Ambuja Cements, part of the Adani Group's infrastructure and utility portfolio, is a leading cement and building materials company in India. Through the strategic amalgamation of ACC Limited and Orient Cement Limited, the company is creating a unified ‘One Cement Platform,’ positioning itself as a pan-India cement powerhouse. This integration enhances its scale, market leadership, and operational synergies. The company operates a vast network that includes 24 integrated units, 22 grinding units, and 10 bulk cement terminals, giving it a presence in over 665 districts across 31 states and union territories. Its product portfolio is built on the strength of two iconic brands, Ambuja and ACC, which have a cumulative history of over 120 years and are known for their strength, durability, and high patronage in the trade segment. Beyond cement, the company offers a comprehensive range of building materials, including ready-mix concrete, aggregates, and wall putty. Ambuja Cements is leveraging its position within the Adani ecosystem to drive synergies in logistics, energy, and raw material sourcing. The company is also committed to digital transformation, deploying AI-enabled platforms like the Cement Intelligent Network Operations Centre (CiNOC) to optimize operations and enhance efficiency. With a strong, debt-free balance sheet and a clear roadmap for capacity expansion and cost leadership, Ambuja Cements is strategically embedded in India's growth story.

Official Website: http://www.orientcement.com/

• 9M FY’26 Consolidated Performance:

• Cement Volume: Increased by 19% YoY to 53.8 million tons (MnT), up from 45.3 MnT in 9M FY’25.

• Revenue: Grew by 22% YoY to Rs 29,740 Cr on a normalized basis.

• EBITDA: Surged by 62% YoY to Rs 5,075 Cr on a normalized basis.

• EBITDA per Ton (PMT): Improved by 36% YoY to Rs 943 PMT.

• Q3 FY’26 Consolidated Performance:

• Cement Volume: Rose by 17% YoY to 18.9 MnT, compared to 16.2 MnT in Q3 FY’25.

• Revenue: Increased by 20% YoY to Rs 10,277 Cr on a normalized basis.

• EBITDA: Grew by 53% YoY to Rs 1,353 Cr on a normalized basis.

• EBITDA per Ton (PMT): Increased by 31% YoY to Rs 718 PMT.

• Balance Sheet Strength:

• The company maintains a debt-free balance sheet with a net worth of Rs 69,854 Cr as of December 2025.

• It holds the highest credit rating of AAA (Stable) / A1+ from Crisil and CARE.

• Cash and cash equivalents stood at Rs 1,512 Cr as of December 2025.

• Profitability:

• Normalized Profit After Tax (PAT) for 9M FY’26 stood at Rs 1,984 Cr, a 42% YoY increase.

• Normalized PAT for Q3 FY’26 was Rs 378 Cr, a 258% YoY increase.

The company demonstrated robust double-digit growth in volume, revenue, and profitability, supported by a strong debt-free balance sheet.

• One Cement Platform: The amalgamation of ACC and Orient Cement with Ambuja creates a single, powerful corporate entity. This simplifies the corporate structure, enhances market leadership, and unlocks significant operational and financial synergies.

• Adani Group Ecosystem Synergy: The company leverages the Adani Group's extensive infrastructure in ports, logistics, energy, and resource management. This provides benefits in supply chain efficiency, power supply, and procurement of key resources like coal and fly ash.

• Iconic Brand Portfolio: The company owns two of India's most trusted and recognized cement brands, Ambuja and ACC. These brands command strong market loyalty and enable a high share of premium products (35% of trade volume), which drives better price realization.

• Digital and AI Integration: The launch of the Cement Intelligent Network Operations Centre (CiNOC) infuses AI deep into operations. This, along with other digital tools like smart tabs for sales and electronic proof of delivery (ePOD), enhances operational control, boosts productivity, and reduces costs.

• ESG Leadership: Ambuja and ACC hold top ESG scores globally in the construction materials sector from S&P Global CSA and high ratings from CDP for climate and water security. The company is a pioneer in adopting new technologies for decarbonization and is committed to being water-positive and increasing its green energy share.

The company's distinctiveness stems from its unified platform structure, deep integration with the Adani ecosystem, powerful brand equity, and leadership in technology and sustainability.

