Ambuja Cements Ltd logo

Ambuja Cements Ltd

AMBUJACEM NSE

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]

AI Verdict: HOLD Confidence: 5%

Ambuja Cements trades at a PE of 19x with almost zero debt and strong profit growth of 21% CAGR over 3 years, but a low ROE of 9% and negative 1-year stock return of -21% suggest the market is already pricing in growth concerns. The 67% buy rating from analysts provides some comfort, but valuation needs to be supported by improved capital efficiency.

Key Fundamentals

MidcapCementConstruction
Market Cap
1.1L Cr
Volatility
Moderate
P/E Ratio
22.42
EBITDA
₹7,373 Cr
Return on Equity
9.32%
Debt to Equity
0.01
Book Value
₹238.84
EPS
₹12.66
52W High
₹624.95
52W Low
₹394

Technical Indicators

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% ↗
Net Income Growth
6.48% ↘
Cash Flow Change
139.64% ↗
ROE
-5.19% ↘
ROCE
-51.06% ↘
EBITDA Margin (Avg.)
-21.72% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 3d ago
HOLD
Risk medium

Ambuja Cements trades at a PE of 19x with almost zero debt and strong profit growth of 21% CAGR over 3 years, but a low ROE of 9% and negative 1-year stock return of -21% suggest the market is already pricing in growth concerns. The 67% buy rating from analysts provides some comfort, but valuation needs to be supported by improved capital efficiency.

Bull Case 7
  • Company is almost debt free, providing significant financial flexibility and resilience during cyclical downturns in the cement sector
  • Compounded profit growth of 21% CAGR over 3 years demonstrates strong earnings momentum and operational leverage
  • 67% of analysts (26 out of 39) have a buy rating, reflecting broad institutional confidence in the stock
  • TTM sales growth of 15% indicates recent demand recovery and volume uptick in cement operations
  • PE ratio of 19x is reasonable for a large-cap cement company with Rs 1,06,672 Cr market cap, below historical sector averages of 25-30x
  • 10-year compounded profit CAGR of 22% shows sustained long-term earnings compounding ability
  • Price-to-book ratio of 1.8x is modest for an asset-heavy cement company with near-zero debt on books
Bear Case 8
  • Stock has declined 21% over the past 1 year, significantly underperforming broader market indices
  • Return on equity of only 9% over 3 years and 5 years indicates poor capital efficiency for a debt-free company
  • 3-year sales CAGR of just 1% shows near stagnation in topline growth during a critical period
  • 5-year stock CAGR of only 4% has barely beaten fixed deposit returns, reflecting weak shareholder value creation
  • Dividend yield of just 0.47% is unattractive for income-seeking investors given the low growth profile
  • Only 7.69% sell ratings but 25.64% hold ratings (10 analysts) suggest a lack of strong conviction even among bulls
  • 5-year compounded sales growth of 11% lags the 10-year CAGR of 16%, indicating a structural deceleration in revenue momentum
  • Low tax rate flagged as a concern may indicate unsustainable earnings quality or one-time benefits inflating profits

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

AI News Digest

Anthropic anthropic claude-opus-4.6 14h ago
Positives 4
  • Exchanges clear Ambuja-ACC merger Jun 4

    BSE and NSE issued no adverse observations/no objection for Ambuja Cements' amalgamation with ACC. Scheme still requires shareholder and NCLT approval.

  • Sanghi dispute fully resolved May 31

    Alok Sanghi withdrew NCLAT plea on May 26 after settlement of ₹84 crore personal guarantee dispute linked to the ₹5,185 crore Sanghi Industries acquisition.

  • Low-carbon cement partnership Jun 22

    Ambuja Cements partnered with Leilac to develop and scale low-carbon cement production technology, though financial terms and timelines were not disclosed.

  • Strong sustainability metrics FY26 May 30

    BRSR filing shows 12.1x water positivity and 31% green power share for FY26, signaling progress on ESG goals.

Neutral 4
  • ₹144 crore block trade on NSE Jun 3

    Approximately 33.49 lakh shares traded at ₹429.90 per share in a single block deal worth ₹143.97 crores, indicating notable institutional activity.

  • No encumbrance on promoter shares May 30

    Adani Enterprises confirmed zero encumbrance on its 167.2 crore Ambuja Cements shares held during FY26.

  • Record date and AGM scheduled May 28

    June 12, 2026 fixed as record date for FY26 final dividend; 43rd AGM scheduled for June 26, 2026.

  • Investor roadshow in Mumbai Jun 11

    Non-deal roadshow planned for June 16-17, 2026 in Mumbai using publicly available information.

