AMBUJACEM Q2 FY26 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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Revenue
₹9,174 Cr
verified against source
Revenue YoY
21%
reported change
EBITDA
₹1,761 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
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What the record says.
Ambuja Cements delivered a robust Q2 FY26 with consolidated revenue of ₹9,174 crore (+21% YoY) and EBITDA of ₹1,761 crore (+58% YoY), driven by record sales volume of 16.6 million tons (+20% YoY) and cost reductions. EBITDA margin expanded 500 bps YoY to 19.2%, aided by lower kiln fuel costs (₹1.65/kcal) and operational efficiencies. Management reiterated a cost target of ₹4,000/ton by March 2026 and raised capacity target to 155 MTPA by FY28 via debottlenecking. Key risks include potential delays in commissioning new capacities and volatility in fuel prices.
Colored figures show movement against the previous available record.
Guidance to track
- Management targets total cost of ₹4,000 per metric ton by end of FY26, a 5% reduction from current ₹4,200/ton.
- Cement capacity target revised from 140 to 155 million tons per annum by FY28, including 15 MTPA from debottlenecking.
- Management expects to sustain double-digit volume growth in coming quarters, though not necessarily 20% as base expands.
- Renewable energy capacity expected to reach 900 MW by end of FY26 and 1,122 MW by FY27, targeting 60% green power share by FY28.
Risks flagged
- Six projects delayed by a quarter due to torrential rains and floods, posing risk to timely capacity additions.
- Working capital increased by ~₹2,000 crore in H1 due to higher receivables and inventory, which could pressure cash flows if not managed.
- Overall capacity utilization at 65-67%, with acquired assets like Sanghi underperforming; improvement needed to achieve operating leverage.
- While coal costs are currently low, any reversal could impact the cost reduction trajectory and margin expansion.
Key quotes
- We have achieved highest ever sales volume at 16.6 million tons up 20% Y on Y which is almost five times higher in terms of the industry average.
- Our cost has reduced by almost 5% Y on Y primarily led by the kiln fuel cost at 1.65 rupees per 1,000 kilo calories and this is excluding the AFR.
- We are targeting to deliver total cost of Rs 4,000 per metric ton which is 5% reduction from the current levels of rupees 4,200 the exit of September has been 4,200 cost per ton which I'm targeting to deliver at 4,000 by March 26.
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