Ambuja Cements logo

Ambuja Cements

AMBUJACEM NSE

Key Fundamentals

MidcapCementConstruction
Market Cap
₹96,510 Cr
Volatility
Moderate
P/E Ratio
21.98
EBITDA
₹7,373 Cr
Return on Equity
7.85%
Debt to Equity
0.01
Book Value
₹238.84
EPS
₹12.66
52W High
₹600.8
52W Low
₹394

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

1
  • Company is almost debt free.

Weaknesses

3
  • The company has delivered a poor sales growth of 10.6% over past five years.
  • Tax rate seems low
  • Company has a low return on equity of 9.00% over last 3 years.

Growth Rate

Revenue Growth
9.21% higher than 3Y
Net Income Growth
6.48% lower than 3Y
Cash Flow Change
140% higher than 3Y
ROE
-5.19% lower than 3Y
ROCE
-51.06% higher than 3Y
EBITDA Margin (Avg.)
-21.72% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk medium

Ambuja Cements Ltd, with a market cap of ₹96,510 Cr and a PE of 18.8x, is a nearly debt-free cement major that has compounded profits at 21% over three years but delivered modest sales growth of just 1% CAGR over the same period. ROE has remained flat at 9% across multiple timeframes, and the stock has declined 29% over the past year.

Bull Case 8
  • The company is almost debt free, giving it significant financial flexibility and resilience during economic downturns compared to leveraged peers in the construction sector.
  • Compounded profit growth of 21% over the last 3 years indicates meaningful margin expansion and operational efficiency improvements.
  • 10-year compounded profit CAGR of 22% demonstrates a long track record of consistent earnings growth across multiple business cycles.
  • PE of 18.8x is reasonable relative to large-cap cement peers, which often trade at 25-35x, suggesting the stock is not priced at a premium despite its debt-free balance sheet.
  • TTM revenue growth of 7% shows a recovery from the sluggish 1% three-year sales CAGR, indicating improving demand or pricing traction.
  • 5-year compounded sales growth of 11% and 10-year sales CAGR of 16% reflect the company's ability to scale over longer periods, supported by India's infrastructure build-out.
  • Price-to-book of 1.66x is modest for a debt-free cement company with a ₹96,510 Cr market cap, suggesting the balance sheet is not being valued at a steep premium.
  • Dividend yield of 0.51% provides a small but consistent cash return to shareholders, supported by a strong balance sheet with negligible leverage.
Bear Case 8
  • The stock has declined 29% over the past one year, significantly underperforming broader markets and indicating sustained negative sentiment or fundamental concerns.
  • Return on equity has stagnated at 9% across 1-year, 3-year, 5-year, and 10-year periods, suggesting the company has been unable to improve capital efficiency despite profit growth.
  • 3-year compounded sales CAGR of just 1% points to near-stagnant top-line growth in a period when cement demand was expected to benefit from infrastructure spending.
  • 5-year sales growth of only 10.6% (approximately 2% annualized real growth adjusting for inflation) is poor for a company in a sector with strong structural tailwinds.
  • The stock has delivered negative 3-year CAGR of -4% and negative 5-year CAGR of -2%, meaning long-term holders have experienced value erosion.
  • Tax rate appears low, which could mean current earnings are flattered by tax incentives or deferrals that may not persist, posing a risk to future net profit if the effective tax rate normalizes.
  • 10-year stock CAGR of only 4% has significantly lagged Indian equity market returns over the same decade, raising questions about long-term shareholder value creation.
  • TTM profit growth of just 4% represents a sharp deceleration from the 21% three-year and 15% five-year profit CAGR, suggesting the margin expansion cycle may be fading.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Neutral 3
  • EGM for ACC amalgamation Aug 28

    Ambuja Cements has scheduled an EGM on September 29, 2026, to seek shareholder approval for its scheme of amalgamation with ACC Limited. This consolidation move within the Adani cement portfolio is a key structural event to watch.

