Ultratech Cement Ltd.
NSE: ULTRACEMCO
Basic Materials · Building Materials
₹11,050.00 last close on 23 Oct 2026 +0.84%
Research updated
Ambuja Cements Ltd.
NSE: AMBUJACEMBasic MaterialsBuilding Materials
- Last close
- ₹358.90
- Day change
- −₹4.10 (−1.13%)vs
- Market cap
- ₹86,472 crIndian rupees
- Research updated
- 1 report
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About Ambuja Cements
Ambuja Cements Ltd. is a leading manufacturer of cement in India. The company plays a crucial role in the construction industry by providing high-quality cement products used in a vast array of building and infrastructure projects. Known for its sustainable and environmentally friendly manufacturing processes, Ambuja Cements Ltd. emphasizes the use of alternative fuels and raw materials to minimize its carbon footprint. It serves sectors such as residential and commercial construction, civil engineering, and large-scale infrastructure development. With an extensive distribution network across India and a strong focus on research and development, Ambuja Cements Ltd. ensures the durability and strength of its cement products, catering to the growing demand in a rapidly urbanizing nation. Its contribution to the construction industry not only supports infrastructural growth but also enhances economic development by providing job opportunities and fostering community engagement.
- Sector
- Basic Materials
- Industry
- Building Materials
- Listing
- NSE: AMBUJACEM
- Next results
- Chief executive
- Mr. Vinod Mohanlal Bahety
- Employees
- 3,883
- Headquarters
- Ahmedabad, India
- ISIN
- INE079A01024
- Website
- ambujacement.com
Public research · Report of
Business model & financial foundation
Ambuja Cements (NSE: AMBUJACEM), Cement and building materials: revenue of ₹40,656 crore in FY26 (+15.1% on FY25), an EBITDA margin of 16.1%, net profit of ₹4,728 crore and net cash of ₹901.5 crore.
- Revenue, FY26 (₹ crore)
- 40,656
- consolidated
- Revenue growth, FY26
- +15.1%
- on FY25
- EBITDA margin, FY26
- 16.1%
- EBITDA (Company-reported operating EBITDA excluding other income) / revenue
- Net profit, FY26 (₹ crore)
- 4,728
- to owners
- Return on equity, FY26
- 7.0%
- on average equity
- Net debt, FY26 (₹ crore)
- -901.5
- Net debt excluding leases less unrestricted treasury liquidity
- Market capitalisation (₹ crore)
- 97,094
- at the close of 13 Oct 2026
Company profile
Adani-controlled pan-India cement and ready-mix concrete group; consolidated accounts include ACC and Orient plus acquired Penna/Sanghi businesses. Chairman Gautam S. Adani; CEO and whole-time director Vinod Bahety; CFO Rohit Soni (Nov22 2025 onward); company secretary Manish Mistry. Auditor SRBC registration324982E/E300003, signing partner Santosh Agarwal, member093669; report datedMay4 2026. Identity and structure are from FY26 annual report, not assumed current ownership through October13 2026.
| Item | Value |
|---|---|
| Legal name | Ambuja Cements Limited |
| Exchange and ticker | NSE: AMBUJACEM; BSE: 500425 |
| ISIN | INE079A01024 |
| CIN | L26942GJ1981PLC004717 |
| Sector | Materials |
| Industry | Cement and building materials |
| Headquarters | Ahmedabad, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | S R B C & Co. LLP |
| Market capitalisation | ₹97,094 crore (13 Oct 2026) |
| Shares outstanding | 247.18 crore shares (FY26) |
| Price | ₹348.0 (close, 13 Oct 2026) |
| 52-week range | ₹341.0 - ₹588.8 (to 13 Oct 2026) |
| Website | https://www.ambujacement.com |
Corporate structure and shareholding
Parent: Xcent Trade and Investment Limited, Mauritius.
