New Delhi: Ambuja Cements Limited, part of the diversified Adani Portfolio and the world’s 9th largest building materials solutions company, delivered a sustainable performance for the quarter and financial year ended 31st March 2026.
Vinod Bahety, Whole Time Director and CEO, Ambuja Cements Limited, said, “FY 26 has been year of resilience for the Cement sector which has witnessed consolidation, GST 2.0 reforms on one side, while adverse weather conditions, global geo-political factors and state elections affected some or the other way. Against this backdrop, Ambuja Cements delivered a resilient performance for the year with highest ever annual volume of 73.7 MnT, revenue of Rs 40,656 Cr, EBITDA at Rs 6,539 Cr (Rs 887 PMT) and normalised PAT of Rs 2,647 Cr. For Q4 FY 26, we have sustained the performance at volume of 19.9 MnT, revenue of Rs 10,915 Cr & EBITDA at Rs 1,464 Cr.
Volumes grew well ahead of the industry, followed by improved realisations driven by a higher share of trade & premium products, and better utilisation of the existing assets.
FY26 marked a transition from expansion to consolidation with significant progress on ‘One cement platform’ wherein Sanghi and Penna merged successfully with Ambuja. We remain focused on stabilising new capacities, strengthening operating efficiency and improving asset utilisation, supported by a debt‑free balance sheet, strong liquidity and the highest credit ratings.
While India’s long-term infrastructure growth story remains fundamentally strong, the outlook for FY’27 growth remains soft due to current geopolitical challenges and early forecast of below normal monsoon. We expect industry demand at ~ 5% for FY 27.”
Operational Performance:
Cost:
|
Particulars (YoY)
|
Q4 FY26
|
FY26
|
|
Kiln Fuel Cost
|
Rs 1.61/’000 kCal1
(Q4FY’25 – Rs 1.58/’000 kCal)
|
Rs 1.61/’000 kCal
(FY’25 – Rs 1.66/’000 kCal)
|
|
Power Cost
|
Rs 5.9/ kWh
(Q4FY’25 – Rs 5.9/kWh)
|
Rs 6.1/ kWh
(FY’25 – Rs 6.2/kWh)
|
|
Green Power share
|
32%
(Q4FY’25 – 26%)
|
31%
(FY’25 – 21%)
|
|
Primary Lead
|
262 kms
(Q4FY’25 – 263 kms)
|
261 kms
(FY’25 – 265 kms)
|
|
Direct Dispatch (%)
|
61%
(Q4FY’25 – 61%)
|
61%
(FY’25 – 58%)
|
|
Premium Products (% of trade sales)
|
36%
(Q4FY’25 – 32%)
|
35%
(FY’25 – 31%)
|
-
Higher fuel cost in Q4FY’26 because of the prevailing energy situation arising from geopolitical events.
Balance Sheet Strength:
-
Debt‑free balance sheet with net worth of Rs 71,846 Cr and cash & cash equivalents of Rs 1,770 Cr.
-
AAA / A1+ credit ratings from CRISIL and CARE. Healthy cash flows to sustain the Capex program.
Consolidated Financial Performance:
|
Particulars
|
UoM
|
Q4
FY26
|
Q4
FY25
|
FY26
|
FY25
|
|
Sales Volume (Cement)
|
Mn T
|
19.9
|
18.2
|
73.7
|
63.5
|
|
Revenue from Operations
|
Rs. Cr
|
10,915
|
9,981
|
40,656
|
35,3361
|
|
Operating EBITDA & Margin
|
Rs. Cr
|
1,464
|
1,868
|
6,539
|
5,9711
|
|
%
|
13.4%
|
18.7%
|
16.1%
|
16.9%1
|
|
|
Rs. PMT
|
735
|
1,028
|
887
|
9401
|
|
|
PAT 2 (Normalised)
|
Rs. Cr
|
569
|
856
|
2,647
|
2,255
|
|
EPS – Diluted
|
Rs.
|
7.4
|
4.2
|
19.0
|
17.5
|
-
Including one-time income, Excise Duty refund (Gagal and Darlaghat plant) of Rs 826 Cr and GST incentive of Rs 138 Cr in FY’25. Excluding this, the Normalised EBITDA for FY’25 is Rs 5,006 Cr with Margin 14.6% (EBITDA of Rs 789 PMT) vs Normalised EBITDA of FY’26 Rs 6,539 Cr with Margin 16.1% (EBITDA of Rs 887 PMT) an improvement of 31% YoY
-
Reconciliation of ‘Reported PAT to Normalized PAT’ provided in investor deck slide no 23
Capacity Expansion:
-
Projects commissioned in FY’26: Total cement capacity increased to 109 MTPA during the year, supported by the commissioning of total 10.7 MTPA new grinding units at Marwar, Farakka, Sankrail, Sindri and Krishnapatnam, along with additional clinker capacity of 7 MTPA at Jodhpur and Bhatapara.
