Any current/future new fundraising through debt or equity?

The transcript does not mention any current or planned fundraising through debt or equity. The company maintains a debt-free status with highest rating of CRISIL AAA Stable and short-term A1 plus ratings (Page 4). Capex programs are funded primarily through internal cash flows and capital market events such as acquisition transactions rather than new equity or debt issuance (Page 14). Cash outflows mainly pertain to large ongoing capex plans and acquisitions (Page 14). There is no indication or statement about raising fresh equity or debt capital in the provided pages. Overall, no explicit men

Any current/future capex/capital investment/strategic investment?

Ongoing capex program of approximately INR 8,000 crores per year. INR 1,400 crores capex spent in Q2, INR 2,800 crores in first half of the fiscal year. Multiple greenfield and brownfield expansion projects underway: Salai Banwa, Marwar Mundwa, Penna Marwar, Dahej, Kalamboli, Bathinda, Jodhpur, Warisaliganj. Three projects (Salai Banwa, BCCI, Dahej) expected to commission in Q3; others by end of the financial year. Trial runs started for Bhatapara clinker line (4 million tons) and Krishnapatnam grinding unit (2 million tons). Debottlenecking initiatives adding 15 million tons of capacity with

Future growth expectations in sales/revenue/volumes?

Ambuja Cements aims for double-digit volume growth annually, with a trajectory from 107 million tons currently to 155 million tons by FY '28. Target market share is expected to increase to around 20%-22% by FY '28. The company has grown volumes by 20% year-on-year recently, significantly outperforming the industry average of 4%. Excluding acquired assets, volume growth stands at 11%, about 2.5 times the market growth. Revenue growth aligns with volume increases and improved efficiencies. Expansion through debottlenecking and new capacities, including clinker capacity increasing from

Future growth expectations in earnings/operating earnings/profits/EPS?

Ambuja Cements targets capacity growth from 107 million tons (as of Q2 FY26) to 155 million tons by FY28, implying a 10-15% annual growth in capacity. Expected EBITDA improvement to INR 1,500 per metric ton by FY28, up from current levels (~INR 1,060/ton). EBITDA per ton of acquired assets (Penna, Sanghi, Orient) to improve with higher utilization and operational efficiency, potentially reaching 4-digit levels. Volume growth: 20% Y-o-Y in recent quarters; sustainable double-digit volume growth targeted, with acquired assets maturing. Market share aims to increase from current ~16.6% to 20-22%

ACC LtdQ3 FY26Cement & Cement Products

ACC Ltd Q3 FY26 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹1,325P/E: 13.8Market Cap: ₹26.2K CrSector: Cement & Cement Products

Management growth scorecard

Revenue

Category 3

Margin

Category 1

Fundraise

N/A

Order

N/A

Capex

Yes

2 of 3 growth signals are positive.

Full analysis

Revenue guidance

Category 3

→Ambuja Cements aims for double-digit volume growth annually, with a trajectory from 107 million tons currently to 155 million tons by FY '28.
→Target market share is expected to increase to around 20%-22% by FY '28.
→The company has grown volumes by 20% year-on-year recently, significantly outperforming the industry average of 4%.
→Excluding acquired assets, volume growth stands at 11%, about 2.5 times the market growth.
→Revenue growth aligns with volume increases and improved efficiencies.
→Expansion through debottlenecking and new capacities, including clinker capacity increasing from 73 million tons (FY '26) to 96 million tons (FY '28).
→RMX (Ready Mix Concrete) business is expected to stabilize at around 5% of cement consumption by FY '28, adding to revenue diversification.
→Continued ramp-up of acquired assets (Orient, Penna, Sanghi) to improve utilization and EBITDA per ton.
→Focus on premium cement sales, currently 35% of trade sales, which grew 28% Y-o-Y, helping drive higher revenues.

Margin guidance

Category 1

→Ambuja Cements targets capacity growth from 107 million tons (as of Q2 FY26) to 155 million tons by FY28, implying a 10-15% annual growth in capacity.
→Expected EBITDA improvement to INR 1,500 per metric ton by FY28, up from current levels (~INR 1,060/ton).
→EBITDA per ton of acquired assets (Penna, Sanghi, Orient) to improve with higher utilization and operational efficiency, potentially reaching 4-digit levels.
→Volume growth: 20% Y-o-Y in recent quarters; sustainable double-digit volume growth targeted, with acquired assets maturing.
→Market share aims to increase from current ~16.6% to 20-22% by FY28.
→Earnings per share (EPS) growth is strong, with Q2 FY26 EPS up 267% Y-o-Y at INR 7.2.
→Cost reduction journey ongoing; operating leverage benefits expected to enhance profitability.
→Strong focus on premium cement to balance volume and pricing growth.

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Fundraise plans

→The transcript does not mention any current or planned fundraising through debt or equity.
→The company maintains a debt-free status with highest rating of CRISIL AAA Stable and short-term A1 plus ratings (Page 4).
→Capex programs are funded primarily through internal cash flows and capital market events such as acquisition transactions rather than new equity or debt issuance (Page 14).
→Cash outflows mainly pertain to large ongoing capex plans and acquisitions (Page 14).
→There is no indication or statement about raising fresh equity or debt capital in the provided pages.
→Overall, no explicit mention of future fundraising via debt or equity at this time.

Order book

The transcript from the provided pages does not specifically mention details about the current or expected order book or pending orders for Ambuja Cements Limited as of November 2025. The discussion primarily focuses on: - Capacity expansion plans and ramp-up of production (from 107 million tons to 155 million tons by FY '28). - Debottlenecking of clinker and cement plants to enhance efficiency. - Utilization rates of various assets (~65-70% range for certain plants like Sanghi). - Operational efficiencies related to new technologies. - Financial performance and EBITDA per ton analysis. - Impacts of acquisitions on volumes and margins. - No explicit figures or commentary on orderbook or pending orders is provided in the given transcript. If you need exact order book data, please refer to other parts of the report or related investor communications.

Capex plans

Yes

→Ongoing capex program of approximately INR 8,000 crores per year.
→INR 1,400 crores capex spent in Q2, INR 2,800 crores in first half of the fiscal year.
→Multiple greenfield and brownfield expansion projects underway: Salai Banwa, Marwar Mundwa, Penna Marwar, Dahej, Kalamboli, Bathinda, Jodhpur, Warisaliganj.
→Three projects (Salai Banwa, BCCI, Dahej) expected to commission in Q3; others by end of the financial year.
→Trial runs started for Bhatapara clinker line (4 million tons) and Krishnapatnam grinding unit (2 million tons).
→Debottlenecking initiatives adding 15 million tons of capacity with lower capex, increasing cement capacity from 140 million to 155 million tons by FY '28.
→Focus on technology upgrades to reduce operational costs and improve efficiency.
→Investment in digital transformation (CiNOC) and ESG initiatives including green power, aiming for 60% green power share by FY '28.
→Strategic partnership with CONCOR for logistics and net zero emission commitments.

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