Ambuja Cements Ltd

Q3 FY26Cement & Cement Products

Ambuja Cements Ltd Q3 FY26 Results & Concall Highlights: Revenue, Margins & Order Book

Q3 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹414

Market cap₹1.0L Cr

P/E22.0

Updated23 Aug 2026

Read5 min read

The short version

Industry demand for cement projected to grow around 8% in FY '26, aligning with 1.1x GDP growth of 7.5%. Target volumes: 115 million tons in FY '26, 135 million tons in FY '27, and 155 million tons in FY '28 (including organic and inorganic growth), with +/- 5-10% capacity utilization variability.

From Ambuja Cements Ltd's Q3 FY26 earnings-call transcript · updated 23 Aug 2026.

Revenue & Sales Performance

Industry demand for cement projected to grow around 8% in FY '26, aligning with 1.1x GDP growth of 7.5%.
Ambuja Cements expects to close FY '26 with robust revenue and volume growth supported by strong demand from December sustained into January and expected in February.
Volume growth guidance includes reaching 135 million tons by FY '27 and 155 million tons by FY '28 through organic and inorganic expansions.
Focus on ramping up new capacities with quick ramp-up in grinding units and phased ramp-up in clinker plants.
Emphasis on premiumization and blended cement to drive value-added product growth, increasing weighted average realizations.
Anticipated cost reductions contributing to margin improvement, targeting INR3,800 per ton cost by March ’27 and INR3,650 by March ’28.
Market share gains through stronger brand equity, trade channel focus, and innovative cement solutions.

Profitability & Margins

Target volumes: 115 million tons in FY '26, 135 million tons in FY '27, and 155 million tons in FY '28 (including organic and inorganic growth), with +/- 5-10% capacity utilization variability.
Cost reduction: Aim to reduce blended cost to INR 3,800 per ton by March '27 and INR 3,650 per ton by March '28, with March '26 exit cost around INR 4,000 per ton.
EBITDA: Expect improvement with December quarter showing strong momentum; however, exact forward-looking EBITDA guidance is withheld.
Acquired assets: Aim to ramp utilization to 80%, targeting EBITDA per ton of INR 1,250-1,300 moving towards INR 1,500 by FY '27 end.
Premiumization and trade channel focus expected to improve realizations and support earnings growth.
Capex: INR 9,000-10,000 crores annually for growth and efficiency improvements to support future volume expansion and profitability.

See what Ambuja Cements Ltd said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

Capex guidance is around INR 8,000 crores annually for growth and an additional INR 2,000 crores for efficiency improvements, totaling approximately INR 10,000 crores per year.
Focus is on capacity utilization of existing assets alongside new capacity expansions.
Expansion plans include adding 24 million tons through organic and inorganic growth by FY '28, aiming to reach 155 million tons capacity.
New clinker lines are being set up at Bhatapara (line 3 commissioned and ramping up), Marwar-Mundra (brownfield), Assam (greenfield 4 million tons line signed with government), Penna (commissions expected mid-February 2026).
Emphasis on debottlenecking assets, with costs below $50 per ton for incremental capacity.
New plants and assets expected to enhance efficiency and reduce power consumption by at least 10 units.
Capex spend is modular and will be adjusted based on utilization and market conditions.
Strategic openness to consolidation opportunities at the right price, leveraging strong balance sheet with nearly INR 70,000 crores net worth and zero debt.

Top-ranked in Cement & Cement Products

Ranked on what management guided this quarter

5x potential

1Grasim Inds₹2.2L Cr

Rev 1Mar 3

2BIGBLOC Const.₹578 Cr

Rev 2Mar 1

3₹1.3K Cr

Rev 3Mar 1

4₹3.2L Cr

Rev 3Mar 3

5₹81.4K Cr

Rev 3Mar 3

Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.

Fundraising & Capital Structure

As of the latest update, Ambuja Cements Limited has a strong balance sheet with net worth of around INR 70,000 crores and zero debt.
There is no mention of any current or planned fundraising through debt in the provided excerpts.
The company is focusing on organic and inorganic growth within the 155 million tons capacity target, which includes both internal expansion and potential acquisitions.
The management emphasizes financial strength and flexibility to pursue opportunities at the right price but does not indicate any immediate plans for raising capital via equity or debt.
Overall, no specific announcements or plans for new debt or equity fundraising have been discussed in the recent disclosures.

See what Ambuja Cements Ltd said on fundraising & capital structure — free account, 30 seconds.

Order Book & Pipeline

The transcript from Ambuja Cements Limited does not explicitly mention specific details about current, expected order book, or pending orders. However, some relevant points related to capacity expansions, projects, and growth outlook include: - Capacity targets: 135 million tons by FY '27 and 155 million tons by FY '28, combining organic and inorganic growth. - Clinker capacity expansions underway in Bhatapara, Sanghi, Marwar-Mundra, Assam (greenfield), and Penna (expected operational by February). - Signed agreement with Assam government for a new 4 million tons clinker line. - Focus on operational efficiencies and ramp-up of new plants expected to improve volume and cash flows. - Capex for growth and efficiency is expected to be around INR 10,000 crores annually in coming years. - Industry demand outlook remains bullish with the expectation of 8%+ growth in Q4. - Detailed roadmap updates on capacity and grinding units to be provided quarterly. No direct mention of orderbook or pending contracts is provided.

Ambuja Cements Ltd — Quarterly revenue & net profit

Revenue Net profit

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Reported quarterly figures (₹ Cr). Latest: revenue ₹10.9K Cr, net profit ₹1.9K Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

Full financials →

What Ambuja Cements's management said in earlier quarters

Others in Cement & Cement Products this season

JSW Cement (Q3 FY26)
Total volume sold grew 12.1% YoY to 9.98 mn MT in 9M FY26. Key concall takeaways from JSW Cement Ltd's Q3 FY26 earnings call — and how it ranks against sector…
Star Cement Ltd (Q3 FY26)
CAPEX incurred ₹431 crore till Q3 FY26; planned ₹150 crore in Q4; FY27 CAPEX to be finalized. Key concall takeaways from Star Cement Ltd's Q3 FY26 earnings…
Nuvoco Vistas Corporation Ltd (Q3 FY26)
Emphasis on premium products (premiumization mix rising from 34% to 44%) to improve realizations and profitability. Key concall takeaways from Nuvoco Vistas's…
UltraTech Cement Ltd (Q3 FY26)
2,500 crores in Q4; total around INR 9,500 . Key concall takeaways from UltraTech Cement Ltd's Q3 FY26 earnings call — and how it ranks against sector peers.

Compare:vs UltraTech Cement Ltd vs Grasim Industries Ltd vs Shree Cement

🔎 Who's planning the most growth?

Companies ranked by management's own guidance — revenue, margins, capex and order book, from every earnings call in India.

See rankings →

Frequently Asked Questions

What were Ambuja Cements Ltd Q3 FY26 results?

What is Ambuja Cements Ltd share price analysis?

Ambuja Cements Ltd currently shows a neutral. The stock trades at a P/E of 22.0 with a market cap of ₹103,741 Cr. Investors should review the full earnings analysis for detailed insights.

Is Ambuja Cements Ltd planning capital expenditure?

Capex guidance is around INR 8,000 crores annually for growth and an additional INR 2,000 crores for efficiency improvements, totaling approximately INR 10,000 crores per year.

Keep Ambuja Cements Ltd on your radar — track it to get its next earnings analysis in your feed.

This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.