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Ambuja Cements Results: Latest Quarterly Results & Analysis

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Ambuja Cements Ltd. 03 Nov 2025 14:07 PM
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Q2FY26 Quarterly Result Announced for Ambuja Cements Ltd.

Cement & Cement Products company Ambuja Cements announced Q2FY26 results

Q2FY26 Financial Highlights:

  • Quarterly revenue at Rs 9,174 crore highest ever in Q2 series, up 21% YoY, volume growth ~5x industry average.
  • Q2 PMT EBITDA @ Rs 1,060 PMT, up 32% YoY, Rs 1,761 crore, up 58% YoY, Margin @ 19.2%, up 4.5 pp YoY.
  • EPS at Rs 7.2 for the quarter, up by 267% (an increase of Rs 5.2) YoY.
  • Net worth at Rs 69,493 crore, up by Rs 3,057 crore. during the quarter, continue to remain debt free, highest rating of croreisil AAA (Stable) / croreisil A1 .

Business Highlights:

  • FY28 target capacity upped by 15 MTPA from earlier 140 MTPA to now 155 MTPA. This incremental 15 MTPA capacity will be achieved by debottlenecking at a much lower capex of USD 48/ MT.
  • We are also installing 13 blenders at our plants over a period of 12 months which will optimize product mix and increase share of premium cement, thereby improving realisation.
  • In addition, Plant logistics infrastructure debottlenecking will help existing capacity (107 MTPA) utilisation up by 3% over 24 months.
  • Trial run has started for a 4 MTPA new kiln line at Bhatapara (Chhattisgarh).
  • 2 MTPA Krishnapatnam GU operationalised, additional 7 MTPA will be operational at other 3 locations in Q3.
  • Commissioned 200 MW solar power taking RE capacity to 673 MW, expected to reach 900 MW by the end of this year, and 1,122 MW by FY27.

Vinod Bahety, Whole Time Director & CEO, Ambuja Cements, said: “This quarter has been noteworthy for the cement industry. Despite the headwinds from prolonged monsoons, the sector will benefit from the tailwinds of several favourable developments including GST 2.0 reforms, the Carbon croreedit Trading Scheme (CCTS), and the withdrawal of coal cess. Our capacity expansion is well timed to capitalize on this positive momentum. We have upped our FY28 target capacity by 15 MTPA from earlier 140 MTPA to now 155 MTPA. This increase of 15 MTPA from debottlenecking initiatives will come at a much lower capex of USD 48/MT. In addition, debottlenecking of plant logistics infrastructure will help in improving existing capacity (107 MTPA) utilization by 3%. We are also installing 13 blenders at our plants over a period of 12 months which will optimize mix and increase share of premium cement, in turn improving realization. The leadership journey has resulted in a 5% lower cost of sales YoY, and enabled our existing assets to deliver a PMT EBITDA of ~Rs 1,189 PMT, and an overall EBITDA of Rs 1,060 PMT. Our outlook for the balance period of FY26 remains positive. We remain optimistic about delivering double digit revenue growth and four digits PMT EBITDA. Exit of FY26 we target to deliver total cost of Rs 4,000 PMT, and further 5% reduction YoY for the next two years, helping us to achieve the cost target of Rs 3,650 PMT by FY28.

Our Cement Intelligent Network Operations Centre (CiNOC) will enable a paradigm shift across business operations. AI will run deep into our enterprise fabric, bringing efficiency, productivity and deeper engagement with stakeholders across the value chain.”

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Cement & Cement Products company Ambuja Cements announced Q1FY26 results

  • Sales Volume: 18.4 million ton compared to 15.3 million ton during Q1FY25.
  • Revenue from Operations: Rs 10,289 crore compared to Rs 8,392 crore during Q1FY25.
  • EBITDA: Rs 1,961 crore compared to Rs 1,280 crore during Q1FY25.
  • EBITDA Margin: 19.1% for Q1FY26.
  • PBT: Rs 1,333 crore compared to Rs 1,094 crore during Q1FY25.
  • PAT: Rs 970 crore compared to Rs 783 crore during Q1FY25.
  • EPS: Rs 3.20 for Q1FY26.

