AMBUJACEMENTS / Q4-FY26 / claim-ledger

Audit the questions that mattered.

Ambuja Cements · Analyst questions, management answers, and the quality of the response where the ledger is available.

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NegativeQ4-FY26 · 2026-05-15Back to quarter ↗

Questions audited

Answered directly

67%

Numeric claims

Consistency

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Question ledger

What was answered, and how?

Naven Sadu · ICA Securities

partial

Volume growth flattish after adjusting Orient; FY27 guidance of 80mt vs industry 5% growth.

for the March quarter it has been little muted... for the FY27... we have the visibility in terms of stabilizing the acquired assets... ongoing expansions which will get commissioned in the next few months... around 10 million tons.

Naven Sadu · ICA Securities

partial

Capex recalibration: timeline for next growth plan and preference for organic vs inorganic.

our primary focus remains organic... we have a good headroom to improve our overall market share... we are going to follow a quite disciplined capital allocation... the target plans of FY28 it could move a year or two... FY30.

Rashi Chopra · City

direct

Current clinker capacity and additions.

as of now we are sitting on 73 million tons of clinker capacity and you will be adding another 4 million this year.

Rashi Chopra · City

direct

Cost per ton for Q4 and expected cost trajectory.

we are sitting at almost 4,250 rupees for the overall quarter... plus some of these increases... almost we are at now 4,500 rupees a ton for the quarter of March.

Rashi Chopra · City

direct

Cement pricing trends and ability to pass on cost increases.

industry has seen a modest improvement of 10 rupees in few pockets... otherwise ballpark for the quarter of March it around ballpark 10 rupees... industry is still under relentless pressure and not able to pass on the price.

Indrajit Agarwal · CLSA

evasive

Realization barely moved despite higher trade and premium mix.

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.

Jesa · Namora

partial

Why fixed cost increased significantly vs peers; rationale for plant shutdowns in high-volume quarters.

higher focus on branding advertisement... higher repairs and maintenance... few breakdowns of acquired assets... higher heat consumption... acquired assets still not at desired levels.

Jesa · Namora

direct

Target utilization for acquired assets in FY27 and additional capex needed.

Orient is operating at full capacity... Sani 65 to 70%... Penna 55 to 60%... existing Ambuja and ACC 75 to 80%... overall average 70 to 75% utilization.

Pratik Kumar · Jeff

partial

Cost discrepancy: earlier guided 4,100 exit but Q4 cost 4,500; negative operating cash flow at ACC.

we had basically hit it 4,100 for the month of March... but then the escalations of war almost 250 rupees affected us... on a normalized basis I was paying 4,100 for March.

Amar Singha · Nepal India AMC

evasive

Reconcile earlier commentary of 4,000 exit cost with actual Q4 cost of 4,500.

the commentary was more about our aspiration... please don't mistaken with 4,000 as average for the March quarter... we unfortunately could not come below 4,500 for this entire quarter of March 26.

Pulkit Partney · Goldman Sachs

direct

Importance of Nalia railway line for Sanghi ramp-up.

our base model is not linked to Nadiad railway line... it is more with our marine infra... we have already ordered seven vessels... the railway line only will be an add-on.

Pinakin · HMBC

direct

Cost reduction guidance of 250 rupees per ton for FY27 and FY28 each.

cost we are looking at roughly 250 rupees a ton reduction this year and then another reduction of 250 rupees next year as well that is the minimum reduction that we are looking at.