Ahmedabad, October 29, 2026: Ambuja Cements Limited, part of the diversified Adani Portfolio, announced its financial results for the quarter ended September 30, 2026, reporting cement sales volume of 16.5 million tonnes (MnT) and revenue from operations of ₹9,197 crore.
During Q2 FY27, trade volumes increased by 8.6% year-on-year (YoY), while the trade share rose by 6 percentage points to 74%. Premium products accounted for 37% of trade sales, an increase of 2 percentage points.
Operating EBITDA stood at ₹1,271 crore, with an EBITDA margin of 13.8% and EBITDA per tonne of ₹770, amid seasonal challenges, geopolitical uncertainties and elevated energy and logistics costs.
CEO’s Statement
Mr. Vinod Bahety, Whole-time Director and CEO of Ambuja Cements Limited, said the company’s Q2 and H1 FY27 performance reflected its focus on quality growth despite seasonal and external headwinds.
He highlighted that a stronger trade and premium product mix had improved revenue quality, while disciplined execution and cost management supported profitability. The company continues to strengthen its earnings through manufacturing excellence, energy efficiency, logistics optimisation and digitalisation, backed by a debt-free balance sheet.
Ambuja commissioned 4.6 million tonnes per annum (MTPA) of capacity during Q2 FY27, with another 5.6 MTPA in the process of ramping up or expected to be commissioned during H2 FY27.
The implementation of BCFC infrastructure, an increased share of renewable power, the ramp-up of new capacities and additional incentives are expected to support performance in the second half of the financial year.
The company remains on track to achieve its cost target of ₹4,250 per tonne by FY27. Its growth strategy continues to focus on trade-led sales, while strengthening institutional business through comprehensive solutions focused on value and profitability.
Volumes are expected to grow ahead of the industry in H2 FY27, supported by accelerated trade volumes and calibrated institutional sales. Following the recent price increase of ₹10–15 per bag, the industry expects further pricing improvement over the next couple of months.
Mr. Bahety added that shareholders’ approval of the proposed merger of ACC and Orient Cement with Ambuja Cements would enable the process to proceed to the National Company Law Tribunal (NCLT) for final approvals. The proposed merger is expected to be earnings-per-share (EPS) accretive.
Capacity Expansion and Operational Updates
Ambuja commissioned 4.6 MTPA of capacity during Q2 FY27 across three facilities:
- Dahej: 1.2 MTPA
- Salai Banwa: 2.4 MTPA
- Kalamboli: 1.0 MTPA
An additional 3.2 MTPA is being stabilised and ramped up during H2 FY27 at Bathinda (1.2 MTPA) and Jodhpur Penna (2 MTPA). Warisaliganj, with a planned capacity of 2.4 MTPA, is expected to be commissioned during H2 FY27.
Industry Outlook and Business Performance
Near-term market conditions remain challenging due to geopolitical conflicts, global uncertainty and higher energy costs, following monsoon-related headwinds during the quarter. However, structural demand continues to be supported by infrastructure spending, urbanisation, rural housing and industrial activity.
Higher petcoke and coal prices, constrained coal availability, and increased diesel and packaging costs continued to weigh on industry margins. Ambuja prioritised market discipline, an improved product mix and sustainable profitability.
Logistics costs were moderately higher year-on-year due to increased diesel prices. This was partly offset by a reduction in primary lead distance from 265 km to 254 km. Planned shutdowns at major plants were also completed successfully.
Total cost during Q2 FY27 stood at ₹4,410 per tonne. Excluding the impact of geopolitical conflicts, the cost was ₹4,182 per tonne.
Operational Performance
Key operational indicators for Q2 FY27 were as follows:
| Particulars | Q2 FY27 | Q1 FY27 | Q2 FY26 |
|---|---|---|---|
| Kiln fuel cost (₹/1,000 kCal) | 1.87 | 1.66 | 1.60 |
| Net power cost (₹/kWh) | 4.8 | 4.3 | 6.0 |
| Green power share | 61% | 48% | 41% |
| Primary lead distance | 254 km | 249 km | 265 km |
| Direct dispatch | 57% | 58% | 59% |
| Premium products as a share of trade sales | 37% | 34% | 35% |
The green power share increased to 61% from 41% in the corresponding quarter of the previous financial year. The premium product share also improved to 37% from 35% a year earlier.