Vinod Bahety, Whole Time Director & CEO, Ambuja Cements, said: “Our Q1 results are more than numbers - they reflect a vibrant mood, a transformation narrative rooted in speed, scale and sustainability. We are delivering with focus on value, business optimiser, solution focussed premium products, rejuvenated supply chain and superior brand pull across key markets aided by value unlocking from acquired assets. As we march towards 140 MTPA ecosystem by FY28, we remain focused on reimagining cement as a solutions-driven customer-centric business. It’s pertinent to highlight some of our new business drives like NirmAAAnotsav (in partnership with CREDAI), Gruhalaxmi, Dhanvarsha, Super Sunday program and others have been very well received across the business stakeholders. Further, integration of Orient assets has been completed ahead of time with good results from these assets. We have a good visibility to sustain this performance and well-positioned to lead the next phase of growth with a sustainable EBITDA of Rs 1,500 PMT.

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Cement & Cement Products company Ambuja Cements announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Revenue from Operations: Rs 9,889 crore compared to Rs 8,894 crore during Q4FY24.
  • EBITDA: Rs 1,868 crore compared to Rs 1,699 crore during Q4FY24.
  • EBITDA margin: 18.9% for Q4FY25.
  • Profit Before Tax: Rs 1,780 crore compared to Rs 1,595 crore during Q4FY24.
  • Profit After Tax: Rs 1,282 crore compared to Rs 1,521 crore during Q4FY24.

FY25 Financial Highlights:

  • Revenue from Operations: Rs 35,045 crore compared to Rs 33,160 crore during FY24.
  • EBITDA: Rs 5,971 crore compared to Rs 6,400 crore during FY24.
  • EBITDA margin: 17.0% for FY25.
  • Profit Before Tax: Rs 5,922 crore compared to Rs 5,896 crore during FY24.
  • Profit After Tax: Rs 5,158 crore compared to Rs 4,735 crore during FY24.

Vinod Bahety, Whole Time Director & CEO, Ambuja Cements, said: “This year marks a historic milestone in the journey of Ambuja Cements as we cross the 100 MTPA capacity. Additionally, we have ongoing organic expansions at various stages across the country, which will help us achieve 118 MTPA capacity by end of FY 2026, a significant step, bringing us closer to our goal of 140 MTPA by 2028. The 100 MTPA milestone is not just a number, it’s a mark of our ambition, resilience, and purpose. As India builds the foundation for a USD 10 Trillion economy, we are committed towards our role in building the nation’s infrastructure that empowers growth, connects communities, and supports a greener tomorrow. Driven by Purpose and Defined by Progress - ‘Hum Karke Dikhate Hain’.”

Result PDF

Cement & Cement Products company Ambuja Cements announced Q3FY25 results

  • Revenue from Operations: Rs 9,329 crore compared to Rs 8,129 crore during Q3FY24.
  • EBITDA: Rs 1,712 crore compared to Rs 1,732 crore during Q3FY24.
  • EBITDA Margin: 18.4% for Q3FY25.
  • PBT: Rs 2,336 crore compared to Rs 1,450 crore during Q3FY24.
  • PAT: Rs 2,620 crore compared to Rs 1,091 crore during Q3FY24.
  • EPS: Rs 8.59 for Q3FY25.

Ajay Kapur, Whole Time Director & CEO of Ambuja Cements, said “We are pleased to report a quarter of sustainable performance, aligned with our growth plan. With focus on innovation, digitisation, customer satisfaction, and ESG, our vision drives our expansion into new geographies. Our strategic acquisitions have significantly increased our capacity and market presence. This will be dove-tailed with our ongoing expansion projects, delivering exceptional value for our stakeholders and propelling us towards achieving over 104 MTPA capacity by Q4FY25 and 118 MTPA by FY26.

