Ambuja Cements LimitedQ2 FY27 Results & Financial Update
Ambuja Cements Limited: Q2 FY27 consolidated results and company financials – revenue ₹9,197.00 Cr, PAT ₹236.00 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Ambuja Cements Q2 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
During the quarter ended September 30, 2026 (Q2 FY27), Ambuja Cements recorded consolidated revenue from operations of INR 9,197 crore, representing a modest sequential decrease of approximately 3.2% compared to INR 9,500 crore in the preceding quarter (Q1 FY27).
Reported profit after tax (PAT) for Q2 FY27 stood at INR 236 crore, down from INR 660 crore in Q1 FY27, reflecting pressures from challenging operating conditions, monsoon-related construction disruptions, and seasonal kiln shutdowns during the monsoon quarter.
The company's operating performance was notably impacted by rising energy and logistics costs driven by global geopolitical tensions in West Asia, which elevated imported petcoke prices to USD 188 per tonne by October 2026 and caused commercial diesel prices to increase by 25-30% over preceding months.
Total expenses for the quarter included finance costs of INR 74 crore, depreciation and amortization of INR 877 crore, and tax expenses of INR 62 crore. Other income contributed INR 58 crore, while provisions stood at INR 211 crore.
Despite macro headwinds and margin compression, the company maintained a debt-free balance sheet with top-tier credit ratings (AAA/A1+) and continued its capacity expansion roadmap, commissioning 4.6 MTPA of new cement capacity during Q2 FY27 across Dahej, Salai Banwa, and Kalamboli units.
Management continued to execute strategic cost reduction initiatives, pushing toward per-tonne cost targets of INR 4,250 for FY27 and INR 4,000 for FY28 through fuel mix optimization, increased waste heat recovery utilization, and supply-chain efficiency.
01 · Business model
What does Ambuja Cements do?
Ambuja Cements Limited, part of the Adani Portfolio, is a prominent manufacturer of cement and building materials with a national footprint across India. The company operates multiple integrated cement units, grinding plants, and bulk terminals, producing blended cements and high-grade construction materials distributed through an extensive network of channel partners.
The company's operational model emphasizes vertical integration, cost optimization through green power generation (including waste heat recovery and renewable energy sources), supply chain efficiencies via direct dispatches and alternative transport modes, and value-led growth driven by a high share of trade and premium products.
Ambuja Cements also oversees subsidiaries such as ACC Limited and Orient Cement Limited, advancing toward a unified 'One Cement Platform' corporate structure designed to unlock operating synergies, streamline logistics, and enhance long-term shareholder value across regional markets in India.
02 · Historical context
What shaped the business before this quarter
Since its integration into the Adani Portfolio, Ambuja Cements expanded its total cement capacity from 68 MTPA at acquisition to 113.5 MTPA as of September 30, 2026.
On December 22, 2025, the board approved amalgamations of ACC Limited and Orient Cement Limited with Ambuja Cements, securing shareholder approvals in September 2026 toward a final NCLT sanction expected by January 2027.
03 · Financial snapshot
Current quarter vs the available comparable
| Metric | Q2 FY27 | Previous quarter |
|---|---|---|
| Revenue from operations | ₹9,197.00 Cr | ₹9,500.00 Cr |
| Total income | ₹9,255.00 Cr | ₹9,669.00 Cr |
| Profit before tax | ₹298.00 Cr | ₹848.00 Cr |
| Profit after tax | ₹236.00 Cr | ₹660.00 Cr |
| EPS | ₹0.78 | ₹2.32 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Consolidated net cement sales volume reached 16.5 million tonnes (MnT) in Q2 FY27, compared to 17.1 MnT in Q1 FY27 and 16.6 MnT in Q2 FY25.
Trade sales accounted for 74% of total volume in Q2 FY27, while premium products represented 37% of trade sales, supporting realization stability despite industry-wide pricing pressures.
Blended cement represented 82% of total sales volume in Q2 FY27, aligning with NITI Aayog recommendations and reducing clinker intensity and production costs.
What drove margins
Power and fuel costs rose to INR 1,463 per tonne in Q2 FY27 (compared to INR 1,311 per tonne in Q1 FY27), driven by sharp increases in global coal and imported petcoke prices.
Green power share reached 61% of total power consumption in Q2 FY27 (including consumed and sold green power), mitigating fossil fuel exposure through waste heat recovery and renewable energy.
Raw material costs decreased to INR 573 per tonne in Q2 FY27 from INR 674 per tonne in Q1 FY27, aided by source mix optimization, bulk fly-ash transport, and lower clinker factors.
Freight and forwarding costs stood at INR 1,290 per tonne, while other expenses rose to INR 944 per tonne due to higher packing material costs and planned kiln maintenance shutdowns.
05 · Demand, customers & order book
Where demand is coming from
The company engages over 1,25,000 channel partners across India, organizing annual dealer conferences and strengthening relationships through digital sales and payment automation.
Demand was supported by infrastructure projects such as the PMAY and PM Gati Shakti pipelines, alongside commercial and institutional sales using a solutions-led approach.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
The company operates primarily in the cement segment across India, incorporating manufacturing operations from Ambuja Cements, ACC Limited, and Orient Cement Limited under consolidated reporting.
Geography and market mix
Ambuja Cements maintains operations across 31 states and union territories and over 665 districts, supported by 24 integrated units, 24 grinding units, 125 RMX plants, and 10 bulk cement terminals.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Total cement capacity stood at 113.5 MTPA as of September 30, 2026, supported by a clinker factor of 66.3%.
During Q2 FY27, the company commissioned 4.6 MTPA of new capacity, including the Dahej grinding unit (1.2 MTPA), Salai Banwa grinding unit (2.4 MTPA), and Kalamboli blending unit (1.0 MTPA).
