve unaudited standalone and consolidated financial results for Q2 and H1 FY27. Following the results, the company will host an earnings conference call on the same day at 04:30 PM IST with CEO Vinod Bahety and CFO Rohit Soni. The trading window has been closed effective October 1, 2026, and will reopen 48 hours after the results are declared.
- Board meeting to consider Q2 and H1 FY27 unaudited results scheduled for October 29, 2026
- Post-results conference call scheduled on October 29, 2026, at 04:30 PM IST
- Trading window closed from October 1, 2026, until 48 hours post-result declaration
Ambuja Cements announced the successful commissioning of two grinding and blending facilities via its subsidiary ACC Limited and step-down unit Bulk Cement (Corporation) India Limited. The commissioned projects include a 2.4 MTPA greenfield grinding unit at Salai Banwa, Uttar Pradesh, and a 3.00 MTPA blending unit (1.00 MTPA additional cement capacity) at Kalamboli, Maharashtra. Consequently, Ambuja Cements' consolidated cement capacity has expanded to 113.45 MTPA from 106.45 MTPA. This aligns with the company's stated goal of achieving 140-155 MTPA capacity by FY28.
- Commissioned 2.4 MTPA greenfield grinding unit at Salai Banwa, Uttar Pradesh by ACC Limited
- Commissioned 3.00 MTPA cement blending unit (1.00 MTPA additional cement capacity) at Kalamboli, Maharashtra
- Consolidated cement capacity reached 113.45 MTPA, up from previous base of 106.45 MTPA
- Advances company roadmap toward 140 MTPA by 2028 and 155 MTPA ultimate target
Ambuja Cements Limited announced that its equity shareholders have overwhelmingly approved the Scheme of Amalgamation with ACC Limited at an NCLT-convened meeting held on September 29, 2026. A total of 2,26,81,20,094 valid votes were polled, with 99.98% (2,26,73,13,887 shares) voting in favour and 0.02% (5,47,772 shares) voting against. Institutional public shareholders also backed the scheme with a 99.91% majority across 57.79 crore shares voted. The consolidation moves forward a mega-merger across the combined ~106.45 MTPA cement footprint under the Adani portfolio.
- Scheme of Amalgamation with ACC Limited approved by 99.98% of total valid votes polled
- 2,26,73,13,887 shares voted in favour out of 2,26,81,20,094 total valid votes cast
- Public institutional shareholders supported the merger with 99.91% voting in favour (57,79,55,331 votes)
- Only 5,47,772 votes (0.02%) were cast against the resolution across all categories
Ambuja Cements announced the outcome of its NCLT-convened shareholder meeting held on September 29, 2026, regarding the Scheme of Amalgamation of ACC Limited into the company. The resolution was passed with an overwhelming majority, receiving 99.9081% votes in favour out of 59,57,80,607 total public votes polled. A total of 59,52,32,835 votes were cast in favour and 5,47,772 votes were cast against. This clears a crucial corporate governance hurdle for consolidating Adani Group's two major cement operating entities into a single entity.
- Scheme of Amalgamation of ACC Limited with Ambuja Cements approved by requisite statutory majority
- 99.9081% of public votes polled (59,52,32,835 votes) were cast in favour of the merger
- Only 0.0920% of public votes polled (5,47,772 votes) voted against the resolution
- Promoter and Promoter Group held 167,20,81,052 shares (67.33% of paid-up capital) and abstained/participated per regulations for interested parties
Ambuja Cements announced the outcome of its NCLT-convened meeting held on September 28, 2026, where equity shareholders approved the Scheme of Amalgamation with Orient Cement Limited. The resolution passed with overwhelming approval, securing 99.98% total votes in favor, and 99.93% among public shareholders. This brings Ambuja closer to integrating Orient Cement's 8.5 MTPA capacity towards its goal of reaching 140-155 MTPA by FY28.