| Entity | Holding | Business |
|---|---|---|
| ACC Limited | 50.05% | Cement and ready-mix concrete; listed; effective March2026 interest |
| Orient Cement Limited | 72.66% | Cement; listed; acquired April22 2025; open offer completed June18 |
| Adani Cement Industries Limited | 100% | Cement; subsidiary from August1 2025 via Adani Cementation merger |
| M.G.T. Cements Private Limited | 100% | Cement |
| Chemical Limes Mundwa Private Limited | 100% | Cement |
| Ambuja Shipping Services Limited | 100% | Shipping/logistics |
| Foxworth Resources and Minerals Limited | 100% | Resources and minerals |
| LOTIS IFSC Private Limited | 100% | Aircraft leasing |
| Ambuja Concrete North Private Limited | 100% | Ready-mix concrete |
| Ambuja Concrete West Private Limited | 100% | Ready-mix concrete |
| OneIndia BSC Private Limited | 75.03% | Business services; effective interest, not direct50% |
| Pioneer Cement Industries Limited | 100% | Cement, UAE; formerly Penna subsidiary |
| Singha Cement (Private) Limited | 100% | Cement, Sri Lanka; formerly Penna subsidiary |
| Marwar Cement Limited | 100% | Cement; formerly Penna subsidiary |
| Bulk Cement Corporation (India) Limited | 47.37% | Cement; ACC subsidiary, effective group interest |
| ACC Mineral Resources Limited | 50.05% | Mining; ACC subsidiary |
| Lucky Minmat Limited | 50.05% | Minerals; ACC subsidiary |
| Singhania Minerals Private Limited | 50.05% | Minerals; ACC subsidiary |
| ACC Concrete South Limited | 50.05% | Ready-mix concrete; ACC subsidiary |
| ACC Concrete West Limited | 50.05% | Ready-mix concrete; ACC subsidiary |
| Asian Concretes and Cements Private Limited | 50.05% | Cement; ACC subsidiary |
| Asian Fine Cements Private Limited | 50.05% | Cement; ACC subsidiary |
Interests effective at FY26 AR reporting basis, includes mergers approved before audit signing. ACC has17 property subsidiaries omitted individually. Sanghi merged effectiveMarch12 2026, Penna April10 2026; no standalone holding then. AssociateAlcon20.02%; JVCounto50%, Aakaash20.02%; JOWardha27.27%, four coal JOs24.52%. ACC/Orient merger schemes pending at AR date. Parent chain includes Xcent-owned Harmonia/Endeavour and Endeavour-owned Holderind.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 67.68% | 67.68% | 67.33% | 67.33% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 5.80% | 5.87% | 5.63% | 5.66% |
| Domestic institutions | 19.85% | 20.07% | 19.65% | 19.35% |
| of which mutual funds | 8.15% | 8.92% | 9.12% | 8.92% |
| Retail | 4.75% | 4.51% | 4.93% | 5.08% |
| Other | 1.92% | 1.87% | 2.46% | 2.58% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Analyst support only. Information cut-off: 13 October 2026. Monetary tables below are INR crore unless separately labelled; EPS and values per share are INR/share; MT denotes million tonnes of cement sold and MTPA installed annual capacity. Estimates are explicitly E, actuals A. References [Sx] resolve to sources.jsonl; locators and publication dates are supplied alongside material evidence.
Ambuja is an Adani-controlled cement and ready-mix concrete (RMC) group, not simply the parent cement manufacturer. Consolidation includes ACC (50.05%) and Orient (72.66%) at March 2026, plus acquired Penna/Sanghi businesses and Adani Cementation/Adani Cement Industries. Parent is Xcent Trade and Investment Limited. Holdings and structure are FY26 annual-report observations, not assertions that every legal holding remains unchanged at the October cut-off. ACC/Orient shareholder approvals in September do not establish scheme effectiveness.
Regional delivered cement markets make distribution, freight lead, clinker availability, brand/trade mix and utilisation economically important. RMC is a separate operating segment with its own input and delivery economics; it must not be treated as cement tonnes. Segment results are not EBITDA. Annual segment-note PBT includes financing/other-income allocations and is not interchangeable with release segment results.
