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Cost inflation from West Asia conflict
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Orient Cement Ltd — Q4 FY26
Ambuja Cement reported a resilient FY26 with 73.7M tons sales volume (+16% YoY) and normalized EBITDA of ₹6,539 Cr (+31% YoY).
bearish
high
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2-Minute Summary
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Ambuja Cement reported a resilient FY26 with 73.7M tons sales volume (+16% YoY) and normalized EBITDA of ₹6,539 Cr (+31% YoY). However, Q4 FY26 cost per ton spiked to ₹4,500 (vs guided ₹4,100 exit), driven by higher freight, packing costs from West Asia disruptions, and elevated repairs at acquired Sanghi/Penna assets (utilization 57%/46%). Management reset FY27 volume guidance to 80M tons (+8% YoY) and targets ₹250/ton cost reduction, but admitted a 3-6 month delay in efficiency initiatives. Capex is recalibrated to ₹6,000-6,500 Cr with focus on organic debottlenecking and greenfield projects (Mundra, Assam). Key risk: inability to pass on cost inflation amid soft demand may further pressure margins.
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Sales Volume
73.7M tons
+16% YoY
Annual sales volume for FY26, highest ever.
Premium Cement Share of Trade Sales
35%
+?pp YoY
Premium cement accounted for 35% of trade sales in FY26, up from prior year.
Green Power Share
32%
+6pp YoY
Green power share increased to 32% in Q4 FY26 from 26% in Q4 FY25.
Sanghi Cement Capacity Utilization
57%
flat
Sanghi plant utilization remained low at 57% for FY26, below expectations.
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Guidance and risk preview
Management expects sales volume of ~80 million tons in FY27, implying ~8% growth over FY26.
Geopolitical tensions led to higher packing and fuel costs, adding ~₹250/ton in Q4; further escalation could pressure margins.
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