Ambuja Cements (500425) Q3 25/26 earnings summary

Executive summary

• Achieved industry-leading volume growth at 2x the industry average, with consolidated cement volume of 53.8 MTPA for 9MFY'26, up 19% YoY, and significant acquisitions and management changes.

• Proposed and ongoing amalgamation of ACC, Orient Cement, and other entities with Ambuja Cements to create a unified platform, with regulatory approvals and integration in progress.

• Premiumization and product mix improvements led to higher market share and better realizations, with premium cement volumes accounting for 35% of trade sales and 31% YoY growth.

• Major management changes include new senior appointments and the superannuation of the Managing Director effective January 31, 2026.

• Capacity utilization for acquired assets improved to 58% (up from 37% YoY), with December exit at 65% and a target of 80%.

Financial highlights

• Highest ever quarterly sales volume at 18.9 million tons, up 17% YoY; quarterly revenue reached INR 10,277 crore, up 20% YoY.

• PAT for the quarter was INR 378 crore, up 258% YoY on a normalized basis; consolidated profit after tax for Q3 FY26 was ₹366.97 crore.

• Operating EBITDA was INR 1,353 crore, up 53% YoY; per metric ton EBITDA at INR 718, up 31%.

• Diluted EPS for the quarter was INR 0.82 (consolidated), with 9MFY'26 EPS at 11.36.

• Cash and cash equivalents at Rs 1,512 Cr as of Dec'25, after major acquisitions.

Outlook and guidance

• Targeting 155 MTPA cement capacity by March 2028, with 115 MTPA by March 2026.

• Double-digit volume and revenue growth expected to continue, with cost per ton targeted at INR 3,800 by March 2027 and INR 3,650 by March 2028.

• Green power share to reach 60% by March 2028, supporting sustainability and cost reduction.