Thus model revenue includes cement/related products, RMC and separately presented grants, but excludes other income. There is no second grant addition to the segment bridge. FY26 external cement revenue is INR38,690.51 crore, after elimination. The cost model divides total group revenue/costs by cement-only volume: these are statistical blended yields and costs, NOT pure cement net selling prices or cement-only unit economics.
Historical coverage is deliberately FY24A–FY26A. No contiguous fiscal FY23 actual is available in the stored primary financials. Older vendor revenue has been removed from the model span to focus on the primary FY24–FY26 window; this is a modelling-span choice, not a retcon of the old vendor series or an assertion that FY22 becomes FY23. Acquisitions, final purchase-price allocation (PPA) and presentation regroupings mean this history is not constant-scope organic growth.
| Segment | revenue, FY26 (₹ crore) | Share | result, FY26 (₹ crore) | Share | assets, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Cement including intermediary and related products | 38,898 | 95.2% | 3,135 | 96.2% | 82,733 | 97.2% |
| Ready Mix Concrete | 1,965 | 4.8% | 122.4 | 3.8% | 2,365 | 2.8% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| UltraTech Cement (ULTRACEMCO) | Largest pan-India scale/expansion competitor; consolidated includes India Cements, which is not counted separately. S93,S108. |
| Shree Cement (SHREECEM) | Large efficient grey-cement producer; northern expansion/pricing and volume strategy comparator. S92,S108. |
| Dalmia Bharat (DALBHARAT) | Major eastern/southern cement expansion rival with blended/green mix; reported operating volume comparator. S92,S105. |
| JK Cement (JKCEMENT) | Northern/central grey-cement growth rival; white/overseas mix limits unadjusted per-tonne comparability. S92,S106. |
| Nuvoco Vistas Corporation (NUVOCO) | Eastern/northern cement regional competitor; debt/returns comparison. Issuer filings reader unavailable this run. S92,S108. |
| The Ramco Cements (RAMCOCEM) | Southern cement competitor relevant to Ambuja nontrade withdrawal; greenpower/capacity-ramp operating comparison. S92,S107. |
Financial databook
| Profit and loss (₹ crore) | FY21 | FY22 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue operations including separately shown grants | 33,160 | 35,336 | 40,656 | ||
| Cost of revenue (vendor classification) * | 4,755 | 5,081 | 7,072 | 6,527 | 9,110 |
| Other operating costs (vendor classification) * | 13,017 | 15,958 | 18,114 | 21,435 | 22,842 |
| EBITDA (vendor classification) * | 5,467 | 6,554 | 7,431 | 8,638 | 7,361 |
| Operating EBIT excluding other income and associates | 4,132 | 5,310 | 4,772 | 3,674 | 2,969 |
| Finance costs | 140.2 | 145.7 | 276.4 | 215.9 | 223.6 |
| Profit before tax | 3,992 | 5,164 | 5,896 | 6,104 | 3,299 |
| Total tax expense negative credit | 884.8 | 1,453 | 1,161 | 809.6 | -2,338 |
| PAT including NCI | 3,107 | 3,711 | 4,735 | 5,294 | 5,637 |
| Diluted EPS (₹) | 11.91 | 14.00 | 16.65 | 17.51 | 19.05 |
| Statutory revenue from operations excluding grants | 32,808 | 33,989 | 40,446 | ||
| Government grants duty credits refunds | 351.7 | 1,347 | 209.6 | ||
