Ambuja Cements announced its financial results for the quarter ended September 30, 2026 (Q2 FY27). The company reported cement sales volumes of 16.5 MnT, with trade volumes up 8.6% YoY and a strengthened premium product mix at 37% of trade sales. Revenue from operations stood at Rs 9,197 Cr, with operating EBITDA at Rs 1,271 Cr. Key business updates include the commissioning of 4.6 MTPA new capacity and progress on the amalgamation with ACC and Orient Cement.
Ambuja Cements Reports Q2 FY27 Financial Highlights
Ambuja Cements Limited, a key player in the Adani Portfolio, has released its financial results for the second quarter and half-year ended September 30, 2026. The company demonstrated resilience, strengthening its trade and premium product mix amidst seasonal and external headwinds.
Consolidated Financial Performance (Q2 FY27)
- Cement Sales Volume: 16.5 MnT, a significant performance with trade volumes increasing by 8.6% YoY and trade share rising to 74%.
- Premium Products: Constituted 37% of trade sales, a rise of 2 pp YoY.
- Revenue from Operations: Reported at Rs 9,197 Cr.
- Operating EBITDA: Stood at Rs 1,271 Cr, with an EBITDA margin of 13.8% and EBITDA per tonne at Rs 770.
Business Updates and Capacity Expansion
The company reported significant progress in its capacity expansion initiatives:
- Commissioned in Q2 (4.6 MTPA): Includes Dahej (1.2 MTPA), Salai Banwa (2.4 MTPA), and Kalamboli (1.0 MTPA).
- Stabilised & Ramping Up in H2 (3.2 MTPA): Bathinda (1.2 MTPA) and Jodhpur Penna (2 MTPA).
- Expected Commissioning in H2 (2.4 MTPA): Warisaliganj (2.4 MTPA) is also noted.
One Cement Platform Progress
Shareholders have approved the proposed amalgamations of ACC Limited and Orient Cement Limited with Ambuja Cements. This strategic move aims to advance the ‘One Cement Platform’ and is expected to be completed in FY’27, subject to requisite approvals. The merger is anticipated to be EPS accretive.
Operational Efficiency and Cost Management
Mr. Vinod Bahety, Whole-time Director and CEO, highlighted the company’s focus on quality growth, disciplined execution, and cost management. Ambuja Cements continues to leverage manufacturing excellence, energy efficiency, and digitalization. The company is on track to achieve its cost target of Rs 4,250 per tonne by FY’27. Elevated fuel and logistics costs, driven by higher petcoke, coal, and diesel prices, impacted margins, but Ambuja prioritised market discipline and an improved product mix.
Industry Outlook
The industry faces challenging near-term conditions due to geopolitical conflicts and global uncertainty. However, structural demand remains robust, supported by infrastructure spending, urbanisation, and industrial activity. Ambuja Cements is well-positioned for sustainable, value-led growth through its focus on operational efficiency and the One Cement Platform initiative.
Key Operational Metrics (YoY Comparison)
| Particulars | Q2 FY’27 | Q1 FY’27 | Q2 FY’26 |
| Kiln Fuel Cost | Rs 1.87/’000 kCal | Rs 1.66/’000 kCal | Rs 1.60/’000 kCal |
| Power Cost (Net) | Rs 4.8/kWh | Rs 4.3/ kWh | Rs 6.0/kWh |
| Green Power share | 61% | 48% | 41% |
| Primary Lead | 254 kms | 249 Kms | 265 kms |
| Direct Dispatch (%) | 57% | 58% | 59% |
| Premium Products (% of trade sales) | 37% | 34% | 35% |
Consolidated Financial Performance Details
| Particulars | UoM | Q2 FY’27 | Q1 FY’27 | Q2 FY’26 | H1 FY’27 | H1 FY’26 |
| Sales Volume (Cement) | Mn T | 16.5 | 17.1 | 16.6 | 33.6 | 35.0 |
| Revenue from Operations | Rs. Cr | 9,197 | 9,500 | 9,175 | 18,697 | 19,464 |
| Operating EBITDA & Margin | Rs. Cr | 1,271 | 1,589 | 1,762 | 2,860 | 3,722 |
| % | 13.8% | 16.7% | 19.2% | 15.3% | 19.1% | |
| Rs. PMT | 770 | 931 | 1,061 | 852 | 1,064 | |
| Profit After Tax² | Rs. Cr | 236 | 660 | 2,336¹ | 896 | 3,377¹ |
| EPS – Diluted | Rs. | 0.78 | 2.32 | 7.18 | 3.08 | 10.72 |
Notes: 1. Includes income tax provision reversal of Rs 1,697 Cr. 2. Normalized to reported bridge for Profit after tax provided in investor deck.
Balance Sheet Strength
- The company maintains a debt-free balance sheet with a net worth of Rs 72,238 Cr and cash & cash equivalents of Rs 1,070 Cr.
- It holds the highest AAA / A1+ credit ratings from CRISIL, CARE, IndiaRatings & ICRA.
Source: BSE
