AI assistant
ACC Ltd Investor Presentation 2026
59068_rns_2026-05-04_9916b598-deef-42ca-919f-cb6ed47523ce.pdf
Investor Presentation
Open in viewerOpens in your device viewer
adani
ACC
adani
Cement
May 04, 2026
To,
National Stock Exchange of India Limited | BSE Limited
Symbol: ACC | Scrip Code: 500410
Dear Sir/ Madam,
Subject: Investor Presentation under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015.
In continuation of our letter dated April 14, 2026, regarding Analysts / Institutional call scheduled on May 04, 2026, we enclose herewith Presentation titled 'Operational & Financial Highlights' of the Company for the quarter and financial year ended March 31, 2026.
The above intimation will also be uploaded on the website of the Company i.e. www.acclimited.com.
Kindly take the above on your record.
Thanking you,
Yours Sincerely,
For, ACC Limited
PARIKH BHAVIK
PARESH
Digitally signed by
PARIKH BHAVIK PARESH
Date: 2026.05.04
14:39:41 +05'30'
Bhavik Parikh
Company Secretary & Compliance Officer
Encl: As above
ACC Limited
Registered Office:
Adani Corporate House
Shantigram, Near Vaishnodevi Circle,
S. G. Highway, Khodiyar,
Ahmedabad - 382 421, Gujarat, India
Ph +91 79-2656 5555
E mail: [email protected]
www.acclimited.com
CIN: L26940GJ1936PLC149771
adani
adani
Adani
ONE CEMENT PLATFORM
100
MTPA
ADANI
Cement
DRIVEN BY PURPOSE
DEFINED BY PROGRESS
Hum Karke
Dikhate Hain
Ambuja Cements
Investor Presentation | Q4 & FY'26
Consolidated Highlights: FY'26
adani
Cement
Cement Sales Volume (MnT)
Ambuja Cements recorded 16% volume growth in FY'26; ahead of the Industry
Quarterly
Yearly
Consolidated Highlights: FY'26
adani
Cement
Operating EBITDA (Rs PMT)
Ambuja delivered annual EBITDA PMT of Rs 887 despite quarterly volatility
- Excluding one-time income, Excise Duty refund (Gagal and Darlaghat plant) of Rs 826 Cr and GST incentive of Rs 138 Cr in FY'25
Impact of West Asia War
adani
Cement
The quarter was impacted by fuel cost inflation, packaging supply constraints, and labor migration due to state elections. The headwinds of higher energy prices, higher inflation and weaker monsoon expected in H1FY'27
Source: ARGUS
Mitigation Measures:
> The Company is actively strengthening cost-mitigation measures through fuel mix optimization, higher renewable energy usage, reducing logistics costs via rail and sea, and disciplined production and inventory management.
Demand Outlook:
> Demand growth for FY27 is expected to remain soft at ~5%, factoring in early forecasts of a below normal monsoon, which could adversely impact agricultural output and housing demand, as well as ongoing West Asia conflicts leading to fuel price volatility.
Builders of Progress in India
adani
Cement
Development
Capacity Expansion
- Cement Capacity as on 31st March stands at 109 MTPA
- clinkering line with 3 MTPA at Jodhpur commissioned. Trial run has started for a 1.2 MTPA Dahej GU Line 2
- Projects to be commissioned in H1FY'27: Grinding capacities in Dahej (1.2 MTPA), Bhatinda (1.2 MTPA), Salai Banwa (2.4 MTPA), Kalamboli (1 MTPA), Jodhpur (2 MTPA), Warisaliganj (2.4 MTPA) and additional clinker unit at Maratha (4 MTPA). The total capacity will increase to ~119 MTPA*
- Focus shifting towards stabilising newly commissioned capacities and improving utilisation across the existing base
- Overall capacity utilisation improved by 5% sequentially to 77% on consolidated basis. Sanghi utilisation improved from 43% in Q4FY'25 to 57% in Q4FY'26
- Efforts to improve machine reliability of the acquired assets and improve overall asset utilization from current 77% to target to 85%
Operations
Market Leadership
- With a comprehensive focus on value and market share, premium cement sustained at 35% of trade sales
Digitalisation
- CiNOC (Cement Intelligent Network Operations Centre) launched to infuse in operations 8 businesses Al layer deep into our enterprise fabric, will facilitate paradigm shift in operations
- Adoption of DIGIPIN to address freight standardisation and hyperlocal marketing
Cost Reduction Journey
- Various cost optimization initiatives includes increasing the share of green power, securing long-term arrangements for key raw materials, optimizing lead distance through new capacity additions, and other operational efficiencies
- These initiatives expected to reduce total cement cost (net of geopolitical impacts) by Rs. 150–200 PMT in FY'27, from the current level of ~Rs. 4,400 PMT in FY'26
Value Creation
Stakeholders
- Net worth at Rs. 71,846 Cr, continue to remain debt free, highest rating of Crisil and CARE - AAA (Stable) / A1+
- Cash & Cash Equivalent at Rs. 1,770 Cr
- Healthy cash flows to sustain the Capex program
Societal
- 6.8 Million people benefited under community development projects in till FY'26
Environmental
- Adani Cement has planted 7.3 million trees till FY'26 as part of its commitment to plant 8.3 million trees, aligned with Adani Group's pledge to grow 100 million trees by 2030
- Ambuja remains water positive at 12 times in FY'26, with Zero Liquid Discharge (ZLD) maintained across all manufacturing sites. 100% of wastewater generated is treated onsite and recycled for dust suppression and cooling purpose
*Less: Capacity with higher operating cost used selectively (Jamul & Sindri) – 1.6 MTPA, total capacity 117 MTPA (Mar'27)
Status Update on Consolidation
adani
Cement
Amalgamation of ACC and Orient with Ambuja Cements, creating a unified 'One Cement Platform'
- The Board approved the amalgamation on 22nd Dec'25
- ACC and Ambuja filed their respective merger scheme with the Stock Exchanges
- The Companies are currently awaiting No-Objection Certificate (NOC) from SEBI
- Completion of the transaction is subject to requisite approvals and is expected over FY27
- The Board approved the amalgamation on 22nd Dec'25
- Orient and Ambuja filed their respective merger scheme with the Stock Exchanges
- The Companies are currently awaiting No-Objection Certificate (NOC) from SEBI
-
Completion of the transaction is subject to requisite approvals and is expected over FY27
-
