Financial Capital
Ambuja Cements maintains strong financial discipline, remaining debt-free with CRISIL and CARE AAA (Stable) and A1+ ratings. Institutional execution capabilities have enabled premiumisation to become a competitive advantage, with premium and specialised products contributing over one-third of trade sales.
Material Topics
Strategic Priorities
Key Risks and Opportunities
Stakeholders Impacted
Investors and Shareholders
Employees
Channel Partners
Suppliers
Community and NGOs
UN SDGs Impacted
In FY 2025-26, Ambuja Cements reported combined revenue of about ` 40,656 crore, reflecting robust demand and pricing. Yearly volumes reached record levels and premium products gained share reaching ~35% of trade sales, reinforcing higher average realisations. The Company continued its focus on efficiently utilising its capacity while ensuring expansions continued in a structured manner as consolidated capacity reached 109 MTPA and the Company is on track for 119 MTPA by the end of FY 2026-27. Despite a volatile near-term cost environment, the Company's growth trajectory is increasingly supported by the integration of AI and advanced technologies across operations, enabling faster decisionmaking, improved efficiencies and accelerated infrastructure delivery.
Operational cash flows and internal accruals remain the primary sources of funding for expansion and sustainability investments, enabling the Company to strengthen working capital, improve treasury returns and maintain a conservative capital structure. Going forward, Ambuja Cements will continue to fund growth through internal cash generation and selective asset optimisation while preserving strong credit metrics and return-on-capital discipline.
Ambuja Cements delivered a sustainable operating performance in FY 2025-26, supported by strong volume growth and a sustained recovery in margins. Revenue from operations stood at ` 40,656 crore in FY 2025-26, reflecting financial resilience and scale. The Company achieved volume growth of more than twice the industry average, driven by a focused strategy to strengthen market presence and improve realisations. EBITDA stood at ` 887 per tonne during the period, benefitting from pricing discipline, premiumisation and effective cost control.
Net profit rose to ` 5,637 crore, underscoring improving operating leverage as volumes scaled. Key initiatives included expanding the share of premium products, intensifying branding campaigns, strengthening influencer engagement through technical teams, delivering region-specific value-added solutions and upgrading physical infrastructure. Looking ahead, continued emphasis on premium and solution-led offerings, supported by disciplined cost optimisation and integration synergies across the cement business and the wider Group platform, is expected to drive sustained profitability and improved returns.
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The recognition of the Adani Group as 'India’s Fastest-Growing Brand' by Brand Finance in the India 100 Report 2025 marks a defining milestone for Adani Cement and holds special significance for Ambuja Cements Limited and ACC Limited—two of India’s most trusted brands. This achievement reflects strong values and a commitment to purposeful growth. At Adani Cement, brand building is viewed not as a short-term sprint but a long-term marathon, anchored in clear strategy and stakeholder centricity. By aligning operational excellence with authentic engagement and shared purpose, the brands have moved beyond market presence to become movements that resonate widely.
Adani Cement’s sales approach is rooted in quality, trust and longterm partnerships rather than volume alone. Premiumisation continues to be a powerful value driver. Premium cement volumes accounted for 35% of trade sales and volume increased by 25% YoY, amongst the highest in the industry. Ambuja Kawach continues to perform well in the super-premium segment, supported by the GST reduction that is shaping consumer preference towards higher quality, performance driven products.
The Company’s ecosystem continues to deepen its execution advantage. It has expanded engagement across priority industry platforms and strengthened partnerships with key bodies like CREDAI, BAI, NAREDCO, Institute of Town Planning, amongst many. Onground programmes and brand activations continue to build trust in its product quality and service. FutureX, its pioneering industry–academia initiative now engages more than 750 institutions and 1.3 million students, making it the largest initiative in the sector.
Community-focused initiatives further reinforced loyalty, demonstrating how consistent quality continues to power sustainable growth.
A defining development has been the announcement of the amalgamation of ACC and Orient Cement with Ambuja Cements. This will mark the beginning of a unified ‘One Cement Platform’ that will accelerate the Company's growth trajectory, support cost discipline, strengthen operational performance and enhance capital efficiency. The Company expects this driving long-term value creation.