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Cement & Cement Products company Ambuja Cements announced Q2FY25 results

  • Highest revenue in Q2 series in the last 5 years at Rs 7,516 crore, driven by higher trade sales volume (up by 1%) and premium product as % of trade sales at 26% (up by 3.3 pp YoY).
  • Higher volume along with improved operational parameters resulted in growth in all business parameters
  • EBITDA PMT @ Rs 780, EBITDA Margin of 14.8%.
  • Net worth increased by Rs450 crore during the quarter and stands at Rs 59,916 crore, company remains debt free & continues to maintain Crisil AAA (stable) / Crisil A1 ratings.
  • The Cash & Cash Equivalent stands at Rs 10,135 crore enables accelerated growth in future.
  • For Ambuja (consolidated), business level working capital stands at 33 days, reflecting agility in unblocking the funds in inventory and receivables.

Ajay Kapur, Whole Time Director & CEO, Ambuja Cements, said: “We are glad to deliver another sustained performance aligned to our growth blueprint and setting new benchmarks in efficiency. We continue to focus on innovation, digitalisation, customer satisfaction and ESG as the core elements of our business. With our strong foothold across the nation, we are further expanding our footprint in new geographies in-line with our vision. Post successful completion of the orient cement transaction, we are well poised to achieve 100 MTPA capacity by this fiscal year end."

Result PDF

Cement & Cement Products company Ambuja Cements announced Q1FY25 results:

Financial Highlights: 

  • Higher Volume along with improved operational parameters resulted in growth in all business parameters.
  • EBITDA PMT at Rs 807, EBITDA Margin of 15.4%. 
  • Net worth increased by Rs 8,620 crore during quarter and stands at Rs 59,465 crore, company remains debt free & continues to maintain Crisil AAA (stable) / Crisil A1 ratings.
  • The Cash & Cash Equivalent stands at Rs 18,299 crore enables accelerated growth in future.
  • For Ambuja (consolidated) business level working capital stands at 30 days reflecting agility in unblocking the funds in inventory and receivables.

Operational Highlights: 

  • Group synergies continue to facilitate cost reduction journey, complemented by increasing footprint and capacities.
  • Green power share at 18.4%, will improve to ~31 % by FY’25 and 60% by FY’28, this will contribute to reduction in overall cost of power by 33%, giving booster to EBITDA. 
  • Higher linkage coal volume and improved coal volume from Gare Palma (captive coal mine), has contributed to 17% reduction in Kiln fuel cost (Consolidated) from Rs 2.08 to 1.73 per ’000 Kcal.
  • Integration of recently acquired Tuticorin GU and Penna Cement (under closing) will help to further improve market share, overall profitability and RoCE.

Ajay Kapur, Whole Time Director & CEO, Ambuja Cements, said, “We have delivered another sustainable performance and our focus on innovation, digitisation, customer satisfaction and ESG is at the heart of our success. Our persistent performance sets the tone for the rest of the financial year, as we expand our footprint and capacities across new geographies. Our continued improvement on cost brings visibility of achieving the targeted cost reduction of Rs 530 PMT by FY’28. With Penna transaction expected to be closed by Q2 FY’25, our capacity will go to 89 MTPA and well on track to achieve our 140 MTPA plan by FY’28.”

Result PDF

Cement & Cement Products company Ambuja Cements announced consolidated Q4FY24 & FY24 results:

Q4FY24 Financial Highlights:

  • Quarterly Operating EBITDA for Q4: Increased by 37% YoY to Rs 1,699 crore.
  • Q4 EBITDA PMT: Rs 1,026/t up by 17% YoY
  • Quarterly EPS (diluted): Rs. 4.79, up by Rs 1.71 YoY
  • Cash and Cash Equivalents: Reported a healthy balance of Rs 24,338 crore.
  • Sales Volume Growth: Q4 FY24 saw a 17.3% rise at 16.6 million tonnes
  • Reduction in Kiln Fuel Cost: Achieved a 17% reduction YoY in Q4
  • Power Consumption Efficiency: Waste Heat Recovery System (WHRS) usage increased to 13.5% in Q4

FY24 Financial Highlights:

  • Annualized Profit After Tax (PAT): Ambuja Cements reported a lifetime highest annualized PAT of Rs 4,738 crore, an increase of 119% YoY.
  • Operating EBITDA for FY24: Increased by 73% to Rs 6,400 crore.
  • Sales Volume Growth: FY24 sales volume grew by 8.1% at 59.2 million tonnes.
  • Reduction in Kiln Fuel Cost: 26% reduction over the entire FY24.
  • Power Consumption Efficiency: Waste Heat Recovery System (WHRS) usage increased to 12.4% for FY24.
  • Dividend: The company has recommended a dividend on equity shares at Rs 2.00 per share, maintaining consistency with the previous year on an annualized basis.

