Ambuja Cements Limited (AMBUJACEM)

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Ambuja Cements Limited (AMBUJACEM) · mywealthgrid

About

Ambuja Cements Limited manufactures cement and cement products serving India's construction and infrastructure sectors. With market capitalization of ₹1,03,740 crore and consolidated quarterly revenues exceeding ₹9,000 crore, the company operates at substantial scale within the domestic market.

Face value: ₹2

Market cap

₹90,012 Cr

P/E

20.6×

P/B

1.5×

Dividend yield

1.1%

ROE

8.4%

ROCE

5.3%

Debt / equity

OPM

16.1%

EPS (TTM)

₹17.7

Book value

₹240.1

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Operating margins fluctuate significantly, ranging from 8.71% to 19.19% across recent quarters, creating earnings unpredictability; verify cost structure and pricing power sustainability.
Return on equity of 8.38% is low despite zero debt, suggesting capital efficiency challenges; assess whether this reflects sector cyclicality or operational constraints.
Stock declined 29.52% over 12 months and now trades near 52-week lows; evaluate whether the PE of 23.7 reflects cyclical weakness or structural headwinds.
Promoter concentration at 67.33% with only 7.39% public free float raises liquidity concerns; verify trading liquidity and minority shareholder protections.

Generated analysis · source review pending

Growth drivers

Consolidated revenues of ₹9,174 crore in September 2025 exceed standalone by ₹4,026 crore, indicating material group operations; growth in these entities would drive consolidated EPS expansion.
Operating margins reached 19.19% in September 2025 consolidated, well above recent quarters; if operations sustain higher-margin periods, profitability could expand materially.
Zero debt (D/E 0) eliminates financial constraints on growth capex; verify cement demand trends and company expansion plans to assess capacity investment opportunities.

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹362.3-1%1Y

Quick read

rule-based

Pros

+Almost debt-free (debt/equity 0)
+Comfortable interest coverage of 17×
+High promoter holding of 67.3% with no pledge

Cons

−Low return on equity of 9% (3-yr avg)
−Modest revenue growth of 7% a year over the last 5 years

Research score

Structured signal from quality, growth, valuation and momentum.

47/100

Business quality: 50
Growth: 20
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY NEXT 50 NIFTY 100 NIFTY 200 NIFTY 500 NIFTY TOTAL MARKET

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Ambuja Cements LimitedAMBUJACEMAMBUJACEM	₹90,012 Cr	₹90,065 Cr	₹39,867 Cr	₹6,167 Cr	16.1%	₹4,377 Cr	13.9%	5.3%	8.4%	37
Shree Cement LimitedSHREECEMSHREECEM	₹79,059 Cr	₹80,653 Cr	₹21,896 Cr	₹4,577 Cr	22.1%	₹1,630 Cr	8.4%	10.6%	7.8%	227
Jk Cement LimitedJKCEMENTJKCEMENT	₹38,279 Cr	₹44,353 Cr	₹14,401 Cr	₹2,334 Cr	17.3%	₹946 Cr	7.2%	14.3%	15.1%	71
Dalmia Bharat LimitedDALBHARATDALBHARAT	₹31,556 Cr	₹38,308 Cr	₹15,058 Cr	₹3,005 Cr	20.8%	₹409 Cr	7.8%	7.4%	6.4%	5
Acc LimitedACCACC	₹22,213 Cr	₹22,213 Cr	₹25,369 Cr	₹2,629 Cr	11.4%	₹1,909 Cr	8.2%	10.8%	10.9%	32
The Ramco Cements LimitedRAMCOCEMRAMCOCEM	₹19,633 Cr	₹23,485 Cr	₹9,228 Cr	₹1,345 Cr	15.9%	₹645 Cr	7.7%	6.1%	9%	-0
Jsw Cement LimitedJSWCEMENTJSWCEMENT	₹15,216 Cr	₹19,297 Cr	₹6,849 Cr	₹1,216 Cr	19%	₹760 Cr	-12.3%	10.1%	-11.5%	-140
Nuvoco Vistas Corporation LimitedNUVOCONUVOCO	₹11,505 Cr	₹16,046 Cr	₹11,594 Cr	₹1,907 Cr	16.4%	₹386 Cr	3.2%	7.1%	3.7%	-130
The India Cements LimitedINDIACEMINDIACEM	₹9,147 Cr	₹10,452 Cr	₹4,479 Cr	₹469 Cr	8.8%	₹92 Cr	-1.5%	1.5%	-0.7%	-28
Star Cement LimitedSTARCEMENTSTARCEMENT	₹7,211 Cr	₹7,797 Cr	₹3,807 Cr	₹902 Cr	24.8%	₹370 Cr	10.3%	17%	13%	177
Birla Corporation LimitedBIRLACORPNBIRLACORPN	₹6,383 Cr	₹9,658 Cr	₹9,848 Cr	₹1,450 Cr	15.1%	₹554 Cr	5.8%	8.8%	7.8%	63
Jk Lakshmi Cement LimitedJKLAKSHMIJKLAKSHMI	₹5,915 Cr	₹8,406 Cr	₹6,926 Cr	₹958 Cr	15%	₹370 Cr	6.1%	12.1%	11.2%	57