COMPLETED the merger / amalgamation is made effective from March 12, 2026 and Sanghi got delisted from respective stock exchanges
-
COMPLETED and the merger / amalgamation is made effective from April 10, 2026
Capital Market Plant Visit – Sanghipuram (6th March 2026)
adani
Cement
- Hosted a Capital Market Plant Visit at Sanghipuram plant (acquired asset) for institutional investors and research analysts
- Showcased manufacturing capabilities, state-of-the-art research and development initiatives strengthening investors' confidence
This is second edition after Marwar Mundwa plant visit in this year and the company will continue to host plant visit on regular basis
Contents
adani
Cement
adani Cement
01 Adani Group Profile
Adani Portfolio: A world class infrastructure and utility portfolio
adani
Cement
(%): Adani Family equity stake in Adani Portfolio companies (%): AEL equity stake in its subsidiaries (%): Ambuja equity stake in its subsidiaries Listed cos Direct Consumer
A multi-decade story of high growth centered around infrastructure & utility core
- ATGL: Adani Total Gas Ltd, JV with Total Energies | 2. Ambuja Cement's shareholding does not include Global Depository Receipt of 0.04% but includes AEL shareholding of 0.35% received as part of the consideration against transfer of Adani Cementation Limited as per NCLT order dated 18th July'25 | 3. Cement includes 67.64% (67.68% on Voting Rights basis) stake in Ambuja Cements Ltd. as on 31st March'26 which in turn owns 50.05% in ACC Limited. Adani directly owns 6.64% stake in ACC Limited & Ambuja Cements Ltd. holds 72.66% stake in Orient Cement Ltd. With the effect from 12th March'26, Sanghi Industries Ltd. has been merged into Ambuja Cements Ltd. as per NCTL order dated 9th February'26. On 10th April'26, Ambuja issued 1,29,93,708 equity shares to the eligible shareholders of Sanghi. Accordingly, Promoters Shareholdings in Ambuja stands revised to 67.29% (67.33% on voting rights basis) w.e.f. 10th April'26 | 4. Data center, JV with EdgeConnex | 5. Includes the manufacturing of Defense and Aerospace Equipment | AEL: Adani Enterprises Limited | APSEZ: Adani Ports and Special Economic Zone Limited | AESL: Adani Energy Solutions Limited | T&D: Transmission & Distribution | APL: Adani Power Limited | AGEL: Adani Green Energy Limited | AAHL: Adani Airport Holdings Limited | ARTL: Adani Roads Transport Limited | ANIL: Adani New Industries Limited | IPP: Independent Power Producer | NDTV: New Delhi Television Ltd | PVC: Polyvinyl Chloride | GCC: Global Capability Centre | Promoter's holdings are as on 31st March, 2026.
Adani Portfolio: Best-in class growth with national footprint
adani
Cement
Predictable, high and rising free cash flow
National footprint with deep coverage
EBITDA: Earning before Interest Tax Depreciation & Amortization | EBITDA: PAT + Share of profit from JV + Tax + Deferred Tax + Depreciation + Finance Cost + Forex Loss / (Gain) + Exceptional Items | FFO: Fund Flow from Operations | FFO : EBITDA – Actual Finance cost paid (excl. Capitalized Interest, incl. Int. on Lease Liabilities)– Tax Paid | AEL: Adani Enterprises Limited | APSEZ: Adani Ports and Special Economic Zone Limited | AGEL: Adani Green Energy Limited | ATGL: Adani Total Gas Limited |
AESL: Adani Energy Solutions Limited | APL: Adani Power Limited
Adani Portfolio: Repeatable, robust & proven transformative model of investment
adani
Cement
| DEVELOPMENT¹ | OPERATIONS | CONSUMERS |
|---|---|---|
| Adani Infra (India) Limited | Cemindia Projects Ltd. | PSP Projects Ltd. |
| Consumer | Employees | Other Stakeholders |
| ACTIVITY | Origination | |
| • Analysis & market intelligence | ||
| • Viability analysis | Site Development | |
| • Site acquisition | ||
| • Concessions & regulatory agreements | Construction | |
| • Engineering & design | ||
| • Sourcing & quality | ||
| • Project Management Consultancy (PMC) | Operation | |
| • Life cycle O&M planning | ||
| • Asset Management plan | Inspired Purpose & Value Creation | |
| • Delivering exceptional products & services for elevated engagement | ||
| • Differentiated and many P&Ls | ||
| PERFORMANCE | India's Largest Commercial Port (at Mundra) | Longest Private HVDC Line in Asia (Mundra - Mohindergarh) |
| Userbase | ||
| CAPITAL MANAGEMENT | Strategic value Mapping | Investment Case Development |
| March 2016 55% | Long Term Debt | |
| • PSU Banks | ||
| • Pvt. Banks | ||
| • USD Bonds | ||
| • NBFCs & FIs | ||
| • DII | ||
| • Global Int. Banks | ||
| • Capex LC | ||
| Policy, Strategy & Risk Framework | Duration Risk Matching | |
| Risk Management – Rate & Currency | ||
| Governance & Assurance | ||
| Diversified Source of Capital | ||
| ENABLEH | Continued Focus & Investment | Human Capital Development |
| • Investment in Human Capital | Al enabled Digital Transformation | • Power Utility Business - ENOC |
| • City Gas Distribution - SOUL | ||
| • Transportation Business - AOCC |
Note : 1. Cemindia Projects Ltd. (formerly known as ITD Cementation India Ltd.): the total shareholding stands at 67.46%. PSP Projects Ltd.: the total shareholding stands at 34.41% [2. Adani Environmental Resource Management Services Ltd. (additional company is being proposed)] O&M: Operations & Maintenance | HVDC: High voltage direct current | PSU: Public Sector Undertaking (Public Banks in India) | GMTN: Global Medium-Term Notes | SLB: Sustainability Linked Bonds | AEML: Adani Electricity Mumbai Ltd. | AIMSL : Adani Infra Mgt Services Pvt Ltd | IG: Investment Grade | LC: Letter of Credit | DII: Domestic Institutional Investors | COP26: 2021 United Nations Climate Change Conference | AGEL: Adani Green Energy Ltd. | NBFC: Non-Banking Financial Company | AIIL: Adani Infra (India) Ltd. | AOCC : Airport Operations Control Center
adani Cement
02 Ambuja Cements - Overview
Adani Cement in Global Context
adani
Cement
Adani Cement in Global Context
01
adani
Cement
Ambuja Cements is the world's ninth-largest cement company and among the fastest-growing globally, with a presence across diverse geographies and the world's highest altitude cement plant.
