Ambuja Cements · Research view

Ambuja Cements Ltd.

NSE: AMBUJACEMBSE: 500425ISIN INE079A01024Face value ₹2standalone

₹363

−1.09% · 2026-10-01 · 52-wk ₹363–₹577

Financials to FY2026 · 4 years of history · prices to 2026-10-01consolidated standalone

Section 02 · Synthesis

What stands out?

The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.

StrengthConcernWatchContext

WatchTalking point

Sharp margin drop

EBITDA margin dropped 6.5 percentage points in a single year, from 24.6% to 18.1% — worth investigating.

Importance 70 / 95 · anomaly

WatchTalking point

Profit lagging revenue

Revenue grew 16.0% but profit grew 9.3%, so the company kept less of each rupee of revenue as profit.

Importance 62 / 95 · growth

Context

Stock has lagged the business

Over 3 years profit compounded at 23.1% a year while the stock fell 5.1% a year — the FY2023 base was somewhat depressed, so part of this is recovery rather than trend.

Importance 57 / 95 · business vs stock

Section 03 · The company

Who is this company?

Classified by the exchange under Commodities › Construction Materials › Cement & Cement Products › Cement & Cement Products.

Market cap: ₹89,726 cr
FY2026 revenue: ₹25,062 cr
FY2026 net profit: ₹3,558 cr
Net worth: ₹52,558 cr
Total debt: ₹14 cr
EPS (basic): ₹14.41
Listed: NSE · BSE
Reporting: Ind-ASApr–Mar

Peer set used on this page: 3 cement & cement products.

Section 04 · Business performance

Is the business growing?

Revenue & net profit — FY23 to FY26₹ crore · consolidated

RevenueNet profit

Watch

Revenue grew 16.0% but EBITDA margin fell 6.5 percentage points to 18.1%, so the company kept less of each rupee of revenue as operating profit.

Rule REVENUE_UP_MARGIN_DOWN

Revenue growth per year: +7.8%over 3 years
Revenue growth: +28.8%vs last year
Net profit growth: −5.2%vs last year
Change in net profit since FY23: +39%

Revenue grew 16.0% but profit grew 9.3%, so the company kept less of each rupee of revenue as profit.

Revenue grew 16.0% year on year (FY2025 → FY2026).

Section 05 · Recent activity

What changed recently?

Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.

Concern

Q1 FY27 net profit was ₹660 cr, down 31.9% from ₹970 cr a year earlier.

Rule QTR_PROFIT_GROWTH_YOY

Concern

Q1 FY27 EBIT was ₹924 cr, down 31.8% from ₹1,356 cr a year earlier.

Rule QTR_OPERATING_PERFORMANCE_CHANGE_YOY

Watch

Q1 FY27 net profit declined 31.9% while revenue declined 7.7% vs the same quarter last year — a gap of 24.3 percentage points.

Rule QTR_PROFIT_VS_REVENUE_GROWTH

A. Quarterly results

Latest quarters — Q2 '25 to Q1 '27₹ crore · consolidated

RevenueNet profit

Quarter	Revenue	YoY	Net profit	YoY	Net margin
Q2 FY25	7,516	—	473	—	6.3%
Q3 FY25	9,329	+14.8%	2,620	+140.5%	28.1%
Q4 FY25	9,889	+11.2%	1,282	−16.0%	13.0%
Q1 FY26	10,289	+23.8%	970	+22.8%	9.4%
Q2 FY26	9,174	+22.1%	2,302	+386.9%	25.1%
Q3 FY26	10,277	+10.2%	367	−86.0%	3.6%
Q4 FY26	10,915	+10.4%	1,857	+44.9%	17.0%
Q1 FY27	9,500	−7.7%	660	−31.9%	6.9%

B. TTM snapshot

Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters

Revenue: ₹39,867 crTTM
EBITDA: ₹6,914 crTTM
EBIT: ₹3,183 crTTM
PBT: ₹2,605 crTTM
Net profit: ₹5,187 crTTM

