We have crossed 100 million tonnes per annum (MTPA) of our consolidated cement capacity, becoming the 9th largest cement company globally.
Dear Shareholder
FY 2024-25 stands as a defining chapter in the remarkable journey of Ambuja Cements Limited — a year marked by meaningful progress, grounded deeply in our enduring values and the collective resolve of our people. Building upon the strong foundation laid by last year’s strategic priorities of capacity expansion, operational excellence, sustainability, and cost leadership, we are proud to announce that we have crossed the milestone of 100 million tonnes per annum (MTPA) of consolidated cement capacity, positioning us as the 9th largest cement company globally.
This journey reflects the spirit encapsulated in the phrase: from the Oldest to the Highest to the Fastest. Starting from Lakheri, the proud home of India’s oldest operational cement plant, to Darlaghat, where we constructed the world’s highest cement facility, we have relentlessly pursued growth and innovation. Over the past 30 months, we have added approximately 50% capacity, expanding our footprint by about 1 million tonnes every month. This rapid growth underscores our commitment to not just participate in the industry but to lead it.
Ambuja Cements, now a core part of the Adani Group’s cement business, contributes to nearly 30% of India’s homes and infrastructure. This is a story of resilience fueled by a growth mindset — a journey that marries legacy with innovation and is inspired by a clear and purposeful vision. Our progress stands as a testament to the focused execution, agility, and ambition that define our transformation.
A key catalyst behind this success has been our series of efficient and timely acquisitions, each completed with precision and synergy. Alongside inorganic growth, our organic expansion projects continue to gain strong momentum across the country, bringing us closer to our ambitious long-term target of reaching 140 MTPA by 2028. This combination of strategic acquisitions and greenfield expansions is designed to build a resilient and scalable business model, capable of delivering sustained growth and value.
Having achieved nearly 50% growth in just 30 months, our roadmap is clear: reaching 118 MTPA by FY 2026 and 140 MTPA by FY 2028, primarily through brownfield expansion projects. Our key commissioning targets for FY 2026 include clinker and grinding units across strategic locations such as Bhatapara, Sankrail, Sindri, Salai-Banwa, Dahej, Marwar, Kalamboli, Krishnapatanam, Bathinda, Jodhpur, Maratha, and Warisaliganj. These projects are progressing well, with significant civil and equipment work underway.
Looking beyond FY 2026, nine additional grinding unit projects are already underway, all aligned with our vision to reach 140 MTPA by FY 2028. Sustainability remains central to these efforts, with investments such as waste heat recovery systems and provisions for utilising 30% alternate fuels in our kilns. These initiatives reflect our commitment to being industry leaders not only in capacity but also in sustainable practices.
Crossing the 100 MTPA milestone is deeply gratifying, but it is not an achievement we claim alone. It is the result of the steadfast commitment of our people, the trust of our partners, and the visionary leadership steering us forward.
More than a production metric, this milestone signifies our unwavering commitment to building India’s future — enabling vital infrastructure, connecting communities, and advancing sustainability. It underscores a greater responsibility, a deeper impact, and a stronger resolve to meaningfully contribute to the nation’s progress.
` 35,045 crore
Revenue from Operations
` 5,158 crore
PAT
Highlights of FY 2024-25
100 MTPA
Cement Capacity Milestone crossed by the Adani Group's Cement Business in April 2025.
The 100 MTPA milestone, while deeply gratifying, is not ours alone. It is the outcome of the firm commitment of our people, the trust of our partners, and the visionary leadership that continues to guide us.
RESQ – Our Guiding Compass
At the very heart of our journey lies RESQ — an acronym that embodies our core principles of Reliability, Environment, Safety, and Quality. These values serve as our guiding compass, influencing every decision we make, every process we refine, every product we deliver, and every relationship we nurture. RESQ is more than a framework; it is the spirit and culture that infuses our business at every level.
Our adherence to RESQ principles has been fundamental to reinforcing our market leadership. We are driven not by short-term gains but by long-term commitments that emphasise operational excellence, rigorous safety practices, and a profound responsibility towards the environment and the communities we serve.