TL;DR: Ambuja Cements is executing well on its consolidation strategy with the ACC merger clearing exchange-level approvals, and has resolved the Sanghi Industries legal overhang. Sustainability initiatives and clean promoter holding structure add to the positive narrative. No material headwinds emerged in the period. The near-term catalyst is NCLT and shareholder approval for the ACC merger, which would create a simplified and larger cement entity under Adani Group.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
7,966
8,713
7,424
8,129
8,894
8,392
7,552
9,411
9,981
10,289
9,174
10,277
10,915
Expenses
6,727
7,046
6,122
6,397
7,195
7,112
6,441
7,700
8,113
8,328
7,414
8,924
9,452
Operating Profit
1,239
1,667
1,302
1,732
1,699
1,280
1,111
1,712
1,868
1,961
1,761
1,353
1,464
OPM %
16%
19%
18%
21%
19%
15%
15%
18%
19%
19%
19%
13%
13%
Other Income
142
268
480
204
448
358
220
1,355
713
300
39
77
138
Interest
39
52
61
70
93
68
67
67
14
67
77
59
21
Depreciation
352
372
381
416
459
476
520
607
694
798
885
911
1,053
PBT
989
1,512
1,340
1,450
1,595
1,094
744
2,393
1,872
1,396
838
460
528
Tax %
23%
25%
26%
25%
5%
28%
33%
-11%
28%
27%
-175%
12%
-252%
Net Profit
763
1,135
987
1,091
1,521
783
496
2,663
1,351
1,017
2,302
403
1,857
EPS in Rs
3.25
4.56
3.99
4.15
4.78
2.6
1.95
8.76
4.16
3.39
7.14
0.97
7.4
Figures in ₹ Crores

Profit & Loss

  Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Mar 2023 15mMar 2024Mar 2025Mar 2026
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
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
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
OPM %
19%
16%
16%
16%
15%
17%
20%
21%
13%
19%
17%
16%
Other Income
419
353
441
335
232
601
288
252
447
1,401
2,646
516
Interest
66
92
153
206
170
170
140
146
195
276
216
224
Depreciation
513
630
1,461
1,219
1,154
1,153
1,162
1,152
1,645
1,628
2,297
3,570
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
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
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
Div. Payout %
46%
54%
50%
47%
14%
14%
151%
45%
19%
12%
11%
10%
Figures in ₹ Crores

Balance Sheet

  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

  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

  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%

Shareholding Pattern

As of Apr 2026
Promoters 67.33%
DIIs 19.84%
FIIs 5.83%
Public 5.50%
Others 1.51%
Total 100.01%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Apr 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Apr 2026
Promoters
63.29%
63.28%
63.26%
63.21%
63.19%
63.19%
63.22%
63.22%
63.22%
63.20%
63.19%
63.19%
66.74%
70.33%
70.33%
67.57%
67.57%
67.57%
67.57%
67.68%
67.68%
67.68%
67.33%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
11.16%
0.02%
0.00%
11.88%
11.09%
9.90%
9.59%
10.61%
9.14%
8.60%
7.44%
5.91%
5.80%
5.87%
5.83%
DIIs
12.10%
12.22%
13.34%
15.00%
16.01%
14.83%
15.06%
15.49%
14.75%
13.36%
14.30%
15.83%
14.48%
12.94%
13.26%
15.19%
16.62%
17.30%
18.70%
19.63%
19.85%
20.07%
19.84%
Government
0.26%
0.26%
0.26%
0.26%
0.26%
0.26%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
4.34%
4.30%
4.31%
4.39%
4.91%
5.48%
6.47%
6.55%
8.07%
7.28%
7.03%
6.60%
5.63%
5.02%
5.15%
5.04%
5.16%
5.10%
4.89%
4.93%
5.04%
4.87%
5.50%
Others
20.01%
19.94%
18.82%
17.14%
15.63%
16.23%
15.25%
14.74%
2.79%
16.13%
15.47%
2.49%
2.06%
1.82%
1.68%
1.59%
1.51%
1.42%
1.39%
1.84%
1.62%
1.51%
1.51%
No. of Shareholders
2,37,224
2,49,742
2,90,245
3,21,192
4,37,838
4,36,449
4,98,485
4,68,817
7,04,994
6,18,776
5,98,147
5,64,847
5,43,437
5,45,152
6,11,804
6,05,551
6,33,718
6,44,696
6,18,855
6,20,457
6,25,013
6,07,505
6,13,421

Documents

1
Concall - Jun 2017 Jun 2017
2
Concall - Feb 2018 Feb 2018
3
Concall - Feb 2018 Feb 2018
4
Concall - Mar 2018 Mar 2018
5
Concall - May 2018 May 2018

Frequently Asked Questions about Ambuja Cements Ltd

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 is listed on the Indian stock exchanges. It is listed on NSE: AMBUJACEM and BSE: 500425. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Ambuja Cements Ltd belong to?
Ambuja Cements Ltd operates in the Commodities sector within the Cement & Cement Products industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Ambuja Cements Ltd?
Ambuja Cements Ltd has a market capitalisation of approximately ₹106535.59 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of Ambuja Cements Ltd?
The Price-to-Earnings (PE) ratio of Ambuja Cements Ltd is 22.42. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Ambuja Cements Ltd?
Over the past 52 weeks, Ambuja Cements Ltd has traded between a low of ₹394 and a high of ₹624.95. This range helps investors understand the stock's price volatility and recent trading levels.
Does Ambuja Cements Ltd pay dividends?
Yes, Ambuja Cements Ltd has a dividend yield of 0.47%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Ambuja Cements Ltd?
Ambuja Cements Ltd has a Return on Equity (ROE) of 9.32%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Ambuja Cements Ltd on Tapetide?
On Tapetide, you can view Ambuja Cements Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

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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