Ambuja Cements financials and balance sheet

NSE: AMBUJACEMBSE: 500425Cement & Cement ProductsLarge Cap

Formerly Gujarat Ambuja Cement

₹358.90₹4.10 (1.13%)BSE ₹358.00

Share price at the NSE close on 23 Oct 2026. Previous close ₹363.00.

52-week range of traded prices to 23 Oct 2026

₹341.00Low, 8 Oct 2026₹588.75High, 4 Nov 2025

Next results date: the board meets on 29 Oct 2026 to consider: financial results.

Market cap: ₹89,180 Cr90th largest listed
P/E: Earlier quarters restated in the year
P/B: 1.5
Dividend yield: 0.56%
ROCE: 3.4%
Debt to equity: 0.00
Volume, NSE: 25,76,36228.9% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to December, then March.Ambuja Cements annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹40,656 Cr, year to Mar 2026

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 0.8% of operating profit in the first full year.

The company moved its year end from December to March: its last year to December on record ended in Dec 2021, its first year to March in Mar 2024. The 15 months to Mar 2023 between them are one changeover period, not a year, and the yearly charts leave it out.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue40,656
Materials and goods−6,743
Employee costs−1,603
Other expenses−25,772
Operating profit6,539
Depreciation−3,570
Other income+834
One-off items−301
Finance costs−224
Profit before tax3,279
Tax+2,338
Joint ventures+20
Net profit5,637

What the company owns

Plant, investments and other assets₹82,227 Cr
Inventory₹4,552 Cr
Receivables₹1,868 Cr
Cash and bank₹959 Cr

What pays for it: net worth and liabilities

Net worth₹71,846 Cr
Other liabilities₹13,523 Cr
Owed to suppliers₹4,185 Cr
Borrowings₹53 Cr

Ambuja Cements business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.Ambuja Cements segment results by quarter

Revenue by segment

₹40,863 CrTotal

Cement₹38,898 Cr95.2% of total
Ready Mix Concrete₹1,965 Cr4.8% of total

Profit by segment

Cement₹3,135 Cr84.0% of total
Ready Mix Concrete₹122 Cr3.3% of total
Interest and Dividend Income₹476 Cr12.7% of total

Segment results by year

Consolidated, ₹ crore, years to December, then March.

Cement
Revenue, ₹ crore
33,768
38,898
Dec 18Dec 19Dec 20Dec 21Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
3,567
3,135
Dec 18Dec 19Dec 20Dec 21Mar 23Mar 24Mar 25Mar 26
Ready Mix Concrete
Revenue, ₹ crore
1,401
1,965
Dec 18Dec 19Dec 20Dec 21Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
58
122
Dec 18Dec 19Dec 20Dec 21Mar 23Mar 24Mar 25Mar 26
Interest and Dividend Income
Revenue, ₹ crore
0
Dec 18Dec 19Dec 20Dec 21Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
476
Dec 18Dec 19Dec 20Dec 21Mar 23Mar 24Mar 25Mar 26

₹ crore	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	–	–	–	–	–	–	35,169	40,863
Company revenue, as in its results	26,041	–	24,516	28,965	–	33,160	35,045	40,656
Revenue	–	–	–	–	–	–	33,768	38,898
Revenue growth	–	–	–	–	–	–	–	15.2%
Profit	–	–	–	–	–	–	3,567	3,135
Profit growth	–	–	–	–	–	–	–	−12.1%
Margin	–	–	–	–	–	–	10.6%	8.1%
Return on capital	–	–	–	–	–	–	7.9%	4.5%
Assets	–	–	–	–	–	–	56,897	82,733
Liabilities	–	–	–	–	–	–	11,570	12,709
Capital employed	–	–	–	–	–	–	45,327	70,024
Revenue	–	–	–	–	–	–	1,401	1,965
Revenue growth	–	–	–	–	–	–	–	40.3%
Profit	–	–	–	–	–	–	58	122
Profit growth	–	–	–	–	–	–	–	111.0%
Margin	–	–	–	–	–	–	4.1%	6.2%
Return on capital	–	–	–	–	–	–	8.8%	8.8%
Assets	–	–	–	–	–	–	1,053	2,365
Liabilities	–	–	–	–	–	–	392	979
Capital employed	–	–	–	–	–	–	662	1,386
	–	–	–	–	–	–	–	0
Profit	–	–	–	–	–	–	–	476
Assets	–	–	–	–	–	–	–	0
Liabilities	–	–	–	–	–	–	–	0
Capital employed	–	–	–	–	–	–	–	0
	–	–	–	–	–	–	0	0
Profit	–	–	–	–	–	–	13	20
Assets	–	–	–	–	–	–	0	0
Liabilities	–	–	–	–	–	–	0	0
	–	–	–	–	–	–	–	0
Profit	–	–	–	–	–	–	–	−301
Assets	–	–	–	–	–	–	–	0
Liabilities	–	–	–	–	–	–	–	0
	–	–	–	–	–	–	0	–
Profit	–	–	–	–	–	–	−21	–
Assets	–	–	–	–	–	–	0	–
Liabilities	–	–	–	–	–	–	0	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to December, then March. A column marked with its months is a changeover year, when the company moved its year end: it is not a twelve-month year.Ambuja Cements quarterly results