  • Sanghi plant visit Sep 3 Aug 29

    Ambuja Cements will host a physical investor and analyst plant visit at its Sanghi facility on September 3, 2026. Discussions will be limited to publicly available information.

  • Investor meets at Adani Conference Aug 21

    Ambuja Cements will hold physical investor and analyst meetings in London and Abu Dhabi during the Adani Annual Conference 2026 on September 7-9, 2026.

TL;DR: A quiet week for Ambuja Cements with no material positive or negative triggers — all three developments are procedural or engagement-related. The ACC amalgamation EGM on Sep 29 is the most consequential upcoming event, as it will shape the combined entity's structure. Active investor outreach via the Sanghi plant visit and Adani Conference signals management intent to maintain institutional engagement. Near-term direction will likely depend on broader cement demand signals and the EGM outcome.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
8,713
7,424
8,129
8,894
8,392
7,552
9,411
9,981
10,289
9,174
10,277
10,916
9,500
Expenses
7,046
6,122
6,397
7,195
7,112
6,441
7,700
8,113
8,328
7,414
8,924
9,451
7,911
Operating Profit
1,667
1,302
1,732
1,699
1,280
1,111
1,712
1,868
1,961
1,761
1,353
1,465
1,589
OPM %
19%
18%
21%
19%
15%
15%
18%
19%
19%
19%
13%
13%
17%
Other Income
268
480
204
448
358
220
1,355
713
300
39
77
136
150
Interest
52
61
70
93
68
67
67
14
67
77
59
21
57
Depreciation
372
381
416
459
476
520
607
694
767
885
911
1,053
834
PBT
1,512
1,340
1,450
1,595
1,094
744
2,393
1,872
1,427
838
460
527
848
Tax %
25%
26%
25%
5%
28%
33%
-11%
28%
27%
-175%
12%
-252%
22%
Net Profit
1,135
987
1,091
1,521
783
496
2,663
1,351
1,041
2,302
403
1,857
660
EPS in Rs
4.56
3.99
4.15
4.78
2.6
1.95
8.76
4.16
3.53
7.14
0.97
7.4
2.32
Figures in ₹ Crores

Profit & Loss

Particulars Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Mar 2023 15mMar 2024Mar 2025Mar 2026TTM
Sales
9,955
9,437
20,094
23,609
26,041
27,104
24,516
28,965
38,937
33,160
35,336
40,656
39,867
Expenses
8,022
7,895
16,913
19,751
22,030
22,507
19,511
22,755
33,815
26,760
29,366
34,079
33,699
Operating Profit
1,934
1,542
3,181
3,858
4,011
4,597
5,006
6,210
5,122
6,400
5,971
6,577
6,168
OPM %
19%
16%
16%
16%
15%
17%
20%
21%
13%
19%
17%
16%
15%
Other Income
419
353
441
335
232
601
288
252
447
1,401
2,646
516
402
Interest
66
92
153
206
170
170
140
146
195
276
216
224
214
Depreciation
513
630
1,461
1,219
1,154
1,153
1,162
1,152
1,645
1,628
2,297
3,570
3,683
PBT
1,774
1,173
2,008
2,768
2,919
3,875
3,992
5,164
3,729
5,896
6,104
3,299
2,673
Tax %
16%
31%
29%
30%
-2%
28%
22%
28%
19%
20%
13%
-71%
—
Net Profit
1,487
808
1,434
1,945
2,973
2,783
3,107
3,711
3,024
4,735
5,294
5,637
5,222
EPS in Rs
9.59
5.21
5.57
7.64
10.97
10.55
11.91
14
13.01
16.26
17.47
19.13
17.83
Div. Payout %
46%
54%
50%
47%
14%
14%
151%
45%
19%
12%
11%
10%
—
Figures in ₹ Crores

