Ambuja Cements logo

Ambuja Cements

AMBUJACEM NSE

Key Fundamentals

MidcapCementConstruction
Market Cap
₹91,168 Cr
Volatility
Moderate
P/E Ratio
20.32
EBITDA
₹7,373 Cr
Return on Equity
7.85%
Debt to Equity
0.01
Book Value
₹238.84
EPS
₹12.66
52W High
₹588.75
52W Low
₹365.75

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

1
  • Company is almost debt free.

Weaknesses

3
  • The company has delivered a poor sales growth of 10.6% over past five years.
  • Tax rate seems low
  • Company has a low return on equity of 9.00% over last 3 years.

Growth Rate

Revenue Growth
9.21% higher than 3Y
Net Income Growth
6.48% lower than 3Y
Cash Flow Change
140% higher than 3Y
ROE
-5.19% lower than 3Y
ROCE
-51.06% higher than 3Y
EBITDA Margin (Avg.)
-21.72% lower than 3Y

AI Analysis — Bull vs Bear

6d ago
AI opinion · based on fundamentals
Risk medium

Ambuja Cements has a market cap of about Rs 95,566 crore and trades at a P/E of 18.4x and a P/B of 1.62x. The company is almost debt free and is expanding capacity quickly (109 MTPA as of Q3 FY26, targeting 140 MTPA by FY28). Against that, its ROE has stayed at about 9% across 3-, 5- and 10-year periods, 3-year sales CAGR is only 1%, and the stock has fallen 32% over the past year.

Bull Case 8
  • The balance sheet is almost debt free. That lets the company fund its expansion from 109 MTPA toward a stated 140 MTPA by FY28 without heavy leverage risk.
  • The company has grown profits faster than sales: 3-year profit CAGR is 21% and 10-year is 22%, against 1% and 16% sales CAGR over the same periods.
  • The capacity plan is aggressive. The company aims to go from 109 MTPA (Q3 FY26) to 118 MTPA and then 140 MTPA by FY28, and the 2.4 MTPA Marwar grinding unit is already running. That could support volume growth if demand holds.
  • Unit profitability has improved. Q1 FY26 EBITDA per tonne was Rs 1,069, up from Rs 835 a year earlier.
  • The stock's P/E of 18.4x and P/B of 1.62x are lower than in earlier periods. The stock has fallen 32% in one year, so more of the risk may already be in the price than before.
  • Raw material security is strong. The company added 631 million tonnes of limestone reserves in the December 2024 quarter, taking total reserves to 8.3 billion tonnes.
  • Cost-saving projects are underway. These include 200 MW of solar power commissioned at Khavda, which the company says will lower power costs in future quarters.
  • Long-term sales growth has been solid. 10-year sales CAGR is 16%, helped by acquisitions and consolidation within the Adani cement platform.
Bear Case 8
  • Returns on capital are weak. ROE has stayed at about 9% over 3, 5 and 10 years, and the P/B of 1.62x relies on that improving.
  • Sales have barely grown recently. 3-year sales CAGR is 1% and TTM sales growth is 7%, so much of the profit growth seems to come from sources other than revenue.
  • Profit growth is slowing. TTM profit growth is 4%, against a 3-year profit CAGR of 21%.
  • Shareholder returns have been poor. The stock is down 32% over 1 year, 4% a year over 3 years, and 2% a year over 5 years, with only 4% a year over 10 years.
  • The tax rate looks low, and some reported earnings contain one-offs. In Q3 FY25, reported EBITDA per tonne was Rs 1,038 but about Rs 537 on an adjusted basis by one broker's estimate, so reported numbers may overstate underlying earnings.
  • EBITDA per tonne has been volatile. It was Rs 807 in Q1 FY25 and Rs 780 in Q2 FY25 (down 15% YoY), showing how exposed margins are to cement prices and costs.
  • The dividend yield is only 0.52%, so shareholders get little income while waiting for the capacity expansion to pay off.
  • The expansion carries execution risk. Adding about 31 MTPA to go from 109 to 140 MTPA by FY28 needs heavy capital spending, which could keep ROE near 9% until the new plants are running at full use.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

1d ago
Neutral 3
  • Ahmedabad sell-side analyst meet Sep 21

    Ambuja Cements filed with the stock exchanges that it will hold an in-person meeting with sell-side analysts in Ahmedabad on September 25, 2026. A second report from the same day gives the date as September 24, so the exact date isn't confirmed. Only publicly available information will be discussed.

