Ambuja Cements Limited — Q2 FY26
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 milli...
bullish
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.
54%Questions answered3Evaded / deflected12Questions auditedMixedNumbers vs filing
Partial answer
High priority
Why did other expenses per ton drop in Q2 despite maintenance quarter?
Asked by Amit Muraka, Access Capital
Management gave qualitative reasons but did not break down the 62 rupee reduction into specific components.
did not quantify maintenance vs marketing splitattributed to general efficiency
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Question
Just wanted to understand like is it like lower kiln maintenance has happened in Q2 or is there some other factor like lower advertisement spend and all which has driven down other expenses?
Management (likely CFO or CEO, not explicitly named)
This reduction of almost 62 rupees per ton comes from the improved synergies and efficiency gain... improved our overall sales promotion and marketing strategies... more effective media than the costly media.
Answered
High priority
Why did working capital increase by ~2,000 cr?
Asked by Amit Muraka, Access Capital
Management clearly identified the three factors causing the working capital increase.
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Question
Your cash flow statement shows an increase of about 2,000 cr in working capital... what is the reason for this increase?
Management
Two factors: receivables from higher non-trade sales in monsoon quarter, and inventory buildup of coal, finished goods, and spares. We built up almost two to three months of coal inventory.
Partial answer
Medium priority
Details on clinker debottlenecking locations?
Asked by Amit Muraka, Access Capital
Management named some locations but did not provide a complete list or specific timeline for each.
did not list all specific unitsvague on timeline
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Question
You mentioned clinker debottling also, can you provide further details on which units will see the debottling at clinker level?
Management
We will be setting up another three kilns, almost 12 million tons... one is going to come up in Bhatapara itself... Chhattisgarh is one area... then Sangi... north and west primarily.
Partial answer
Medium priority
Is there more debottlenecking scope beyond 13 locations?
Asked by Naven Sahadev, IC Securities
Management confirmed more scope but did not quantify or give timeline.
no specific number for future phasesdeferred to later
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Question
Is it fair to say that this is all that we have identified or given that we have 45-46 locations there is more scope?
Management
This is our phase one... whether we will have more of them, yes, I think down the line but right now these are like low-hanging fruits for us to immediately move on.
Evasive
High priority
Will other expenses remain high or taper down?
Asked by Naven Sahadev, IC Securities
Management avoided a direct answer on whether costs have peaked, instead pointing to long-term targets.
did not give a clear yes/no on peakingdeferred to future
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Question
Will this other expenditure continue to be on the higher side or this is where we can say that it is peaked out and now it will taper down from here on?
Management
I won't say this peaked out... the real improvement will begin from the next financial years. However, my optimism for 4,000 rupees a ton by end of this financial year remains.
Evasive
High priority
How much of the 70 rupees per ton additional cost will continue?
Asked by Rahul Gupta, Morgan Stanley
Management did not quantify how much of the 70 rupees would persist, only gave qualitative assurances.
no specific number on continuationvague on timing
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Question
You reported around 70 odd rupees per ton of additional cost... how much of this 70 odd would continue over the next two quarters?
Management
70 rupees per ton will... results will start flowing in... the opex part for the maintenance will now be controlled, sustained and reduced with the benefits of improved capacity utilization.
Answered
High priority
Clarify cost targets: 4,000 by March 26? 3,650 by March 28?
Asked by Rahul Gupta, Morgan Stanley
Management clearly confirmed the targets are exit rates at March end of each fiscal year.
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Question
When you say you would exit the year with 4,000 rupees per ton of cost, is it fourth quarter end? And 3,650 by fiscal 28, is it full year or March?
Management
I would say pick it as March. So 4,000 is exit of FY26, therefore pick it as March 26, likewise March 27 and then March 28.
Partial answer
Medium priority
What will be the share of RMC revenues?
Asked by Rahul Gupta, Morgan Stanley
Management answered in terms of cement consumption, not revenue share as asked.
gave cement consumption share, not revenue sharedid not quantify revenue share
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Question
Your RMC business is ramping up... how should we look at this business from second half perspective and next couple of years? At what level share of RMC revenues would stabilize?
Management
On a full-blown basis let us say FY28... it would be around ballpark around 5% of my full blow capacity of cement RMX will consume. We are targeting 365 odd RMX plants.
Partial answer
High priority
How sustainable is the 20% volume growth?
Asked by Manish Somaya, Caner Fisgirl London Company
Management answered sustainability but ignored the pricing-volume balance part of the question.
did not address pricing-volume balanceonly gave growth outlook
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Question
You had 20% volume growth... how sustainable is this growth? And as you go up market, how are you balancing pricing and volume?
Management
Quite bullish to achieve double digit growth, may not be 20% when the acquired assets mature... but surely double digit growth is what we are targeting.
Answered
Medium priority
Bridge of cash reduction from June to September?
Asked by Rashi, City Group
Management provided a specific breakdown of the cash reduction, attributing it to capex.
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Question
Could you just give the bridge of the cash reduction from June until September?
Management
From 2,971 crores majorly it is going in terms of the capex program, almost 1,400 crore is actually from capex program... my average hit rate for the quarter is almost 2,000 crores.
Answered
High priority
Elaborate on technology, operational efficiency, and plant age reduction?
Asked by Ritisha, Investic
Management provided specific numbers for heat and power consumption and confirmed the age reduction target.
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Question
If you could elaborate on the technology, the operational efficiency what you indicate on heat and power, and the average age of plants reduction by 40%.
Management
Heat consumption comes to almost 680 kilo calories compared to existing 730-740... power consumption... new assets will come at less than 50 units per ton... 40% reduction in average age by FY28.
Deflected
High priority
Why expand fast when utilization is dropping?
Asked by Patanjali Shinasan, Sundra Mutual Fund
Management avoided the concern about utilization dropping and instead highlighted expansion and market share gains.
did not address utilization drop directlyfocused on market share growth
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Question
What is the hurry for us to expand very fast given that we are in a very good position where we are and our utilization is slightly dropping because of this?
Management
We are well on our journey to achieve 140 million tons... this 15 million tons of debottlenecking will take me to 155 million... our share of market will continue to go up, this quarter we have increased by 1%.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Volume growth 20% YoY in Q2 | 20% | 21% | Matches filing |
| Excluding acquired assets, volume growth 11% YoY | 11% | 21% | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.