Ajay Kapur, Whole Time Director & CEO, Ambuja Cements, said, “Our impressive financial performance during the year is a testament to the resilience and adaptability of our business model. It mirrors the Indian economy, which has emerged as a bright spot amidst a challenging global economic scenario. We remain steadfast in delivering long-term value and sustainable growth as we soar towards doubling capacities, investment in efficiency improvement, green power, assured supplies of raw-material and fuel. We continue to play a vital role in the nation’s growth story. Our growth blueprint implemented in the previous year towards capacity-building through organic and inorganic way, operational efficiency, and decarbonisation measures are yielding excellent results. “Cost optimisation remains core part of our strategy”.

Result PDF

Ambuja Cements announced Q3FY24 results:

Financial Performance

  • Revenue: Increased to Rs 8,129 crore in Q3FY24 from Rs 7,907 crore in Q3FY23. 
  • Sales Volume: Grew by 3% to 14.1 million tonnes in Q3FY24.
  • Operating EBITDA: Increased by 70% to Rs 1,732 crore in Q3FY24.
  • Profit After Tax (PAT): Saw a rise of 123% to Rs 1,090 crore for the same period.
  • Earnings Per Share (EPS): Diluted EPS went up from Rs 2.02 in Q3FY23 to Rs 3.86 in Q3FY24
  • Cash & Cash Equivalents: Reported at Rs 8,591 crore, the highest in the industry.
  • Operating EBITDA Margin: Improved by 8.2 percentage points to 21.3% in Q3, the highest amongst its peer group.

Capacity Expansion

  • New Acquisitions: Completed the acquisition of Sanghi Industries (6.1 MTPA) and a 55% stake in Asian Concretes and Cements Pvt. Ltd. (2.8 MTPA).
  • Total Capacity: With new additions, capacity is at 77.4 MTPA, a 15% increase from the previous year.
  • Expansion Plans: Implementing 32 MTPA additional cement capacity; approved a further 12 MTPA expansion targeting 110 MTPA by FY 2028.

Cost Management

  • Kiln Fuel Cost: Reduced by 25% year-over-year.
  • Total Cost PMT: Decreased by Rs 491 on a consolidated basis, with additional savings expected from ongoing efficiency improvement projects.

Environmental Initiatives

  • Green Power Projects: With an investment of Rs 10,000 crore, these projects will contribute to 60% of green power for the expanded capacity, while reducing operating costs.

Outlook

  • Industry Growth Projections: Cement industry demand growth estimated between 7% and 8% due to investments in infrastructure and real estate.

Ajay Kapur, Whole Time Director & CEO, Ambuja Cements, said, "Our performance is a reflection of our resilience and focused efforts. Our pursuit of excellence continues to propel us towards setting new benchmarks in our steady growth. We remain steadfast in our mission to deliver value for all stakeholders by redefining the industry landscape.”

 

Result PDF

Ambuja Cements announced Q2FY24 & H1FY24 results:

  • Q2FY24:
    • Revenue grew by 4.1% at Rs 7,424 crore.
    • EBITDA stood at Rs 1,302 crore (up by Rs 975 crore), driven by operational excellence and cost-saving projects
    • EBITDA margin expanded by 12.9 pp from 4.6% to 17.5%.
    • Clinker & Cement sales volume growth of 2.3% YoY at 13.1 Mn T
    • Kiln Fuel cost reduced by 34%, (Rs 2.72/’000 kCal to Rs 1.79/’000 kCal) expected to further come down through mix and source optimisation
    • WHRS power mix has gone up by 11.2 pp to 15%
  • H1FY24:
    • Revenue grew by 6.4% at Rs 16,137 crore.
    • EBITDA up by Rs 1,531 crore, at Rs 2,969 crore.
    • EBITDA margin expanded by 8.9 pp from 9.5% to 18.4%.
    • Clinker & Cement sales volume growth of 5.9% YoY at 28.5 Mn T
    • Kiln Fuel cost reduced by 26% (Rs 2.59/’000 kCal to Rs 1.92/’000 kCal), expected to further come down through mix and source optimisation
    • WHRS power mix improved to 15%, Expected to reach 17 % by end of FY’24

