AMBUJACEM - Ambuja Cements
📢 Recent Corporate Announcements
Ambuja Cements has announced that the merger of Sanghi Industries Limited into the company has become effective as of March 12, 2026. This follows the filing of the NCLT Ahmedabad Bench's sanction order with the Registrar of Companies. The appointed date for the scheme is retrospectively fixed as April 1, 2024. Shareholders of Sanghi Industries as of the record date, April 6, 2026, will be eligible for the allotment of Ambuja Cements' equity shares.
- Scheme of Arrangement between Sanghi Industries and Ambuja Cements became effective on March 12, 2026
- Record date for share allotment to Sanghi Industries shareholders is fixed for April 6, 2026
- The retrospective appointed date for the merger is April 1, 2024
- Sanghi Industries stands dissolved without winding up following the successful amalgamation
- Filing with the Registrar of Companies completed on March 12, 2026, satisfying all scheme conditions
Ambuja Cements has announced that the Scheme of Arrangement for the merger of Sanghi Industries into itself became effective on March 12, 2026. Following the filing of the NCLT order, Sanghi Industries stands dissolved and its operations are integrated with Ambuja Cements with a retrospective appointed date of April 1, 2024. The company has fixed April 6, 2026, as the record date to determine the eligibility of Sanghi shareholders for the issuance of new Ambuja Cements shares. This merger is a significant step in Ambuja Cements' expansion strategy to strengthen its market position in Western India.
- Scheme of Arrangement between Sanghi Industries and Ambuja Cements became effective on March 12, 2026
- Record Date for determining shareholders for share swap is fixed as Monday, April 6, 2026
- The Appointed Date for the merger is April 1, 2024, as per the sanctioned scheme
- Sanghi Industries stands dissolved without being wound up following the filing of the NCLT order
- New equity shares of Ambuja Cements will be issued to Sanghi shareholders as per the defined Swap Ratio
Ambuja Cements has announced that the Scheme of Arrangement for the merger of Sanghi Industries into itself has become effective as of March 12, 2026. The company has fixed April 6, 2026, as the record date to determine eligible shareholders of Sanghi Industries for the issuance of new Ambuja Cements shares. This merger, with a retrospective appointed date of April 1, 2024, results in the dissolution of Sanghi Industries without winding up. The consolidation is expected to strengthen Ambuja's market position and provide operational synergies within the Adani Group's cement portfolio.
- Scheme of Arrangement became effective on March 12, 2026, following NCLT and ROC filings
- Record Date fixed for April 6, 2026, to determine eligibility for the issuance of new equity shares
- Appointed Date for the merger is set at April 1, 2024
- Sanghi Industries stands dissolved without being wound up as a consequence of the merger
- New equity shares of Ambuja Cements will be issued to Sanghi shareholders as per the defined swap ratio
Ambuja Cements has announced its participation in two major international investor conferences in March 2026. The company will attend the Nomura India Corporate Day in Tokyo from March 16 to 18 and the Jefferies Asia Forum in Hong Kong on March 19. These physical meetings are scheduled between 09:30 a.m. and 06:00 p.m. local time at both locations. The discussions will focus on publicly available information regarding the company's operations and strategy, ensuring no unpublished price-sensitive information is shared.
- Participation in Nomura India Corporate Day in Tokyo from March 16 to March 18, 2026
- Attendance at the Jefferies Asia Forum 2026 in Hong Kong on March 19, 2026
- Meetings scheduled daily from 09:30 a.m. to 06:00 p.m. local time
- Interactions will be based strictly on publicly available information as per SEBI regulations
Ambuja Cements has issued a postal ballot notice to seek shareholder approval for material related party transactions (RPTs) for the financial year 2026-27. The transactions involve its subsidiaries, ACC Limited and Orient Cement Limited, and are expected to exceed standard regulatory thresholds. The e-voting period is scheduled from March 3, 2026, to April 1, 2026, with a cut-off date of February 27, 2026. This is a standard but critical compliance procedure to facilitate operational synergies within the Adani Group's cement business.
