Key Metrics of Ambuja Cements
About Ambuja Cements
Sectors
Company details
- Website
- ambujacement.com
- Registered office
- Adani Corporate House, Shantigram, Near Vaishnav Devi Circle, S. G. Highway, Khodiyar, Ahmedabad, In-gj, 382421
- Listed
- NSE: AMBUJACEM · ₹348.80
Operational Areas of Ambuja Cements
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
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Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 04 Aug 2026 | ICRA | Assigned | AAA | A1+ | Stable | ₹7,000 Cr | View |
| 23 Oct 2025 | CARE | Assigned | AAA | A1+ | Stable | ₹4,000 Cr | View |
Credit strengths (ICRA, Aug 2026)
+ Established market position in Indian cement industry and well-diversified geographical presence
ACL has an installed grinding capacity of 109 MMTPA as of June 2026, representing a capacity market share of around 15% as of March 2026, with a well-diversified presence across the North, South, East, West and Central regions of the country.
+ Strong financial profile despite cost headwinds
Being one of the largest cement manufacturers in India, ACL benefits from economies of scale, with a turnover of Rs. 40,655.7 crore in FY2026 and a healthy OPBDITA of Rs. 904/MT.
+ Favourable growth prospects; leverage to remain strong despite large capex plans
ACL’s cement sales volumes grew by 16% YoY to 74 MMTPA in FY2026 and are projected to increase by 6-7% in FY2027, driven by healthy demand from the housing and infrastructure sectors.
Credit challenges
− Vulnerability of revenues to cyclicality in economy
ACL remains exposed to demand and pricing risks inherent in the cement industry, which are influenced by cyclical economic trends and capacity additions by industry participants.
− Profitability susceptible to fluctuations in input prices
ACL’s profitability remains susceptible to fluctuations in input prices.
Could lead to a downgrade
Significant decline in revenues and margins or a considerable debt-funded capex/acquisition, leading to weakening of the debt protection metrics on a sustained basis, will be a credit negative. A specific credit metric that could lead to a downgrade include Net debt to OPBDIT of greater than 1.5 times on a consistent basis.
Agency-reported financials (ICRA, 04 Aug 2026)
| Metric | FY2025 | FY2026 | Q1 FY2027 |
|---|---|---|---|
| Operating income | ₹35,336 Cr | ₹40,656 Cr | ₹9,500 Cr |
| PAT | ₹5,281 Cr | ₹5,617 Cr | ₹655 Cr |
| OPBDIT/OI | 16.9% | 16.4% | 16.7% |
| PAT/OI | 14.9% | 13.8% | 6.9% |
| Total outside liabilities/Tangible net worth (times) | 0.30× | 0.20× | — |
| Total debt/OPBDIT (times) | 0.10× | 0.10× | — |
| Interest coverage (times) | 27.70× | 29.80× | 27.90× |
| Revenue growth (YoY) | — | 15.1% | — |
| EBITDA (margin × income) | ₹5,972 Cr | ₹6,668 Cr | ₹1,587 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹597 Cr | ₹667 Cr | — |
| Implied interest cost (EBITDA ÷ coverage) | ₹216 Cr | ₹224 Cr | ₹56.86 Cr |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long Term Fund Based Limits – Others | Working capital & bank lines | — | ₹557 Cr | — | AAA (Stable) | Assigned | ICRA |
| Long Term – Non Fund Based limits – Others | Non-fund based limits | — | ₹4,260 Cr | — | AAA (Stable) | Assigned | ICRA |
| Short Term – Non Fund Based limits – Others | Non-fund based limits | — | ₹1,840 Cr | — | A1+ | Assigned | ICRA |
| Long-term Short term – Fund-based Non-fund based – Proposed Working capital facilities | Non-fund based limits | — | ₹343 Cr | — | AAA / A1+ (Stable) | Assigned | ICRA |
CARE ratings on record (checked 23 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| BG/LC | ₹3,943 Cr | CARE AAA; Stable / CARE A1+ |
| Working Capital Limits | ₹57.0 Cr | CARE AAA; Stable / CARE A1+ |
Lenders
| Fund-based - LT/ ST | Working Capital Limits | Axis Bank Ltd. |
| Fund-based - LT/ ST | Working Capital Limits | CTBC Bank Co. Ltd. |
| Fund-based - LT/ ST | Working Capital Limits | HDFC Bank Ltd. |
| Fund-based - LT/ ST | Working Capital Limits | State Bank of India |