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore · years without a filed annual are summed from quarters

₹ Cr	Mar 2020	Mar 2021	Dec 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	26,523	25,981	28,965	29,151	38,937	33,160	35,045	40,656
COGS	—	3,375	2,962	3,061	5,111	4,923	6,527	6,743
Gross profit	—	22,606	26,003	26,090	33,826	28,237	28,517	33,913
	21,712	16,936	19,793	20,274	28,676	21,814	22,533	27,354
	4,810	5,670	6,210	5,816	5,150	6,422	5,984	6,559
OPM %	18.1%	21.8%	21.4%	20%	13.2%	19.4%	17.1%	16.1%
Depreciation	1,169	1,134	1,152	1,189	1,645	1,623	2,478	3,570
Interest	165	138	146	146	195	276	216	224
	460	229	232	225	419	1,378	2,633	534
Profit before tax	3,936	4,627	5,164	4,706	3,729	5,901	5,922	3,299
Tax	1,105	1,034	1,453	1,367	705	1,163	764	-2,338
Tax %	28.1%	22.4%	28.1%	29%	18.9%	19.7%	12.9%	-70.9%
	2,830	3,592	3,711	3,339	3,024	4,738	5,158	5,637
PAT margin %	10.7%	13.8%	12.8%	11.5%	7.8%	14.3%	14.7%	13.9%
EPS (₹)	10.9	13.9	14	12.6	13	18	17	19.2
EPS adjusted (₹)	10.9	—	14	12.6	13	16.3	16.8	19.1
	23%	178.5%	45%	0%	19.2%	11.1%	11.8%	10.4%
Annual report	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Dec 2021	—	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Dec 2020	Dec 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	310	397	397	397	397	397	397	397	397	440	493	494
Reserves	19,016	20,275	21,973	23,681	22,360	—	24,957	24,957	31,301	41,016	52,951	58,853
Minority interest	4,331	4,608	5,231	5,737	6,341	—	7,145	7,145	7,058	9,391	10,368	12,499
	20	24	40	35	44	—	44	47	48	37	27	53
	11,413	10,209	9,699	10,332	10,579	—	12,662	12,659	12,917	14,415	17,107	17,708
Total equity & liabilities	35,090	35,513	37,341	40,182	39,721	—	45,205	45,205	51,721	65,298	80,945	89,607
	19,544	20,898	20,636	20,701	19,982	12,610	22,254	—	23,551	32,388	42,578	58,263
CWIP	2,795	618	—	—	—	—	2,168	2,168	2,526	2,658	9,820	9,085
Investments	161	153	133	150	167	—	198	198	214	849	1,912	113
	12,590	13,844	16,572	19,331	19,571	—	20,585	42,839	25,430	29,402	26,636	22,146
Total assets	35,090	35,513	37,341	40,182	39,721	—	45,205	45,205	51,721	65,298	80,945	89,607

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Cement	38,897.99	3,134.93	82,733.38	12,709.08	70,024.3	4.48
Ready Mix Concrete	1,965.17	122.38