₹ crore	Dec 2016	Dec 2017	Dec 2018Filed 19 Feb	Dec 2019	Dec 2020Filed 19 Feb	Dec 2021Filed 18 Feb	Mar 202315 monthsFiled 5 May	Mar 2024Filed 3 May	Mar 2025Filed 10 Jun	Mar 2026Filed 4 May
Revenue from operations	20,344	25,282	26,041	27,104	24,516	28,965	38,937	33,160	35,045	40,656
	17,225	21,425	22,030	22,507	19,511	22,755	33,815	26,760	29,074	34,117
Materials and goods bought	2,419	2,776	3,234	3,684	3,124	2,962	5,111	4,923	6,527	6,743
Employee costs	–	–	1,524	–	1,540	1,529	1,857	1,353	1,403	1,603
Other expenses	–	–	17,272	–	14,846	18,264	26,847	20,485	21,143	25,772
Operating profit before depreciation	3,119	3,858	4,011	4,597	5,006	6,210	5,122	6,400	5,971	6,539
Operating margin	15.3%	15.3%	15.4%	17.0%	20.4%	21.4%	13.2%	19.3%	17.0%	16.1%
Materials, % of revenue	–	–	12.4%	–	12.7%	10.2%	13.1%	14.8%	18.6%	16.6%
Employee costs, % of revenue	–	–	5.9%	–	6.3%	5.3%	4.8%	4.1%	4.0%	3.9%
Other expenses, % of revenue	–	–	66.3%	–	60.6%	63.1%	69.0%	61.8%	60.3%	63.4%
Depreciation and amortisation	1,463	1,219	1,154	1,153	1,162	1,152	1,645	1,623	2,478	3,570
Operating profit after depreciation	1,656	2,638	2,857	3,444	3,844	5,058	3,478	4,776	3,492	2,969
Other income	518	323	371	581	450	352	738	1,166	2,654	834
Finance costs	141	206	171	170	140	146	195	276	216	224
Profit before one-off items and tax	2,034	2,755	3,058	3,855	4,153	5,265	4,021	5,666	5,931	3,579
One-off items	−39	0	−152	0	−176	−120	−319	212	−21	−301
Profit before tax	1,995	2,755	2,906	3,855	3,977	5,144	3,701	5,878	5,909	3,279
	576	823	−54	1,092	885	1,453	705	1,163	764	−2,338
Current tax	–	765	64	1,265	1,200	1,327	771	1,029	505	−1,474
Deferred tax	–	58	−118	−173	−316	126	−65	133	259	−865
Share of profit of joint ventures and associates	9	13	13	20	14	20	28	23	13	20
	1,121	1,945	2,973	2,783	3,107	3,711	3,024	4,738	5,158	5,637
Belonging to the company's shareholders	1,121	1,517	2,177	2,095	2,365	2,780	2,583	3,577	4,145	4,728
Belonging to outside owners of subsidiaries	–	–	795	–	741	931	441	1,161	–	909
Other comprehensive income	–	–	−3	–	−22	11	29	30	−40	74
Total comprehensive income	–	–	2,970	–	3,085	3,722	3,053	4,768	5,119	5,711
Net margin	5.5%	7.7%	11.4%	10.3%	12.7%	12.8%	7.8%	14.3%	14.7%	13.9%
Net margin without joint ventures and associates	5.5%	7.6%	11.4%	10.2%	12.6%	12.7%	7.7%	14.2%	14.7%	13.8%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Dec 2016, Dec 2017 and Dec 2019 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 December, then 31 March. A column marked with its months is a changeover year, when the company moved its year end: it is not a twelve-month year.

