AMBUJA CEMENTS LTD.

Ambuja Cements, part of the Adani Portfolio, has announced its next growth phase with plans to add approximately 30 MTPA of cement capacity across key markets in East, West, and North India. This expansion, part of a total growth capex program of around ₹14,500 Crore, will strengthen its manufacturing network. The company's current capacity stands at 113.5 MTPA, and this expansion is projected to increase it to 155 MTPA by FY'30. The plan includes new greenfield and brownfield projects, with specific capacity additions in Assam, Bihar, Jharkhand, Gujarat, Maharashtra, and Uttar Pradesh. The company aims to reduce manufacturing costs, improve logistics efficiency, and achieve a cost of ₹4,000 PMT by FY'28.

Ambuja Cements Limited announced that its Board of Directors has approved the acquisition of a 26% equity stake in SWE Renewables Limited. The company also considered and approved its unaudited financial results for the quarter and half-year ended September 30, 2026. The board meeting commenced at 11:00 a.m. and concluded at 02:20 p.m. on October 29, 2026. Detailed disclosures regarding the acquisition and the financial results are available as annexures to the filing.

Ambuja Cements reported Q2 FY27 results, with cement sales volume at 16.5 MnT. Trade volumes increased by 8.6% YoY, reaching 74% of total sales, while premium products constituted 37% of trade sales. Revenue from operations was ₹9,197 Cr, with Operating EBITDA at ₹1,271 Cr, resulting in an EBITDA margin of 13.8% and EBITDA per tonne of ₹770. The company commissioned 4.6 MTPA capacity in Q2 and is ramping up another 5.6 MTPA in H2 FY27. Shareholders approved the proposed amalgamations of ACC and Orient Cement, advancing the One Cement Platform, with completion expected in FY'27. Despite seasonal and external headwinds, including elevated fuel and logistics costs, Ambuja focused on quality growth, operational efficiency, and cost management, aiming for a cost target of ₹4,250 per tonne by FY'27.

Ambuja Cements Limited announced the approval of its Unaudited Financial Results (Standalone and Consolidated) for the quarter and half-year ended September 30, 2026. The Board of Directors also approved the acquisition of a 26% equity stake in SWE Renewables Limited. The Board meeting, which commenced at 11:00 a.m. and concluded at 02:20 p.m., also included the Limited Review Report from the Statutory Auditors.

Ambuja Cements' consolidated PAT for Q2 FY27 (quarter ended September 30, 2026) came in at ₹236 Cr, down 89.9% YoY from a restated ₹2,336 Cr and down 64.2% QoQ from ₹660 Cr, against revenue that was essentially flat YoY at ₹9,166 Cr (+0.4%) but down 3.3% QoQ from ₹9,474 Cr. Standalone told the same story (PAT ₹114 Cr, down ~90% YoY). This is well short of what we flagged pre-result: our preview's on-plan band was revenue ₹9,200–9,500 Cr (actual landed just below it) and PAT ₹700–850 Cr (actual missed by roughly two-thirds) — a clear miss on the Street-anchored expectation we set out, and we found no fresh third-party consensus specifically for this quarter published yet to cross-check against. The headline YoY drop is largely a base effect, not purely an operating collapse: Q2 FY26's reported PAT was inflated by a one-off ₹1,710 Cr tax-provision write-back (favourable High Court rulings freed legacy provisions at the standalone entity and at ACC), producing a net tax credit of ₹1,453 Cr that quarter versus a routine ₹62 Cr tax charge this quarter. Stripping that one-off and this quarter's/last year's exceptional items (₹85 Cr VSS cost now vs ₹223 Cr West Bengal incentive write-off a year ago) still leaves adjusted PAT down roughly 62% YoY (~₹321 Cr vs ~₹849 Cr) — core, pre-exceptional pretax profit fell from ₹1,102 Cr to ₹378 Cr YoY and from ₹867 Cr to ₹378 Cr QoQ, implying an EBITDA margin near 14.5% of revenue, below the 17–19% band we were watching. Total expenses rose 6.6% YoY to ₹8,877 Cr against flat revenue, led by power & fuel (+8.5% YoY to ₹2,552 Cr) and freight (+5.7% YoY to ₹2,180 Cr) — the squeeze sits on the cost line, not topline weakness. Management's Q1 FY27 guidance (8% FY27 volume growth to 80 MT, cost/tonne to ₹4,250 by year-end from ₹4,241 in Q1, capex ₹6,000–6,500 Cr, capacity to 119 MT) cannot be verified against this filing — it contains only the regulatory financial statements and notes, with no MD&A, investor presentation or management quote, so volume and cost-per-tonne for the quarter are simply not disclosed here. What the filing does show: H1 FY27 capex spend of ₹2,967 Cr (consolidated) is tracking within the ₹6,000–6,500 Cr full-year band, and our event records put consolidated capacity at 113.45 MTPA as of September 30, 2026, progressing toward the 119 MT FY27-end target. The Board also approved acquiring 26% of SWE Renewables Ltd for ~₹33.75 Cr to secure captive wind power — a direct lever against the power-cost pressure visible in this quarter's expense line — and a further ₹85 Cr exceptional VSS charge (after ₹24 Cr in Q1) continues to flow from the voluntary-severance/plant-suspension exercise started last quarter. With H1 FY27 consolidated PAT at ₹896 Cr against a full-year FY26 base of ₹5,637 Cr, the run-rate into H2 is now the swing factor for whether FY27 targets stay in reach; cost-per-tonne trajectory and the restructuring's completion are the lines to watch next quarter.