Ambuja Cements has undertaken a series of expansion initiatives to strengthen its capacity footprint. Total cement capacity increased to 109 MTPA during the year, supported by the commissioning of total 10.7 MTPA new grinding units at Marwar, Farakka, Sankrail, Sindri and Krishnapatnam, along with additional clinker capacity of 7 MTPA at Jodhpur and Bhatapara, taking total clinker capacity to 69 MTPA. Further 10.2 MTPA of grinding capacity to be commissioned in FY 2026-27.
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Ambuja Cements has evolved from a conventional finance-led approach to a strategic business finance model that emphasises long-term value creation and strong partnership with the business. The Company focuses on disciplined capital allocation, efficient resource utilisation and robust financial governance to deliver superior value for stakeholders. By embedding innovation and ESG considerations into financial decision-making, Ambuja Cements enables faster project execution, optimised investment outcomes and sustained enterprise value creation.
Ambuja Cements has pursued a focused M&A strategy to accelerate scale, secure raw-material, and drive cost leadership. Since joining the Adani portfolio, the Group has added 32.90 MTPA of capacity through strategic acquisitions (inclusive of under construction capacity), at a cumulative transaction value of ` 24,896 crore. Key acquisitions include Orient Cement Limited, Penna Cement Industries, Sanghi Industries, Asian Fine Cements, Asian Concretes & Cements and a grinding unit at Tuticorin.
The integration programme of acquired assets was completed in FY 2025-26 and has been centred on operational harmonisation — aligning procurement, logistics, plant operations and commercial processes to realise synergies in freight, clinker optimisation, and energy sourcing. As a result, Ambuja Cements expanded its consolidated capacity to 109 MTPA, reduced lead distances and logistics costs in core markets, and strengthened market share across regions.
Integration has also enabled targeted CAPEX and OPEX initiatives (debottlenecking, standardised maintenance, and productivity improvements) that lift asset utilisation and cost efficiencies. These actions, combined with Group advantages in power, coal and ports, accelerate the Company’s pathway to its medium-term capacity and cost targets.
The Company has achieved early operational success across the acquired assets. Capacity utilisation has improved meaningfully for acquired assets, at 54%, improved by 16 pp compared to 38% last year. These outcomes reflect disciplined execution of its integration and optimisation playbook.
Value of M&A from FY 2022-23 to FY 2025-26
Ambuja Cements is strategically positioned within India’s growth trajectory, supported by the strength of Adani’s integrated infrastructure ecosystem. A clear focus on cost leadership is expected to drive EBITDA further enabled by improved operating leverage, strong brand equity and synergies across the Adani platform. In parallel, the Company is advancing its decarbonisation agenda, with the share of green power improving to 31% in FY 2025-26 and a target to reach 60% by March 2028.
Ambuja Cements harnesses the strength of the Adani Group’s integrated portfolio to enhance operational efficiency, cost competitiveness and execution certainty across its value chain. By leveraging synergies in mining, energy, logistics, infrastructure and shared centres of excellence, the Company secures reliable access to key inputs, optimises logistics, and benefits from assured project delivery within set timelines and budgets. These synergies support scale-led growth and reinforce operational resilience, foster circular economy solutions and strengthen community engagement, creating sustainable value for stakeholders while also ensuring that the Company is poised to overcome near-term uncertainties.
Ambuja Cements’ consolidated asset base is substantial and well diversified, reflecting its extensive manufacturing footprint, integrated logistics network and strategic investments in decarbonisation and resource security. The Company reported a total asset base of ` 89,607 crore, marking a steady increase over the previous year. Current assets accounted for approximately 15% of the total, providing strong liquidity and working-capital flexibility to support ongoing operations and rapid capacity expansion. Property, plant and equipment comprise the majority of noncurrent assets, aligned with the Company’s expansion roadmap. Maintaining a debt-free balance sheet with robust net worth and liquidity metrics, Ambuja Cements is well-positioned to fund near-term capital expenditure largely through internal accruals and selective Group support. The proposed amalgamation of ACC and Orient Cement with Ambuja Cements will further strengthen this asset base under a unified corporate structure, with existing assets delivering an operating EBITDA of approximately ` 887 per metric tonne during FY 2025-26.