₹ crore	Dec 2018Filed 19 Feb	Dec 2019	Dec 2020Filed 19 Feb	Dec 2021Filed 18 Feb	Mar 202315 monthsFiled 5 May	Mar 2024Filed 3 May	Mar 2025Filed 10 Jun	Mar 2026Filed 4 May
	27,602	–	29,098	32,499	38,757	50,846	63,811	71,846
	22,370	–	22,758	25,354	31,698	41,455	53,443	59,347
Share capital	397	–	397	397	397	440	493	494
Reserves	21,973	–	22,360	24,957	31,301	41,016	52,951	58,853
Belonging to outside owners of subsidiaries	5,231	–	6,341	7,145	7,058	9,391	10,368	12,499
	40	–	44	44	48	37	27	53
Repayable after a year	40	–	44	44	34	19	14	45
Repayable within a year	0	–	0	0	13	18	12	8
	8,394	–	9,260	11,228	11,514	12,129	13,845	13,096
Trade payables	3,006	–	2,213	2,913	2,774	3,109	2,759	4,185
Other financial liabilities	1,392	–	1,794	2,076	2,182	2,553	5,240	5,586
Other liabilities	3,090	–	3,911	4,306	4,733	3,752	3,057	2,495
Provisions	119	–	21	25	15	43	55	259
Tax owed	787	–	1,321	1,909	1,797	2,655	2,721	563
	1,345	–	1,362	1,481	1,451	2,323	3,289	4,664
Other financial liabilities	1	–	381	363	415	499	458	764
Other liabilities	7	–	40	37	37	0	155	153
Provisions	181	–	271	282	265	256	254	236
Deferred tax	1,115	–	626	756	700	1,549	2,408	3,466
	37,341	–	39,721	45,207	51,721	65,298	80,945	89,607
Held for sale or for a demerger	12	–	26	25	2	22	7	–
	24,919	–	26,916	28,185	32,472	39,195	61,228	75,891
Plant in use, after depreciation	12,616	–	12,389	14,160	15,318	20,715	26,121	35,284
Plant being built	1,008	–	2,422	2,196	2,526	2,658	9,820	9,085
Intangible assets	138	–	221	224	364	3,454	5,601	9,433
Goodwill	7,882	–	7,876	7,870	7,870	8,219	10,856	13,546
Intangible assets being developed	0	–	–	–	–	–	65	36
Investments	4	–	13	28	28	28	29	40
Stakes in joint ventures and associates	130	–	155	171	186	62	60	74
Loans given	231	–	212	12	10	12	5	5
Other financial assets	55	–	1,184	1,255	3,134	1,167	3,722	3,769
Deferred tax	4	–	1,103	1,129	1,128	37	4	33
Other assets	2,851	–	1,341	1,141	1,909	2,843	4,944	4,587
	12,410	–	12,779	16,997	19,247	26,081	19,710	13,716
Inventories	2,958	–	1,649	2,738	3,273	3,609	4,248	4,552
Trade receivables	1,305	–	561	646	1,154	1,213	1,590	1,868
Cash and cash equivalents	6,093	–	8,572	11,358	544	3,007	5,043	892
Other bank balances	346	–	364	336	2,417	8,062	1,129	67
Current investments	0	–	0	0	0	759	1,822	0
Loans given	81	–	62	10	9	6	8	10
Other financial assets	103	–	346	474	7,902	5,715	1,888	1,794
Tax paid in advance	0	–	71	–	–	1,250	16	0
Other assets	1,524	–	1,154	1,435	3,949	2,460	3,966	4,532
Net debt	−6,400	–	−8,892	−11,651	−2,913	−11,791	−7,968	−906

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Dec 2016, Dec 2017 and Dec 2019, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to December, then March. A column marked with its months is a changeover year, when the company moved its year end: it is not a twelve-month year.

