AMBUJACEM
Ambuja Cements share price & financials
- Price
- ₹438.5
- Market cap
- ₹1.1L Cr
- Sector
- Construction Materials
- Calls analysed
- 7
Ambuja Cements Limited Q1 FY27
What went well
- Revenue of ₹9,500 crores reported for Q1 FY27.
- Operating EBITDA stood at ₹1,589 crores, demonstrating strong operational performance.
- EBITDA margin improved by 331 basis points to 16.7%, reflecting enhanced profitability.
What to watch
- Volume decline: 2% negative YoY growth in trade volumes and 21% negative YoY growth in non-trade volumes.
- Industry profitability remained under pressure due to higher imported fuel prices, elevated freight costs, and geopolitical developments.
What Ambuja Cements Limited does
Ambuja Cements is the cement arm of the Adani Group, manufacturing and selling grey cement, blended cement and ready-mix concrete across India through subsidiaries ACC and Orient Cement under a unified 'One Cement Platform'. It operates integrated clinker plants and stand-alone grinding units, distributing to individual home-builders, dealers and institutional/trade customers via a nationwide channel network. The business earns primarily from cement sales, with a heavy tilt toward the higher-value trade and premium-product segments.
Segments
- Cement
- Allied products (Ready-Mix Concrete)
- Installed cement capacity
- 109 MTPA (as on 31 March 2026)
- Global market rank
- World's ninth-largest cement company
- Geographic presence
- 31 states & union territories, 665+ districts
- Integrated units
- 24
- Grinding units
- 22
- Ready-mix concrete plants
- 117
Guidance record · Q1 FY27
what the last two calls moved 18 tracked 1 delivered 3 missed 14 open- Renewable Energy Capacity delivered, diluted said Q3 FY25 Promised: 1,000 MW by June 2026 Q1 FY27: Reached 973 MW by the end of Q1 FY27 (June 2026), just shy of the 1,000 MW target. The focus has now shifted to a new target of 60% green power share by FY28.
- Sanghi Utilization missed said Q3 FY25 Promised: 80-85% utilization by March 2025 Q1 FY27: The original target remains missed. Management notes Sanghi is 'moving well' and is investing INR 600cr in jetty expansion, but provides no new utilization figures.
- Total Capacity delayed said Q3 FY25 Promised: 140 MT by FY28 Q1 FY27: Management guides for 119 MT by end of FY27 and 8-10 MT annual additions thereafter, making the original FY28 timeline for 140 MT unachievable. The target remains delayed.
All 18 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue down 7.7%, net profit down 36.6% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 7,552 | 9,411 | 9,981 | 10,289 | 9,174 +21% | 10,277 +9% | 10,916 +9% | 9,500 −8% |
| EBITDA | 1,111 | 1,712 | 1,868 | 1,961 | 1,761 +59% | 1,353 −21% | 1,465 −22% | 1,589 −19% |
| Net profit | 496 | 2,663 | 1,351 | 1,041 | 2,302 +364% | 403 −85% | 1,857 +37% | 660 −37% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −30.9% 1Y
1Y: ₹566.85 on 10 Sept 2025 → ₹391.85. High ₹591.6 (23 Sept 2025), low ₹391.85 (11 Sept 2026).
How the price took the results
close before → close after
- Q1 FY27
- −1.1%
- 28 Jul
- Q4 FY26
- +0.2%
- 4 May
- Q3 FY26
- +1.6%
- 4 Feb
- Q2 FY26
- +2.1%
- 3 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 9.4% a year over 3 years, FY23 to FY26. Operating margin widened to 16.1%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹31.0k Cr | ₹33.2k Cr | ₹35.3k Cr | ₹40.7k Cr |
| Operating profit | ₹3.7k Cr | ₹6.4k Cr | ₹6.0k Cr | ₹6.5k Cr |
| Operating margin | 11.9% | 19.3% | 16.9% | 16.1% |
| Interest | ₹163 Cr | ₹276 Cr | ₹216 Cr | ₹224 Cr |
| Depreciation | ₹1.3k Cr | ₹1.6k Cr | ₹2.3k Cr | ₹3.6k Cr |
| Net profit | ₹2.2k Cr | ₹4.7k Cr | ₹5.3k Cr | ₹5.6k Cr |
| Net margin | 7.0% | 14.3% | 15.0% | 13.8% |
| ROCE | 12.0% | 13.0% | 11.0% | 6.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY20 | FY21 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹397 Cr | ₹397 Cr | ₹397 Cr | ₹440 Cr | ₹494 Cr | ₹494 Cr |
| Reserves | ₹22.4k Cr | ₹25.0k Cr | ₹31.3k Cr | ₹41.0k Cr | ₹55.8k Cr | ₹58.9k Cr |
| Borrowings | ₹471 Cr | ₹477 Cr | ₹523 Cr | ₹699 Cr | ₹1.3k Cr | ₹866 Cr |
| Other liabilities | ₹16.5k Cr | ₹19.4k Cr | ₹19.5k Cr | ₹22.9k Cr | ₹31.2k Cr | ₹29.4k Cr |
| Total liabilities | ₹39.7k Cr | ₹45.2k Cr | ₹51.7k Cr | ₹65.1k Cr | ₹88.7k Cr | ₹89.6k Cr |
| Fixed assets | ₹20.5k Cr | ₹22.3k Cr | ₹23.6k Cr | ₹32.2k Cr | ₹56.5k Cr | ₹58.3k Cr |
| Capital work in progress | ₹2.4k Cr | ₹2.2k Cr | ₹2.5k Cr | ₹2.7k Cr | ₹10.5k Cr | ₹9.1k Cr |
| Investments | ₹167 Cr | ₹198 Cr | ₹214 Cr | ₹849 Cr | ₹104 Cr | ₹113 Cr |
| Other assets | ₹16.6k Cr | ₹20.6k Cr | ₹25.4k Cr | ₹29.4k Cr | ₹21.6k Cr | ₹22.1k Cr |
| Total assets | ₹39.7k Cr | ₹45.2k Cr | ₹51.7k Cr | ₹65.1k Cr | ₹88.7k Cr | ₹89.6k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, FIIs trimmed −1.80 pp while the public added +1.08 pp. The shareholder count grew 9% to 6,74,206.