Green power capacity reached 973 MW (including 228 MW of Waste Heat Recovery Systems) as of September 30, 2026.
Projects, capex and execution
The company has firmed up an expansion program of +29.7 MTPA across 14 projects, targeting a total capacity of 149 MTPA (and up to 155 MTPA via debottlenecking).
H2 FY27 capacity ramp-ups include 3.2 MTPA (Bathinda and Jodhpur Penna) and commissioning of 2.4 MTPA at Warisaliganj, alongside a 4.0 MTPA Maratha clinker line expected in Q1 FY28.
08 · Strategy & new businesses
How the company is trying to change its growth mix
Shareholders approved the amalgamations of ACC Limited and Orient Cement Limited with Ambuja Cements on September 28-29, 2026, targeting final NCLT completion by January 2027 to unlock operating synergies.
Implementation of Unified Master Data & Geo-Intelligent Mapping for optimized pricing and freight, alongside Gen AI-led sales and payment automation.
09 · Reported developments
What changed operationally
Received multiple awards including 10 awards at the CII 27th Energy Excellence Summit 2026 and top honors at the 8th ICC OH&S Awards 2026.
10 · Pressure points & risks
What is not going smoothly
Escalating West Asia geopolitical tensions increased imported petcoke prices and commercial diesel costs, creating an estimated impact of ~Rs 228 per tonne in Q2 FY27 and weighing on quarterly EBITDA.
11 · Items worth noticing
The line items that can distort a quick read
PAT reconciliation for Q2 FY27 includes an adjustment of INR 85 crore (with tax impact of INR 22 crore) related to termination benefits under a voluntary severance scheme.
12 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
During H1 FY27, operating EBITDA generated was INR 2,860 crore, cash flow from operating activities reached INR 2,916 crore, capex outflows totaled INR 2,963 crore, and financing outflows included dividend payments of INR 569 crore.
Cash and cash equivalents (including bank balances and fixed deposits) stood at INR 1,070 crore as of September 30, 2026, compared to INR 1,770 crore as of March 31, 2026.
Capital allocation & funding
Ambuja Cements continues to remain debt-free with highest credit ratings of AAA (Stable) / A1+ assigned by CRISIL, CARE, India Ratings, and ICRA.
13 · Management guidance & targets
What management is targeting from here
Management targets reducing cost per tonne to approximately INR 4,250 by FY27 and INR 4,000 by FY28.
Management expects cement volumes to grow ahead of the industry average in H2 FY27, supported by a returns-focused expansion strategy.
Management targets achieving 60% green power share by FY28 (against 61% achieved in Q2 FY27 when accounting for power consumed plus sold).
14 · Beyond the numbers
What changed beyond the numbers
Reported update
Corporate Governance Pathway
Enhanced governance framework incorporating a maximum tenure of 3 years for independent directors (up to 2 terms), minimum 30% female directors, and independent third-party review of related-party transactions.
Reported update
CSR and Community Outreach
Executed integrated community interventions during Q2 FY27 spanning 55 water harvesting structures, 125 agricultural training sessions, and health outreach programs reaching 19,872 truckers and allied population.
15 · Previous-quarter changes
What changed since the previous quarter
Net cement sales volume decreased from 17.1 MnT in Q1 FY27 to 16.5 MnT in Q2 FY27, while quarterly revenue from operations moved from INR 9,500 crore to INR 9,197 crore.
Reported PAT moved from INR 660 crore in Q1 FY27 to INR 236 crore in Q2 FY27, reflecting seasonal monsoon slowdowns and heightened energy and maintenance costs.
16 · Key Q&A
The quarter, answered directly
What does Ambuja Cements do?
Ambuja Cements Limited, part of the Adani Portfolio, is a prominent manufacturer of cement and building materials with a national footprint across India. The company operates multiple integrated cement units, grinding plants, and bulk terminals, producing blended cements and high-grade construction materials distributed through an extensive network of channel partners.
What is the clearest takeaway from Q2 FY27?
During the quarter ended September 30, 2026 (Q2 FY27), Ambuja Cements recorded consolidated revenue from operations of INR 9,197 crore, representing a modest sequential decrease of approximately 3.2% compared to INR 9,500 crore in the preceding quarter (Q1 FY27).
What drove revenue or demand?
Consolidated net cement sales volume reached 16.5 million tonnes (MnT) in Q2 FY27, compared to 17.1 MnT in Q1 FY27 and 16.6 MnT in Q2 FY25.
What mattered most for margins or profitability?
Power and fuel costs rose to INR 1,463 per tonne in Q2 FY27 (compared to INR 1,311 per tonne in Q1 FY27), driven by sharp increases in global coal and imported petcoke prices.
What changed operationally beyond the headline numbers?
Total cement capacity stood at 113.5 MTPA as of September 30, 2026, supported by a clinker factor of 66.3%.
What is management guiding or targeting from here?
Management targets reducing cost per tonne to approximately INR 4,250 by FY27 and INR 4,000 by FY28.
17 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
Starting point
Build your own next-quarter scenario
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Example: enter 10 for 10% revenue growth. Enter -100 for a 1 percentage-point margin decline.
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The calculator holds the selected margin basis constant except for the basis-point adjustment you enter. It does not estimate tax, finance cost, dilution, working capital, valuation or share price.
18 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Capacity Expansion Execution: Track the commissioning and ramp-up of the remaining capacity expansion pipeline (+29.7 MTPA total firmed-up addition), including H2 FY27 additions at Bathinda, Jodhpur Penna, and Warisaliganj.
- 02
Cost Optimization Trajectory: Observe progress toward management cost-reduction targets of INR 4,250 per tonne by FY27 and INR 4,000 per tonne by FY28 amidst volatile global fuel markets.
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