| Total income including other income | 34,326 | 37,991 | 41,490 | ||
| Materials traded purchases and inventory change | 5,526 | 6,527 | 6,743 | ||
| Employee benefit expense | 1,353 | 1,403 | 1,603 | ||
| Power fuel freight and net other operating costs | 19,881 | 21,435 | 25,772 | ||
| Company-reported operating EBITDA excluding other income | 6,400 | 5,971 | 6,539 | ||
| Other income | 1,166 | 2,654 | 834.3 | ||
| Depreciation amortisation net | 1,628 | 2,297 | 3,570 | ||
| Exceptional signed profit contribution | 211.6 | -21.5 | -300.5 | ||
| Share of JV and associate profits net tax | 22.9 | 13.2 | 20.1 | ||
| Profit to non-controlling interests | 1,161 | 991.0 | 908.9 | ||
| PAT attributable to parent owners | 3,573 | 4,303 | 4,728 | ||
| Cost of materials consumed | 4,901 | 5,708 | 6,512 | ||
| Purchases of stock in trade | 576.8 | 763.7 | 609.3 | ||
| Signed expense changes in inventories | 47.8 | 55.7 | -378.3 | ||
| Power and fuel expense | 8,086 | 8,348 | 10,024 | ||
| Freight and forwarding | 8,001 | 8,301 | 9,497 | ||
| Other expenses gross before captive cement consumption | 3,810 | 4,807 | 6,263 | ||
| Captive cement consumption expense offset | -14.4 | -20.9 | -12.8 | ||
| Current tax net | 1,260 | 1,275 | 151.4 | ||
| Tax writeback earlier periods net | -266.9 | -769.9 | -1,625 | ||
| Deferred tax credit or expense | 168.3 | 304.9 | -864.6 | ||
| Unrounded statutory operating EBITDA including grants | 6,400 | 5,971 | 6,539 | ||
| Profit before JV associate exceptionals and tax | 5,662 | 6,112 | 3,579 | ||
| Company chart EBITDA including other income | 7,566 | 8,625 | 7,373 | ||
| Reported effective tax rate (fraction) | 0.20 | 0.13 | -0.71 | ||
| Reported NCI share of total PAT (fraction) | 0.25 | 0.19 | 0.16 | ||
| Implied diluted EPS share denominator (crore shares) | 214.62 | 245.75 | 248.20 |
| Balance sheet (₹ crore) | FY21 | FY22 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity including NCI | 29,098 | 32,499 | 50,843 | 63,947 | 71,846 |
| Total debt including leases | 470.6 | 476.6 | 699.0 | 788.5 | 865.9 |
| Cash equivalents incl liquid mutual funds | 8,572 | 11,358 | 3,007 | 5,043 | 891.6 |
| Net trade receivables | 561.1 | 619.1 | 1,190 | 1,590 | 1,868 |
| Inventories | 1,649 | 2,738 | 3,609 | 4,248 | 4,552 |
| Trade payables including MSME | 2,213 | 2,913 | 2,964 | 2,995 | 4,185 |
| Property plant and equipment | 76.9 | 92.5 | 19,987 | 25,049 | 33,801 |
| Capital work in progress | 2,422 | 2,168 | 2,658 | 9,793 | 9,085 |
| Total assets | 39,721 | 45,205 | 65,104 | 81,106 | 89,607 |
| Right of use assets | 758.3 | 1,465 | 1,483 | ||
| Goodwill | 8,803 | 10,943 | 13,546 | ||
| Other intangible assets | 2,647 | 5,309 | 9,433 | ||
| Intangible assets under development | 0.00 | 65.3 | 36.2 | ||
| Investments in associates and joint ventures | 62.3 | 60.4 | 73.6 | ||
| Non-current strategic investments | 27.6 | 29.0 | 39.6 | ||
| Non-current loans | 11.6 | 4.95 | 5.04 | ||
| Other non-current financial assets | 2,031 | 3,996 | 3,769 | ||
| Non-current tax assets net | 1,250 | 1,748 | 1,535 | ||
| Deferred tax assets net | 36.9 | 4.37 | 32.7 | ||
| Other non-current assets | 2,843 | 3,196 | 3,052 | ||