  • JP Morgan, Anand Rathi conferences Sep 16

    Management will meet investors and analysts in Mumbai on September 21 and 22, 2026, at the JP Morgan and Anand Rathi conferences. The sessions will cover publicly available information only.

  • Jefferies India Forum participation Sep 11

    Ambuja Cements will meet investors and analysts in person at the 2026 Jefferies India Forum in Gurugram on September 17, 2026. Only publicly available information will be discussed.

TL;DR: All of Ambuja Cements' recent news is about investor outreach: at least four analyst and investor meetings between September 17 and September 25, 2026, in Gurugram, Mumbai and Ahmedabad. None of these articles disclose financial results, operating data, pricing, capacity or regulatory news, so they don't point to any new positives or risks. Frequent meetings with the investment community suggest management wants to keep investors engaged, but the articles say nothing about whether fundamentals are getting better or worse. Investors should look for useful signals in the upcoming quarterly results and any comments on volumes, cement prices and costs.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
8,713
7,424
8,129
8,894
8,392
7,552
9,411
9,981
10,289
9,174
10,277
10,916
9,500
Expenses
7,046
6,122
6,397
7,195
7,112
6,441
7,700
8,113
8,328
7,414
8,924
9,451
7,911
Operating Profit
1,667
1,302
1,732
1,699
1,280
1,111
1,712
1,868
1,961
1,761
1,353
1,465
1,589
OPM %
19%
18%
21%
19%
15%
15%
18%
19%
19%
19%
13%
13%
17%
Other Income
268
480
204
448
358
220
1,355
713
300
39
77
136
150
Interest
52
61
70
93
68
67
67
14
67
77
59
21
57
Depreciation
372
381
416
459
476
520
607
694
767
885
911
1,053
834
PBT
1,512
1,340
1,450
1,595
1,094
744
2,393
1,872
1,427
838
460
527
848
Tax %
25%
26%
25%
5%
28%
33%
-11%
28%
27%
-175%
12%
-252%
22%
Net Profit
1,135
987
1,091
1,521
783
496
2,663
1,351
1,041
2,302
403
1,857
660
EPS in Rs
4.56
3.99
4.15
4.78
2.6
1.95
8.76
4.16
3.53
7.14
0.97
7.4
2.32
Figures in ₹ Crores

Profit & Loss

Particulars Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Mar 2023 15mMar 2024Mar 2025Mar 2026TTM
Sales
9,955
9,437
20,094
23,609
26,041
27,104
24,516
28,965
38,937
33,160
35,336
40,656
39,867
Expenses
8,022
7,895
16,913
19,751
22,030
22,507
19,511
22,755
33,815
26,760
29,366
34,079
33,699
Operating Profit
1,934
1,542
3,181
3,858
4,011
4,597
5,006
6,210
5,122
6,400
5,971
6,577
6,168
OPM %
19%
16%
16%
16%
15%
17%
20%
21%
13%
19%
17%
16%
15%
Other Income
419
353
441
335
232
601
288
252
447
1,401
2,646
516
402
Interest
66
92
153
206
170
170
140
146
195
276
216
224
214
Depreciation
513
630
1,461
1,219
1,154
1,153
1,162
1,152
1,645
1,628
2,297
3,570
3,683
PBT
1,774
1,173
2,008
2,768
2,919
3,875
3,992
5,164
3,729
5,896
6,104
3,299
2,673
Tax %
16%
31%
29%
30%
-2%
28%
22%
28%
19%
20%
13%
-71%
—
Net Profit
1,487
808
1,434
1,945
2,973
2,783
3,107
3,711
3,024
4,735
5,294
5,637
5,222
EPS in Rs
9.59
5.21
5.57
7.64
10.97
10.55
11.91
14
13.01
16.26
17.47
19.13
17.83
Div. Payout %
46%
54%
50%
47%
14%
14%
151%
45%
19%
12%
11%
10%
—
Figures in ₹ Crores