₹ crore	Dec 2020Filed 19 Feb	Dec 2021Filed 18 Feb	Mar 202315 monthsFiled 5 May	Mar 2024Filed 3 May	Mar 2025Filed 10 Jun	Mar 2026Filed 4 May
	4,833	5,309	735	5,646	3,295	5,362
	6,003	5,957	1,473	6,561	3,689	5,079
	948	−336	−3,473	194	−2,343	−1,848
Receivables	245	0	−547	24	−382	−21
Inventories	420	−1,122	−467	−228	−513	−9
Payables	92	0	−28	103	−576	665
Other working capital	191	786	−2,431	295	−871	−2,482
Tax paid	−1,170	−648	−738	−916	−380	282
Capital spending	1,734	2,334	4,232	4,482	8,687	6,344
Free cash flow	3,099	2,975	−3,497	1,163	−5,392	−983
	−1,318	−2,007	−14,481	−8,950	−8,589	−7,935
Plant and property sold	8	38	166	521	96	0
Companies bought	0	0	0	−2,354	−4,310	−6,621
Interest received	391	278	435	1,004	1,639	326
Dividends received	3	4	12	26	15	7
	−3,956	−516	2,931	5,689	5,592	−1,629
Borrowings raised	8	0	0	0	10	8
Borrowings repaid	−6	−54	−4	−24	−1,181	−657
Interest paid	−86	−107	−128	−234	−176	−152
Lease payments	−41	0	−143	0	−837	−263
Dividends paid	3,796	333	1,795	585	563	565
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	6,661	8,339	0
Net change in cash	−441	2,786	−10,815	2,384	298	−4,203

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Dec 2016, Dec 2017, Dec 2018 and Dec 2019.

Consolidated, ₹ per share, years to December, then March. A column marked with its months is a changeover year, when the company moved its year end: it is not a twelve-month year.Ambuja Cements dividend history

₹ per share	Dec 2016	Dec 2017	Dec 2018Filed 19 Feb	Dec 2019	Dec 2020Filed 19 Feb	Dec 2021Filed 18 Feb	Mar 202315 monthsFiled 5 May	Mar 2024Filed 3 May	Mar 2025Filed 10 Jun	Mar 2026Filed 4 May
Earnings per share	₹5.65	₹7.64	₹10.97	₹10.55	₹11.91	₹14.00	₹13.01	₹17.99	₹17.00	₹19.15
Diluted earnings per share	₹5.65	₹7.64	₹10.96	₹10.55	₹11.91	₹14.00	₹12.64	₹16.67	₹16.96	₹19.05
Dividend per share	₹2.80	₹3.60	₹1.50	₹1.50	₹19.50	₹6.30	₹2.50	₹2.00	₹2.00	₹2.00
Book value per share	–	–	₹112.66	–	₹114.61	₹127.68	₹159.64	₹188.63	₹216.98	₹240.10
Dividend payout	49.6%	47.1%	13.7%	14.2%	163.7%	45.0%	19.2%	12.3%	11.9%	10.5%
Shareholder yield	–	–	–	–	7.7%	0.4%	2.5%	−5.0%	−5.9%	0.6%
Market cap at the year end (₹ crore)	40,964	54,019	44,697	38,968	49,413	74,958	72,585	1,21,591	1,32,602	99,182

Ratios

Consolidated, years to December, then March. A column marked with its months is a changeover year, when the company moved its year end: it is not a twelve-month year. A ratio that sets its sales or profit against the balance sheet is left blank for it.Ambuja Cements PE ratio and valuation

