AMBUJACEM - Ambuja Cements
📢 Recent Corporate Announcements
Ambuja Cements has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations for the period ending March 31, 2026. The certificate, issued by Registrar MUFG Intime India Pvt. Ltd., confirms that all dematerialization requests were processed and confirmed to depositories within prescribed timelines. It also verifies that physical share certificates were mutilated and cancelled after the name of the depositories was substituted in the register of members. This is a standard administrative filing required by Indian regulatory authorities to ensure the integrity of electronic shareholding.
- Compliance certificate submitted for the quarter ended March 31, 2026.
- Confirmation provided by Registrar and Share Transfer Agent, MUFG Intime India Pvt. Ltd.
- Dematerialized securities were listed on the stock exchanges where earlier securities are listed.
- Physical certificates were mutilated and cancelled after due verification by the depository participant.
- The filing confirms adherence to SEBI timelines for processing share-related requests.
Ambuja Cements has scheduled a board meeting on May 4, 2026, to approve the audited standalone and consolidated financial results for the quarter and full year ended March 31, 2026. The board will also consider recommending a dividend for the financial year 2025-26 during this session. An earnings conference call is scheduled for the same day at 5:00 PM IST featuring the CEO and CFO to discuss the business outlook. The trading window for the company's securities remains closed from April 1, 2026, until 48 hours after the results are announced.
- Board meeting set for May 4, 2026, to finalize Q4 and FY26 audited financial results.
- Potential dividend recommendation for FY 2025-26 to be discussed by the board.
- Earnings conference call scheduled for May 4, 2026, at 5:00 PM IST with top management.
- Trading window for insiders closed from April 1, 2026, to May 6, 2026.
- Key management participants include CEO Vinod Bahety and CFO Rohit Soni.
Ambuja Cements has received a demand order from the CGST and CX Nagpur-I authority totaling approximately ₹19.30 crore, which includes interest and penalties. The demand pertains to alleged excess Input Tax Credit (ITC) claims due to GSTR 2B mismatches and delayed GST payments on mining royalties for the period FY 2019-20 to FY 2022-23. The company has stated its intention to file an appeal against this order before the competent authority. Management does not foresee any material impact on the company's financial or operational activities due to this order.
- Total demand amount of ₹19,29,92,594 including interest and penalty.
- Issues relate to ineligible ITC availment and delayed GST on mining royalties from FY 2019-20 to FY 2022-23.
- Order issued by the Superintendent (ADJ.) CGST and CX Nagpur-I under Section 74 of the GST Act.
- Company is in the process of filing an appeal against the demand order.
Ambuja Cements has officially approved the allotment of 1,29,93,708 equity shares to the shareholders of Sanghi Industries Limited (SIL) as part of their Scheme of Arrangement. This issuance, finalized on April 10, 2026, follows the share exchange ratio defined in the merger agreement. The new shares carry a face value of Rs. 2 each and will rank pari passu with existing equity. This move marks a critical step in the Adani-owned company's consolidation of Sanghi Industries into its operations.
- Allotment of 1,29,93,708 fully paid-up equity shares of face value Rs. 2 each.
- Shares issued to eligible shareholders of Sanghi Industries Limited (SIL) as per the Scheme of Arrangement.
- Includes 15,156 shares allotted to Catalyst Trusteeship Limited to manage fractional entitlements.
- New shares will be listed on both BSE and NSE and rank equally with existing shares.
- The allotment was approved by the Finance Committee in a meeting held on April 10, 2026.
Ambuja Cements has successfully allotted 1,29,93,708 equity shares to the shareholders of Sanghi Industries Limited (SIL) as part of their Scheme of Arrangement. This allotment follows the strategic acquisition of SIL, aimed at strengthening Ambuja's market position in Western India. The new shares, with a face value of Rs. 2 each, will rank pari passu with existing shares and are set to be listed on the NSE and BSE. This move signifies a key execution milestone in the integration process of Sanghi Industries into the Adani-owned cement business.
- Allotment of 1,29,93,708 fully paid-up equity shares of face value Rs. 2 each.
- Includes 15,156 shares allotted to Catalyst Trusteeship Limited to manage fractional entitlements.
