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Revenue
₹7,146 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹6,539 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Ambuja Cement reported a disappointing Q4 FY26 with cost per tonne hitting ₹4,500, well above the earlier target of ₹4,000. Full-year EBITDA per tonne was ₹887, up 12% YoY, but Q4 saw significant cost inflation from packaging, fuel, and higher repairs at acquired assets (Sanghi at 57% utilization, Penna at 46%). Management admitted a 3-6 month delay in efficiency capex and guided for only ₹250/tonne cost reduction in FY27, implying average cost of ~₹4,250. Volume guidance of 80 million tonnes (8% growth) relies on stabilizing acquired assets and commissioning 10mt new capacity, but industry demand is expected to grow only 5-5.5%. Capex is being recalibrated to ₹6,000-6,500 crore for FY27, with a reset in ambition and timeline for the 140mt capacity target. Key risk: inability to pass on cost increases due to soft demand, further pressuring margins.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects 8% volume growth to ~80mt, driven by stabilization of acquired assets and new capacity commissioning.
- Targeting average cost reduction of ₹250/tonne in FY27 from Q4 FY26 exit cost of ₹4,500, implying ~₹4,250 average.
- Capital expenditure guided at ₹6,000-6,500 crore, with focus on completing ongoing projects and debottlenecking.
- Cement capacity expected to increase to 119mt by end of FY27, including 10mt of new grinding capacity.
Risks flagged
- West Asia war led to packaging cost spikes and fuel cost increases, adding ~₹250/tonne in Q4; further escalation could derail cost reduction targets.
- Management noted demand is soft and price increases of only ₹10-15/bag have been achieved, insufficient to offset cost inflation.
- Management admitted 3-6 month delays in efficiency projects, which could push cost savings beyond FY27.
- Sanghi and Penna plants have low utilization (57% and 46%) and higher maintenance costs, impacting overall margins.
Key quotes
- 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 have not been able to deliver what we have promised to our shareholders.
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