Ambuja Cements Q2 FY27 revenue ₹9,197 crore; 4.6 MTPA capacity added
Synopsis
Ambuja Cements delivered ₹9,197 crore in Q2 FY27 revenue while commissioning 4.6 MTPA of fresh capacity — the headline numbers mask a cost story. Geopolitical disruptions pushed total cost to ₹4,410 per tonne, but a debt-free balance sheet and premium product mix growth give the Adani Group's cement arm a buffer most rivals lack as the industry-wide margin squeeze deepens.
Key Takeaways
Ambuja Cements reported Q2 FY27 revenue of ₹9,197 crore for the quarter ended 30 September 2026 .
Operating EBITDA stood at ₹1,271 crore , with an EBITDA margin of 13.8% and EBITDA per tonne of ₹770 .
Sales volume reached 16.5 million tonnes ; trade volumes rose 8.6% year-on-year.
4.6 MTPA of new capacity commissioned at Dahej , Salai Banwa , and Kalamboli ; another 2.4 MTPA at Warisaliganj due in H2 FY27 .
Total cost per tonne was ₹4,410 ; excluding geopolitical impact, ₹4,182 per tonne .
Debt-free balance sheet with net worth of ₹72,238 crore and cash of ₹1,070 crore ; holds AAA/A1+ ratings from four agencies.
Ambuja Cements Limited, a flagship entity of the Adani Group, on 29 October 2026 reported revenue from operations of ₹9,197 crore for the quarter ended 30 September 2026 (Q2 FY27), with operating EBITDA of ₹1,271 crore and an EBITDA margin of 13.8%. The company simultaneously commissioned 4.6 million tonnes per annum (MTPA) of fresh capacity during the quarter, signalling continued execution on its expansion roadmap.
Sales Volume and Trade Mix
Ambuja Cements recorded sales volume of 16.5 million tonnes during the quarter, driven by consistent growth in its trade business, according to its stock exchange filing. Trade volumes rose 8.6% year-on-year, with the share of trade sales climbing six percentage points to 74% of total volumes. Premium products accounted for 37% of trade sales, up two percentage points from a year earlier — a strategic push that the company says is improving overall revenue quality.
Capacity Expansion in Progress
The 4.6 MTPA commissioned during Q2 includes projects at Dahej, Salai Banwa, and Kalamboli. An additional 3.2 MTPA of capacity at Bathinda and Jodhpur Penna is currently being stabilised and ramped up. A further 2.4 MTPA at Warisaliganj is expected to be commissioned in the second half of FY27, taking the company's capacity addition programme well into the coming months.
Cost Pressures and Margin Dynamics
Total cost during the quarter stood at ₹4,410 per tonne. Excluding the impact of geopolitical disruptions, cost was ₹4,182 per tonne. Higher petcoke and coal prices, elevated diesel costs, and increased packaging expenses continued to exert pressure on industry-wide margins — a challenge not unique to Ambuja. EBITDA per tonne came in at ₹770 for the quarter. Logistics costs rose moderately year-on-year, though part of the impact was offset by a reduction in primary lead distance to 254 km from 265 km.
What the CEO Said
Vinod Bahety, Whole-time Director and CEO of Ambuja Cements, said the results reflected a focus on quality-led growth despite seasonal and external headwinds. 'Our Q2 and H1 FY27 performance underscores Ambuja's focus on quality growth despite seasonal and external headwinds. Strengthening trade and premium product mix improved revenue quality, while disciplined execution and cost management supported profitability,' Bahety said.
Balance Sheet and Credit Ratings
Ambuja maintained a debt-free balance sheet as of the quarter end, with a net worth of ₹72,238 crore and cash and cash equivalents of ₹1,070 crore. The company holds the highest AAA/A1+ credit ratings from CRISIL, CARE Ratings, India Ratings, and ICRA. The combination of a debt-free position and top-tier ratings provides a strong financial foundation as the company continues its capital-intensive capacity ramp-up. With further capacity coming online in H2 FY27, full-year volumes and margins will be closely watched by analysts.
Point of View
But the 13.8% EBITDA margin signals that input cost pressures — petcoke, coal, diesel — are not being fully absorbed. The geopolitical disruption cost adjustment of roughly ₹228 per tonne is an unusual line item that warrants scrutiny; presenting an 'adjusted' cost figure is a way to frame the narrative, not a resolution of the underlying pressure. The debt-free status and AAA credit ratings are genuine strengths in a capital-intensive sector, but with over 6 MTPA still being stabilised or pending commissioning, the real test of execution quality is still ahead.
NationPress
29 Oct 2026
Frequently Asked Questions
What were Ambuja Cements' Q2 FY27 financial results?
Ambuja Cements reported revenue from operations of ₹9,197 crore for Q2 FY27 (quarter ended 30 September 2026), with operating EBITDA of ₹1,271 crore and an EBITDA margin of 13.8%. EBITDA per tonne stood at ₹770.
How much new cement capacity did Ambuja commission in Q2 FY27?
Ambuja commissioned 4.6 MTPA of new capacity during the quarter, covering projects at Dahej, Salai Banwa, and Kalamboli. A further 3.2 MTPA at Bathinda and Jodhpur Penna is being stabilised, and 2.4 MTPA at Warisaliganj is expected to come online in H2 FY27.
What cost pressures did Ambuja Cements face in Q2 FY27?
Total cost per tonne was ₹4,410 during the quarter, elevated by higher petcoke and coal prices, increased diesel costs, and higher packaging expenses. Excluding geopolitical disruption impacts, the cost stood at ₹4,182 per tonne.
What is Ambuja Cements' financial position as of Q2 FY27?
Ambuja maintained a debt-free balance sheet with a net worth of ₹72,238 crore and cash and cash equivalents of ₹1,070 crore. The company holds AAA/A1+ credit ratings from CRISIL, CARE Ratings, India Ratings, and ICRA.
How did Ambuja Cements' trade volumes perform in Q2 FY27?
Trade volumes grew 8.6% year-on-year, with the trade share rising six percentage points to 74% of total sales. Premium products accounted for 37% of trade sales, up two percentage points from a year earlier.
