Ambuja Cements, part of the Adani Cement group, enters its Q2 FY 2026-2027 print with cement demand firming nationally even as the company works to hold an 8% full-year volume growth target after a soft Q1. The quarter's most material reads will be the cost-per-tonne bridge against the ₹4,250 PMT full-year guidance amid West Asia fuel escalation, and volume re-acceleration as new capacity ramps toward 119 MTPA.
| Results date | October 29, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 9,474 Cr (consolidated, -7.52% YoY) |
| Previous quarter PAT | Rs. 660 Cr (-36.60% YoY) |
| Previous quarter EBITDA margin | 16.7% |
| Market cap | Rs. 89,180.09 Cr |
| CMP | Rs. 358.9 |
The board of Ambuja Cements meets on October 29, 2026, to consider the Q2 and H1 FY27 financial results. The intimation covers the quarter and half-year ended September 30, 2026.
An earnings call is scheduled for 4:30 PM IST on October 29, 2026, following the board meeting. The call will feature CEO Vinod Bahety, CFO Rohit Soni and IR Head Deepak Balwani, with Motilal Oswal as coordinator.
The Q2 print will test whether Ambuja's 8% FY27 volume growth target holds after Q1 volumes fell 7.07% YoY to 17.1 MnT, with management citing July trade volumes already up 8% and core-sector cement output growing 13.1% YoY in July and 12.5% in August. Cost is the other decisive lever: management guided ~₹100/ton of sequential geopolitical pressure against ₹130–150/ton of savings, for a net variable-cost effect 'in line with or slightly better than the June quarter' (₹4,241 PMT), though Brent's run from ~$83/bbl average in July to ~$117 by late October keeps the fuel line deepening at the quarter's exit. Realizations are a tailwind, with prices up ₹7/bag in September and a further ₹5–20/bag expected in October, while green power consumption is guided at 50% (~20 crore units) for Q2 as a mitigant. Capacity remains on the growth path at 113.45 MTPA as of September 30, 2026, with Kalamboli (1 MTPA) and Warisaliganj (2.4 MTPA) trials guided in Q2 and Jodhpur (Penna) 3 MnT clinker operational in the September quarter, against the 119 MTPA FY27-end target. The ACC-into-Ambuja merger advanced with NCLT-convened shareholder meetings held September 29, 2026, so voting outcome and scheme-effectiveness updates are expected on the call.
Volume vs 8% FY27 guidance: Q1 FY27 volume fell 7.07% YoY while management maintained the full-year target.
Cost vs ₹4,250 PMT FY27 guidance: The guided bridge pits ~₹100/ton of geopolitical pressure against ₹130–150/ton of savings.
Capacity tracker vs 119 MTPA by FY27-end: Capacity reached 113.45 MTPA on September 30, 2026, leaving 5.55 MTPA to the target.
Green power ramp: Green power is the guided mitigant to fuel-cost pressure.
ACC merger and regulatory tail: The ACC-into-Ambuja scheme and pending penalties both carry balance-sheet implications.
Management pointed to the cost journey — cement cost down from ₹4,700–5,000 PMT at acquisition to ₹4,241 PMT in Q1 FY27, targeting ₹4,000 or below by end FY28 — and framed EBITDA as 'a multiple factor of price and cost' with focus on the cost aspect. No specific timeline for the ₹1,200–1,500 EBITDA/tonne range was given, and management has declined forward EBITDA guidance.
FY27 capex is guided at ~₹6,500 Cr, allocated between growth and efficiency, with Q1 spend of ₹1,500–1,600 Cr (~25% of the annual envelope). A ₹6,000–7,000 Cr run-rate is guided for FY28.
The FY27 cost target was recalibrated to ₹4,250 PMT as a full-year average, from the earlier ₹3,800 PMT exit-March '27 target. Q1 FY27 cement cost fell to ₹4,241 PMT from ₹4,447 PMT in Q4 FY26, and Q2 was guided to absorb ~₹100/ton of geopolitical pressure against ₹130–150/ton of savings.
Management said sales volumes moderated as the company focused on improving trade mix, rationalizing low-margin volumes and pushing blended cement, 'intended to support value over volume'. It maintained the 8% FY27 volume growth target, citing July trade volumes already up 8%.
NCLT Ahmedabad directed shareholder meetings on September 29, 2026, for the scheme effective from the appointed date of January 1, 2026, with ACC dissolving without winding up. SEBI NOC is awaited and completion is expected over FY27.