C. Corporate actions

12 Jun 2026DividendFinal Dividend - Rs. - 2.0000 — ₹2.00/share

13 Jun 2025DividendDividend - Rs. - 2.0000 — ₹2.00/share

14 Jun 2024DividendFinal Dividend - Rs. - 2.0000 — ₹2.00/share

7 Jul 2023DividendFinal Dividend - Rs. - 2.5000 — ₹2.50/share

30 Mar 2022DividendFinal Dividend - Rs. - 6.3000 — ₹6.30/share

19 Mar 2021DividendFinal Dividend - Rs. - 1.0000 — ₹1.00/share

5 Nov 2020DividendInterim Dividend - Rs. - 17.0000 — ₹17.00/share

19 May 2020DividendInterim Dividend - Rs. - 1.5000 — ₹1.50/share

3 Apr 2020DividendFinal Dividend - Rs. - 1.5000 — ₹1.50/share

27 Feb 2019DividendFinal Dividend - Rs. - 1.5000 — ₹1.50/share

5 Apr 2018DividendFinal Dividend - Rs. - 2.0000 — ₹2.00/share

2 Aug 2017DividendInterim Dividend - Rs. - 1.6000 — ₹1.60/share

16 Mar 2017DividendFinal Dividend - Rs. - 1.2000 — ₹1.20/share

2 Aug 2016DividendInterim Dividend - Rs. - 1.6000 — ₹1.60/share

22 Feb 2016DividendFinal Dividend - Rs. - 1.2000 — ₹1.20/share

31 Jul 2015DividendInterim Dividend - Rs. - 1.6000 — ₹1.60/share

2 Mar 2015DividendFinal Dividend - Rs. - 3.2000 — ₹3.20/share

30 Jul 2014DividendInterim Dividend - Rs. - 1.8000 — ₹1.80/share

12 Feb 2014DividendFinal Dividend - Rs. - 2.2000 — ₹2.20/share

30 Jul 2013DividendInterim Dividend - Rs. - 1.4000 — ₹1.40/share

18 Feb 2013DividendFinal Dividend - Rs. - 2.2000 — ₹2.20/share

30 Jul 2012DividendInterim Dividend - Rs. - 1.4000 — ₹1.40/share

13 Feb 2012DividendFinal Dividend - Rs. - 1.8000 — ₹1.80/share

8 Aug 2011DividendInterim Dividend - Rs. - 1.4000 — ₹1.40/share

11 Feb 2011DividendFinal Dividend - Rs. - 1.4000 — ₹1.40/share

Section 06 · Business performance

Is it becoming more profitable?

Margins — FY23 to FY26% of revenue · consolidated

EBITDA marginNet margin

Margin and return trends are shown above.

EBITDA margin now: 14.7%
4-year range: 14.7–25.0%
ROE FY2026: 7.0%
ROCE FY2026: 3.3%

Section 07 · Financial health

Is financial health improving?

Net worth — FY23 to FY26₹ crore · consolidated

Net worth (shareholders' funds)

Leverage and cash generation over the loaded history are shown above.

Operating cash flow vs net profit₹ crore · FY23–FY26

Operating cash flowNet profit

Total debt: ₹14 cr
Operating cash flow ÷ net profit: 1.92×FY2026
Free cash flow: ₹2,879 cr
Current ratio: 0.54×

Section 08 · Relative position

How does it compare with peers?

Ranked against 3 cement & cement products (FY2026, consolidated). No peer-relative rule fired for this company.