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In FY 2025-26, Ambuja Cements remained debt-free and maintained a highest credit rating (CRISIL and CARE AAA/A1+), underlining strong balance sheet and liquidity.
Financial highlights show business level working capital at ~20 days, reflecting effective working capital practices to unblock funds in inventory and receivables.
Ambuja Cements continues to maintain a disciplined approach to liquidity management while executing its strategic growth agenda. The Company consistently generates strong cash flows from operations, reflecting the resilience and efficiency of its core business.
These inflows are strategically deployed towards growth initiatives, including capacity expansion and acquisitions, in alignment with the Company’s long-term growth priorities. Financing outflows are managed in a calibrated manner to optimise the capital structure.
Overall, the Company maintains a balanced liquidity position, supported by prudent cash management practices and robust underlying operating performance.
CRISIL has reaffirmed Ambuja Cements’ top-tier credit ratings, CRISIL and CARE AAA/Stable (long-term) and CRISIL A1+ (short-term) reflecting the strength of its balance sheet, strong cash accruals and low leverage profile. The bank facility limits were recently enhanced while the rating status was maintained, signalling continued lender confidence.
Ratings Affirmed on the Bank Facilities and Shortterm Debt Programme
The Company is aligning its capital allocation strategy with its decarbonisation and circularity goals. Ambuja Cements is prioritising investments in renewable energy, Waste Heat Recovery Systems (WHRS) and alternative fuel capacity to lower carbon intensity and improve energy security. The Company has committed substantial green-power and energy-efficiency investments (multi-thousand-crore programme) to enhance solar, wind and WHRS capacity and targeted a large share of green power usage within its operations.
In FY 2025-26, the Company invested ` 12,965 crore in organic and inorganic growth initiatives.
These included capacity expansions, acquisitions, sustainability initiatives and digital transformation projects aimed at enhancing market competitiveness and reach. It has resulted in cost competitiveness reduced emissions and enhanced resource resilience—integral to the Company’s Net-Zero commitment by 2050, validated by SBTi.
Ambuja Cements maintains a disciplined capital allocation strategy, prioritising low-cost capacity expansion, decarbonisation projects with strong unit economics and targeted brownfield debottlenecking to accelerate capacity at modest capex. Group synergies in power, coal access, ports and logistics materially lower unit costs and improve project execution. The Company continues to report sustained cash generation to fund near-term capex and overcome near-term challenges while preserving credit metrics and shareholder returns.
Ambuja Cements manages financial volatility through a disciplined approach that combines hedging and prudent financial engineering. The Company mitigates risks arising from fluctuations in commodity prices, foreign exchange and interest rates, while optimising its capital structure through effective treasury management and selective use of financial instruments. This integrated approach supports financial stability, enhances resilience to market uncertainties and enables sustainable growth while safeguarding long-term shareholder value.
Ambuja Cements follows a structured tax governance framework to manage its tax affairs responsibly, ethically and in full compliance with applicable laws. The framework ensures timely and accurate fulfilment of tax obligations, supports transparent disclosures and reinforces stakeholder confidence. A dedicated tax team, supported by subjectmatter experts, operates under clearly defined policies and standard operating procedures aligned with international best practices, ensuring consistency across all jurisdictions and business units.
Oversight of tax governance rests with the Board-level Legal, Regulatory and Tax Committee, which monitors the effectiveness of the tax compliance programme and key tax risks. The Board of Directors provides final oversight on significant tax matters, reflecting the Company’s commitment to high standards of integrity, accountability and transparency in its tax practices.
Ambuja Cements delivered solid shareholder returns in FY 2025-26, driven by strong cash generation and continued balance sheet strength. The Board recommended a final dividend of ` 2 per share for FY 2025-26. Operating performance also accelerated in FY 2025-26, with PAT rising to ` 5,637 crore and net worth increasing to ` 71,846 crore. The Company retained its debt-free status and CRISIL & CARE AAA/Stable and A1+ ratings further reaffirmed investor confidence.