| Non-fund-based - LT/ ST | BG/LC | Axis Bank Ltd. |
| Non-fund-based - LT/ ST | BG/LC | CTBC Bank Co. Ltd. |
| Non-fund-based - LT/ ST | BG/LC | DBS Bank India Ltd. |
| Non-fund-based - LT/ ST | BG/LC | HDFC Bank Ltd. |
| Non-fund-based - LT/ ST | BG/LC | ICICI Bank Ltd. |
| Non-fund-based - LT/ ST | BG/LC | Proposed |
| Non-fund-based - LT/ ST | BG/LC | Standard Chartered Bank |
| Non-fund-based - LT/ ST | BG/LC | State Bank of India |
Credit assessment · Cement
CARE Ratings’ Criteria for Rating Cement Companies (Sep 2024) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 94% |
| Information on file | 78% · missing: Capex / investment plans, Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 77% chance the next rating action is stable or better
- Current rating AAA (investment grade)
- Interest coverage 27.9×
- ₹343 cr of rated limits not yet tied to a lender
What happened, step by step
- Oct 2025 — ₹15,000 cr raised through equity
- Aug 2026 — Debt-free repayment of debt-free
“Promoter’s equity infusion of ₹15000 crore in March and April 2024 against pending share warrants further aided the company to remain net cash positive despite large acquisitions.”
Rated limits by facility
Timeline
From the report
Rationale The ratings assigned to Ambuja Cements Limited (ACL) factor in its robust business profile, reflected in its established market position as the second-largest cement manufacturer in India, its well-diversified pan-India presence with a healthy market share across all major regions, and its strong financial profile with low leverage (net debt-free status). 1 ACL has an installed grinding capacity of 109 MMTPA as of June 2026, representing a capacity market share of around 15% as of March 2026, with a well-diversified presence across the North, South, East, West and Central India.
From the report
ICRA notes that the debt availed of by the holding companies for the acquisition of controlling stakes in ACL and ACC Limited in September 2022 stood at $3.95 billion as of March 2026, with scheduled repayments ending in FY2028.
From the report
Liquidity position: Adequate ACL’s liquidity position is adequate, backed by cash and liquid investments of Rs. 907.1 crore as of March 2026.
From the report
Promoter’s equity infusion of ₹15000 crore in March and April 2024 against pending share warrants further aided the company to remain net cash positive despite large acquisitions.
From the report
The company had free cash & cash equivalents and liquid investments of ₹8,020 crore as on March 31, 2025, while marketable investments were ₹1,822 crore.
From the report
The sanctioned NFB limit was ₹1735 crore in June 2025 and has increased to ₹4800 crore by September 2025.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Ambuja Cements
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
| Cement · Cement, Building Materials & Polymers | ultratechcement.com | 1983 | Mumbai, India | |
| Cement · Cement, Building Materials & Polymers | acclimited.com | — | Gandhinagar, India | |
 Shree Cement |
Cement · Cement, Building Materials & Polymers | shreecement.com | — | Beawar, India |
| Cement · Cement, Building Materials & Polymers | dalmiacement.com | — | Tiruchirapalli, India | |
| Cement · Cement, Building Materials & Polymers | jkcement.com | — | Rajasthan, India | |
 Nuvoco Vistas |
Cement · Cement, Building Materials & Polymers | nuvoco.com | — | Mumbai, India |
| Discovered Companies · Other Industries | birlacorporation.com | — | Kolkata, West Bengal, India | |
 The Ramco Cements |
Cement · Cement, Building Materials & Polymers | ramcocements.in | — | Rajapalayam, India |
| Tiles & Ceramics · Cement, Building Materials & Polymers | prismjohnson.in | — | Hyderabad, India | |
 Jk Lakshmi Cement Limited |
Cement · Cement, Building Materials & Polymers | jklakshmicement.com | — | Rajasthan, Delhi, India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Cement
Filings
No filings on record yet.