Revenue growth

AMBUJACEM · 3rd of 3 · set median 16.5%

EBITDA margin

AMBUJACEM · 2nd of 3 · set median 18.1%

Return on equity

AMBUJACEM · 2nd of 3 · set median 8.3%

P/E ratio

AMBUJACEM · 1st of 3 · set median 17.8×

P / E: 17.3×TTM to Jun 26
P / B: 1.2×latest book
P / S: 2.3×TTM sales
Earnings yield: 5.8%TTM to Jun 26

On the trailing twelve months. Last full year: P/E 15.9× · P/S 2.2× · ROE 8.3%.

Section 09 · The stock

How has the stock performed?

Adjusted close — 2020-01 to 2026-10₹ per share · split / bonus adjusted

Context

Over 3 years profit compounded at 23.1% a year while the stock fell 5.1% a year — the FY2023 base was somewhat depressed, so part of this is recovery rather than trend.

Rule STOCK_LAGGED_EARNINGS · rebound

Business vs stock — 5-year compound annual rate

1-year return: −36.4%
3-year return: −14.5%
5-year return: −9.8%
From 52-wk high: −37.1%

Section 10 · Technical data

What does the technical data say?

Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.

vs 50-day avg: Below₹409
vs 200-day avg: Below₹458
RSI (14): 25.5oversold
MACD histogram: -1.7
From 52-wk high: −37.1%
From 52-wk low: 0.0%
30-day volatility: 20.2%ann.
6-month return: −11.2%

RSI (14) · 0–10025.5 — oversold

Section 11 · Open questions

What should I investigate further?

Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.

Watch
Sharp margin drop
EBITDA margin dropped 6.5 percentage points in a single year, from 24.6% to 18.1% — worth investigating.
MARGIN_SHARP_DROP · conviction 70
Watch
Growing, but less profitably
Revenue grew 16.0% but EBITDA margin fell 6.5 percentage points to 18.1%, so the company kept less of each rupee of revenue as operating profit.
REVENUE_UP_MARGIN_DOWN · conviction 70
Watch
Profit lagging revenue
Revenue grew 16.0% but profit grew 9.3%, so the company kept less of each rupee of revenue as profit.
PROFIT_SLOWER_THAN_REVENUE · conviction 62
Watch
Unusual tax rate
Effective tax rate of -71.3% (FY2026) is well below the ~25% corporate norm — a one-off tax item may be flattering or depressing reported profit.
EFFECTIVE_TAX_UNUSUAL · conviction 45
Watch
Reported profit carries a one-off
FY2026 pre-tax profit includes a ₹301 exceptional charge (9.2% of PBT) — the underlying trend differs from the reported number.
PROFIT_INCLUDES_EXCEPTIONALS · conviction 39

Only 4 annual year(s) of financials loaded — multi-year trend analysis is limited.

Section 12 · Reference

The numbers

The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.

Income & balance sheet — ₹ crore, consolidated
Metric	FY23	FY24	FY25	FY26
Revenue	19,985	17,919	19,454	25,062
Total income	20,938	18,772	21,353	25,828
EBITDA	4,173	4,223	4,864	3,696
Profit before tax	3,055	3,107	3,718	1,167
Net profit	2,553	2,335	3,755	3,558
EPS (₹)	12.9	11.7	15.3	14.4
Net worth	28,506	37,007	48,606	52,558
Total debt	48	37	27	14
Operating cash flow	2,010	2,757	1,769	6,847
Free cash flow	−102	899	−3,564	2,879

Key ratios — consolidated
Ratio	FY23	FY24	FY25	FY26
Growth
Revenue growth YoY	—	-10.3	8.6	28.8
Profit growth YoY	—	-8.6	60.8	-5.2
Profitability
EBITDA margin %	20.9	23.6	25.0	14.7
Net margin %	12.2	12.4	17.6	13.8
Return on equity %	9.0	7.1	8.8	7.0
Return on capital %	11.7	10.0	8.9	3.3
Leverage & cash
Debt to equity	0.00	0.00	0.00	0.00
Cash flow ÷ profit	0.79	1.18	0.47	1.92
Current ratio	1.75	2.36	1.24	0.54