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2020	Mar 2021	Dec 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	87%	89.8%	89.5%	86.9%	85.2%	81.4%	83.4%
EBITDA margin %	18.1%	21.8%	21.4%	19.9%	13.2%	19.3%	17%	16.1%
EBIT margin %	13.7%	17.4%	17.5%	15.8%	8.9%	14.4%	10%	7.3%
PAT margin %	10.7%	13.8%	12.8%	11.5%	7.8%	14.3%	14.7%	13.9%
Working capital
Receivable days	8	—	8	8	11	13	17	17
Inventory days	28	—	337	326	234	268	238	246
Payable days	0	—	359	4	198	230	154	227
NWC days	35	—	-14	330	46	50	100	37
Leverage
Current ratio	1.38	—	1.51	1.52	1.67	2.15	1.42	1.05
Debt to EBITDA	0.01	—	0.01	0.01	0.01	0.01	0	0.01
Debt to equity	0	—	0	0	0	0	0	0
Interest coverage	24.7	35.6	37.1	33.9	21.6	21.5	28.5	17
Asset turnover	0.67	—	0.64	0.64	0.75	0.51	0.43	0.45
Return ratios
Return on assets %	7.1%	—	8.2%	7.4%	5.8%	7.3%	6.4%	6.3%
Return on capital employed %	13.4%	—	15.9%	14.6%	11.4%	12.7%	10.2%	5.3%
Return on equity %	12.4%	—	14.6%	13.2%	9.5%	11.4%	9.7%	9.5%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	63.19%	63.19%	66.74%	70.33%	67.57%	67.57%	67.57%	67.57%	67.68%	67.68%	67.68%	67.33%
	11.65%	11.88%	11.09%	9.59%	10.61%	9.14%	8.6%	7.44%	5.91%	5.8%	5.87%	5.63%
	15.53%	15.83%	14.48%	13.26%	15.19%	16.62%	17.3%	18.7%	19.42%	19.64%	19.86%	19.44%
	0%	0%	0%	0%	0%	0%	0%	0%	0.21%	0.21%	0.21%	0.21%
	9.63%	9.1%	7.69%	6.82%	6.63%	6.67%	6.53%	6.29%	6.78%	6.67%	6.38%	7.39%
No. of shareholders	—	—	—	—	—	—	—	—	6,20,457	6,25,013	6,07,505	6,74,206

Promoter holding up 4.14 percentage points since Sep 2023.

72 deals · 31 Aug 2021 – 21 Feb 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
21 Feb 2025	PI OPPORTUNITIES AIF V LLP	Block	BSE	Buy	5,14,500	₹477.20	₹24.55 Cr
21 Feb 2025	TARISH INVESTMENT AND TRADING COMPANY PRIVATE LIMITED	Block	BSE	Sell	5,14,500	₹477.20	₹24.55 Cr
6 Nov 2024	PI OPPORTUNITIES AIF V LLP	Block	NSE	Buy	28,96,209	₹579.35	₹167.79 Cr
6 Nov 2024	PRAZIM TRADING AND INVESTMENT COMPANY PRIVATE LIMITED	Block	NSE	Sell	28,96,209	₹579.35	₹167.79 Cr
23 Aug 2024	HOLDERIND INVESTMENTS LIMITED	Block	NSE	Sell	6,79,56,000	₹625.50	₹4,250.65 Cr
23 Aug 2024	HOLDERIND INVESTMENTS LIMITED	Bulk	NSE	Sell	6,79,56,000	₹625.50	₹4,250.65 Cr
23 Aug 2024	GQG PARTNERS EMERGING MARKETS EQUITY FUND	Block	NSE	Buy	2,68,40,000	₹625.50	₹1,678.84 Cr
23 Aug 2024	GQG PARTNERS EMERGING MARKETS EQUITY FUND	Bulk	NSE	Buy	1,70,73,577	₹625.50	₹1,067.95 Cr
23 Aug 2024	SBI LIFE INSURANCE COMPANY LIMITED	Block	NSE	Buy	79,90,000	₹625.50	₹499.77 Cr
23 Aug 2024	NATIONAL PENSION SYSTEM (NPS) TRUST	Block	NSE	Buy	71,90,000	₹625.50	₹449.73 Cr

1–10 of 72

1 / 8

Mr. Gautam S. AdaniNon-Executive - Non Independent Director-Chairperson related to Promoter
Mr. Karan AdaniNon-Executive - Non Independent Director
Mr. Maheswar SahuNon-Executive - Independent Director
Mr. Rajnish KumarNon-Executive - Independent Director
Mrs. Purvi ShethNon-Executive - Independent Director
Mr. Ameet DesaiNon-Executive - Independent Director
Mr. Vinod BahetyExecutive Director
Mr. Praveen GargNon-Executive - Independent Director
Mr. Rohit SoniChief Financial Officer
Mr. Manish MistryCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

End of day 30 Sept 2026 · underlying ₹374.0 · volume and open interest in contracts

3

Expiry	Close	Chg	% Chg	Settlement	Open interest	Change in OI	Volume	Lot size
27 Oct 2026	₹374.8	+3.3	+0.9%	₹374.8	79,641	+574	4,158	1200
23 Nov 2026	₹376.3	+2.7	+0.7%	₹376.3	1,661	+34	165	1200
29 Dec 2026	₹378.0	+6.8	+1.8%	₹379.9	9	+9	11	1200

