Whalesbook
Project Execution Mein Kya Gadbad Thi?
Ambuja Cements ne FY27 tak ka Capex 15% se kaat diya hai. Yeh ek "pause and course correct" strategy hai, matlab abhi ruk kar cheezein theek karni hain. Promoter Karan Adani ne khud investors ko bataya ki project execution mein kaafi dikkat chal rahi hai. Unhone bataya ki company ne galat contractors chune, acquisition karte waqt execution team nahi thi, aur kuch projects toh bina poori engineering planning ke shuru kar diye gaye.
Acquisitions Ka Bura Haal
Sanghi Cement aur Penna Cement jaise newly acquired assets mein toh sabse zyada problems hain. Wahan breakdown ho rahe hain, maintenance delay ho raha hai, jiski wajah se performance kam hai. Sanghi Cement abhi sirf 56% capacity par chal raha hai, aur Penna Cement 46% par. Comparison mein, Ambuja ke purane plants aur Orient Cement 75-80% tak capacity use kar rahe hain.
Kharchon Ka Pressure Bhi
Competition aur rising costs bhi ek reason hain. Freight, fuel, packaging, state taxes sab badh gaye hain. FY26 mein production cost ₹4,400 per tonne ke aas paas aa raha tha, jo company ke target ₹4,000 se zyada hai. March mein thoda sudhaar dikha (₹4,100), par abhi bhi pressure hai.
Aage Kya?
Company FY27 ke end tak 119 million tonnes capacity ka target toh maintain karegi, par timelines adjust hongi. Agle 6 mahine focus execution standards, plant reliability aur engineering tasks ko theek karne par rahega. Future expansion bhi carefully aur cost-effectively hoga. Kuch new projects jaise Assam mein limestone block aur Mundra mein clinker line par kaam chal raha hai.