Ambuja Cements Limited (AMBUJACEM) share price
₹391.85 on NSE as of 2026-09-11. -0.95% on the day. market cap ₹97,368 Cr. P/E 22.1. 52-week range ₹391.85 to ₹591.60. Construction Materials.
What the company does
Ambuja Cements is one of India's leading cement manufacturers. In January 2006, Holcim Ltd (Holcim) acquired 14.8% stake in Ambuja Cements. Following an open offer in April 2006, Holcim assumed management control of the company. Globally, Holcim and Lafarge SA announced their merger in April 2014. Completed in July 2015, the merged entity was named LafargeHolcim. Post the proposed restructuring between ACC and Ambuja Cements, effective from August 12, 2016, ACC became a subsidiary of Ambuja Cements. For the three months ended March 31, 2021, Ambuja Cement’s consolidated profit after tax (PAT) was Rs 1,228 crore on operating income of Rs 7,715 crore, compared with PAT of Rs 743 crore on operating income of Rs 6,250 crore for the corresponding period last year. For the three months through March 2021, Ambuja Cement reported standalone PAT of Rs 665 crore on operating income of Rs 3,621 crore, compared with PAT of Rs 399 crore on operating income of Rs 2,828 crore for the corresponding period last year.
Filed by CRISIL, page 3.
Ambuja Cements Q1 FY27: Volumes Down 14%, EBITDA Per Tonne Up 27%, And A Merger Meeting Set For September
At a glance
Ambuja Cements reported consolidated revenue of ₹9,500 Cr for the quarter ended June 2026, against ₹10,289 Cr a year earlier and ₹10,916 Cr in the March quarter. Operating profit came in at ₹1,589 Cr, above the ₹1,465 Cr of the preceding quarter but below the ₹1,961 Cr of June 2025. Net profit was ₹660 Cr, with EPS of ₹2.32.
Sales volume was 17.1 MnT, down 14% sequentially and 7% year-on-year. Management framed this as deliberate: trade share rose from 74% to 78%, premium products held at 34% of trade sales, and non-trade volumes were cut 21% YoY, including what Karan Adani described as curtailing "closer to a million" tonnes of low- and negative-EBITDA volume in the South. Capacity utilisation ran around 65%.
Cost per tonne fell ₹206 sequentially to ₹4,241 — a figure management confirmed is net of power and fly-ash sales. EBITDA per tonne moved from ₹735 to ₹931. Management attributes the quarter's cost pressure to higher imported fuel prices, elevated freight, and geopolitical developments in West Asia, and notes packaging costs rose 25–30%.
Elsewhere in the quarter: the NCLT directed a shareholder meeting on September 29, 2026 to consider the amalgamation of ACC into Ambuja, with a parallel meeting on September 28 for Orient Cement. CRISIL reaffirmed AAA/Stable and A1+ ratings in January. Cement capacity stood at 109 MTPA with a stated target of 119 MTPA by FY27-end.
Which raises the question of what a cement company looks like when it stops chasing tonnes.
Introduction
Ambuja Cements is among India's leading cement companies and a member of the Adani Group, which also owns ACC, Sanghi, Penna and Orient Cement. Adani Cement held a 16.6% market share as of Q2 FY26. Ambuja's product range runs from the base Ambuja Cement through premium lines — Ambuja Kawach, Ambuja Plus, Ambuja Compocem — while ACC contributes Gold and Silver range products including ACC Suraksha Power and Super Shaktimaan. Building materials extend to ready-mix concrete, aggregates, dry mortars, AAC blocks, wall putty and grinding aids.
The last two years have been mostly paperwork. Adani Cementation merged into Ambuja effective August 2025. Sanghi Industries became effective March 12, 2026, with an appointed date backdated to April 1, 2024. Penna Cement followed on April 10, 2026, appointed date August 16, 2024. Orient Cement was acquired in stages through 2025 — ₹3,791 Cr for 46.66% from promoters, then ₹2,112 Cr via open offer at ₹395.40 a share, reaching 72.66%.
Two more schemes are queued. The board approved the amalgamation of ACC and of Orient into Ambuja on December 22, 2025. BSE and NSE issued no-objection letters on June 4, 2026. The NCLT Ahmedabad bench, by order dated July 29, 2026, directed Ambuja to convene a shareholders' meeting on September 29, 2026 at 12:30 p.m. by video conference. ACC shareholders would receive 328 Ambuja shares of ₹2 for every 100 ACC shares of ₹10; Orient shareholders, 33 for every 100.
CRISIL, in its January 2026 rationale, notes the group had 107 MTPA installed as of September 2025, calls it the second-largest cement group in India, and states the schemes involve no cash consideration and are not expected to have a material adverse impact on the credit profile.
Business model
They grind limestone into powder, put it in a bag, and sell the bag. Everything interesting happens in the gap between those three steps.
The plant footprint: 24 integrated units, 22 grinding units, 119 ready-mix concrete plants, 10 bulk cement terminals, 11 captive ships, presence across 31 states and union territories and 665+ districts, moved through 1,25,000+ channel partners. That last number is the actual business. Cement is chemically identical from every plant in the country; what differs is whether the dealer in the district has your bag or someone else's.
Hence the obsession with "trade" versus "non-trade." Trade is the dealer channel — bags to homebuilders. Non-trade is bulk to institutional buyers who negotiate hard and pay less. This quarter trade went to 78% of sales and non-trade fell 21% YoY. The company voluntarily shrank the half of its business that argues about price.
Then there's the blend. Blended cement share reached 85%, with clinker factor down to 63.7% from 65.8% a year earlier. Clinker is the expensive part — the bit that requires a kiln at 1,450°C. Every percentage point of clinker replaced with fly ash is margin conjured out of a power plant's waste. The company reported fly ash sales of ₹15 Cr in Q1 against about ₹50 Cr in Q4, so it both buys and sells the stuff, depending on which end of the arithmetic it's standing on.
Power is the other lever. Renewable capacity stood at 973 MW, up roughly 500 MW YoY, with WHRS at 228 MW and a stated target of 1,122 MW RE and 376 MW WHRS. Power cost went from ₹5.90 to ₹4.90 per kWh. Green power share is 34% on a consumption basis; management notes that including units sold to the grid, the figure would be nearly 48%. Q1 green power sales were around ₹140 Cr on 45 crore units, against ₹70 Cr on 24 crore units in Q4 — which makes a cement company briefly, and slightly, an electricity company.
Management says self-consumption is the priority because grid power runs "7 to 8 rupees a unit," and describes the selling as transitional, held up by connectivity and policy "teething issues." Somewhere there is an engineer whose job is entirely about a wire.
Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Ambuja Cements Limited.
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