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

100

across 21 fund houses

Held by these funds

2.64%

of the company's equity

All mutual funds

9.12%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

100 schemes · 21 fund houses

		Shares
Arbitrage FundNEW	SBI Mutual Fund	71.16 L	285.46	0.6%	0.286%	—
SMALL CAP FUND	Nippon India Mutual Fund	66.16 L	265.39	0.32%	0.266%	-0
POWER & INFRA FUND	Nippon India Mutual Fund	41.88 L	168.02	2.06%	0.169%	-0
Arbitrage Fund	Nippon India Mutual Fund	35.23 L	141.33	0.81%	0.142%	+4.09 L
Multi Cap FundNEW	ICICI Prudential Mutual Fund	33.56 L	134.63	0.69%	0.135%	—
ELSS Tax Saver Fund	Nippon India Mutual Fund	27 L	108.31	0.74%	0.109%	-0
ELSS – Tax Saver Fund	ICICI Prudential Mutual Fund	25.15 L	100.88	0.71%	0.101%	-0
Nifty Next 50 Index Fund	ICICI Prudential Mutual Fund	24.82 L	99.56	0.98%	0.1%	+39,620

1–8 of 100

1 / 13

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

11 announcementsExport CSV

21 Sept 2026, 6:00 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

Analyst / Investor Meet PDF

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Ratio	Mar 2020	Mar 2021	Dec 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	87%	89.8%	89.5%	86.9%	85.2%	81.4%	83.4%
EBITDA margin %	18.1%	21.8%	21.4%	19.9%	13.2%	19.3%	17%	16.1%
EBIT margin %	13.7%	17.4%	17.5%	15.8%	8.9%	14.4%	10%	7.3%
PAT margin %	10.7%	13.8%	12.8%	11.5%	7.8%	14.3%	14.7%	13.9%
Working capital
Receivable days	8	—	8	8	11	13	17	17
Inventory days	28	—	337	326	234	268	238	246
Payable days	0	—	359	4	198	230	154	227
NWC days	35	—	-14	330	46	50	100	37
Leverage
Current ratio	1.38	—	1.51	1.52	1.67	2.15	1.42	1.05
Debt to EBITDA	0.01	—	0.01	0.01	0.01	0.01	0	0.01
Debt to equity	0	—	0	0	0	0	0	0
Interest coverage	24.7	35.6	37.1	33.9	21.6	21.5	28.5	17
Asset turnover	0.67	—	0.64	0.64	0.75	0.51	0.43	0.45
Return ratios
Return on assets %	7.1%	—	8.2%	7.4%	5.8%	7.3%	6.4%	6.3%
Return on capital employed %	13.4%	—	15.9%	14.6%	11.4%	12.7%	10.2%	5.3%
Return on equity %	12.4%	—	14.6%	13.2%	9.5%	11.4%	9.7%	9.5%

33

27 Oct 2026 23 Nov 2026 29 Dec 2026

Calls				Strike	Puts
OI	Chg OI	Volume	LTP	—	LTP	Volume	Chg OI	OI
0	0	0	₹0.0	310	₹0.0	0	0	0
0	0	0	₹0.0	320	₹0.9	68	+49	56
0	0	0	₹0.0	325	₹0.9	45	+43	43
2	0	0	₹47.0	330	₹0.9	1	+1	1
0	0	0	₹0.0	335	₹1.4	40	+10	12
8	0	2	₹37.0	340	₹1.8	334	+101	238
0	0	0	₹0.0	345	₹2.2	92	+29	74
31	+2	30	₹28.1	350	₹2.8	302	+42	213

Shaded cells are in the money against the underlying close. Green and red mark the move against the previous close — on the premium for LTP, on the position for change in OI. Settlement prices are the exchange's, not the last trade.

Date	Category	Subject	Filing
21 Sept 2026, 6:00 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
16 Sept 2026, 5:01 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
11 Sept 2026, 7:47 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Dec 2021	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	2,810	3,416	1,703	4,739	4,832	5,309	735	5,646	3,295	5,362
	-4,165	-762	-766	2,020	-1,193	-2,007	-14,481	-8,950	-8,589	-7,935
	-958	-1,015	-719	-629	-3,956	-516	2,931	5,689	5,592	-1,629
Net cash flow	-2,312	1,640	218	2,916	-441	2,786	-10,815	2,384	298	-4,203
Free cash flow	2,810	3,416	1,703	4,739	4,832	2,975	-3,497	1,163	-5,392	-983
CFO / Operating profit %	—	—	—	—	100.9%	85.5%	14.4%	88.2%	55.2%	82%

Ambuja Cements Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

3

Fund holders

Documents

Announcements

Events

Announcements

Announcements

3

Annual reports

Credit ratings

Investor Presentation and earnings call

32

1

33

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Cement · revenue

Ambuja Cements Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Futures3

Fund holders

Documents

Announcements

Events

Announcements

Ratio timeline

Quarterly record

Bulk & block deals

Board and management

Announcements

Futures3

Annual reports

Credit ratings

Investor Presentation and earnings call

Dividends32

Board meetings1

Option chain33

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Cement · revenue

3

3

32

1

33