Ambuja Cements Ltd. share price target

Two new proposed kilns expansion will be taken up once utilization reaches ~85%. Mgmt is targeting ~15% RoI prior to any further capacity expansion. We visited Ambuja Cement's Sanghipuram plant in Kutch (Gujarat), one of the largest integrated cement facilities with cement/clinker capacity of ~6.1mtpa/6.6mtpa (two kilns of 9,000tpd and 10,000tpd) and benefits from ~1Bt of high-quality limestone reserves. Management indicated that current operational cement capacity of ~17,000tpd could increase by ~2,500tpd through debottlenecking, taking capacity to...

We maintain our BUY rating on the stock.

We cut our EBITDA estimates by 3-5% for FY26E/27E/28E, factoring in higher costs absorbed in Q3FY26. We expect revenue & EBITDA CAGR at ~14% & ~25% respectively over FY25-28E. We also downgrade our rating to HOLD with a revised target price of Rs 570 (based on 15x EV/EBITDA on...

Ambuja Cements’ (ACEM) 3QFY26 operating performance was below our estimates, impacted by elevated opex/t, including one-off costs. Its consol. EBITDA was up ~53% YoY to INR13.5b (~24% miss).

We maintain our BUY rating on the stock, with a target price of Rs 630/share.

The merger ratio was favorable for OCL (to the tune of ~9%) and largely neutral for ACC (considering the closing price of 22nd Dec 2025). However, we believe that these implied valuations for OCL and ACC are significantly...

The Adani group has announced the simplification of its group structure and decided to consolidate the cement business under one entity. Currently, ACEM holds a 50.05% stake in ACC and 72.66% in Orient Cement.

Ambuja Cements displayed strong financial results in Q2, supported by robust volume traction, sustained cost leadership and steady improvement across its acquired assets, despite the seasonal impact of prolonged monsoons. The macro environment remains healthy, backed by higher investment in both public and private sectors, the favourable impact of GST reforms and the strengthening economic sentiment. Expansion momentum remains intact, with debottlenecking initiatives and upcoming capacities set to improve the company's operating leverage. A combination of operational momentum and strategic expansions...

Strong volume-driven revenue growth (22% YoY), backed by realisation gains of 7% YoY, due to presence in key regions like North and West

We maintain our BUY rating on the stock.

With healthy volume growth and significant improvement in EBITDA/ton over FY25-28E, we expect revenue & EBITDA CAGR at ~13% & ~30% respectively over the same period. We maintain BUY on Ambuja Cements with a target price of Rs 700 (based on 17x EV/EBITDA on FY27E & FY28E...

Ambuja Cements' standalone Q2FY26 results reflected strong operational momentum with revenue of Rs53bn, rising 20% YoY and 4% sequentially, supported by robust demand, improved realizations, and higher premium product contribution. Cement sales volumes stood at 8.8mn tonnes, growing 19% YoY and 3% QoQ. Operating EBITDA increased to Rs10bn, up 32% from Rs7.8bn a year ago and 6% from Rs9.7bn in the previous quarter, driven by lower fuel and power costs, and improved efficiency. EBITDA/t stood at Rs1,167 compared to Rs1,010 in Q1FY26 and Rs988 in Q2FY25. PAT rose sharply to...

Ambuja Cements (ACEM) reported strong growth of ~81% YoY in EBITDA to INR17.6b (~28% beat, led by lower-than-estimated opex/t).

Ventura Securities Diwali Picks 2025

FutureX - A major academiaindustry initiative for future growth

Ambuja Cements reported a strong set of numbers for Q1 FY26, marked by record operational and financial performance. Consolidated sales volume grew 20% YoY to 18.4 mn Tones, while revenue crossed the Rs10,000 crore mark for the first time, rising 23% YoY to Rs10,289 crore against Rs8,392 crore in Q1 FY25 and Rs8,436 crore in Q4 FY25. EBITDA rose 53% YoY to Rs1,961 crore vs Rs1,280 crore YoY, with margins improving to 19.1% from 15.3% in Q1 FY25 and 15.2% QoQ. EBITDA per tonne came in at Rs1,069, up from Rs835 YoY and Rs837 QoQ. Profit after tax stood at Rs970 crore, up 24% YoY from Rs783 crore, and 23.9%...

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...