02
adani
Cement
Adani Cement & Coolbrook to deploy world's first RotoDynamic Heater advance cement decarbonisation
Ambuja Cements is pioneering the world's first commercial deployment of Coolbrook's RotoDynamic Heater™ technology for electrified kiln heating, setting a new benchmark for industrial decarbonization at Boyareddypalli plant in Andhra Pradesh.
03
adani
Cement
Ambuja Cements Selected for First Indo-Swedish CCU Pilot in the Global Cement Sector
Ambuja Cements selected for first Indo-Swedish Carbon Capture and Utilisation (CCU) Pilot in the global cement sector in partnership with IIT Bombay and Eco Tech Sweden, advancing circular carbon economy solutions.
04
adani
Cement
Ambuja Cements is the first Indian cement company to adopt the Taskforce on Nature-related Financial Disclosures (TNFD) framework for nature-positive disclosures, joining an elite group of seven global cement players.
Ambuja along with it's subsidiary ACC are India's leading and globally one of the four large scale cement companies with science-based net-zero targets validated by the SBTi for near term 2030 and long term 2050
14
PAN India Presence
adani
Cement
Presence in 31 states & union territories and 665+ districts
For the Quarter Ended March 31, 2026
109 MTPA
Cement Capacity
65.5%
Clinker factor
24
Integrated Units
22
Grinding Units
82%
Share of Blended Cement
117
Ready-Mix Concrete plants
10
Bulk Cement Terminals
11
Captive Ships
7.3%
Thermal Substitution Rate
1,20,000+
Channel partners across India
Adani Group Synergies
adani
Cement
Adani Portfolio Ecosystem
- ☑ Synergy benefits between entities providing assurance on Supply chain and off take
- ☑ Further bringing in linkage through Centre of Excellences which provides the assurance on execution of projects within budget and time
- ☑ Demonstrated Support and arm's length synergy benefits in the past
- ☑ Collaborating with Adani Foundation on community development initiatives
- ☑ Supply of building materials to Adani Realty
- ☑ Brand partnerships with Adani Media Networks on key events
ADEL: Adani Green Energy Limited | AESL: Adani Energy Solutions Limited | APSEZ: Adani Ports and Special Economic Zone | APL: Adani Power Limited | ACL: Ambuja Cements Limited | ACC: ACC Limited | ANIL: Adani New Industries Limited | AEML: Adani Electricity Mumbai Limited | MUL: MPSEZ Utilities Limited | NQXT: North Queensland Export Terminal | ANISL: Adani Infra Management Services Limited | AIIL: Adani Infra India Limited | MPL: Mundra Petrochem Limited | KCL: Kutch Copper Limited | AAHL: Adani Airport Holdings Limited | ARTL: Adani Road Transport Limited | O&M: Operations and Maintenance | EPC: Engineering Procurement Construction | PMC: Project Management Consultancy | WTO: Wind Turbine Generator | IRM: Integrated Resource Management
Brands' Architecture
adani
Cement
Iconic brands with cumulative 120+ years history that shaped the industry
adani
Ambuja
Cement
Strength
Pioneered brand building & technical services
Market leaders with Virat Compressive Strength
adani
ACC
Heritage
India's 1st Cement Company, Inter-generational legacy pioneered product development
High
Patronage
Higher contribution from
Trade segment¹
Ambuja Cements Geographical Spread
(Capacity Share)
Strategic Partnership
(e.g. CREDAI, Academia (FutureX initiative) CONCOR, etc.)
Trade Cement Share
Ambuja + ACC
74%
Share of Premium
Products
36%
of Trade Volume
(22% vol growth YoY)
Northern Zone : 19%
Central Zone : 8%
Western Zone : 23%
Southern Zone : 28%
Eastern Zone : 22%
- Q4 FY'26
Digitally Enabled Operations Delivering High System Availability
adani
Cement
- CiNOC (Cement Intelligent Network Operations Centre) launched to infuse in operations 8 businesses an AI layer deep into our enterprise fabric, which will facilitate paradigm shift in operations
- Digital sales platform provides a consolidated view of real-time transactions across channel partners and construction professionals
- Electronic Proof of Delivery (ePOD): The ePOD system has reduced invoice processing time by 30% and document management costs by 40%
- Equipped with advanced technological solutions, analytics, and security systems to enhance operational control and surveillance
- Major substations are already onboarded and operated remotely from Ahmedabad Corporate House through an unmanned setup, maximizing asset efficiency
Smart Tab for Sales Manager
Smart Tabs enable on-the-go productivity with instant access to apps, analytics, and customer insights
Central Control Room (CCR)
The CCR is the plant's digital hub, continuously monitoring and optimizing all key processes
Sensors
IoT sensors provide continuous, condition-based monitoring that boosts equipment reliability, reduces downtime, and predicts failures before they occur
AI-first platform and ERP backbone power scalable, efficient, future-ready operations
adani Cement
03 Performance Highlights
- Standalone Financials: Previous periods have been restated on account of merger of Sanghi & Penna with Ambuja
- Mar'25 quarter: Only Sanghi and Penna consolidated in results as Orient acquisition was completed in Apr'25
- Mar'26 quarter: Sanghi and Penna merged with Ambuja. Orient consolidated in results
19
Industry Outlook
adani
Cement
West Asia Conflict may impact the Indian Economy
Segment wise Cement Demand
| Segment | FY'26E Growth |
|---|---|
| Housing | 6.0% to 7.0% |
| Infrastructure | 7.5% to 8.5% |
| Industrial/Commercial | 5.5% to 6.5% |
Source: CRISIL
Macro Economic Factors
- Indian economy remained resilient in FY'26; GDP is expected to grow by 7.6% (RBI)
- However, the economy may face headwinds in FY'27 as the escalating West Asia conflict disrupts energy supplies, raises import costs, and weighs on trade
- RBI Projected CPI inflation & GDP growth of 4.6% & 6.9% respectively for FY'27
- In FY'27, the GDP may fall by 1% & inflation could rise by 1.5% from their baseline estimates if West-Asia conflict persists
Policy Tailwinds
- FY'27 Union Budget's 12.2 lakh Cr public capex bodes well for India's ensuing growth trajectory