| FY 2025-26 | FY 2024-25 | |
|---|---|---|
| Direct Economic Value Generated | 41,490 | 37,991 |
| Revenue from Operations | 40,656 | 35,336 |
| Other Income | 834 | 2,654 |
| Economic Value Distributed | 38,218 | 35,199 |
| Cost of Goods Sold* | 18,804 | 16,483 |
| Employee Wages and Benefits | 1,603 | 1,403 |
| Payments to Providers of Capital | 565 | 563 |
| Payments to Government | 17,130 | 16,648 |
| Community Investments | 116 | 102 |
| Economic Value Retained | 3,272 | 2,791 |
Ratings Retained
Ambuja Cements runs a proactive, investor-first Investor Relations (IR) function that prioritises transparency, timely disclosure and continuous engagement with the global investment community.
The IR team articulates the Company’s strategy, operational progress and sustainability commitments through structured channels such as quarterly and annual results, earnings calls, investor presentations, non-deal roadshows, one-on-one meetings and organised plant visits and by participating in major investor forums such as the Adani Annual Conferences.
The Company reported a sustainable performance in FY 2025-26, led by its highest-ever annual sales volume and strong double-digit growth in revenue. This, supported by higher share of trade and premium products and improved asset utilisation, translated into robust earnings delivery for the year.
While EBITDA per tonne moderated year-on-year due to energy, logistics and input cost pressures. Nevertheless, overall operating performance remained resilient, underpinning the Company’s financial trajectory. These results have been central to IR messaging, reinforcing the Company’s investment case.
The management engaged in frequent interactions with institutional investors and sell-side analysts via investor conferences, non-deal roadshows and conference presentations.
The Company organised plant visits for analysts and investors (Marwar Mundwa - Jun'25, Sanghipuram - Mar'26) to major facilities (to demonstrate capacity ramp-ups, ongoing projects and sustainability pilots), supporting deeper technical due diligence by investors.
Ambuja Cements has upgraded its public disclosures and governance transparency as part of Group initiatives, including Tax Transparency reporting and enhanced sustainability/BRSR disclosures, to meet investor expectations for clear, auditable nonfinancial information.
Ambuja Cements launched the ‘Cement Chalisa’, a compact, structured knowledge pack designed by the Board and CEO to unite stakeholders around the Company’s strategy, operating model and value drivers. Framed around a simple menu - Past, Plants & Projects, Products, People, Prominent Synergy, Profitability & Financials, Principles, Policies and Primary Value Driver, the Chalisa translates the CEO’s ROCE-led vision (RESQ, Reimagination of Business model) into an accessible, repeatable reference for leadership, plant teams, channel partners and investors. The initiative combines practical content (project and plant updates, product positioning and financial highlights) with cultural elements (local language couplets and messaging) to deepen engagement and expedite decision-making. Early usage has made strategic information universally available across functions, improving clarity on priorities, accelerating approvals and strengthening alignment between commercial, operational and sustainability agendas. Ambuja Cements now plans to embed the Cement Chalisa in induction, investor packs and plant-level dashboards, using it as a living document to track milestones and cascade the Company’s strategic narrative across its footprint.
During the year, Ambuja Cements strengthened investor engagement by hosting its inaugural Capital Markets Plant Visit at the Marwar Mundwa Integrated Plant, Rajasthan. The two-day programme brought together 46 senior analysts from 38 leading domestic and global institutions, providing an immersive view of operations, leadership perspective and strategic priorities. Plant walkthroughs, leadership interactions and portfolio demonstrations highlighted the Company’s transformation into a future-ready building materials solutions provider, with a strong focus on capacity expansion, digital integration and Group synergies. Positive feedback reinforced confidence in execution capability and long-term growth prospects.
Building on this momentum, Adani Cement hosted its second Capital Markets Plant Visit at the Sanghipuram integrated plant in Kutch, Gujarat, welcoming prominent analysts and investors. The visit showcased Sanghipuram’s scale, resource strength and strategic importance, including over one billion tonnes of limestone resources, integrated clinkerisation and grinding operations, and a highly digitised control environment. Discussions also highlighted logistics advantages from a captive jetty and ongoing investments in rail connectivity to enhance multimodal efficiency. Collectively, these engagements reinforced transparency and strengthened investor confidence in Adani Cement’s capability to overcome near-term challenges and achieve long-term goals.