• Macro-Economic Drivers: The Indian economy is projected to grow at 7.4% in FY’26, driven by strong domestic demand, favorable government policies, and sustained investment activity in manufacturing and services.

• Cement Demand Drivers:

• Infrastructure: The government's focus on infrastructure, including a Rs 8.6 lakh Cr commitment from the Vibrant Gujarat Summit and a $2.6 Tn National Infrastructure Pipeline, will be a primary demand driver. Major projects like the bullet train and Dharavi redevelopment will significantly boost consumption.

• Housing: Demand from both urban and rural housing remains robust, with expected growth of 6.0% to 7.0% in FY’26.

• Industrial/Commercial: This segment is expected to grow by 5.5% to 6.5%, supported by PLI schemes and the China+1 strategy.

• Growth Potential: India is the world's second-largest cement producer, yet its per-capita consumption (290 kg) is significantly below the world average (540 kg) and China (1,900 kg). This indicates massive headroom for structural, long-term growth driven by urbanization and rising incomes.

• Policy Tailwinds: Policy reforms such as the reclassification of limestone as a major mineral and 100% FDI in certain construction projects are expected to benefit the cement industry.

The cement industry is poised for strong, sustained growth, underpinned by robust economic fundamentals and a significant government-led infrastructure push.

• Volume Growth: The company is outperforming the industry, delivering 17% YoY volume growth in Q3 FY’26, which is more than double the industry average. This growth is driven by expanding the share of premium products, strengthening influencer engagement, and enhancing branding.

• Capacity Expansion: Total cement capacity has increased from 68 MTPA at the time of acquisition (Sept'22) to 109 MTPA as of December 2025. This includes the successful operationalization of the 2.4 MTPA Marwar Grinding Unit.

• Profitability Growth: EBITDA per ton has grown from Rs 738 at acquisition to Rs 943 in 9M FY'26. Existing assets (Ambuja+ACC) delivered an even stronger EBITDA of Rs 1,045 PMT in the same period.

• Market Leadership: The company has solidified its position as a market leader with a 16.6% market share. Realizations have improved by Rs 5/bag YoY, reflecting strong pricing power and brand strength.

The company's growth is multidimensional, marked by aggressive capacity expansion, industry-leading volume growth, and significant improvements in profitability metrics.

• Untapped Domestic Demand: The significant gap between India's per-capita cement consumption and the global average presents a long-term structural growth opportunity as the economy develops.

• Infrastructure Boom: The government's unprecedented focus on infrastructure development through programs like the National Infrastructure Pipeline provides a clear and sustained demand pipeline for the cement industry.

• Premiumization: There is a growing customer preference for premium products like Ambuja Kawach and ACC Gold. The company's focus on R&D-led premium offerings allows it to capture higher price realizations and improve margins.

• Cost Leadership: Ongoing initiatives in operational efficiency, increasing the share of green power, and optimizing logistics create a substantial opportunity to lower production costs and expand margins, targeting a cost of less than Rs 3,650 PMT by March 2028.

• Consolidation and Synergies: The ongoing amalgamation of acquired entities into the 'One Cement Platform' presents a major opportunity to unlock efficiencies in procurement, logistics, and overheads, further strengthening profitability.

Significant opportunities exist in capturing India's structural demand growth, leveraging the infrastructure push, and driving internal efficiencies through premiumization and cost leadership.

• Capacity Utilization:

• The company has significantly improved the capacity utilization of its acquired assets, moving from 37% in Q3 FY’25 to 58% in Q3 FY’26, with a target of 65% by the exit of December 2025 and ~80% in the near future.

• For Q3 FY'26, consolidated net cement sales reflect a capacity utilization of 72%, with a target of 80% at the quarter's exit.

• Standalone utilization rates were strong, with Ambuja at 81% and ACC at 71%.

• Capital Expenditure (Capex):

• The company maintains a healthy run rate of growth capex of approximately Rs 8,000 Cr and efficiency capex of Rs 2,000 Cr.

• This investment is funding the ongoing organic expansion and debottlenecking projects aimed at achieving the 155 MTPA capacity target.