- Budget FY'27 allocates Rs.20,000 Cr over 5 years to scale up carbon capture utilization and storage technologies targeting pilot projects in steel, cement, power and refineries
- Persisting impact of 2-slab GST (5% & 18%) will boost consumption led growth
Cement Demand Drivers
Union Budget FY'27 ensures demand certainty driven by
- 10% increase in budget allocation for core infrastructure, housing and long cycle public execution. However, West Asia conflict may potentially constrain short-term government spending flexibility
- Key demand drivers include extensive Government spending on roads, railways, metro projects alongside affordable housing initiative under PMAY
- Expectations of sub-normal monsoon (EL-Nino conditions) may dampen agriculture income and impact rural housing demand
Cement demand likely to stay soft at ~5% in FY27 amid headwinds, while secular demand long-term story remains intact
Industry Outlook
adani
Cement
Long Term Demand Outlook and Rising Investment to Drive Economy and Industry
1 Cement Consumption per capita has strong correlation with GDP per capita
- Strong GDP to propel cement consumption
- Key demand drivers:
- Infrastructure (roads, railways, metros),
- Rural housing (PMAY-G),
- Urban housing (PMAY-U, real estate)
- Industrial/commercial capex
2 India per capita consumption has the growth potential from 2x to 5x
- Cement consumption (in kg/ capita)
- India: 290
- World Average: 540
- India: World's #2 cement producer, yet per capita use is 45% below global average and 82% below China — massive headroom for growth
3 Urban rise, income surge, government capex = more construction
- Unlike mature markets focused on upkeep, India's cement demand stems from an underbuilt economy still expanding
- Structural demand driven by urbanization, income growth and public investment — not cyclical
4 Government Policy Support & Tailwinds
- PLI Scheme and Smart City Initiatives, FDI inflows and China+1 strategy supporting long-term industrial cement demand growth
- $2.6 Tn National Infrastructure Pipeline (NIP) supported by $130 Bn FY26 capex allocation to boost cement demand
Cement Demand-to-GDP Growth Multiplier
> Cement industry is trending towards rapid capacity expansion, aggressive market consolidation and strong focus of sustainability
> The West-Asia crisis has increased freight, petcoke, and coal prices, while creating shortages in polypropylene packaging bags, which are expected to add to the cost pressure in FY 2027
Cement Capacity and Production (MT)
Industry Capacity and Demand (MT)
Central Govt. Capex (Rs Bn)
Urban Population (% of total population)
Sources: US Geological survey, Mineral Commodity Summaries, January 2025, Global Cement, World Bank, IBEF Report, Population - World Bank, Care Edge, National Portal of India, National Infrastructure Pipeline | GDP: Gross Domestic Product | PMAY-G: Pradhan Mantri Awaas Yojana - Gramin | PMAY-U: Pradhan Mantri Awaas Yojana - Urban | CAGR: Compound Annual Growth Rate | FDI: Foreign Direct Investment |
Performance Highlights
adani
Cement
Ambuja Consolidated
| Particulars | UoM | Quarter Ended | Year Ended | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Mar'26 | Mar'25 | YoY Change | Dec'25 | QoQ Change | FY'26 | FY'25 | YoY Change | ||
| Volume | MnT | 19.9 | 18.2 | 10% | 18.9 | 6% | 73.7 | 63.5 | 16% |
| Revenue from Operations | ₹ Cr | 10,915 | 9,981 | 9% | 10,277 | 6% | 40,656 | 35,336¹ | 15% |
| EBITDA | ₹ Cr | 1,464 | 1,868 | (22%) | 1,353 | 8% | 6,539 | 5,971¹ | 10% |
| EBITDA Margin | % | 13.4% | 18.7% | (5.3pp) | 13.2% | 0.2pp | 16.1% | 16.9%¹ | (0.8pp) |
| EBITDA (PMT) | ₹ /Ton | 735 | 1,028 | (29%) | 718 | 2% | 887 | 940¹ | (6%) |
| PAT Reported | ₹ Cr | 1,857 | 1,351 | 37% | 403 | 361% | 5,637 | 5,294 | 6% |
| PAT Normalised² | ₹ Cr | 569 | 856 | (34%) | 414 | 37% | 2,647 | 2,255 | 17% |
| EPS (diluted) | ₹ | 7.37 | 4.16 | 77% | 0.97 | 661% | 19.05 | 17.51 | 9% |
- Including one-time income, Excise Duty refund (Gagal and Darlaghat plant) of Rs 826 Cr and GST incentive of Rs 138 Cr in FY'25. Excluding this, the Normalised EBITDA for FY'25 is Rs 5,006 Cr with Margin 14.6% (EBITDA of Rs 789 PMT) vs Normalised EBITDA of FY'26 Rs 6,539 Cr with Margin 16.1% (EBITDA of Rs 887 PMT) an improvement of 31% YoY
- Reconciliation between Reported Profit After Tax and Normalised Profit After Tax is provided on the next slide
Performance Highlights
adani
Cement
Ambuja Consolidated – PAT Reconciliation
| Particulars (Rs Cr) | Quarter Ended | Year Ended | |||
|---|---|---|---|---|---|
| Mar'26 | Mar'25 | Dec'25 | FY'26 | FY'25 | |
| Profit after Tax (Reported) | 1,857 | 1,351 | 403 | 5,637 | 5,294 |
| Excise duty refund | (826) | ||||
| Government Grant (accrual)/provided for | 223 | (138) | |||
| Interest on income tax | (429) | (205) | (1,539) | ||
| Chhattisgarh IDEC | (205) | (205) | |||
| Impact of New Labour / Wage code | 13 | 107 | 119 | ||
| Sales tax deposit provided for | 114 | 114 | |||
| Indemnification Claim received | (40) | ||||
| Provision for pending litigation and disputed matters | 121 | ||||
| Litigation Settlement | 27 | 62 | |||
| Impairment of PPE | 207 | 207 | |||
| Gain on Sale of Land | (369) | (369) | |||
| Stamp Duty | 90 | 90 | |||
| Deferred tax credit (Net of Deferred tax liability) | (604)¹ | (604) | |||
| Income tax provision reversal | (761)¹ | 34 | (2,458) | (795) | |
| Tax Impact | (26) | 34 | (4) | (24) | 237 |
| Profit after Tax (Normalized) | 569 | 856 | 414 | 2,647 | 2,255 |
- There has been reversal of tax provisions in both the standalone and consolidated financials of Ambuja Cements during FY26, primarily on account of the mergers of Sanghi (wef 1st April 2024), and Penna (wef 16th August 2024), both of which have now been successfully completed. These mergers have provided benefits of tax shields arising from unabsorbed depreciation and accumulated business losses of the merged entities. As a result, there has been a reversal of tax provisions pertaining to prior periods in case of both standalone and consolidated accounts. This impact has also been disclosed in Note 10 of the financial statements. The overall one-time benefit in the consolidated financials for FY26 is approximately Rs 1,365 Cr.