| Total non-current assets | 41,116 | 61,664 | 75,891 | ||
| Current liquidity government securities | 758.7 | 1,822 | 0.00 | ||
| Other bank balances including restricted | 7,356 | 1,129 | 67.0 | ||
| Current loans | 6.24 | 7.70 | 10.0 | ||
| Other current financial assets | 5,262 | 1,888 | 1,794 | ||
| Current tax assets net | 0.00 | 16.2 | 0.00 | ||
| Other current assets | 2,778 | 3,691 | 4,532 | ||
| Total current assets | 23,966 | 19,436 | 13,716 | ||
| Non-current assets held for sale | 21.9 | 6.77 | 0.00 | ||
| Paid up equity share capital | 439.5 | 492.6 | 494.4 | ||
| Other equity | 38,232 | 53,086 | 58,853 | ||
| Money received against share warrants | 2,780 | 0.00 | 0.00 | ||
| Equity attributable to parent owners | 41,452 | 53,579 | 59,347 | ||
| Non-controlling interest equity | 9,391 | 10,368 | 12,499 | ||
| Non-current borrowings excluding leases | 18.9 | 14.4 | 44.8 | ||
| Current borrowings and current maturities | 17.9 | 12.4 | 7.99 | ||
| Non-current lease liabilities | 499.1 | 457.5 | 621.6 | ||
| Current lease liabilities | 163.2 | 304.1 | 191.5 | ||
| Total non-current liabilities | 2,132 | 3,314 | 4,664 | ||
| Total current liabilities | 12,129 | 13,845 | 13,096 | ||
| Other non-current financial liabilities | 0.00 | 0.00 | 142.4 | ||
| Non-current provisions | 256.0 | 254.1 | 236.5 | ||
| Deferred tax liabilities net | 1,358 | 2,433 | 3,466 | ||
| Other non-current liabilities | 0.00 | 155.2 | 152.5 | ||
| Other current financial liabilities | 2,546 | 4,936 | 5,395 | ||
| Other current liabilities | 3,740 | 2,822 | 2,495 | ||
| Current provisions | 43.0 | 55.1 | 259.0 | ||
| Current tax liabilities net | 2,655 | 2,721 | 563.0 | ||
| Total liabilities | 14,261 | 17,159 | 17,760 | ||
| Net debt excluding leases less unrestricted treasury liquidity | -14,936 | -7,994 | -901.5 |
| Cash flow (₹ crore) | FY21 | FY22 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities after cash tax | 4,564 | 4,137 | 5,646 | 2,237 | 5,362 |
| Free cash flow (vendor definition) * | 3,099 | 2,975 | 1,163 | -6,450 | -982.8 |
| Dividends paid to parent shareholders signed outflow | -3,665 | -202.1 | -496.4 | -492.6 | -491.8 |
| PPE intangibles CWIP advances purchases signed outflow | -1,725 | -2,296 | -4,482 | -8,687 | -6,344 |
| Operating profit before working capital changes | 6,367 | 6,019 | 6,927 | ||
| Net working capital change | 194.1 | -3,401 | -1,848 | ||
| Working capital inventories change | -228.3 | -512.9 | -9.26 | ||
| Working capital trade receivables change | 24.4 | -382.3 | -21.4 | ||
| Working capital other financial assets change | -475.0 | -305.0 | 90.2 | ||
| Working capital other assets change | 1,450 | -995.1 | -1,335 | ||
| Working capital trade payables change | 103.0 | -576.3 | 665.0 | ||
| Working capital provisions change | 45.8 | -70.0 | -28.9 | ||
| Working capital other financial liabilities change | -62.3 | -506.4 | -301.4 | ||
| Working capital other liabilities change | -663.7 | -53.1 | -906.6 | ||
| Cash generated from operations before cash tax | 6,561 | 2,618 | 5,079 | ||
| Income taxes refund or paid net | -915.6 | -380.2 | 282.2 | ||
| Proceeds from PPE and intangible sale | 521.3 | 95.6 | 388.6 | ||
| Acquisition equity payments signed outflow | -2,354 | -3,898 | -6,621 | ||