- Scheme of Amalgamation of Orient Cement with Ambuja Cements approved by shareholders on September 28, 2026
- Overall approval secured 99.9815% of polled votes in favor (2,25,41,07,305 votes vs 4,18,004 against)
- Public shareholders approved the resolution with a 99.9282% majority under SEBI circular requirements
- Promoter and promoter group cast 167.20 crore votes (100% of their 67.33% holding) fully in favor
Ambuja Cements Limited has intimated upcoming in-person interactions with institutional investors and analysts in Mumbai. The company will attend the JP Morgan Conference on September 21, 2026, and the Anand Rathi Conference on September 22, 2026. The interactions will involve 1x1 and group formats, with discussions strictly based on publicly available information.
- JP Morgan Conference participation scheduled for September 21, 2026
- Anand Rathi Conference participation scheduled for September 22, 2026
- Meetings structured as 1x1 and group in-person interactions in Mumbai
- Company confirmed no unpublished price sensitive information (UPSI) will be shared
Ambuja Cements Limited announced that it will participate in the 2026 Jefferies India Forum on September 17, 2026, in Gurugram. The event will involve in-person interactions through 1x1 and group meetings with investors and analysts. The company confirmed that discussions will be limited to publicly available information, with no unpublished price-sensitive information being shared. This is a routine institutional investor interaction for the ₹1,15,804 crore market cap cement producer.
- Meeting scheduled for September 17, 2026
- Participation in the 2026 Jefferies India Forum in Gurugram
- Format includes in-person 1x1 and group meetings
- No unpublished price sensitive information (UPSI) will be disclosed
Ambuja Cements Limited has notified stock exchanges of a scheduled interaction with capital market analysts and institutional investors on September 3, 2026. The engagement will be conducted as a physical group meeting and plant visit at its Sanghi Plant. The company confirmed that interactions will rely exclusively on publicly available information, with no unpublished price sensitive information (UPSI) being disclosed.
- Analyst and investor plant visit scheduled for September 3, 2026
- Meeting format confirmed as a physical group meeting
- Location designated at the Sanghi Plant
- Company confirmed no unpublished price sensitive information will be shared
Ambuja Cements Limited has issued a notice convening an NCLT-directed equity shareholder meeting on September 29, 2026, to vote on the Scheme of Amalgamation of ACC Limited into Ambuja Cements. The meeting follows the NCLT Ahmedabad bench order dated July 29, 2026, alongside prior stock exchange clearances received on June 4, 2026. Remote e-voting will take place between September 24, 2026, and September 28, 2026, with a cut-off date of September 22, 2026. The amalgamation is a core strategic move to consolidate operations across the Adani Group's cement footprint.
- NCLT-convened equity shareholder meeting scheduled for September 29, 2026, via video conferencing.
- Remote e-voting window runs from September 24, 2026 (9:00 AM) to September 28, 2026 (5:00 PM) with a cut-off date of September 22, 2026.
- Follows earlier regulatory no-objection letters issued by NSE and BSE on June 4, 2026.
- Merger is supported by joint valuation reports from GT Valuation and BDO dated December 22, 2025.
Ambuja Cements has scheduled an NCLT-convened meeting of equity shareholders for September 28, 2026, to vote on the Scheme of Amalgamation with Orient Cement Limited. Remote e-voting will take place from September 23 to September 27, 2026, with a voting cut-off date of September 21, 2026. This procedural step follows the NCLT Ahmedabad bench order dated July 20, 2026, advancing Ambuja's integration of Orient Cement's 8.5 MTPA capacity towards its targeted 155 MTPA capacity by FY28.
- NCLT-convened shareholder meeting scheduled for September 28, 2026, at 12:30 PM IST via VC/OAVM
- Remote e-voting window opens September 23, 2026, and closes September 27, 2026 (cut-off: September 21, 2026)
- Convened pursuant to the NCLT Ahmedabad Bench order dated July 20, 2026
- Scheme involves the amalgamation of Orient Cement Limited into Ambuja Cements Limited
Ambuja Cements Limited has notified the exchanges regarding its scheduled interaction with institutional investors and analysts at the Adani Annual Conference 2026. The management will conduct physical 1-on-1 and group meetings in London on September 7 and 8, 2026, followed by meetings in Abu Dhabi on September 9, 2026. This filing is a procedural compliance intimation under Regulation 30 of the SEBI Listing Regulations.
