Ambuja Cements (ACEM)’s 3QFY25 consolidated EBITDA (adjusted for prior period incentives of INR8.3b) declined ~49% YoY to INR8.9b (-35% vs. est.), due to weak realization and higher opex/t (up to INR100 150/t related to acquired assets that are in the transition and ramp-up phase). EBITDA/t declined 56% YoY to INR537 (est. INR848).