| Acquisition business unit signed outflow | 0.00 | -413.8 | 0.00 | ||
| Investment in acquired companies OCDs signed outflow | 0.00 | -3,910 | 0.00 | ||
| Government securities redemption or investment net | -751.3 | -1,042 | 1,825 | ||
| Bank margin deposit redemption or investment net | -927.2 | 9,142 | 2,377 | ||
| Proceeds sale mutual funds net | 53.5 | 116.7 | 67.2 | ||
| Interest received | 1,004 | 981.6 | 326.0 | ||
| Dividends received associate and JV | 26.0 | 15.1 | 6.89 | ||
| Net investing cash flow | -8,950 | -7,531 | -7,935 | ||
| Proceeds government loans | 0.00 | 9.72 | 8.39 | ||
| Borrowings repayment signed outflow | -24.1 | -1,181 | -657.4 | ||
| Lease principal repayment signed outflow | -129.3 | -837.2 | -263.1 | ||
| Finance cost including leases signed outflow | -234.1 | -175.8 | -152.3 | ||
| Cash received share warrants | 6,661 | 8,339 | 0.00 | ||
| NCI dividends signed outflow | -88.4 | -70.4 | -73.2 | ||
| Net financing cash flow | 5,689 | 5,592 | -1,629 | ||
| Net change cash equivalents | 2,384 | 298.3 | -4,203 | ||
| Opening cash equivalents | 543.9 | 3,007 | 5,043 | ||
| Cash equivalents acquired entities | 69.7 | 1,736 | 51.3 | ||
| Closing cash equivalents | 3,007 | 5,043 | 891.6 | ||
| Operating cash less reported PPE/intangibles purchases | 1,163 | -6,450 | -982.8 | ||
| Fair value adjustment cash equivalents closing | -9.40 | -2.42 | 0.00 | ||
| Sanghi seller indemnity receipts | 0.00 | 0.00 | 40.0 |
| Other reported lines (₹ crore) | FY21 | FY22 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Period-end issued ordinary equity shares | 198.56 | 198.56 | 219.77 | 246.31 | 247.18 |
| Weighted-average diluted shares | n.r. | 245.76 | 248.22 | ||
| Company net debt excludes leases and other liquidity | -2,970 | -5,017 | -838.8 | ||
| Non-current unrestricted bank deposits | 41.8 | 62.8 | 47.7 | ||
| Fixed deposits in bank balances other than cash | 7,306 | 1,082 | 15.5 | ||
| Restricted component of other bank fixed deposits | 143.7 | 0.00 | 2.35 | ||
| Bank deposits within other current financial assets | 4,036 | 25.3 | 16.9 | ||
| Restricted bank deposits other current financial assets | 33.4 | 15.0 | 15.0 | ||
| Non-current restricted margin deposits | 878.7 | 2,089 | 797.9 | ||
| Earmarked bank balances unavailable for use | 49.4 | 46.4 | 51.5 | ||
| Liquid mutual funds already included in cash | 2,242 | 2,795 | 56.0 | ||
| Company normalised operating EBITDA supplementary | 6,400 | 5,006 | 6,539 | ||
| Cash securities and unrestricted bank deposits | 14,973 | 8,021 | 954.3 | ||
| Net debt including leases less unrestricted treasury | -14,274 | -7,233 | -88.4 | ||
| Loan borrowings excluding leases | 36.8 | 26.8 | 52.8 | ||
| Acceptances under letters of credit other financial liabilities | n.r. | 966.2 | 2,117 | ||
| Capital expenditure creditors other financial liabilities | n.r. | 2,390 | 3,793 | ||
| Dealer deposits repayable on demand | n.r. | 1,308 | 1,375 | ||
| Prior-period current tax component Note33 | n.r. | -769.9 | -2,039 | ||
| Prior-period deferred tax component Note33 | n.r. | 0.00 | 414.3 | ||
| Gross cement-segment revenue per net cement tonne (INR per t) | 5,512 | 5,365 | 5,278 | ||