- New shares will rank pari passu with existing equity shares of Ambuja Cements.
- The allotment was approved by the Finance Committee of the Board on April 10, 2026.
- Shares are proposed to be listed and traded on both BSE Limited and National Stock Exchange of India Limited.
Ambuja Cements has secured shareholder approval for material related party transactions (RPT) with ACC Limited and Orient Cement Limited for the financial year 2026-27. Both resolutions were passed with a near-unanimous 99.99% majority of the votes polled. The voting process concluded on April 1, 2026, with strong participation from public institutions, who cast 572.48 million votes in favor. This approval is a key step in ensuring operational integration and synergy within the Adani Group's cement business.
- 99.99% of shareholders voted in favor of material RPTs with ACC Limited for FY 2026-27.
- 99.99% of shareholders approved material RPTs with Orient Cement Limited for the same period.
- Public institutions polled 572.48 million votes, 100% of which were in favor of both resolutions.
- The total number of votes polled across all categories was approximately 573.11 million shares.
Ambuja Cements has officially confirmed that the National Company Law Tribunal (NCLT) Ahmedabad Bench sanctioned its merger with Penna Cement Industries Limited on March 30, 2026. The company clarified that it had already disclosed the NCLT order to the stock exchanges on the same day it was pronounced. This merger follows a series of regulatory steps, including board approval in December 2024 and shareholder approval in December 2025. The company maintains that all material information regarding the scheme has been timely disclosed.
- NCLT Ahmedabad Bench sanctioned the Scheme of Arrangement with Penna Cement on March 30, 2026
- The merger process initiated with Board approval on December 17, 2024
- Shareholders approved the scheme in a meeting held on December 30, 2025
- Company confirms all material disclosures have been made to exchanges in a timely manner
Ambuja Cements Limited has received formal sanction from the NCLT Ahmedabad Bench for the amalgamation of Penna Cement Industries Limited into the company. The merger, which has an appointed date of August 16, 2024, was overwhelmingly supported by shareholders with 99.9997% of votes cast in favor. This consolidation is designed to integrate operations, achieve economies of scale, and reduce overheads within the Adani Group's cement business. The scheme will become effective once final procedural steps and filings are completed.
- NCLT Ahmedabad sanctioned the Scheme of Arrangement on March 30, 2026, with an appointed date of August 16, 2024.
- The resolution for amalgamation received 99.9997% approval from Ambuja Cements' equity shareholders.
- The merger involves the transfer of all assets and liabilities of Penna Cement to Ambuja Cements.
- Cash consideration will be paid to the minority equity shareholders of Penna Cement Industries.
- The integration aims to eliminate duplicated efforts and streamline compliance requirements across the group.
Ambuja Cements Limited has announced the closure of its trading window for all designated persons and their immediate relatives starting April 1, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, preceding the announcement of audited financial results for the quarter and year ending March 31, 2026. The window will remain closed until 48 hours after the financial results are made public. The specific date for the board meeting to approve these results will be communicated at a later date.
- Trading window closure effective from April 1, 2026, for all securities of the company.
- Closure is related to the upcoming audited financial results for Q4 and the full year ended March 31, 2026.
- The window will reopen 48 hours after the official declaration of the financial results.
- The announcement follows SEBI (Prohibition of Insider Trading) Regulations, 2015 mandates.
Ambuja Cements has been assigned the highest possible ESG rating of 'Care EDGE – ESG 1+' by CARE ESG Ratings Limited. This rating signifies a leadership position in managing environmental, social, and governance risks. The assessment highlights the company's best-in-class disclosures, policies, and performance metrics. Such a high rating enhances the company's appeal to global institutional investors who prioritize ESG compliance.
- Assigned 'Care EDGE – ESG 1+' rating by CARE ESG Ratings Limited.
- Rating denotes a leadership position in ESG risk management.
- Recognized for best-in-class disclosures, policies, and performance.
- Disclosure made under Regulation 30 of SEBI Listing Regulations.
Ambuja Cements has announced that the merger of Sanghi Industries Limited into the company has become effective as of March 12, 2026. This follows the filing of the NCLT Ahmedabad Bench's sanction order with the Registrar of Companies. The appointed date for the scheme is retrospectively fixed as April 1, 2024. Shareholders of Sanghi Industries as of the record date, April 6, 2026, will be eligible for the allotment of Ambuja Cements' equity shares.