-
Projects to be commissioned in H1FY’27: Grinding capacities in Dahej (1.2 MTPA), Bhatinda (1.2 MTPA), Salai Banwa (2.4 MTPA), Kalamboli (1 MTPA), Jodhpur (2 MTPA), Warisaliganj (2.4 MTPA) and additional clinker unit at Maratha (4 MTPA). The total capacity is expected to increase to ~119* MTPA.
-
Capacity expansion plans are being recalibrated in line with the recent railway policies on bulk cement terminals, with additions pursued more gradually after achieving optimal utilization levels. This approach reflects disciplined capital allocation and a steadfast commitment to maximizing return on capital employed.
Strategic Engagements:
-
Advanced enterprise digitalisation across operations, with CiNOC (Cement Intelligent Network Operating Centre) enabling real‑time visibility and data‑led decision‑making across functions to strengthen execution control.
-
Deepened decentralised execution with central oversight to strengthen district‑level ownership through digitalised visibility and a standardised accountability framework aligned to national priorities.
-
Sustained focus on engagement, sustainability, and long‑term capability building, with structured engagement of employees, customers, and channel partners through platforms such as SamvAAAd, NirmAAAnotsav and Dhanvarsha; continued partnerships with leading industry bodies.
-
Hosted a Capital Market Plant Visit at Sanghipuram plant in Mar’26 for institutional investors and research analysts showcasing manufacturing capabilities, research & development initiatives strengthening investors’ confidence. This is second edition after Marwar Mundwa plant visit in this year and the company will continue to host plant visit on regular basis.
ESG Updates:
- Advanced decarbonisation roadmap with SBTi validated near term and net zero targets, including progress towards commercial deployment of Coolbrook’s RotoDynamic Heater™ technology and selection for the Indo Swedish CCU pilot in the global cement sector.
- Strengthened ESG performance reflected in 2025 ESG ratings by S&P Global CSA, CDP, Sustainalytics and CareEdge.
- Maintained 12 times water positivity with zero liquid discharge across plants, expanded circularity initiatives by utilising 9.78 mn tonnes of waste derived resources during FY’26 & biodiversity initiatives by planting 2.25 mn trees till date.
-
* Less: Capacity with higher operating cost used selectively (Jamul & Sindri) – 1.6 MTPA, total capacity 117 MTPAContinued community & livelihood development initiatives, cumulatively impacting 3.72 mn CSR outreach through skilling, technology & women centric programme.
Digitalisation:
- Strengthened cyber security and operational resilience through enhanced OT protection, IT–OT network segregation and robust backup and recovery systems.
- Improved plant reliability and efficiency through expanded automation, IoT‑based monitoring and secure remote access to control systems.
- Streamlined logistics and dispatch through wider deployment of automated transporter allocation, in‑plant automation and digital dispatch platforms.
- Advanced enterprise systems and information security, including ISO 27001:2022 certification of acquired assets and rollout of core platforms supporting procurement and project controls.
Branding and Technical Services:
- Strengthened brand engagement through high‑impact digital campaigns for super‑premium water‑repellent products, achieving 15+ mn reach & 30+ mn views.
- Sustained leadership of Ambuja Kawach and ACC Gold as market‑leading super‑premium cement brands, supporting value‑led growth across key markets.
- Continued strong technical services engagement with nearly 36,000 Ambuja / ACC Certified Technology (ACT) sites covered and 410 technical events conducted.
Impact of West Asia Conflict:
- The Indian cement sector is facing cost pressures from higher fuel, diesel, rising costs of packaging bags amid supply issue and rupee depreciation, with a larger impact expected in the first half of the current financial year.
- The Company is mitigating cost pressures through fuel mix optimization, higher renewable energy adoption, improved logistics efficiencies, prioritization of higher‑margin markets, and long‑term raw material sourcing arrangements.
Industry Outlook:
Cement demand remained strong through FY26. However, demand growth for FY27 is expected to remain soft at ~5%, factoring in early forecasts of a below normal monsoon, which could adversely impact agricultural output and housing demand, as well as ongoing West Asia conflicts leading to fuel price volatility. The Company continues to focus on strengthening brand penetration, scaling up trade sales, and driving premiumisation across its portfolio. India’s long term infrastructure growth outlook remains strong despite near term geopolitical challenges.