| Annual external cement-segment revenue per cement tonne (INR per t) | 5,346 | 5,250 | |||
| Closing trade receivable days | 13 | 16 | 17 | ||
| Closing inventory days on statutory COGS | 238 | 238 | 246 | ||
| Closing trade payable days on statutory COGS | 196 | 167 | 227 | ||
| FY24-FY26 aggregate CFO / total PAT including NCI (fraction) | 0.85 | ||||
| Receivables YoY growth less all-in revenue YoY growth (fraction) | n.r. | 0.27 | 0.02 | ||
| Selected external promoter operating RPT / revenue lower bound (fraction) | n.r. | 0.09 | 0.10 | ||
| Contingent liabilities / total consolidated net worth (fraction) | 0.14 | 0.11 | 0.09 | ||
| CCI contingencies including interest / total net worth (fraction) | n.r. | 0.07 | 0.07 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Operating revenue incl government grants | 7,552 | 9,411 | 9,981 | 10,289 | 9,175 | 10,277 | 10,915 | 9,500 |
| Cost of revenue (vendor classification) * | 1,422 | 1,805 | 1,827 | 1,524 | 1,905 | 2,005 | 1,389 | |
| Other operating costs (vendor classification) * | 4,670 | 5,512 | 5,931 | 6,386 | 6,635 | 7,052 | 6,135 | |
| EBITDA (vendor classification) * | 1,488 | 3,067 | 2,445 | 2,221 | 1,446 | 1,704 | 1,763 | |
| Operating EBIT excluding other income and associates | 591.0 | 1,105 | 1,174 | 1,194 | 921.3 | 442.0 | 411.2 | 755.0 |
| Finance costs | 66.9 | 67.0 | 14.3 | 67.0 | 77.0 | 58.9 | 20.8 | 57.0 |
| Statutory PBT including associates and exceptions | 744.2 | 2,393 | 1,872 | 1,427 | 883.2 | 460.4 | 528.1 | 848.0 |
| Total tax expense/(credit) | 247.7 | -269.6 | 520.6 | 386.0 | -1,453 | 57.5 | -1,329 | 188.0 |
| Total PAT including non-controlling share | 496.5 | 2,663 | 1,351 | 1,041 | 2,336 | 402.9 | 1,857 | 660.0 |
| Diluted EPS attributable to owners (₹) | 1.95 | 8.86 | n.r. | 3.53 | 7.15 | 0.97 | 7.37 | 2.32 |
| Materials + traded purchases + signed inventory change | 1,422 | 1,805 | 1,827 | 1,524 | 1,309 | 1,905 | 2,005 | 1,389 |
| Employee benefits expense | 348.6 | 382.3 | 355.5 | 418.0 | 404.9 | 383.9 | 395.9 | 387.0 |
| Power + freight + statutory other expenses | 4,670 | 5,512 | 5,931 | 6,386 | 5,700 | 6,635 | 7,051 | 6,135 |
| Company-reported operating EBITDA | 1,111 | 1,712 | 1,868 | 1,961 | 1,761 | 1,353 | 1,464 | 1,589 |
| Other income excluded from operating EBITDA | 374.0 | 1,352 | 573.3 | 256.0 | 257.1 | 87.3 | 233.9 | 169.0 |
| Depreciation and amortisation | 520.5 | 606.7 | 693.9 | 767.0 | 839.7 | 911.0 | 1,053 | 834.0 |
| Exceptional signed gains/(expenses) | -156.2 | 0.00 | 134.7 | 40.0 | -222.8 | -15.2 | -102.5 | -24.0 |
| Share of profit of associates and joint ventures net tax | 2.22 | 2.95 | 4.66 | 4.00 | 4.55 | 5.13 | 6.37 | 5.00 |
| PAT attributable to non-controlling interests | 16.9 | 504.8 | 326.0 | 172.0 | 546.4 | 163.3 | 27.3 | 83.0 |
| PAT attributable to owners of parent | 479.5 | 2,158 | 1,025 | 869.0 | 1,789 | 239.6 | 1,830 | 577.0 |
| Statutory revenue from operations excluding grants | 7,305 | 8,498 | 9,894 | 10,244 | 9,130 | 10,181 | 10,892 | 9,474 |
| Government grants including duty credits/refunds | 247.7 | 913.3 | 86.1 | 45.0 | 44.7 | 96.1 | 23.8 | 26.0 |
| Total income including other income | 7,926 | 10,764 | 10,554 | 10,545 | 9,432 | 10,364 | 11,149 | 9,669 |
