Ambuja Cements (ACEM) delivered strong consolidated operating performance in Q1FY26 with 20% YoY volume growth (18.4mt excluding clinker volume), aided by higher government capex and recently acquired assets. NSR improved by 5% QoQ, aided by an uptick in cement pricing during the quarter. RM costs declined on lower purchase of goods, which resulted in ACEM delivering EBITDA/t of Rs1,066. ACEM has successfully integrated the brands of Penna and Orient into ACEM. The capacity utilization for acquired assets stood at ~77-78% as per mgmt. ACEM would utilize Penna and Sanghi clinker...