- Scheme of Arrangement between Sanghi Industries and Ambuja Cements became effective on March 12, 2026
- Record date for share allotment to Sanghi Industries shareholders is fixed for April 6, 2026
- The retrospective appointed date for the merger is April 1, 2024
- Sanghi Industries stands dissolved without winding up following the successful amalgamation
- Filing with the Registrar of Companies completed on March 12, 2026, satisfying all scheme conditions
Ambuja Cements has announced that the Scheme of Arrangement for the merger of Sanghi Industries into itself became effective on March 12, 2026. Following the filing of the NCLT order, Sanghi Industries stands dissolved and its operations are integrated with Ambuja Cements with a retrospective appointed date of April 1, 2024. The company has fixed April 6, 2026, as the record date to determine the eligibility of Sanghi shareholders for the issuance of new Ambuja Cements shares. This merger is a significant step in Ambuja Cements' expansion strategy to strengthen its market position in Western India.
- Scheme of Arrangement between Sanghi Industries and Ambuja Cements became effective on March 12, 2026
- Record Date for determining shareholders for share swap is fixed as Monday, April 6, 2026
- The Appointed Date for the merger is April 1, 2024, as per the sanctioned scheme
- Sanghi Industries stands dissolved without being wound up following the filing of the NCLT order
- New equity shares of Ambuja Cements will be issued to Sanghi shareholders as per the defined Swap Ratio
Ambuja Cements has announced that the Scheme of Arrangement for the merger of Sanghi Industries into itself has become effective as of March 12, 2026. The company has fixed April 6, 2026, as the record date to determine eligible shareholders of Sanghi Industries for the issuance of new Ambuja Cements shares. This merger, with a retrospective appointed date of April 1, 2024, results in the dissolution of Sanghi Industries without winding up. The consolidation is expected to strengthen Ambuja's market position and provide operational synergies within the Adani Group's cement portfolio.
- Scheme of Arrangement became effective on March 12, 2026, following NCLT and ROC filings
- Record Date fixed for April 6, 2026, to determine eligibility for the issuance of new equity shares
- Appointed Date for the merger is set at April 1, 2024
- Sanghi Industries stands dissolved without being wound up as a consequence of the merger
- New equity shares of Ambuja Cements will be issued to Sanghi shareholders as per the defined swap ratio
Ambuja Cements has announced its participation in two major international investor conferences in March 2026. The company will attend the Nomura India Corporate Day in Tokyo from March 16 to 18 and the Jefferies Asia Forum in Hong Kong on March 19. These physical meetings are scheduled between 09:30 a.m. and 06:00 p.m. local time at both locations. The discussions will focus on publicly available information regarding the company's operations and strategy, ensuring no unpublished price-sensitive information is shared.
- Participation in Nomura India Corporate Day in Tokyo from March 16 to March 18, 2026
- Attendance at the Jefferies Asia Forum 2026 in Hong Kong on March 19, 2026
- Meetings scheduled daily from 09:30 a.m. to 06:00 p.m. local time
- Interactions will be based strictly on publicly available information as per SEBI regulations
Ambuja Cements has issued a postal ballot notice to seek shareholder approval for material related party transactions (RPTs) for the financial year 2026-27. The transactions involve its subsidiaries, ACC Limited and Orient Cement Limited, and are expected to exceed standard regulatory thresholds. The e-voting period is scheduled from March 3, 2026, to April 1, 2026, with a cut-off date of February 27, 2026. This is a standard but critical compliance procedure to facilitate operational synergies within the Adani Group's cement business.
- Seeking shareholder approval for material RPTs with ACC Limited for FY 2026-27
- Seeking shareholder approval for material RPTs with Orient Cement Limited for FY 2026-27
- Remote e-voting period runs from 9:00 a.m. on March 3 to 5:00 p.m. on April 1, 2026
- Cut-off date for determining shareholder voting eligibility is February 27, 2026
- Transactions are stated to be conducted at arm's length and in the ordinary course of business
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.