- Promoters
- 67.3%
- FIIs
- 5.6%
- DIIs
- 19.4%
- Government
- 0.2%
- Public
- 7.4%
Since Jun 2025
- FIIs −1.80 pp
- Public +1.08 pp
- DIIs +0.95 pp
How it drifted, 12 quarters
Over this window FIIs fell from 11.7% to 5.6% — −6.0 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 63.2%, FIIs 11.7%, DIIs 15.3%, Government 0.3%, Public 9.6%.Dec '23: Promoters 63.2%, FIIs 11.9%, DIIs 15.6%, Government 0.3%, Public 9.1%.Mar '24: Promoters 66.7%, FIIs 11.1%, DIIs 14.2%, Government 0.2%, Public 7.7%.Jun '24: Promoters 70.3%, FIIs 9.6%, DIIs 13.0%, Government 0.2%, Public 6.8%.Sep '24: Promoters 67.6%, FIIs 10.6%, DIIs 15.0%, Government 0.2%, Public 6.6%.Dec '24: Promoters 67.6%, FIIs 9.1%, DIIs 16.4%, Government 0.2%, Public 6.7%.Mar '25: Promoters 67.6%, FIIs 8.6%, DIIs 17.1%, Government 0.2%, Public 6.5%.Jun '25: Promoters 67.6%, FIIs 7.4%, DIIs 18.5%, Government 0.2%, Public 6.3%.Sep '25: Promoters 67.7%, FIIs 5.9%, DIIs 19.4%, Government 0.2%, Public 6.8%.Dec '25: Promoters 67.7%, FIIs 5.8%, DIIs 19.6%, Government 0.2%, Public 6.7%.Mar '26: Promoters 67.7%, FIIs 5.9%, DIIs 19.9%, Government 0.2%, Public 6.4%.Jun '26: Promoters 67.3%, FIIs 5.6%, DIIs 19.4%, Government 0.2%, Public 7.4%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- ICICI Prudential Equity & Debt Fund Mutual fund +0.13 pp 1.91% held
The same filing shows 3 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Ambuja Cements Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Holderind Investments Ltd | 47.72% | −0.25 pp |
| Harmonia Trade And Investment Ltd | 19.23% | −0.10 pp |
| Life Insurance Corporation Of India Insurer | 7.28% | unchanged |
| HDFC Trustee Company Ltd. A/C HDFC Large Cap Fund Mutual fund | 2.07% | unchanged |
| ICICI Prudential Equity & Debt Fund Mutual fund | 1.91% | +0.13 pp |
| NPS Trust- A/C SBI Pension Fund Scheme - State Govt Pension / PF | 1.86% | −0.15 pp |
| Adani Enterprises Limited | 0.35% | unchanged |
| Endeavour Trade And Investment Limited | 0.03% | unchanged |
| Mirae Asset Large Cap Fund Mutual fund | — | off the list |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in AMBUJACEM
Filings to Aug 2026
0 new, 11 added, 4 trimmed, 0 sold out — net +17.50 L shares (+2.2%).
- Held by funds
- ₹3.4k Cr
- 30 schemes
- Biggest holder
- HDFC Large Cap Fund
- ₹964 Cr · 2.4% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| HDFC Large Cap Fund HDFC Mutual Fund | ₹964 Cr | held | Dec '24 |
| HDFC Balanced Advantage Fund HDFC Mutual Fund | ₹353 Cr | held | Dec '22 |
| SBI Arbitrage Fund SBI Mutual Fund | ₹285 Cr | +17.02 L | Dec '21 |
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹265 Cr | held | Sep '22 |
| HDFC Large and Mid Cap Fund HDFC Mutual Fund | ₹214 Cr | held | Dec '22 |
| HDFC Manufacturing Fund HDFC Mutual Fund | ₹212 Cr | held | May '24 |
| Nippon India Power & Infra Fund Nippon India Mutual Fund | ₹168 Cr | held | Mar '26 |
| Nippon India Arbitrage Fund Nippon India Mutual Fund | ₹141 Cr | +4.09 L | Aug '25 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
11 added, 4 trimmed — net +17.50 L shares (+2.2%)
- Funds are sitting on
- -15%
- vs est. average cost
- Held by funds
- ₹3.4k Cr
- 30 schemes · ≈ 3.2% of the company
- Biggest holder
- HDFC Large Cap Fund
- ₹964 Cr · 2.4% of that fund
- Longest holder
- Nippon India ETF Nifty 100
- 13y 6m · since Mar '13
Shares held by these funds +144%
Aug '23 7.78 cr shares Jul '26
All earnings calls (7)
Read the Q1 FY27 call →Learn to analyse Ambuja Cements Limited
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