Balance Sheet

Particulars Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
310
310
397
397
397
397
397
397
397
440
493
494
Reserves
9,760
9,961
19,424
20,275
21,973
23,681
22,360
24,957
31,301
41,012
53,086
58,853
Borrowings
34
35
29
24
40
41
471
477
523
699
788
866
Other Liabilities
3,774
3,827
12,974
14,813
14,981
16,059
16,490
19,374
19,501
22,916
26,735
29,361
Total Liabilities
13,878
14,133
32,824
35,509
37,391
40,178
39,718
45,205
51,721
65,067
81,102
89,574
Fixed Assets
6,310
6,170
21,410
20,898
20,636
20,701
20,486
22,254
23,551
32,194
42,766
58,263
CWIP
692
416
582
667
1,008
1,554
2,422
2,168
2,526
2,658
9,858
9,121
Investments
2,097
2,149
175
153
133
150
167
198
214
849
1,912
113
Other Assets
4,780
5,398
10,657
13,791
15,613
17,773
16,643
20,585
25,430
29,365
26,566
22,077
Total Assets
13,878
14,133
32,824
35,509
37,391
40,178
39,718
45,205
51,721
65,067
81,102
89,574
Figures in ₹ Crores

Cash Flow

Particulars Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Mar 2023Mar 2024Mar 2025Mar 2026
Operating
1,675
1,557
2,810
3,416
1,703
4,739
4,832
5,309
735
5,646
2,237
5,362
Investing
-456
-83
-4,165
-738
-765
-1,191
-1,317
-2,007
-14,481
-8,941
-7,529
-7,935
Financing
-721
-900
-958
-1,015
-719
-629
-3,956
-516
2,931
5,689
5,592
-1,629
Net Cash Flow
498
574
-2,312
1,663
220
2,919
-441
2,786
-10,815
2,394
301
-4,203
Free Cash Flow
854
937
1,925
2,332
612
3,132
3,107
3,013
-3,331
1,685
-6,293
-594
CFO/OP
102
104
107
102
71
115
120
96
29
103
44
77
Figures in ₹ Crores

Ratios

Particulars Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
8
11
17
14
18
14
8
8
11
13
16
17
Inventory Days
379
394
339
323
333
208
193
337
234
238
238
246
Days Payable
265
299
324
370
339
231
259
359
198
196
167
227
Cash Conversion Cycle
123
107
32
-33
13
-9
-58
-14
46
56
86
37
Working Capital Days
-61
-65
-67
-62
-34
-56
-80
-74
45
8
-25
-3
ROCE %
18%
11%
11%
12%
12%
14%
14%
17%
12%
13%
11%
6%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Others1.85%Govt.0.21%Promot.67.33%Public5.54%FIIs5.63%DIIs19.44%As ofJun 2026

Documents

Frequently Asked Questions about Ambuja Cements

What does Ambuja Cements Ltd do?
Ambuja Cements Ltd. is among the leading cement companies in India. It is a member of the Adani Group. Currently, Ambuja Cement has a cement capacity of 31 million tonnes with six integrated cement manufacturing plants and eight cement grinding units across the country.[1]
Where is Ambuja Cements Ltd (AMBUJACEM) listed?
Ambuja Cements Ltd trades as AMBUJACEM on the NSE and under code 500425 on the BSE.
Which sector does Ambuja Cements Ltd belong to?
Ambuja Cements Ltd is classified under the Construction sector, in the Cement industry.
What is the market capitalisation of Ambuja Cements Ltd?
Ambuja Cements Ltd has a market capitalisation of ₹91,168 Cr, which places it in the Large Cap band.
What is the PE ratio of Ambuja Cements Ltd?
Ambuja Cements Ltd trades at a PE ratio of 20.32, on earnings per share of ₹12.66, against a book value of ₹238.84 per share.
What is the 52-week high and low of Ambuja Cements Ltd?
Over the last 52 weeks Ambuja Cements Ltd has traded between ₹365.75 and ₹588.75.
Does Ambuja Cements Ltd pay dividends?
Ambuja Cements Ltd has a dividend yield of 0.53%.
What is the Return on Equity (ROE) of Ambuja Cements Ltd?
Ambuja Cements Ltd reported a return on equity of 7.85%. Its debt-to-equity ratio is 0.01.

Company Information

Ambuja Cements Ltd. is among the leading cement companies in India. It is a member of the Adani Group. Currently, Ambuja Cement has a cement capacity of 31 million tonnes with six integrated cement manufacturing plants and eight cement grinding units across the country.[1]

Website ambujacement.com
CEO Mr. Vinod Mohanlal Bahety
Employees 3,883
Listed 1998-02-18
Face Value ₹ 2
Issued Size 2,47,18,23,478

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