The company is effectively increasing the utilization of its existing and acquired assets while deploying significant capital to fund its aggressive capacity expansion plans.

• Capacity Target: The company is on track to achieve a total capacity of 155 MTPA by March 2028. The immediate target is 115 MTPA by March 2026.

• EBITDA Target: A clear goal has been set to achieve an EBITDA of Rs 1,500 per ton by the exit of March 2028, driven by cost leadership and operational leverage.

• Cost Reduction Roadmap: A structured plan is in place to reduce the total cost of production to below Rs 3,650 per ton by March 2028. This will be achieved through optimizing fuel mix, improving logistics, and realizing group synergies.

• Green Energy Transition: The company plans to increase its green power share from the current 38% to 60% by March 2028. This involves expanding Waste Heat Recovery System (WHRS) capacity to 376 MW and renewable power to 1,122 MW.

• Consolidation Completion: The amalgamation process for ACC, Orient, Sanghi, and Penna is underway and is expected to be completed over FY26-FY27, creating the unified 'One Cement Platform'.

The company has a clear, data-driven long-term plan focused on aggressive capacity expansion, significant margin improvement, and a transition towards sustainable operations.

• EBITDA Margin: The consolidated EBITDA margin for 9M FY’26 was 17.1%, an improvement of 0.9 percentage points YoY on a normalized basis. For Q3 FY’26, the margin stood at 13.2%.

• Cost of Production: The company is on a defined journey to reduce costs. The cost per ton is targeted to be below Rs 4,000 at the exit of December 2025 and progressively reduce to under Rs 3,650 by March 2028.

• Key Cost Components (Q3 FY’26):

• Power and Fuel (31% of total cost): Costs are expected to decline with an increasing share of captive coal, higher consumption of cheaper alternative fuels, and a rising share of green power (up 14.8 pp YoY).

• Freight & Forwarding (27% of total cost): Logistics costs are on a downward trend, driven by a strategic shift to waterways, automation, improved truck utilization, and optimized plant footprints.

• Raw Material (17% of total cost): Costs are expected to reduce through long-term sourcing arrangements and maximization of cheaper raw materials like activated gypsum.

Margins are set to expand, driven by improving price realizations from premium products and a multi-pronged strategy to reduce costs across all major operational areas.

• Market Leadership: With a consolidated capacity of 109 MTPA and a market share of 16.6%, Adani Cement (Ambuja + ACC and other entities) is one of the largest and most dominant players in the Indian cement industry.

• Pan-India Footprint: The company's presence across 31 states and union territories, supported by a network of integrated plants, grinding units, and terminals, gives it a competitive advantage in serving diverse markets efficiently.

• Brand Strength: The dual-brand strategy with Ambuja and ACC allows the company to cater to a wide spectrum of customers and command pricing power, a key differentiator in a competitive market.

• Outperforming Industry Growth: The company's volume growth of 17% in Q3 FY'26 was more than double the industry's growth rate, indicating a gain in market share and effective execution of its market strategy.

The company is a clear market leader, leveraging its scale, brand equity, and efficient national footprint to outperform the industry and solidify its competitive position.

• Amalgamation Status:

• The Board has approved the amalgamation of ACC and Orient Cement with Ambuja Cements. The scheme has been filed with stock exchanges, and a No-Objection Certificate from SEBI is awaited.

• The merger processes for Sanghi Industries and Penna Cement are in advanced stages, with NCLT hearings completed or scheduled, targeting completion by March 2026.

• New Capacity Commissioned:

• A 2.4 MTPA brownfield cement grinding unit in Marwar Mundwa, Rajasthan, was successfully commissioned.

• A 4.0 MTPA brownfield clinker unit in Bhatapara, Chhattisgarh, was also commissioned, raising total clinker capacity to 66 MTPA.

• Strategic Initiatives:

• The FutureX initiative, an industry-academia partnership, now engages over 750 institutions and 1.3 million students, building a future talent pipeline.

• The sales force has been empowered with smart tabs to improve on-the-go productivity and customer engagement.

The company is executing swiftly on its strategic priority of consolidating its structure while simultaneously commissioning new capacity and rolling out key digital and market-facing initiatives.