Ajay Kapur, Whole Time Director & CEO, Ambuja Cements said, “Continuing our transformation journey, we are pleased to report a strong performance (standalone) in the second quarter of FY‘24, with a 8% increase in revenue, 147% increase in EBITDA at Rs 773 crore and 364% increase in PAT at Rs 644 crore compared to the previous year same quarter. Along with strong demand for our premium cement products, our business performance improved due to operational excellence, supply chain management and sales & marketing excellence, Adjacencies benefits with Group companies are lowering input costs which is boosting EBITDA & Margin growth.

Operational efficiencies helped in reduction in Kiln fuel cost from Rs 2.72/’000 kCal to Rs 1.79/’000 kCal & CPP fuel cost from Rs 2.27/’000 kCal to Rs 1.65/’000 kCal.

Logistics efficiencies has resulted in Direct dispatch up from 48% to 58%.

Our commitment to sustainability remains strong. We are consistently taking measures to benefit our communities and reduce our carbon footprint. These include diminishing energy intensity, implementing Waste Heat Recovery Systems, and augmenting renewable energy generation.

For the new facility of 4 MTPA at Bhatapara apart from Equipment which has been ordered, civil execution work has started. Expected completion by Q2 FY’26 For its corresponding Grinding unit at Sankrail and Farakka order has been placed on EPC vendor and piling work has also started. Expected completion of these units by Q3 FY’25.

For the new facility of 4 MTPA at Maratha LOI has been placed on EPC vendor, Site development and Pre project has also been started. EC and CTE approval are expected in this quarter. Expected completion by Q4 FY’26”

 

Result PDF

Ambuja Cements announced Q1FY24 results:

  • Net Revenue up 9% YoY at Rs 8,713 crore
  • Cost reduction by 7.1% YoY from Rs 4,923 PMT to Rs 4,575 PMT
  • EBITDA on YoY improved by 41% from Rs 888 PMT to Rs 1,253 PMT
  • PAT rose by 31% to Rs 1,135 crore as compared to Rs 865 crore in Q1FY23
  • Improvement in Cash & Cash equivalent, which stands at Rs 11,886 crore
  • Company continues to remain Debt Free

Ajay Kapur, Whole Time Director & CEO, Ambuja Cements said, “We are delighted to report a strong performance in the first quarter of FY24, with a 9% increase in revenue, 55% increase in EBITDA and 31% increase in PAT compared to the previous year same quarter. Along with the strong demand for our premium cement products, growth was fueled by our various competencies in operational excellence, supply chain management, and sales & marketing excellence. Our synergies with the Adani Group companies are lowering input costs, which is boosting EBITDA growth. Furthermore, our blueprint of improvements through Group synergies and CAPEX for efficiency and decarbonization whilst creating opportunities, will redefine the cement industry landscape.

We believe that growth can lead to goodness that inspires us and drives us. When it comes to choosing a path toward growth, we choose the sustainable one. We are proud to be recognized as "India's Most Trusted Cement Brand 2023" by TRA, among "India's Top 50 Most Sustainable Companies" Cross-Sector, and among “India's Top 3 Most Sustainable Cement Companies" by BW Businessworld, as we are dedicated to providing the best for every stakeholder. We have also won numerous awards and accolades for our outstanding work in sustainability, customer service, safety, work culture, and community service. We thank our customers, partners, employees, and shareholders for their trust and support.

We are transforming our surrounding communities and reducing our carbon footprint through strategic measures. These include lowering the clinker factor, diminishing energy intensity, implementing Waste Heat Recovery Systems, and augmenting renewable energy generation. Our long-term competitiveness remains robust, ensuring industry-leading profitability as we chase our ambitious growth goals. With a firm belief in our strategic approach, we are poised to continue our trajectory of outstanding performance as we are devoted to sustainable and responsible growth.”

 

 

Result PDF

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