- Participation in the Adani Annual Conference 2026 across two international locations
- London physical 1-on-1 and group meetings scheduled on 7th and 8th September 2026
- Abu Dhabi physical 1-on-1 and group meetings scheduled on 9th September 2026
India Ratings and Research (Ind-Ra) has assigned its highest credit rating of 'IND AAA/Stable/IND A1+' to Ambuja Cements Limited's bank loan facilities totaling Rs 7,000 Cr (INR 70,000 Million). The rated facility amount represents approximately 17.6% of TTM revenue (Rs 39,866 Cr) and 13.3% of net worth (Rs 52,558 Cr). This top-tier credit rating affirms the company's robust balance sheet, virtually debt-free status (D/E of 0.02), and financial flexibility to support large-scale expansions.
- India Ratings assigned 'IND AAA/Stable' (long-term) and 'IND A1+' (short-term) ratings.
- Total bank loan facilities rated stand at INR 70,000 Million (Rs 7,000 Cr).
- Rated facilities constitute ~17.6% of TTM revenue and ~13.3% of net worth.
- Reaffirms low credit risk and strong financial headroom for ongoing growth plans.
Ambuja Cements (Market Cap: Rs 1,25,345 Cr) has scheduled physical 1x1 and group meetings with institutional investors and analysts on August 19, 2026. The interaction will take place at the Motilal Oswal Investor Conference in Mumbai between 11:00 a.m. and 5:00 p.m. The company has clarified that discussions will be based solely on publicly available information. This is a routine engagement for the company as it pursues its target of 155 MTPA capacity by FY28.
- Interaction scheduled for August 19, 2026, at the Motilal Oswal Investor Conference.
- Meetings will be held in physical mode in Mumbai from 11:00 a.m. to 5:00 p.m.
- Discussions will be based solely on publicly available information with no UPSI disclosure.
- Company is targeting a capacity expansion to 155 MTPA by FY28 from the current 106.45 MTPA.
Ambuja Cements' wholly-owned subsidiary, Adani Cement Industries Limited, has successfully commissioned a 1.2 Million Ton Per Annum (MTPA) brownfield grinding unit at Dahej, Gujarat. This addition increases the company's total consolidated cement capacity to 110.05 MTPA, representing a ~1.1% incremental growth to its existing base. This commissioning is a concrete step toward the company's stated objective of reaching 140 MTPA by 2028 and an eventual 155 MTPA. The brownfield nature of the project suggests efficient capital deployment compared to greenfield setups.
- Commissioned 1.2 MTPA brownfield expansion of Cement Grinding Unit at Dahej, Gujarat
- Consolidated cement capacity increased to 110.05 MTPA from approximately 108.85 MTPA
- Project executed through Wholly Owned Subsidiary (WOS) Adani Cement Industries Limited
- Supports the long-term strategic roadmap to reach 155 MTPA capacity by FY28
Financial Performance
Revenue Growth by Segment
Standalone revenue grew 21% YoY to INR 10,663 Cr in H1 FY26. The Ready Mix Concrete (RMC) business share increased from 4% in FY25 to 4.5% in H1 FY26.
Geographic Revenue Split
Not disclosed in available documents, though the company maintains a pan-India presence with 24 Integrated Units and 22 Grinding Units.
Profitability Margins
Consolidated EBITDA margin stood at 19.1% for H1 FY26. Standalone PAT for Q2 FY26 was INR 1,388 Cr, up 177% YoY, aided by a tax provision reversal of INR 1,697 Cr.
EBITDA Margin
Consolidated EBITDA margin was 19.1% in H1 FY26. Standalone EBITDA margin for H1 FY26 was 14.8%, a slight decrease of 0.3pp YoY from 15.1%.