- Seeking shareholder approval for material RPTs with ACC Limited for FY 2026-27
- Seeking shareholder approval for material RPTs with Orient Cement Limited for FY 2026-27
- Remote e-voting period runs from 9:00 a.m. on March 3 to 5:00 p.m. on April 1, 2026
- Cut-off date for determining shareholder voting eligibility is February 27, 2026
- Transactions are stated to be conducted at arm's length and in the ordinary course of business
Ambuja Cements Limited has scheduled a physical interaction with institutional investors and analysts on March 6, 2026. The event is structured as a plant visit to the Sanghipuram facility, which is a strategic asset in the company's portfolio. The company has clarified that discussions will be based strictly on publicly available information, ensuring no unpublished price sensitive information is shared. This move is part of the company's regular capital market engagement and transparency initiatives.
- Physical plant visit scheduled for Friday, March 6, 2026, at the Sanghipuram Plant.
- Interaction involves group meetings with capital market analysts and institutional investors.
- Compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
- Strict adherence to disclosing only publicly available information during the site visit.
Ambuja Cements Limited has scheduled an interaction with institutional investors and analysts for February 24, 2026. The company will be participating in the Kotak Investor Conference, themed 'Chasing Growth 2026', held in Mumbai. The engagement will consist of both one-on-one and group meetings throughout the day from 9:00 am to 6:00 pm. Management has clarified that discussions will be limited to publicly available information and no unpublished price sensitive information will be shared.
- Participation in Kotak Investor Conference scheduled for February 24, 2026, in Mumbai.
- Interaction format includes both 1x1 and group meetings with institutional investors.
- The engagement is scheduled for a full day from 09:00 am to 06:00 pm local time.
- Compliance with SEBI Regulation 30 ensures no unpublished price sensitive information (UPSI) is disclosed.
The National Company Law Tribunal (NCLT), Ahmedabad Bench, has officially sanctioned the Scheme of Arrangement for the merger of Sanghi Industries Limited into Ambuja Cements. This regulatory approval marks a significant step in Ambuja Cements' expansion strategy, following its acquisition of a majority stake in Sanghi Industries. The merger is set with a retrospective appointed date of April 1, 2024. This integration is expected to provide Ambuja Cements with substantial operational synergies and a stronger market presence in Western India.
- NCLT Ahmedabad sanctioned the merger scheme on February 9, 2026.
- The Appointed Date for the Scheme of Arrangement is April 1, 2024.
- Sanghi Industries Limited will be the Transferor Company into Ambuja Cements Limited.
- The merger remains subject to final procedural steps before becoming fully effective.
- The consolidation aims to leverage Sanghi's low-cost clinker production and coastal logistics.
Ambuja Cements has issued a notice to shareholders regarding the mandatory transfer of equity shares to the Investor Education and Protection Fund (IEPF). This action applies to shares where dividends have remained unclaimed for seven consecutive years, specifically starting from the 2018 financial year. Shareholders have until April 25, 2026, to claim their unpaid dividends to prevent the transfer of their underlying shares. This is a standard regulatory compliance procedure under the Companies Act, 2013.
- Shares with unclaimed dividends for 7 consecutive years since FY 2018 are liable for transfer to IEPF.
- The deadline for shareholders to submit claims to the Registrar is April 25, 2026.
- Specimen notice identifies unclaimed dividends ranging from FY 2018 to FY 2024-25.
- Transfer process involves cancelling physical certificates or debiting demat accounts if claims are not met.
Ambuja Cements is aggressively scaling its operations, targeting a capacity of 155 MTPA by March 2028, up from 109 MTPA in December 2025. The company is leveraging the Adani Group's integrated infrastructure ecosystem to drive cost synergies in logistics, energy, and digital platforms. With India's GDP projected to grow at 7.4% in FY26 and cement demand expected to rise by 8%, Ambuja is positioning itself as a primary beneficiary of the national infrastructure super-cycle. The company also maintains a strong ESG focus, being the first Indian cement firm to adopt the TNFD framework for nature-positive disclosures.
- Capacity expansion roadmap: 109 MTPA as of Dec 2025, targeting 155 MTPA by March 2028 exit.
- India's real GDP growth estimated at 7.4% for FY26 with cement demand projected to grow at ~8%.
- Government infrastructure capex allocation of $130 Billion for FY26 to act as a major demand driver.
- World's 9th largest cement company with science-based net-zero targets validated by SBTi for 2030 and 2050.
- Operational synergies with Adani Portfolio across ports, power, and logistics to enhance cost efficiency.
Ambuja Cements delivered a robust Q3 FY'26 performance, with sales volumes growing 17% YoY to 18.9 million tons, doubling the industry average. Normalized operating EBITDA rose 53% to ₹1,353 crores, while PAT surged 258% on a comparable basis to ₹378 crores. The company successfully reached a capacity of 109 MTPA and is aggressively targeting 155 MTPA by March 2028. Management highlighted that despite temporary cost spikes in the quarter, the December exit cost was below ₹4,000 per ton, indicating improving operational efficiency.
