Ambuja Cements Ltd. is among the leading cement companies in India. It is a member of the Adani Group. Currently, Ambuja Cement has a cement capacity of 31 million tonnes with six integrated cement manufacturing plants and eight cement grinding units across the country.[1]
Promoter group[1][2][3]Ambuja Cement is a part of the Adani group. The group owns Ambuja Cement, ACC and Sanghi Cements, Penna & Orient Cement in the cement sector. Adani group has businesses in various sectors like Energy & Utility, Transport & Logistics, Materials, Metal & Mining, Incubator and Specialty. Adani cement has16.6% market shareas of Q2 FY26.
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | UltraTech Cem. | 12388.00 | 49.77 | 365048.58 | 0.63 | 1237.98 | 75.23 | 19606.93 | 20.33 | 10.89 | 81724.53 | 18.35 | 7334.75 | 1231.58 | 5.09 | 5.19 | 0.35 |
| 2. | Grasim Inds | 2810.50 | 44.13 | 191260.64 | 0.36 | 1498.04 | 68.24 | 39899.58 | 16.59 | 7.50 | 159663.26 | 20.07 | 4327.58 | 553.48 | 1.92 | 1.69 | 2.06 |
| 3. | Ambuja Cements | 552.65 | 26.70 | 136605.40 | 0.36 | 1387.55 | 213.72 | 5148.73 | 21.76 | 8.80 | 21431.90 | 15.00 | 5113.06 | 1570.66 | 2.71 | 7.41 | 0.02 |
| 4. | Shree Cement | 27815.00 | 58.37 | 100358.63 | 0.40 | 309.82 | 303.60 | 4761.07 | 17.44 | 6.71 | 20146.65 | 23.33 | 1718.89 | 308.51 | 4.46 | 3.97 | 0.10 |
| 5. | J K Cements | 5868.65 | 43.86 | 45346.05 | 0.26 | 159.25 | 275.56 | 3019.20 | 17.93 | 13.99 | 12883.19 | 18.56 | 1034.93 | 160.53 | 6.98 | 5.11 | 1.00 |
| 6. | Dalmia BharatLtd | 2159.25 | 36.36 | 40500.16 | 0.41 | 239.00 | 413.04 | 3417.00 | 10.69 | 5.58 | 14325.00 | 20.13 | 1112.86 | 236.00 | 2.29 | 2.48 | 0.40 |
| 7. | ACC | 1760.00 | 10.21 | 33050.56 | 0.43 | 1119.26 | 401.44 | 5931.67 | 27.99 | 17.44 | 24060.83 | 14.84 | 3230.72 | 1119.23 | 1.66 | 9.46 | 0.02 |
| – | Median: 34 Co. | 201.0 | 30.18 | 3067.63 | 0.2 | 19.92 | 119.45 | 601.69 | 16.98 | 6.11 | 2503.97 | 11.98 | 65.69 | 22.52 | 2.29 | 1.46 | 0.62 |
Standalone figures in ₹ crores
| Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 3,676 | 4,129 | 4,256 | 4,730 | 3,970 | 4,440 | 4,780 | 4,552 | 4,229 | 5,043 | 5,725 | 5,515 | 5,149 |
Expenses | 3,370 | 3,489 | 3,468 | 3,781 | 3,196 | 3,588 | 3,983 | 3,906 | 3,548 | 4,443 | 4,687 | 4,643 | 4,444 |
Operating Profit | 306 | 639 | 788 | 949 | 773 | 851 | 798 | 646 | 681 | 601 | 1,038 | 872 | 704 |
Other Income | 31 | 14 | 93 | 189 | 378 | 108 | 161 | 407 | 265 | 772 | 442 | 454 | -116 |
Profit before tax | 157 | 464 | 643 | 867 | 880 | 680 | 681 | 763 | 673 | 1,084 | 1,197 | 1,066 | 285 |
Tax % | 12% | 20% | 22% | 26% | 27% | 25% | 22% | 26% | 26% | -62% | 22% | 20% | -388% |
Net Profit | 139 | 369 | 502 | 645 | 644 | 514 | 532 | 567 | 501 | 1,758 | 929 | 855 | 1,388 |
EPS in Rs | 0.70 | 1.86 | 2.53 | 3.25 | 3.24 | 2.59 | 2.42 | 2.30 | 2.03 | 7.14 | 3.77 | 3.47 | 5.61 |
Standalone Figures in ₹ Crores / Yearly
| Dec 2013 | Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 9,129 | 9,934 | 9,417 | 9,197 | 10,457 | 11,357 | 11,668 | 11,372 | 13,979 | 19,985 | 17,919 | 19,454 | 21,432 |
Expenses | 7,453 | 8,000 | 7,860 | 7,504 | 8,517 | 9,465 | 9,519 | 8,725 | 10,764 | 16,765 | 14,548 | 16,488 | 18,217 |
Operating Profit | 1,676 | 1,934 | 1,557 | 1,692 | 1,940 | 1,891 | 2,149 | 2,647 | 3,215 | 3,220 | 3,371 | 2,965 | 3,215 |
Other Income | 393 | 424 | 332 | 510 | 359 | 245 | 427 | 372 | 215 | 795 | 837 | 1,886 | 1,551 |
Interest | 65 | 64 | 92 | 74 | 107 | 82 | 84 | 83 | 91 | 128 | 162 | 96 | 103 |
Depreciation | 490 | 510 | 626 | 849 | 573 | 548 | 544 | 521 | 552 | 832 | 938 | 1,038 | 1,033 |