| Cost of materials consumed | 1,279 | 1,431 | 1,578 | 1,536 | 1,607 | 1,742 | 1,627 | 1,526 |
| Purchases of stock in trade | 138.3 | 229.1 | 114.0 | 117.0 | 81.9 | 247.6 | 162.8 | 75.0 |
| Signed expense changes in inventories | 4.94 | 144.9 | 134.7 | -129.0 | -380.4 | -84.2 | 215.3 | -212.0 |
| Power and fuel | 1,815 | 2,062 | 2,299 | 2,513 | 2,280 | 2,609 | 2,622 | 2,389 |
| Freight and forwarding | 1,825 | 2,044 | 2,336 | 2,423 | 2,063 | 2,363 | 2,649 | 2,258 |
| Statutory other expenses net captive consumption | 1,030 | 1,406 | 1,296 | 1,450 | 1,357 | 1,664 | 1,780 | 1,488 |
| Current tax excluding earlier-period adjustment | 143.0 | 502.7 | 320.3 | 373.0 | 241.4 | 140.6 | -603.6 | 91.0 |
| Earlier-period tax adjustments signed expense | 0.00 | -805.0 | 35.1 | -26.0 | -1,710 | -102.6 | 213.3 | -16.0 |
| Deferred tax per P&L presentation | 104.8 | 32.7 | 165.2 | 39.0 | 16.0 | 19.5 | -939.0 | 113.0 |
| Unrounded statutory operating EBITDA including grants | 1,111 | 1,712 | 1,868 | 1,961 | 1,761 | 1,353 | 1,464 | 1,589 |
| Reported effective tax rate (fraction) | 0.33 | -0.11 | 0.28 | 0.27 | -1.64 | 0.12 | -2.52 | 0.22 |
| Reported NCI share of total PAT (fraction) | 0.03 | 0.19 | 0.24 | 0.17 | 0.23 | 0.41 | 0.01 | 0.13 |
| Implied diluted EPS share denominator (crore shares) | 245.91 | 243.59 | 246.31 | 246.18 | 250.27 | 247.02 | 248.32 | 248.71 |
| Profit before JV associate exceptionals and tax | 1,383 | 1,101 | 470.5 | 624.3 |
Consolidated, restated. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY21 | FY22 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 6.6% | 15.1% | |||
| EBITDA margin | 19.3% | 16.9% | 16.1% | ||
| Net margin | 10.8% | 12.2% | 11.6% | ||
| Return on equity | 7.0% | 7.5% | 7.0% | ||
| Return on capital employed | 13.9% | 17.0% | 9.3% | 6.3% | 4.3% |
| Return on assets | 5.5% | 5.9% | 5.5% | ||
| Net debt (₹ crore) | -14,936 | -7,994 | -901.5 | ||
| Net debt / EBITDA | -2.33x | -1.34x | -0.14x | ||
| Interest cover | 29.5x | 36.5x | 17.3x | 17.0x | 13.3x |
| Asset turnover | 0.51x | 0.48x | 0.48x | ||
| Receivable days | 13 | 16 | 17 | ||
| Inventory days (on revenue) | 40 | 44 | 41 | ||
| Payable days (on revenue) | 33 | 31 | 38 | ||
| Cash conversion | 1.58x | 0.52x | 1.13x | ||
| Capex intensity | 13.5% | 24.6% | 15.6% | ||
| Free cash flow (₹ crore) | 2,838 | 1,841 | 1,163 | -6,450 | -982.8 |
| Dividend payout | 13.9% | 11.4% | 10.4% | ||
| EPS, diluted (₹) | 11.91 | 14.00 | 16.65 | 17.51 | 19.05 |
| Book value per share (₹) | 146.5 | 163.7 | 231.3 | 259.6 | 290.7 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Company-reported operating EBITDA excluding other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt excluding leases less unrestricted treasury liquidity; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Company-reported operating EBITDA excluding other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 13 Oct 2026); market data at the close of 13 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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Report history
Reports on Ambuja Cements
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