- Highest ever quarterly sales volume of 18.9 million tons, representing a 16.6% market share.
- Normalized EBITDA per ton increased by 31% YoY to ₹718 per ton.
- Premium cement volumes grew 31% YoY, now accounting for 35% of total trade sales.
- Commissioned 2.4 MTPA Marwar Grinding Unit, bringing total capacity to 109 MTPA.
- Green power share increased to 37%, with renewable energy footprint reaching 900 MW.
Ambuja Cements reported a robust Q3 FY26 with record quarterly sales volumes of 18.9 million tons, growing at twice the industry average. Normalized operating EBITDA rose 53% YoY to ₹1,353 crores, while PAT surged 258% to ₹378 crores on an adjusted basis. The company successfully commissioned the 2.4 MTPA Marwar Grinding Unit, bringing total capacity to 109 MTPA. Management remains focused on cost leadership, targeting a cost of ₹3,650 per ton by March 2028 through renewable energy and operational efficiencies.
- Highest ever quarterly sales volume of 18.9 million tons, up 17% YoY, with market share reaching 16.6%.
- Normalized Operating EBITDA increased 53% YoY to ₹1,353 crores, with EBITDA per ton at ₹718.
- Total capacity reached 109 MTPA following the early commissioning of the 2.4 MTPA Marwar Grinding Unit.
- Renewable energy footprint expanded to 900 MW, contributing to a 15% reduction in power costs YoY.
- Premium cement volumes grew 31% YoY, now accounting for 35% of total trade sales.
Ambuja Cements has formally submitted the resignation letter of Mr. Ajay Kapur (DIN: 03096416), who stepped down as Managing Director. The resignation was effective from the close of business hours on January 31, 2026, following his superannuation. This update follows the company's initial intimation provided on January 30, 2026. The transition marks a significant change in the top leadership of the Adani-owned cement major.
- Mr. Ajay Kapur resigned as Managing Director effective January 31, 2026.
- The resignation is due to superannuation (retirement) of the executive.
- Formal resignation letter was filed with exchanges on February 03, 2026.
- The move follows the company's prior regulatory disclosure dated January 30, 2026.
Ambuja Cements has officially released the audio recording of its earnings call for the quarter and nine months ended December 31, 2025. This disclosure provides investors and analysts with direct access to management's discussion on the company's financial performance and strategic initiatives. The recording is available on the company's website as per regulatory compliance. This is a standard follow-up to the financial results announced earlier in the month to ensure transparency for all stakeholders.
- Audio recording of the Q3 FY26 analyst call has been made available to the public.
- Covers financial performance for the nine-month period ending December 31, 2025.
- The link is accessible via the 'Investor Presentation' section of the company's website.
- Submission is in line with SEBI (LODR) Regulations regarding timely disclosure of investor meets.
Ambuja Cements has announced a change in its Key Managerial Personnel (KMP) effective February 1, 2026. This follows the superannuation of Mr. Ajay Kapur, who served as the Managing Director and KMP until January 31, 2026. The company has designated Mr. Vinod Bahety (CEO), Mr. Rohit Soni (CFO), and Mr. Manish Mistry (CS) as the authorized personnel for determining the materiality of events under SEBI regulations. This transition appears to be a planned leadership succession due to retirement.
- Mr. Ajay Kapur ceases to be Managing Director and KMP effective close of business hours on January 31, 2026.
- Mr. Vinod Bahety, Whole-time Director & CEO, is now a primary KMP for materiality disclosures effective February 1, 2026.
- The revised KMP list for SEBI Regulation 30(5) includes the CEO, CFO Rohit Soni, and CS Manish Mistry.
- The change is a formal regulatory update following the superannuation of the outgoing MD.
Financial Performance
Revenue Growth by Segment
Standalone revenue grew 21% YoY to INR 10,663 Cr in H1 FY26. The Ready Mix Concrete (RMC) business share increased from 4% in FY25 to 4.5% in H1 FY26.
Geographic Revenue Split
Not disclosed in available documents, though the company maintains a pan-India presence with 24 Integrated Units and 22 Grinding Units.