This RESQ-driven approach has enabled us to achieve holistic, balanced growth — spanning financial, operational, and sustainable dimensions. It demonstrates the resilience and adaptability of our business model, particularly as we navigate evolving market cycles and the challenges of a dynamic global economy.
Our journey is not defined solely by milestones or numerical achievements. More importantly, it is about the trust we continue to earn from our customers, the enduring value we co-create with our partners, and the meaningful legacy we leave in the communities where we operate. These aspects form the true measure of our success.
We are also aligning our operations and disclosures with respected international frameworks including the Science Based Targets initiative (SBTi), the Global Cement and Concrete Association (GCCA) guidelines, and the Task Force on Climate-related Financial Disclosures (TCFD). This ensures that our actions remain transparent, forward-looking, and globally relevant.
Stakeholder Value Creation
Ambuja Cements has delivered record-breaking performance across all key financial and operational metrics. Our annual sales volume reached 65.2 million tonnes, reflecting a robust 10% year-on-year growth. Revenues stood at ` 35,045 crore, marking our highest-ever top-line performance. Our profit after tax grew by 9% to ` 5,158 crore, supported by an operating EBITDA of ` 5,971 crore. Our strong balance sheet, marked by a debt-free status, underscores our prudent capital allocation and financial discipline.
Our commitment to stakeholders goes beyond financial returns. Through a broad spectrum of community development programs, we have positively impacted 5.8 million lives across healthcare, education, employment generation, and water conservation initiatives. Our water positivity ratio of 12x and plastic negativity ratio of 11x set new industry benchmarks and reflect our leadership in sustainable resource management.
Our subsidiary, ACC, has proudly become India’s first large-scale cement company to secure validated Net Zero targets from the SBTi. This milestone highlights our group-wide commitment to combating climate change and fostering sustainable business practices.
Guided by our philosophy – ‘Growth with Goodness’, we are humbly building the very fabric of modern India — with strength, speed, and commitment.
Cost
Relentless cost optimisation remains a cornerstone of our strategy, enabling us to maintain competitiveness and enhance margins amid challenging market conditions.
One of our key achievements has been the transformation of our logistics model. By shifting a significant portion of our freight to seaborne transport, optimising depot locations, and leveraging GPWIS (General Purpose Wagon Inward System) and BCFC (Bulk Cement Freight Consortium) rakes, we have achieved a 6% reduction in logistics costs to date. Our ongoing initiatives aim for a further 15% reduction in logistics costs by FY 2030, reflecting our continuous drive for operational efficiency.
Energy transition is another critical pillar of our cost leadership. We aim for 60% of our future cement capacity and 83% of clinker operations to be powered by green energy. Currently, 218 MW of Waste Heat Recovery Systems (WHRS), 200 MW of solar capacity, and 99 MW of wind energy from our Khavda facility are operational. These investments are expected to reduce power costs by approximately ` 90 per tonne by FY 2028.
In addition, our raw material security has improved significantly, with approximately 9 billion tonnes of reserves under our control and increased captive coal usage. Strategic sourcing of petcoke and alternative fuels further contributes to lowering energy costs. Our concerted optimisation efforts are projected to reduce raw material costs by 8-10%, solidifying our cost leadership.
Risk Management
Robust risk management is embedded in our governance framework, enabling us to anticipate, mitigate, and respond effectively to operational, financial, and environmental risks.
9,000 Mn MT
Total Limestone Reserves
1.1 lakhs+
Channel Partners
Our commitment to ESG principles is demonstrated by continuous enhancement of our ESG scores and strict compliance with global disclosure norms. We actively engage in partnerships with the United Nations Global Compact (UNGC), World Economic Forum (WEF), Bureau of Energy Efficiency (BEE), and the Alliance for Financial Inclusion and Development (AFID), promoting responsible and sustainable business practices.