Consolidated Financial Performance
| Particulars | Q2 FY27 | Q1 FY27 | Q2 FY26 |
|---|---|---|---|
| Cement sales volume (MnT) | 16.5 | 17.1 | 16.6 |
| Revenue from operations (₹ crore) | 9,197 | 9,500 | 9,175 |
| Operating EBITDA (₹ crore) | 1,271 | 1,589 | 1,762 |
| EBITDA margin | 13.8% | 16.7% | 19.2% |
| EBITDA per tonne (₹) | 770 | 931 | 1,061 |
| Profit after tax (₹ crore) | 236 | 660 | 2,336 |
| Diluted EPS (₹) | 0.78 | 2.32 | 7.18 |
For the first half of FY27, cement sales volume stood at 33.6 MnT, compared with 35.0 MnT in H1 FY26. Revenue from operations was ₹18,697 crore against ₹19,464 crore in the corresponding period last year.
Operating EBITDA for H1 FY27 stood at ₹2,860 crore, compared with ₹3,722 crore in H1 FY26, while the EBITDA margin was 15.3% against 19.1%.
Profit after tax for Q2 FY26 and H1 FY26 included a tax provision reversal of ₹1,697 crore, which affects year-on-year comparability.
Strong Balance Sheet
Ambuja Cements maintained a debt-free balance sheet, with a net worth of ₹72,238 crore and cash and cash equivalents of ₹1,070 crore.
The company also retained the highest AAA/A1+ credit ratings from CRISIL, CARE, India Ratings and ICRA.
Progress Towards the One Cement Platform
Ambuja shareholders approved the proposed amalgamation of ACC Limited and Orient Cement Limited with Ambuja Cements at the respective NCLT-convened meetings held on September 29 and 28, 2026.
The proposed consolidation is expected to simplify the corporate structure, unlock operating synergies and enhance long-term stakeholder value. The merger is also expected to be EPS accretive.
The schemes remain subject to the requisite regulatory, statutory and NCLT approvals, with completion expected in FY27.
Sustainability and ESG Initiatives
Ambuja Cements partnered with Leilac Limited to advance a commercial-scale low-carbon cement pathway at its 6.6 MTPA Sanghipuram plant. The initiative will explore carbon capture and hybrid electrification technologies. A pre-feasibility study is targeted for completion by December 2026 to assess technical and commercial viability.
The company’s first commercial application of Coolbrook’s RotoDynamic Heater technology is expected to become operational by mid-2027.
Ambuja Cements’ 2025 S&P Global Corporate Sustainability Assessment (CSA) net score was revised upward from 69 to 80, while its industry-leading gross score remained at 90 out of 100.
Ambuja Cements and ACC also secured GreenPro certification for their blended cement portfolios. Products including Buildcem and Buildcem Pro achieved GRIHA certification, supported by Life Cycle Assessment (LCA) and Environmental Product Declaration (EPD) recognition.
Adani Cement planted 7.52 million trees up to H1 FY27, progressing towards its target of 8.3 million trees and contributing to the Adani Group’s commitment to plant 100 million trees by 2030.
Digitalisation and Operational Efficiency
Ambuja continued to expand digital manufacturing and logistics solutions, deploying Internet of Things (IoT) sensors across its plants. Initiatives included PLMS, Agnigati, Reverse Bidding and Auto SO-to-TRP.
These initiatives have improved real-time operational visibility, accelerated decision-making and strengthened the efficiency and reliability of plant and logistics operations.
Branding and Technical Services
The Adani Ambuja Kawach and Adani ACC Gold Water Shield Cement monsoon campaigns were scaled across more than 2,000 cinema screens, alongside digital and outdoor media platforms. The campaigns reached over 30 million consumers through digital channels.
Ambuja Cements said its focus on premiumisation, operational efficiency, disciplined capital deployment and the integration of its cement businesses would remain central to delivering sustainable, value-led growth.