23
Performance Highlights
adani
Cement
Ambuja Standalone
| Particulars | UoM | Quarter Ended | Year Ended | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Mar'26 | Mar'25 | YoY Change | Dec'25 | QoQ Change | FY'26 | FY'25 | YoY Change | ||
| Volume | MnT | 13.2 | 12.0 | 10% | 12.9 | 3% | 48.8 | 39.8 | 23% |
| Revenue from Operations | ₹ Cr | 6,974 | 6,619 | 5% | 6,351 | 10% | 25,062 | 21,263¹ | 18% |
| EBITDA | ₹ Cr | 649 | 1,065 | (39%) | 531 | 22% | 2,930 | 2,998¹ | (2%) |
| EBITDA Margin | % | 9.3% | 16.1% | (6.8pp) | 8.4% | 0.9pp | 11.7% | 14.1%¹ | (2.4pp) |
| EBITDA (PMT) | ₹ /Ton | 491 | 885 | (45%) | 412 | 19% | 601 | 754¹ | (20%) |
| PAT Reported | ₹ Cr | 1,644 | 555 | 196% | (41) | (4124%) | 3,558 | 2,835 | 26% |
| PAT Normalised² | ₹ Cr | 352 | 254 | 39% | (11) | (3362%) | 1,858 | 971 | 91% |
| EPS (diluted) | ₹ | 6.61 | 2.25 | 194% | (0.16) | (4124%) | 14.34 | 11.48 | 25% |
NOTE: Previous periods have been restated on account of merger of Sanghi & Penna with Ambuja
1. Including one-time income, Excise Duty refund (Darlaghat plant) of Rs 190 Cr and GST incentive of Rs 138 Cr in FY'25. Excluding this, the Normalised EBITDA for FY'25 is Rs 2,671 Cr with Margin 12.8% (EBITDA of Rs 672 PMT) vs Normalised EBITDA of FY'26 Rs 2,930 Cr with Margin 11.7% (EBITDA of Rs 601 PMT), an improvement of 10% YoY
2. Reconciliation between Reported Profit After Tax and Normalised Profit After Tax is provided on the next slide
24
Performance Highlights
adani
Cement
Ambuja Standalone – PAT Reconciliation
| Particulars (Rs Cr) | Quarter Ended | Year Ended | |||
|---|---|---|---|---|---|
| Mar'26 | Mar'25 | Dec'25 | FY'26 | FY'25 | |
| Profit after Tax (Reported) | 1,644 | 555 | (41) | 3,558 | 2,835 |
| Excise duty refund | (190) | ||||
| Government Grant (accrual)/provided for | 223 | (138) | |||
| Interest on income tax | (301) | (881) | |||
| Chhattisgarh IDEC | (123) | (123) | |||
| Impact of New Labour / Wage code | 9 | 50 | 59 | ||
| Deposit under protest provided for | 114 | 114 | |||
| Provision for pending litigation and disputed matters | 121 | ||||
| Stamp duty | 90 | 90 | |||
| Indemnification Claim received | (40) | ||||
| Deferred tax credit (Net of Deferred tax liability) | (604)¹ | ||||
| Income tax provision reversal | (761)¹ | (1,941) | (829) | ||
| Tax Impact | (25) | (10) | (81) | 52 | |
| Profit after Tax (Normalised) | 352 | 254 | (11) | 1,858 | 971 |
- There has been reversal of tax provisions in both the standalone and consolidated financials of Ambuja Cements during FY26, primarily on account of the mergers of Sanghi (wef 1st April 2024), and Penna (wef 16th August 2024), both of which have now been successfully completed. These mergers have provided benefits of tax shields arising from unabsorbed depreciation and accumulated business losses of the merged entities. As a result, there has been a reversal of tax provisions pertaining to prior periods in case of both standalone and consolidated accounts. This impact has also been disclosed in Note 10 of the financial statements. The overall one-time benefit in the consolidated financials for FY26 is approximately Rs 1,365 Cr.
Performance Highlights
adani
Cement
Ambuja Cement (Consolidated) Cement Business Q4FY'26 (% Change YoY)
SALES VOLUME – Cement (MnT)
NSP
(*/bag Cement)
EBITDA
(* Cr & Margin) (Incl. RMX)
EBITDA
(* /ton) (Incl. RMX)
Volume improved with higher focus on trade sales and premium cement, on the back of stronger brand equity and vibrant supply chain network. We will continue our leadership in the industry with improved product offerings of blended and green cement
Higher share of blended cement, lower clinker factor, increasing share of green power, better heat consumption and improved asset reliability will help to gain on EBITDA in absolute and PMT terms
26
Performance Highlights
adani
Cement
Ambuja Cement (Consolidated) Cement Business Q4FY'26 (% Change YoY)
RAW MATERIAL (%/ton)
We will keep our journey to optimize raw material cost. Flyash cost is expected to come down further with the infrastructure of BCFC rakes. Gypsum cost is also being further optimized
POWER AND FUEL (%/ton)
Costs have increased marginally, mainly due to increased Kiln fuel costs from Rs 1.5B to Rs 1.61/000'kcal and higher Clinker production vs Sales volumes leading to higher closing inventory. The benefit of this surplus, expected to flow in coming period. As operational integration progresses and synergies are realized, costs expected to decline in future quarters, driven by following initiatives:
- Improving captive coal share & fuel flexibility to maximize low-cost fuel consumption
- Green power share up 6.1 PP @32.3%
- Maximization of low cost AFR material
- Capex base efficiency improvement programs resulting in improved operational efficiency parameters
FREIGHT & FORWARDING (%/ton)
Logistics costs increased mainly due to serving long lead markets due to planned shut down plants. With launch of Digipin initiative and other technology measures, certain inefficiencies will get addressed which will help to reduce lead distance.
- EV for certain identified routes have been finalized. New shipping vessels delivery on track.