Profit before tax | 1,514 | 1,783 | 1,172 | 1,279 | 1,619 | 1,506 | 1,948 | 2,414 | 2,788 | 3,055 | 3,107 | 3,718 | 3,631 |
Net Profit | 1,295 | 1,496 | 808 | 932 | 1,250 | 1,487 | 1,529 | 1,790 | 2,083 | 2,553 | 2,335 | 3,755 | 4,930 |
EPS in Rs | 8.37 | 9.66 | 5.20 | 4.69 | 6.29 | 7.49 | 7.70 | 9.02 | 10.49 | 12.86 | 10.62 | 15.24 | 19.99 |
Dividend Payout % | 43% | 52% | 54% | 60% | 57% | 20% | 19% | 200% | 60% | 19% | 19% | 13% | – |
Standalone figures in ₹ crores
| Dec 2013 | Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 309 | 310 | 310 | 397 | 397 | 397 | 397 | 397 | 397 | 397 | 440 | 493 | 494 |
Reserves | 9,176 | 9,793 | 9,996 | 18,960 | 19,576 | 20,615 | 21,808 | 19,919 | 21,808 | 28,108 | 36,567 | 48,113 | 50,401 |
Borrowings | 40 | 29 | 33 | 29 | 24 | 40 | 41 | 368 | 351 | 949 | 664 | 326 | 795 |
Other Liabilities | 3,439 | 3,768 | 3,822 | 3,967 | 4,630 | 4,134 | 4,744 | 4,797 | 5,627 | 6,449 | 6,458 | 8,198 | 11,065 |
Total Liabilities | 12,965 | 13,901 | 14,162 | 23,353 | 24,627 | 25,187 | 26,991 | 25,481 | 28,183 | 35,904 | 44,129 | 57,129 | 62,756 |
Fixed Assets | 6,063 | 6,227 | 6,092 | 5,942 | 5,722 | 5,664 | 5,812 | 5,932 | 7,671 | 8,620 | 8,803 | 10,701 | 14,031 |
Gross Block | 10,826 | 11,429 | 12,013 | 6,789 | 7,139 | 7,608 | 8,043 | 8,666 | 11,157 | 12,823 | 13,850 | 16,743 | – |
Accumulated Depreciation | 4,764 | 5,202 | 5,921 | 847 | 1,417 | 1,944 | 2,231 | 2,734 | 3,486 | 4,203 | 5,047 | 6,042 | – |
CWIP | 695 | 690 | 414 | 320 | 398 | 610 | 1,109 | 1,874 | 951 | 842 | 1,548 | 5,388 | 6,116 |
Investments | 1,788 | 2,173 | 2,226 | 11,845 | 11,845 | 11,814 | 11,789 | 11,792 | 11,774 | 11,776 | 14,058 | 25,726 | 31,735 |
Other Assets | 4,419 | 4,811 | 5,430 | 5,246 | 6,662 | 7,099 | 8,281 | 5,884 | 7,787 | 14,667 | 19,719 | 15,315 | 10,874 |
Total Assets | 12,965 | 13,901 | 14,162 | 23,353 | 24,627 | 25,187 | 26,991 | 25,481 | 28,183 | 35,904 | 44,129 | 57,129 | 62,756 |
Standalone Figures in ₹ Crores / Yearly
| Dec 2013 | Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | 1,287 | 1,675 | 1,553 | 1,416 | 1,836 | 572 | 2,485 | 2,606 | 2,477 | 2,010 | 2,757 | 1,769 |
Cash from Investing Activity | -522 | -460 | -83 | -3,469 | -173 | -254 | -734 | -641 | -887 | -9,327 | -7,603 | -6,525 |
Cash from Financing Activity | -663 | -717 | -897 | -683 | -749 | -478 | -389 | -3,760 | -317 | 3,612 | 5,697 | 7,377 |
Net Cash Flow | 101 | 498 | 573 | -2,736 | 915 | -160 | 1,362 | -1,795 | 1,273 | -3,706 | 852 | 2,622 |
Standalone Figures in ₹ Crores / Yearly
| Dec 2013 | Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 9 | 8 | 11 | 16 | 11 | 15 | 16 | 6 | 8 | 10 | 14 | 13 |
Inventory Days | 422 | 381 | 395 | 458 | 454 | 493 | 309 | 230 | 462 | 216 | 130 | 96 |
Days Payable | 252 | 265 | 300 | 399 | 451 | 428 | 304 | 271 | 362 | 207 | 113 | 91 |
Cash Conversion Cycle | 179 | 124 | 106 | 75 | 13 | 80 | 22 | -35 | 108 | 19 | 31 | 17 |
Working Capital Days | -53 | -61 | -64 | -71 | -74 | -42 | -73 | -97 | -72 | 42 | -9 | -51 |
ROCE % | 16% | 18% | 11% | 9% | 9% | 8% | 9% | 12% | 14% | 13% | 9% | 9% |
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Stock Analysis
Ambuja Cements Ltd. is a leading cement manufacturer in India and a part of the Adani Group, which owns Ambuja Cement, ACC, Sanghi Cements, Penna & Orient Cement. The group has a significant market share in the Indian cement sector.
The commissioning of a 2.4 MTPA brownfield expansion of a Cement Grinding Unit in Marwar Mundwa, Rajasthan, is a significant growth trigger, increasing Ambuja Cement's consolidated capacity to 108.85 MTPA and bolstering its market presence.
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