Balance Sheet

Particulars Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
310
310
397
397
397
397
397
397
397
440
493
494
Reserves
9,760
9,961
19,424
20,275
21,973
23,681
22,360
24,957
31,301
41,012
53,086
58,853
Borrowings
34
35
29
24
40
41
471
477
523
699
788
866
Other Liabilities
3,774
3,827
12,974
14,813
14,981
16,059
16,490
19,374
19,501
22,916
26,735
29,361
Total Liabilities
13,878
14,133
32,824
35,509
37,391
40,178
39,718
45,205
51,721
65,067
81,102
89,574
Fixed Assets
6,310
6,170
21,410
20,898
20,636
20,701
20,486
22,254
23,551
32,194
42,766
58,263
CWIP
692
416
582
667
1,008
1,554
2,422
2,168
2,526
2,658
9,858
9,121
Investments
2,097
2,149
175
153
133
150
167
198
214
849
1,912
113
Other Assets
4,780
5,398
10,657
13,791
15,613
17,773
16,643
20,585
25,430
29,365
26,566
22,077
Total Assets
13,878
14,133
32,824
35,509
37,391
40,178
39,718
45,205
51,721
65,067
81,102
89,574
Figures in ₹ Crores

Cash Flow

Particulars Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Mar 2023Mar 2024Mar 2025Mar 2026
Operating
1,675
1,557
2,810
3,416
1,703
4,739
4,832
5,309
735
5,646
2,237
5,362
Investing
-456
-83
-4,165
-738
-765
-1,191
-1,317
-2,007
-14,481
-8,941
-7,529
-7,935
Financing
-721
-900
-958
-1,015
-719
-629
-3,956
-516
2,931
5,689
5,592
-1,629
Net Cash Flow
498
574
-2,312
1,663
220
2,919
-441
2,786
-10,815
2,394
301
-4,203
Free Cash Flow
854
937
1,925
2,332
612
3,132
3,107
3,013
-3,331
1,685
-6,293
-594
CFO/OP
102
104
107
102
71
115
120
96
29
103
44
77
Figures in ₹ Crores

Ratios

Particulars Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
8
11
17
14
18
14
8
8
11
13
16
17
Inventory Days
379
394
339
323
333
208
193
337
234
238
238
246
Days Payable
265
299
324
370
339
231
259
359
198
196
167
227
Cash Conversion Cycle
123
107
32
-33
13
-9
-58
-14
46
56
86
37
Working Capital Days
-61
-65
-67
-62
-34
-56
-80
-74
45
8
-25
-3
ROCE %
18%
11%
11%
12%
12%
14%
14%
17%
12%
13%
11%
6%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Others1.85%Govt.0.21%Promot.67.33%Public5.54%FIIs5.63%DIIs19.44%As ofJun 2026

Documents

Frequently Asked Questions about Ambuja Cements

What does Ambuja Cements Ltd do?
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]
Where is Ambuja Cements Ltd (AMBUJACEM) listed?
Ambuja Cements Ltd trades as AMBUJACEM on the NSE and under code 500425 on the BSE.
Which sector does Ambuja Cements Ltd belong to?
Ambuja Cements Ltd is classified under the Construction sector, in the Cement industry.
What is the market capitalisation of Ambuja Cements Ltd?
Ambuja Cements Ltd has a market capitalisation of ₹96,510 Cr, which places it in the Large Cap band.
What is the PE ratio of Ambuja Cements Ltd?
Ambuja Cements Ltd trades at a PE ratio of 21.98, on earnings per share of ₹12.66, against a book value of ₹238.84 per share.
What is the 52-week high and low of Ambuja Cements Ltd?
Over the last 52 weeks Ambuja Cements Ltd has traded between ₹394 and ₹600.8.
Does Ambuja Cements Ltd pay dividends?
Ambuja Cements Ltd has a dividend yield of 0.51%.
What is the Return on Equity (ROE) of Ambuja Cements Ltd?
Ambuja Cements Ltd reported a return on equity of 7.85%. Its debt-to-equity ratio is 0.01.

Company Information

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]

Website ambujacement.com
CEO Mr. Vinod Mohanlal Bahety
Employees 3,883
Listed 1998-02-18
Face Value ₹ 2
Issued Size 2,47,18,23,478

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