- The commissioning of the new assets will help in further reduction of lead distance, thereby to help on reducing logistic costs
OTHER EXPENSES (%/ton)
Costs increased due to:
- Higher branding expenses
- Higher packing material costs
- Incremental shutdown costs
- Additional goods tax in certain state
Excluding these items, the costs are at same level of previous year
Performance Highlights
adani
Cement
Clinker and Cement (CLC) Sales Volumes
| Companies | Mar'25 Q | Dec'25 Q | Mar'26 Q | vs QoQ | vs YoY | Can T Capacity Utilisation |
|---|---|---|---|---|---|---|
| Listed companies | Mar'26 Q | |||||
| Ambuja Standalone | 11.1 | 12.0 | 12.1 | 1% | 9% | 87% |
| ACC | 11.1 | 11.3 | 11.9 | 5% | 8% | 80% |
| Orient | 0.0 | 1.7 | 1.6 | (5%) | 0% | 76% |
| Sanghi | 0.6 | 0.7 | 0.8 | 25% | 33% | 57% |
| Other Companies | 1.7 | 1.8 | 1.8 | (1%) | 5% | |
| Gross Cement Sales | 24.4 | 27.4 | 28.2 | 3% | 15% | |
| (-) Cement Sales (under MSA) | (6.3) | (8.5) | (8.3) | (3%) | 31% | |
| Net Cement Sales (Ambuja Consolidated) | 18.2 | 18.9 | 19.9 | 6% | 10% | 77% |
| Net Clinker Sales | 0.5 | 0.1 | 0.2 | 60% | (57%) | |
| Net CLC Sales Volume | 18.7 | 19.0 | 20.1 | 6% | 8% |
Cash & Cash Equivalent
adani
Cement
Cash & Cash Equivalent
Synopsis of the movements in Cash & Cash Equivalent
| Particulars | ₹ Cr |
|---|---|
| Opening balance as on 1st Apr 2025 | 10,125 |
| (+) Cash flow from operating activities | 5,362 |
| (+) Cash flow from Investing activities | (12,088) |
| (+) Cash flow from Financing activities | (1,629) |
| Total Cash & Cash Equivalents as on 31st March 2026 | 1,770 |
Cash & Cash Equivalent
Net worth at Rs. 71,846 Cr, up by Rs 1,992 Cr. during the quarter, continue to remain debt free, highest rating of Crisil and CARE - AAA (Stable) / A1+
adani Cement
30
04 ESG Overview
ESG updates
adani
Cement
Impressive ESG credentials and resilient credit ratings
| Rating Agencies | Ambuja | ACC | |
|---|---|---|---|
| S&P Global | DJSI (CSA) | 69* | 72* |
| CDP | CDP – Climate Change | B | A |
| CDP – Water Security | A | A | |
| CDP – Supplier Engagement Assessment | A | A | |
| Sustainability | Sustainalytics | 21.1 | |
| (9/124 Global Rank) | 21.9 | ||
| (12/124 Global Rank) | |||
| MSCI | MSCI | BBB | – |
| CRISIL | |||
| An S&P Global Company | CRISIL | 56 | 57 |
| CareEdge | |||
| EOD RATINGS | |||
| Corresponding authorizes use of this service | NSE | 65 | 65 |
| Care Edge | 80.6 | ||
| (CareEdge-ESG 1+) | 84.1 | ||
| (CareEdge-ESG 1+) |
- Ambuja and ACC scored 90 and 89 out of 100 respectively in the 2025 S&P Global Corporate Sustainability Assessment (CSA) in the Construction Materials sector (without MSA impact); highest in the sector on Gross basis. After MSA, Scores are 69 and 72 respectively
31
ESG updates
adani
Cement
ESG Dashboard
| Material topic | Ambuja FY'26 | ACC FY'26 | UN SDGs |
|---|---|---|---|
| Climate & Energy | |||
| (Gross specific CO2 emissions - Kg/T) | 595 | 509 | |
| Climate & Energy | |||
| (Green Power) | 31%# | 30% | |
| Circular Economy | |||
| (Use of waste derived resources in MnT) | 9.78 | 11.57 | |
| Water & Nature | |||
| (Water Positive) | 12.1x | 1.70x | |
| Water & Nature | |||
| (Trees Planted - Million) | 2.25 | ||
| (till FY'26) | 4.54 | ||
| (till FY'26) | |||
| People & Community | |||
| (beneficiaries - million) | 3.72 | ||
| (till FY'26) | 2.76 | ||
| (till FY'26) |
- The FY'26 data includes Penna and Sanghi under Ambuja following their merger
In addition, we have sold 5,529 lakh KWh units of renewable energy to grid which has resulted in avoiding 3,92,530 tonnes of CO2 emissions.
32
ESG updates
adani
Cement
Corporate Social Responsibility - People and Community
| Particulars | FY'26 | TIII FY'26 |
|---|---|---|
| CSR Outreach (Mn) | 1.2 | 6.8 |
| No of Districts covered | 30 | 30 |
Sustainable Livelihood Development
| Waste | 2017 | 2016 |
|---|---|---|
| Sustainable | 2017 | 2016 |
ESG updates
adani
Cement
Board & Committee Structure
| 100% IDs | Chaired by IDs | |
|---|---|---|
| Statutory Committees | ||
| - Audit | ☑ | |
| - Nomination & Remunerations | ☑ | |
| - Stakeholder Relationship | ☑ | |
| - Corporate Social Responsibility | ☑ | |
| - Risk Management | ☑ | |
| Non-statutory Committees | ||
| - IT & Data Security | ☑ | |
| - Corporate Responsibility | ☑ | |
| - Mergers and Acquisition | ☑ | |
| - Legal, Regulatory & Tax | ☑ | |
| - Reputation Risk | ☑ | |
| - Public Consumer | ☑ | |
| - Commodity Price Risk | ☑ |
> 50%
Comprised of only Independent Directors
100% of Statutory Committees Chaired by Independent Directors
7 Additional Business specific committees
29% Fully comprised of Independent Directors
100% Chaired by Independent Directors
Pathway to strengthen Corporate Governance
- Tenure of IDs – upto 3 years for max. 2 terms
- Gender Diversity – Min. 30% female directors
- Management Ownership – CEO and member of executive committees to have share ownership
- Related Party Transactions – Independent 3rd party review & certification
- Training & Education – Min. 4 sessions in a year for education of IDs
Board of Directors
Purvi Sheth
40+ Yrs of Experience
Skill & Expertise
- Human Resource Management
- Leadership Management
Ameet Desai
40+ Yrs of Experience
Skill & Expertise
- Business strategy & Policies
- Finance
- Regulatory Compliance
Rajnish Kumar
40+ Yrs of Experience
Skill & Expertise
- Banking
- Corporate credit & project finance
Maheshwar Sahu
40+ Yrs of Experience
Skill & Expertise
- Strategic Management
- Corporate Governance
Praveen Garg
33+ Yrs of Experience
Skill & Expertise
- Corporate Strategy
- Finance
- ESG & Climate Change
Gautam Adani
Chairman
Skill & Expertise
- Entrepreneurial Vision