Profitability Margins
Consolidated EBITDA margin stood at 19.1% for H1 FY26. Standalone PAT for Q2 FY26 was INR 1,388 Cr, up 177% YoY, aided by a tax provision reversal of INR 1,697 Cr.
EBITDA Margin
Consolidated EBITDA margin was 19.1% in H1 FY26. Standalone EBITDA margin for H1 FY26 was 14.8%, a slight decrease of 0.3pp YoY from 15.1%.
Capital Expenditure
Planned capital expenditure of INR 38,000 Cr over FY26 to FY28, with annual spending of INR 9,000-10,000 Cr to reach 140 MTPA capacity.
Credit Rating & Borrowing
Ratings reaffirmed at CRISIL AAA/Stable and CRISIL A1+. The company is debt-free at the standalone level, while the holding company has outstanding debt of USD 4.205 billion.
Operational Drivers
Raw Materials
Limestone, Fly Ash, Slag, and Gypsum. Raw material costs represented 14.5% of revenue (INR 2,833 Cr) in H1 FY26.
Import Sources
Not disclosed in available documents, though the company utilizes captive coal and alternative raw materials.
Key Suppliers
Master Supply Agreements (MSAs) are established with ACC Limited, Sanghi Industries Limited, Asian Fine Cement, and Penna Cement Industries.
Capacity Expansion
Current capacity of 106.45 MTPA as of Sept 2025, expanding to 118 MTPA by FY26, 130-135 MTPA by FY27, and 155 MTPA by FY28.
Raw Material Costs
Raw material costs were INR 2,833 Cr in H1 FY26, up from INR 6,527 Cr for the full year FY25, representing 14.5% of revenue.
Manufacturing Efficiency
EBITDA for existing assets (Ambuja + ACC) stands at INR 1,184/ton. Target cost reduction of INR 530/tonne by FY28.
Logistics & Distribution
Focus on sea and rail logistics; the company operates 11 captive ships and 10 bulk packaging terminals to optimize distribution.
Strategic Growth
Expected Growth Rate
10-15%
Growth Strategy
Growth will be achieved through capacity expansion from 106.45 MTPA to 155 MTPA by FY28, acquisitions like Orient Cement (8.5 MTPA), and a cost reduction target of INR 530/tonne by FY28.
Products & Services
Grey cement bags and Ready Mix Concrete (RMC).
Brand Portfolio
Ambuja Cements, ACC, and Adani Cement.
New Products/Services
Premium products are being promoted to increase customer preference and realizations.
Market Expansion
Targeting a consolidated capacity of 140 MTPA by 2028 and 155 MTPA with debottlenecking.
Market Share & Ranking
Second largest manufacturer in the Indian cement industry with 106.45 MTPA capacity.
Strategic Alliances
Master Supply Agreements (MSAs) with ACC, Sanghi Industries, and Penna Cement to optimize plant capacities and inventories.
External Factors
Industry Trends
Industry consolidation and a shift toward green energy; Ambuja is targeting a significant increase in its green power mix.
Competitive Landscape
Operates in a commoditized and cyclical industry against major players, maintaining the #2 market position.
Competitive Moat
Moat built on cost leadership via Adani group synergies, a massive pan-India distribution network, and 11 captive ships for low-cost sea logistics.
Macro Economic Sensitivity
Highly sensitive to GDP growth and infrastructure spending which drive cement demand.
Consumer Behavior
Increasing preference for premium products among customers and dealers.
Regulatory & Governance
Industry Regulations
Oversight provided by the Legal, Regulatory and Tax Committee to ensure compliance with applicable laws.
Environmental Compliance
Targeting a Lost Time Injury Frequency Rate (LTIFR) of less than 0.1 for FY30 (0.42 in FY25).
Taxation Policy Impact
Standalone PAT in Q2 FY26 included a tax provision reversal of INR 1,697 Cr.
Risk Analysis
Key Uncertainties
Input cost volatility (power/fuel represents 24.6% of revenue) and cyclicality in the cement industry.
Geographic Concentration Risk
Pan-India presence reduces regional concentration risk, with 24 integrated and 22 grinding units.
Third Party Dependencies
Dependency on Adani Group synergies and Master Supply Agreements with subsidiaries like ACC and Sanghi.
Technology Obsolescence Risk
Digital transformation status includes AI-driven tools, drones, and SAP upgrades to optimize operations.
Credit & Counterparty Risk
Strong liquidity with a liquid surplus of INR 10,125 Cr as of March 31, 2025.