Side-by-side earnings comparison across financial stats, AI summaries, management guidance, risks, quotes, and accountability signals.
Ambuja Cements reported a disappointing Q4 FY26 with cost per ton surging to ₹4,500, well above the earlier target of ₹4,100, driven by higher freight, packing costs from the West Asia crisis, and elevated repairs at acquired assets (Sanghi, Penna).
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UltraTech Cement delivered a strong Q4 FY26, with consolidated sales volumes crossing 44 million tons and PAT of ₹3,000 crore for the quarter.
Read UltraTech Cement analysis →Ambuja Cements and UltraTech Cement were broadly matched on the combined revenue-growth and EBITDA-margin read. Revenue growth is compared first, with EBITDA margin used as the quality check.
Ambuja Cements reported a disappointing Q4 FY26 with cost per ton surging to ₹4,500, well above the earlier target of ₹4,100, driven by higher freight, packing costs from the West Asia crisis, and elevated repairs at acquired assets (Sanghi, Penna). Annual sales volume hit a record 73.7 million tons (+16% YoY), but EBITDA per ton at ₹887 missed expectations. Management admitted to execution failures, resetting capacity expansion timelines and guiding for only 8% volume growth in FY27 to ~80 million tons, below industry growth of 5-5.5%. Cost reduction of ₹250/ton is targeted for FY27, but Q1 is expected to remain flat at elevated levels. The key risk is that pricing power remains weak, with only ₹10/bag improvement, and cost inflation may persist if global energy prices stay high.
UltraTech Cement delivered a strong Q4 FY26, with consolidated sales volumes crossing 44 million tons and PAT of ₹3,000 crore for the quarter. The company achieved 200 million tons of cement production capacity, a full year ahead of target, driven by disciplined organic growth and timely acquisitions. Brand migration for India Cements and Kesam was completed a quarter early, with India Cements' EBITDA per ton improving sequentially to ₹497. Management guided for sustainable volume growth of 7-8% and double-digit growth in FY27, with annual capex of ₹8,000-10,000 crore. Key risks include West Asia conflict-driven cost inflation (bags, fuel, forex) and potential demand slowdown from rising input costs across building materials.
Highest ever annual volume, growing ahead of industry.
Normalized EBITDA/ton improved but missed internal targets.
Premium mix sustained at 36% in Q4, supporting realizations.
Green power share increased to 32% in Q4 from 26% last year.
First company outside China to achieve 200M tons in a single country.
Record quarterly volume driven by strong demand and brand migration.
Improved from ₹1,225 in Q4 FY25, driven by cost efficiencies and premiumization.
On track to reach 85% by FY30, reducing exposure to fuel price volatility.
Management expects 8% volume growth to ~80 million tons in FY27, driven by stabilization of acquired assets and new capacities.
Management guidance growthTargeting ₹250/ton reduction in average cost from Q4 FY26 exit of ₹4,500/ton, reaching ~₹4,250/ton for FY27.
Management guidance marginsCapital expenditure for FY27 estimated at ₹6,000-6,500 crore, focused on completing ongoing projects and debottlenecking.
Management guidance capex
Management expects sustainable volume growth of 7-8% per annum, with FY27 targeting double-digit growth driven by structural demand.
Management guidance growthCapex will continue at ₹8,000-10,000 crore per year for cement capacity expansion beyond 240 million tons.
Management guidance capexCost improvement capex and price increases will drive India Cements' EBITDA per ton above ₹1,000 by end of FY28.
Management guidance margins
Packing bag costs and fuel prices surged in March due to geopolitical tensions, adding ~₹250/ton to costs. Further escalation could delay cost reduction targets.
high · management_commentaryDespite cost inflation, cement prices have only increased by ₹10-15/bag in select pockets. Management expects subdued demand in April-May, limiting ability to pass on costs.
high · analyst_questionProjects have been delayed due to contractor issues, incomplete engineering, and lack of team bandwidth. Management has reset timelines, but further slippages could impact volume growth.
medium · management_commentary
Rising fuel, bag, and freight costs due to the conflict could pressure margins; management noted a ₹90 crore impact on bags in March alone.
high · management_commentaryRupee devaluation led to a mark-to-market hit of ~₹130-140 per ton on foreign currency borrowings, impacting EBITDA.
medium · analyst_questionSteel, PVC, and other materials have become expensive, potentially affecting overall construction demand, though management sees no slowdown yet.
medium · analyst_question
We are not moving away from the target, yes we are moving away from the timeline.
4500 is the peak and this 250 reduction is from here.
We crossed 200 million tons of cement production capacity in India, a first for any company in a single country outside of China.
The investment phase is now underway... This definitely is going to take us over 1,000 rupees per ton as committed by the end of fiscal 28.