- Business Leadership
Karan Adani
Director
Skill & Expertise
- Industry expert
- Strategic development
- Operational efficiency
Vinod Bahety
WTD and CEO
25+ Yrs of Experience
Skill & Expertise
- Banking & Finance
- Manufacturing
- Professional Entrepreneur
- Business Strategies & Policies
Chairman of Audit committee,
Chairperson of Nomination and Remuneration committee
Chairperson of Corporate Responsibility committee | ID: Independent Director | WTD: Whole Time Director | CEO: Chief Executive Officer
adani Cement
05 Annexures
35
Glimpse of Special Events by Adani Cement
adani
Cement
Adani Cement FutureX IIT Roorkee
Dhanvarsha Navotsav 2026
CREDAI YouthCon
BAI Convention Goa
ITPI Adani Cement MoU
NAREDCO Conclave Delhi
Strengthened partnerships with leading industry bodies including CREDAI, NAREDCO, BAI, Indian Concrete Institute, CTBUH, The Indian Institute of Architects, Indian Chamber of Commerce, ACCE India, among others
CTBUH - Council on Tall Buildings and Urban Habitat, CREDAI - Confederation of Real Estate Developers' Associations of India, NAREDCO - National Real Estate Development Council, ACCE - Association of Consulting Civil Engineers (India), BAI - Builders Association of India
Accolades & Awards FY'26
adani
Cement
Adani Cement plants honoured at the 19th Indian Chamber of Commerce (ICC) Environment Excellence Award
Adani Cement plants bag 10 awards including 'National Energy Leader' at 26th CII National Award for Excellence in Energy Management 2025
India's Most Trusted Cement Brand 2025' by TRA Research in its Brand Trust Report 2025; consecutively for 4th year in a row
Recognised with the 'Best CX and Influencer Mastery' award at 12th Digital Customer Experience Confex & Awards 2025
Honoured with Safety Excellence Awards at the 7th Indian Chamber of Commerce National Occupational Health & Safety Awards
Adani Cement plants honoured with Diamond Awards at the ICON SWM 2024-25 for excellence in co-processing
Honoured with the Unnatha Suraksha Puruskara at Safety Awards 2025 by National Safety Council - Karnataka Chapter
Recognised with the 'GEEF Global Emerging Environmental Excellence Company of the Year 2025' Award in the cement industry category
+
Historical Financial Performance | Consolidated Profit & Loss (Published)
adani
Cement
| Particulars | Unit | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue from Operations | ₹ Cr | 33,160 | 35,336 | 40,656 |
| Other Income | ₹ Cr | 1,166 | 2,654 | 834 |
| Total Income | ₹ Cr | 34,326 | 37,991 | 41,490 |
| Raw Material Cost | ₹ Cr | 5,526 | 6,527 | 6,743 |
| Employee Benefit Cost | ₹ Cr | 1,353 | 1,403 | 1,603 |
| Power and Fuel Cost | ₹ Cr | 8,086 | 8,348 | 10,024 |
| Freight and Forwarding Cost | ₹ Cr | 8,001 | 8,301 | 9,497 |
| Other Expenses | ₹ Cr | 3,795 | 4,786 | 6,251 |
| Total Operating Expenses | ₹ Cr | 26,760 | 29,366 | 34,117 |
| Reported Operating EBITDA | ₹ Cr | 6,400 | 5,971 | 6,539 |
| Normalised Operating EBITDA¹ | ₹ Cr | 6,400 | 5,006 | 6,539 |
| Depreciation and Amortization | ₹ Cr | 1,628 | 2,297 | 3,570 |
| Finance Costs | ₹ Cr | 276 | 216 | 224 |
| Taxes | ₹ Cr | 1,161 | 810 | (2,338) |
| Exceptional Items - Expense/ (Income) | ₹ Cr | (212) | 21 | 301 |
| Sub-total | ₹ Cr | 2,854 | 3,344 | 1,756 |
| Add: Share of Profit from Associates/ JVs | ₹ Cr | 23 | 13 | 20 |
| Reported PAT | ₹ Cr | 4,735 | 5,294 | 5,637 |
| Normalised PAT¹ | ₹ Cr | 4,735 | 2,255 | 2,647 |
- Reconciliation of 'Reported EBITDA/PAT to Normalized EBITDA/PAT' provided in slide no 22/23
FY'26 Insights
73.7 MnT
Volume
₹ 40,656 Cr
Revenue from Operations
₹ 6,539 Cr
EBITDA¹
₹ 887/ Tonne*
EBITDA/ Tonne
16.1%
EBITDA Margin
38
+
Historical Financial Performance | Consolidated Balance Sheet (Published)
adani
Cement
| Particulars | Unit | As on 31-Mar-24 | As on 31-Mar-25 | As on 31-Mar-26 |
|---|---|---|---|---|
| Assets | ||||
| Non-Current Assets | ||||
| Property, Plant and Equipments | ₹ Cr | 19,987 | 25,049 | 33,801 |
| Right of Use Assets | ₹ Cr | 758 | 1,465 | 1,483 |
| Capital Work-in-Progress | ₹ Cr | 2,658 | 9,793 | 9,085 |
| Goodwill | ₹ Cr | 8,803 | 10,943 | 13,546 |
| Other Intangible Assets | ₹ Cr | 2,647 | 5,375 | 9,469 |
| Other Non-Current Assets | ₹ Cr | 6,285 | 9,039 | 8,507 |
| Total Non-Current Assets | ₹ Cr | 41,137 | 61,664 | 75,891 |
| Current Assets | ||||
| Cash and Cash Equivalents | ₹ Cr | 15,999 | 10,125 | 1,770 |
| Inventories | ₹ Cr | 3,609 | 4,248 | 4,552 |
| Trade Receivables | ₹ Cr | 1,190 | 1,590 | 1,868 |
| Other Assets | ₹ Cr | 3,169 | 3,479 | 5,526 |
| Total Current Assets | ₹ Cr | 23,966 | 19,443 | 13,716 |
| Total Assets | ₹ Cr | 65,104 | 81,106 | 89,607 |
| Liabilities | ||||
| Equity | ||||
| Equity Share Capital | ₹ Cr | 440 | 493 | 494 |
| Other Equity | ₹ Cr | 41,012 | 53,086 | 58,853 |
| Non-Controlling Interest | ₹ Cr | 9,391 | 10,368 | 12,499 |
| Total Equity | ₹ Cr | 50,843 | 63,947 | 71,846 |
| Liabilities | ||||
| Borrowings | ₹ Cr | 37 | 27 | 53 |
| Trade Payables | ₹ Cr | 2,964 | 2,995 | 4,185 |
| Tax Liabilities | ₹ Cr | 4,013 | 5,154 | 4,029 |
| Other Liabilities | ₹ Cr | 7,247 | 8,984 | 9,493 |
| Total Liabilities | ₹ Cr | 14,261 | 17,159 | 17,760 |
| Total Equity and Liabilities | ₹ Cr | 65,104 | 81,106 | 89,607 |
Note: Cash and Cash equivalents includes Bank Balances, Bank Deposits and Fixed Deposits with banks
Abbreviations
adani
Cement
| AEL | Adani Enterprises Limited | NQXT | North Queensland Export Terminal | ENOC | Energy Network Operation Centre |
|---|---|---|---|---|---|
| ATGL | Adani Total Gas Ltd | MnT. | Million Tonne | FI | Financial Institution |
| APSEZ | Adani Ports and Special Economic Zone Limited | CLC | Clinker and Cement | RMX | Ready- Mix Concrete |