Digital transformation plays a pivotal role in our risk mitigation strategy. Advanced plant safety systems, predictive maintenance tools, and real-time logistics tracking minimise disruption and enhance operational continuity. Cybersecurity remains a top priority, with protection ensured by Adani’s ISO 27000-certified security operations center, guaranteeing resilience and integrity of our digital infrastructure.
Uncertain Global Geopolitical Scenarios
In today’s volatile global environment, characterised by fluctuating energy prices, supply chain disruptions, and shifting policy landscapes, our diversified energy mix and raw material security act as vital buffers.
Our investments in captive assets, multi-modal logistics infrastructure, and digital supply chain management have shielded us from international price shocks and supply disruptions. Opportunistic buying of petcoke and imported fuels under favourable contracts further mitigates fuel cost pressures.
Our agile execution model, combined with geographically diversified operations, provides the necessary stability and flexibility to navigate global uncertainties without compromising growth or profitability.
Younger by the Day
With a combined experience of 140 years amongst our Cement Business, we are a ‘Century-old Company getting younger by the day’. Our growth story is driven by the talent, passion, and innovation of a young and dynamic workforce committed to digital-first initiatives and operational excellence.
Our “Plants of the Future” program leverages cutting-edge technology including AI-driven process controls, robotics, automated weighbridges, and drone-enabled maintenance, fundamentally transforming manufacturing efficiency and safety.
At the heart of our journey lies RESQ—Reliability, Environment, Safety, and Quality—our guiding principle that influences every decision we make, process we improve, product we sell, and relationship we nurture.
The NexGen Sales & Reward platform has revolutionised channel engagement by creating a unified digital ecosystem that connects retailers, influencers, and sales teams, driving sales effectiveness and enhancing customer relationships.
By collaborating with the Adani Group’s AI Labs, we are deploying advanced machine learning models to optimise clinker production, streamline logistics, and personalise customer experiences. These innovations are projected to reduce logistics costs by 23% and unlock substantial process efficiencies.
Stronger On-ground Network
Our extensive and deep channel network, comprising over 1,10,000 partners, forms the backbone of our market reach and customer connect.
We have enhanced our on-ground presence through regional brand campaigns, engaging key stakeholders such as engineers, contractors, and architects nationwide. Our high-profile cricket sponsorships and localised brand films like “Tum Virat Ho” have significantly strengthened brand visibility and resonance.
Operationally, we continue to optimise our distribution network through direct dispatches, regional depot rationalisation, and digitalised fleet management, ensuring leaner, faster, and more responsive supply chains.
12x
Water Positivity
Cybersecurity remains a priority, and with the support of Adani’s ISO 27000-certified cyber defence and security operations centre, we ensure enterprise-grade security to protect our business information systems.
Group Synergies
The strategic integration within the Adani Group ecosystem delivers a significant competitive advantage.
Synergies across energy, logistics, mining, and AI enable us to access shared infrastructure and knowledge resources that drive scale efficiencies and operating leverage.
The integration of Sanghi Cement and Penna Cement has been completed successfully, unlocking new scale benefits. Penna’s clinker plants are stabilising at about 80% utilisation, contributing positively to our overall capacity.
Our unified cash management approach, shared energy and mining assets, and common digital platforms collectively enhance operational efficiency, margin expansion, and long-term value creation.
Looking Ahead with Optimism
Crossing the 100 MTPA milestone is not the culmination of our journey but a significant waypoint that marks the beginning of an even more ambitious trajectory. It is a powerful testament to what can be achieved through collective commitment, disciplined execution, and a shared vision.
Our focus now shifts toward realising our next target: reaching 140 MTPA by FY 2027-28. I am confident that, with sustained momentum and unwavering dedication, we will make significant strides toward this goal.
The challenges ahead will demand even stronger alignment across our teams, partners, and stakeholders, as well as deeper investments in speed, scale, and innovation. Together, we will continue to push boundaries, create value, and uphold the highest standards of excellence.
Thank you for your continued trust and support on this exciting journey.
Regards
Vinod Bahety
Whole Time Director & CEO