Capital Expenditure
Planned capital expenditure of INR 38,000 Cr over FY26 to FY28, with annual spending of INR 9,000-10,000 Cr to reach 140 MTPA capacity.
Credit Rating & Borrowing
Ratings reaffirmed at CRISIL AAA/Stable and CRISIL A1+. The company is debt-free at the standalone level, while the holding company has outstanding debt of USD 4.205 billion.
Operational Drivers
Raw Materials
Limestone, Fly Ash, Slag, and Gypsum. Raw material costs represented 14.5% of revenue (INR 2,833 Cr) in H1 FY26.
Import Sources
Not disclosed in available documents, though the company utilizes captive coal and alternative raw materials.
Key Suppliers
Master Supply Agreements (MSAs) are established with ACC Limited, Sanghi Industries Limited, Asian Fine Cement, and Penna Cement Industries.
Capacity Expansion
Current capacity of 106.45 MTPA as of Sept 2025, expanding to 118 MTPA by FY26, 130-135 MTPA by FY27, and 155 MTPA by FY28.
Raw Material Costs
Raw material costs were INR 2,833 Cr in H1 FY26, up from INR 6,527 Cr for the full year FY25, representing 14.5% of revenue.
Manufacturing Efficiency
EBITDA for existing assets (Ambuja + ACC) stands at INR 1,184/ton. Target cost reduction of INR 530/tonne by FY28.
Logistics & Distribution
Focus on sea and rail logistics; the company operates 11 captive ships and 10 bulk packaging terminals to optimize distribution.
Strategic Growth
Expected Growth Rate
10-15%
Growth Strategy
Growth will be achieved through capacity expansion from 106.45 MTPA to 155 MTPA by FY28, acquisitions like Orient Cement (8.5 MTPA), and a cost reduction target of INR 530/tonne by FY28.
Products & Services
Grey cement bags and Ready Mix Concrete (RMC).
Brand Portfolio
Ambuja Cements, ACC, and Adani Cement.
New Products/Services
Premium products are being promoted to increase customer preference and realizations.
Market Expansion
Targeting a consolidated capacity of 140 MTPA by 2028 and 155 MTPA with debottlenecking.
Market Share & Ranking
Second largest manufacturer in the Indian cement industry with 106.45 MTPA capacity.
Strategic Alliances
Master Supply Agreements (MSAs) with ACC, Sanghi Industries, and Penna Cement to optimize plant capacities and inventories.
External Factors
Industry Trends
Industry consolidation and a shift toward green energy; Ambuja is targeting a significant increase in its green power mix.
Competitive Landscape
Operates in a commoditized and cyclical industry against major players, maintaining the #2 market position.
Competitive Moat
Moat built on cost leadership via Adani group synergies, a massive pan-India distribution network, and 11 captive ships for low-cost sea logistics.
Macro Economic Sensitivity
Highly sensitive to GDP growth and infrastructure spending which drive cement demand.
Consumer Behavior
Increasing preference for premium products among customers and dealers.
Regulatory & Governance
Industry Regulations
Oversight provided by the Legal, Regulatory and Tax Committee to ensure compliance with applicable laws.
Environmental Compliance
Targeting a Lost Time Injury Frequency Rate (LTIFR) of less than 0.1 for FY30 (0.42 in FY25).
Taxation Policy Impact
Standalone PAT in Q2 FY26 included a tax provision reversal of INR 1,697 Cr.
Risk Analysis
Key Uncertainties
Input cost volatility (power/fuel represents 24.6% of revenue) and cyclicality in the cement industry.
Geographic Concentration Risk
Pan-India presence reduces regional concentration risk, with 24 integrated and 22 grinding units.
Third Party Dependencies
Dependency on Adani Group synergies and Master Supply Agreements with subsidiaries like ACC and Sanghi.
Technology Obsolescence Risk
Digital transformation status includes AI-driven tools, drones, and SAP upgrades to optimize operations.
Credit & Counterparty Risk
Strong liquidity with a liquid surplus of INR 10,125 Cr as of March 31, 2025.