| AESL | Adani Energy Solutions Limited | PLI | Production Linked Incentive | BCCI | Bulk Container Corporation of India |
| APL | Adani Power Limited | TCO | Total Cost Basis | PMT | Per Metric Tonne |
| AGEL | Adani Green Energy Limited | AFR | Alternate Fuels and Raw Material | CONCOR | Container Corporation of India Limited |
| AAHL | Adani Airport Holdings Limited | WHRS | Waste Heat Recovery System | FPC | Farmer Producing Company |
| ARTL | Adani Roads Transport Limited | MTPA | Million Tonne Per Annum | GCC | Global Capability Centre |
| ANIL | Adani New Industries Limited | BCT | Bulk Cement Terminal | EPC | Engineering, Procurement and Construction |
| AWL | Adani Wilmar Limited | IHB | Individual Home Builder | CU | Clinkerization Unit |
| ADL | Adani Digital Limited | GU | Grinding Unit | DJSI | Dow Jones Sustainability Index |
| NDTV | New Delhi Television Ltd | EC | Environment Clearance | CDP-CC | CDP Climate Change |
| AIMSL | Adani Infra Mgt Services Pvt Ltd | O&M | Operations & Maintenance | CDP-WS | CDP Water Security |
| OCL | Orient Cement Limited | PSU | Public Sector Undertaking | UN SDG | United Nations Sustainable Development Goals |
| GDP | Gross Domestic Product | NBFC | Non-Banking Financial Company | BCFC | Bottom Discharge Wagon |
| MSCI | Morgan Stanley Capital International | GCCA | Global Cement Concrete Association | WASH | Water, Sanitation & Hygiene |
| NABARD | National Bank For Agriculture And Rural Development | ESG | Environmental, Social & Governance | ABS | Association of Brest Surgeons |
| LC | Letter of Credit | B2C | Business to Consumer | ABSI | Association of Breast Surgery, India |
| RRWHS | Rainwater Harvesting System | SEDI | Skill and Entrepreneurship Development Institute | NRC | Nomination and Renumeration Committee |
| SBTi | Science Based Targets initiatives | SHG | Self Help Group | DWT | Deadweight Tonnage |
| SD | Sustainable Development | TSR | Thermal Substitution Rate | CREDAI | Confederation of Real Estate Developers' Associations of India |
| CSR | Corporate Social Responsibility | OPC | Ordinary Portland Cement | ||
| ICC | Indian Chamber of Commerce | NCD | Non-Communicable Diseases |
40
Disclaimer
adani
Cement
Certain statements made in this presentation may not be based on historical information or facts and may be "forward-looking statements," including those relating to general business plans and strategy of Ambuja Cements Limited ("Ambuja"), the future outlook and growth prospects, and future developments of the business and the competitive and regulatory environment, and statements which contain words or phrases such as 'will', 'expected to', etc., or similar expressions or variations of such expressions. Actual results may differ materially from these forward-looking statements due to number of factors, including future changes or developments in their business, their competitive environment, their ability to implement their strategies and initiatives and respond to technological changes and political, economic, regulatory and social conditions in India. This presentation does not constitute a prospectus, offering circular or offering memorandum or an offer, or a solicitation of any offer, to purchase or sell, any shares and should not be considered as a recommendation that any investor should subscribe for or purchase any of Ambuja's shares. Neither this presentation nor any other documentation or information (or any part thereof) delivered or supplied under or in relation to the shares shall be deemed to constitute an offer of or an invitation by or on behalf of Ambuja.
Ambuja, as such, makes no representation or warranty, express or implied, as to, and does not accept any responsibility or liability with respect to, the fairness, accuracy, completeness or correctness of any information or opinions contained herein. The information contained in this presentation, unless otherwise specified is only current as of the date of this presentation. Ambuja assumes no responsibility to publicly amend, modify or revise any forward-looking statements, based on any subsequent development, information or events, or otherwise. Unless otherwise stated in this document, the information contained herein is based on management information and estimates.
The information contained herein is subject to change without notice and past performance is not indicative of future results. Ambuja may alter, modify or otherwise change in any manner the content of this presentation, without obligation to notify any person of such revision or changes.
No person is authorized to give any information or to make any representation not contained in and not consistent with this presentation and, if given or made, such information or representation must not be relied upon as having been authorized by or on behalf of Ambuja.
This presentation does not constitute an offer or invitation to purchase or subscribe for any securities in any jurisdiction, including the United States. No part of this presentation should form the basis of or be relied upon in connection with any investment decision or any contract or commitment to purchase or subscribe for any securities. None of our securities may be offered or sold in the United States, without registration under the U.S. Securities Act of 1933, as amended, or pursuant to an exemption from registration therefrom.
For further info, please contact:
CA Deepak Balwani
Head, Investor Relations
[email protected]
Ambuja Cements Limited
Registered office: Adani Corporate House, Shantigram, Near Vaishno Devi Circle, S.G. Highway, Ahmedabad – 382421.
Ph: +91 79265 65555; www.ambujacement.com; CIN: L26942GJ1981PLC004717