Harmonia Trade and Investment Limited, Holderind Investments Limited, and Endeavour Trade and Investment Limited, promoters of Ambuja Cements Limited, have encumbered 1,663,381,052 shares, representing 99.48% of their promoter shareholding and 62.73% of the total share capital. This encumbrance is in relation to facilities availed by Endeavour, with Deutsche Bank AG, Hong Kong Branch acting as the security agent for the lenders. The encumbrance is extended for a new facility to refinance original facilities.

Ambuja Cements Ltd has disclosed under SEBI regulations that promoter entities Harmonia Trade and Investment Limited, Holderind Investments Limited, and Endeavour Trade and Investment Limited have encumbered a significant portion of their shares. On October 21, 2026, 1,663,381,052 shares, representing 99.48% of the promoter shareholding and 67.33% of the total share capital, were subjected to an 'Other' type of encumbrance. This encumbrance is in favor of Deutsche Bank AG, Hong Kong Branch, acting as the security agent for lenders providing new facilities, which also refinance existing ones. The total promoter holding in Ambuja Cements is 1,672,081,052 shares.

Deutsche Bank AG, Hong Kong Branch, acting as security agent, has filed a disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011, concerning Ambuja Cements Limited. This filing relates to an encumbrance over equity shares of Ambuja Cements Limited for the benefit of certain lenders. The disclosure indicates that prior to the transaction, Deutsche Bank AG held 0.04% of shares carrying voting rights and 66.94% of shares in the nature of encumbrance, totaling 66.98%. After the transaction, the holding remains unchanged at 0.04% shares carrying voting rights and 66.94% shares encumbered, totaling 66.98%. No shares were acquired or sold in this transaction; the filing pertains to the ongoing encumbrance arrangements related to facilities availed by Endeavour Trade and Investment Ltd.

Ambuja Cements Ltd has announced that its Board of Directors will convene on October 29, 2026, to consider and approve the Unaudited Financial Results (Standalone and Consolidated) for the quarter and half-year ended September 30, 2026. The company will also host an investor/analyst call on the same day at 04:30 p.m. IST to discuss these results and the business outlook. The trading window for securities will remain closed from October 1, 2026, reopening 48 hours after the results announcement.

Ambuja Cements Ltd announced the successful commissioning of two projects by its subsidiaries, increasing its consolidated cement capacity to 113.45 Million Ton Per Annum (MTPA). ACC Limited, a subsidiary, commissioned a 2.4 MTPA greenfield cement grinding unit at Salai Banwa, Uttar Pradesh. Additionally, Bulk Cement (Corporation) India Limited, a subsidiary of ACC, commissioned a 3.00 MTPA Cement Blending Unit, adding 1.00 MTPA of cement capacity at Kalamboli, Maharashtra. These expansions contribute to the company's overall growth.