ACC Ltd — Q4 FY26
Ambuja Cement reported a disappointing Q4 FY26 with cost per tonne hitting ₹4,500, well above the earlier target of ₹4,000.
bearish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
63%Questions answered2Evaded / deflected12Questions auditedContradictedNumbers vs filing
Partial answer
High priority
Volume growth flattish YoY; how to achieve 80mt guidance with softer industry?
Asked by Naven Sardu, ICA Securities
Acknowledged muted Q4 but gave qualitative reasons for FY27 target without quantifying current utilization.
no specific volume breakdowndeferred to future stabilization
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Question
volumes have grown by about 10 odd percent. But if I adjust them to the orient cement volumes, uh they are more like flattish on a Y basis. ... for FY27 we have given a guidance of 80 million tons which is roughly a growth of 9 to 10%.
Management (unidentified)
for the March quarter it has been little muted ... for the FY27 ... we have the visibility in terms of stabilizing the acquired assets ... ongoing expansion which will get commissioned in the next few months ... almost around 10 million tons
Answered
Medium priority
What is current clinker capacity and utilization?
Asked by Rashi Chopra, Citi
Provided specific number for clinker capacity and planned addition.
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Question
What is the cleaner capacity as of now?
Management (unidentified)
as of now we are sitting on 73 million tons of cleaner capacity and you will be adding another 4 million this year.
Answered
High priority
What was the average cost per ton for the quarter?
Asked by Rashi Chopra, Citi
Gave specific cost figure of 4,500 rupees per ton for Q4.
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Question
For the quarter what was the average cost?
Management (unidentified)
for the quarter ... we are sitting at almost 4,250 rupees ... plus some of these increases ... so almost we are at now 4,500 rupees a turn for the quarter of March
Partial answer
High priority
Will cost decline 150-200 rupees from internal savings despite industry cost increases?
Asked by Rashi Chopra, Citi
Confirmed peak cost but did not quantify the net decline expected.
no quantified offsetconditional on global prices
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Question
is it safe to assume that because of the crisis you will see another 200 250 rupees increase in costs which will get offset by your fly ash green energy etc.
Management (unidentified)
the 4500 which is for the March quarter has already taken the heat of existing increases of almost 250 rupees. ... you will see a journey which will actually start coming down in passing quarters.
Evasive
Medium priority
Why realization barely moved despite higher trade and premium mix?
Asked by Indrajit Agarwal, CLSA
Did not explain why realization did not improve despite mix shift; deferred to future quarters.
no explanation for low realizationdeferred to future
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Question
if I look at slide 27 the realization has hardly moved QQ versus appears it is up some somewhere between one and a half to 2%. So is it mainly because of mix?
Management (unidentified)
the journey has just begun ... you will see it more differentiated benefits coming in the subsequent quarters. ... we have sustained the price levels at 254 rupees a bag compared to in December.
Partial answer
High priority
Why is Ambuja's fixed cost increase higher than peers?
Asked by Jashindep Singh Cha, Namora
Listed reasons but did not quantify why Ambuja's increase is worse than peers.
no peer comparisonqualitative reasons only
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Question
I just wanted to understand why you know among all the peers Abuja is seeing such a increase in its cost of sales
Management (unidentified)
higher focus now on the branding advertisement ... higher repairs and maintenance cost ... few breakdowns also of the acquired assets ... higher heat consumption ... acquired assets still are not coming in the range to our desire levels
Answered
High priority
What are target utilizations for Sanghi, Orient, Penna in FY27?
Asked by Jashindep Singh Cha, Namora
Provided specific utilization targets for each acquired asset and overall.
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Question
what is your target utilization from the assets of Shangi Orient and Pena for FI27
Management (unidentified)
Orient ... operating at full capacity. ... Sangi ... 65 to 70% ... Pena ... 55 to 60%. ... existing assets of Ambuja and FC ... 75 to 80%. ... overall ... 70 75% utilization
Answered
Medium priority
How much of FY27 improvement is internal execution vs external normalization?
Asked by Manish Somaya, Caner
Clearly stated improvement is driven by internal execution, not external factors.
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Question
how should we reconcile between the improvements that you're planning in fiscal 27 is that dependent how much of that is dependent on internal execution versus external normalization
Management (unidentified)
I will give more weightages on the internal factors ... this is 100% which is controllable by us and if you're not able to achieve the guidance. It's purely because of our internal execution
Partial answer
High priority
Why cost was 4,500 when earlier guided 4,000-4,100 exit?
Asked by Pratik Kumar, Jeff
Attributed to war escalation but did not fully reconcile the gap between guidance and actual.
blamed external factorsno reconciliation of quarterly average
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Question
in the last third quarter corn call ... management talked about cost of 4,000 rupees. ... how the C quarter cost is 4,500. I'm unable to understand.
Management (unidentified)
we had hit it 4,100 for the month of March ... but then ... escalations of war for example almost 250 rupees which affected us
Answered
Medium priority
How important is Nalia railway line for Sanghi ramp-up?
Asked by Kulkit Partney, Goldman Sachs
Clearly stated railway line is not critical; alternative logistics in place.
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Question
for the Sanangei plant which is operating at 57% utilization, how important is for the Nalia railway line to be ready
Management (unidentified)
our base model is not linked to Nadi railway line. ... we have already ordered seven vessels ... Sangi will bring the trains and otherwise we are counting on the road movement
Evasive
High priority
Can cement prices be raised to pass on cost inflation?
Asked by Pinatian, HMBC
Did not give a clear outlook on pricing; deferred to demand conditions.
no commitment on price hikesconditional on demand
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Question
do you see the industry and the company raising cement prices in the next few months to pass on to the full cost inflation or can we expect further margin deterioration?
Management (unidentified)
given the scenario of demand will be very important ... with little subdued and soft ... I would be happy even if the industry gets half of the same.
Partial answer
High priority
Is the 500 rupees cost reduction target replacing the earlier 3,650 target?
Asked by Rahul Gupta, Morgan Stanley
Affirmed long-term target but only committed to 500 rupees reduction in near term.
no timeline for 3,650 targetcommitted only 500
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Question
are we shying away from the earlier target of rupees 3650 that you had shared earlier?
Management (unidentified)
we are not shying away from our target. ... we still have the runway to go to the earlier target ... 500 is what we can commit right now for the next two years.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Full year RMC EBITDA around 300 crore for FY26 | ₹300 cr | ₹6,539 cr | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.