Ratio	Dec 2016	Dec 2017	Dec 2018Filed 19 Feb	Dec 2019	Dec 2020Filed 19 Feb	Dec 2021Filed 18 Feb	Mar 202315 monthsFiled 5 May	Mar 2024Filed 3 May	Mar 2025Filed 10 Jun	Mar 2026Filed 4 May
Revenue growth	114.6%	24.3%	3.0%	4.1%	−9.5%	18.1%	–	–	5.7%	16.0%
Operating profit growth	102.2%	23.7%	4.0%	14.6%	8.9%	24.1%	–	–	−6.7%	9.5%
Net profit growth	38.8%	73.5%	52.8%	−6.4%	11.6%	19.4%	–	–	8.9%	9.3%
Earnings per share growth	8.4%	35.2%	43.6%	−3.8%	12.9%	17.5%	–	–	−5.5%	12.6%
	–	–	9.7%	–	10.4%	11.6%	–	9.8%	8.7%	8.4%
	–	–	–	–	–	1.2 pts	–	–	−1.0 pts	−0.4 pts
From the net margin	–	–	–	–	–	−0.1 pts	–	–	0.9 pts	−0.1 pts
From asset turnover	–	–	–	–	–	1.1 pts	–	–	−1.7 pts	0.0 pts
From borrowing	–	–	–	–	–	0.1 pts	–	–	−0.3 pts	−0.2 pts
Return on capital employed	–	–	10.3%	–	13.2%	15.5%	–	9.4%	5.5%	4.1%
Cash conversion	–	–	–	–	155.6%	143.1%	24.3%	119.2%	63.9%	95.1%
Interest cover	11.8	12.8	16.8	20.3	27.4	34.7	17.8	17.3	16.2	13.3
Debt to equity	–	–	0.00	–	0.00	0.00	0.00	0.00	0.00	0.00
Receivable days	–	–	18	–	8	8	–	13	17	17
Inventory days	–	–	334	–	193	337	–	268	238	246
Payable days	–	–	339	–	259	359	–	230	154	227
Cash conversion cycle, days	–	–	13	–	−58	−13	–	50	100	37
Working capital days	–	–	−34	–	−81	−75	–	24	−22	−3
Asset turnover	–	–	0.70	–	0.62	0.68	–	0.57	0.48	0.48
Assets per rupee of net worth	–	–	1.67	–	1.75	1.77	–	1.60	1.54	1.51
Sales per rupee of plant	–	–	2.06	–	1.98	2.05	–	1.60	1.34	1.15
Capital spending to depreciation	–	–	–	–	1.49	2.03	2.57	2.76	3.51	1.78
Plant being built, % of plant in use	–	–	8.0%	–	19.5%	15.5%	16.5%	12.8%	37.6%	25.7%

No balance sheet is on record for the years to Dec 2016, Dec 2017 and Dec 2019, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 5.5%
Cash from operations against operating profit: 82.0%

Measure	3 years
Return on equity, average	9.0%
Return on capital employed, average	6.3%
Operating margin, average	17.5%
Net margin, average	14.3%
Asset turnover, average	0.51
Cash conversion cycle, days, average	62
Interest cover, average	15.6
Debt to equity, average	0.00

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	3 years	Latest year
Cash from operations	14,303	5,362
Cash from investing	−25,475	−7,935
Cash from financing	9,651	−1,629
Capital spending	19,514	6,344
Dividends paid	1,713	565
Shares bought back	0	0
Shares issued for cash	15,000	0
Borrowings raised	18	8
Borrowings repaid	1,862	657

Accounting checks

Consolidated, years to December, then March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	–	–	–	–	–	3
Altman Z-scorePublished threshold 1.81	–	–	4.68	–	4.64	5.49	–	7.54	6.33	4.86
Beneish M-scorePublished threshold −1.78	–	–	–	–	–	−2.59	–	–	−1.85	−2.27
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	–	0.96	–	–	14.29	9.63
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	–	–	–	0.92
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	–	–	−3.05	–	–	25.40	1.48
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	–	–	71.27	–	–	−14.88	3.87
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	–	–	1.17	–	–	−10.14	1.12
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	–	–	0.75	–	–	1.25	0.71
Effective tax ratePublished threshold 17.16 per cent	28.87	29.87	−1.86	28.33	22.25	28.25	–	19.78	12.93	−71.32
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	15.66	–	4.20	6.49	−79.93

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
20 Aug 2026	India Ratings and Research Private Limited (opens in a new tab)	Bank loan facilities	IND AAA; IND A1+New, New	Stable	7,000
8 Apr 2026	ICRA Limited (opens in a new tab)	Fund-based/Non-fund based-Proposed limits	[ICRA]AAA /[ICRA]A1+New, New	Stable	343
8 Apr 2026	ICRA Limited (opens in a new tab)	Non-fund based-Others	[ICRA]AAANew, New	Stable	4,260
8 Apr 2026	ICRA Limited (opens in a new tab)	Fund-based-Others	[ICRA]AAANew, New	Stable	557
8 Apr 2026	ICRA Limited (opens in a new tab)	Non-fund based-Others	[ICRA]A1+New, New		1,840
2 Jan 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil A1+Review, Re-affirm		73
2 Jan 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil AAAReview, Re-affirm	Stable	70
2 Jan 2026	CRISIL Ratings Limited (opens in a new tab)	Short Term Debt	Crisil A1+Review, Re-affirm		100
23 Oct 2025	CARE Ratings Limited (opens in a new tab)	Fund-based - LT/ ST-Working Capital Limits	CARE AAA / CARE A1+New, New	Stable	57
23 Oct 2025	CARE Ratings Limited (opens in a new tab)	Non-fund-based - LT/ ST-BG/LC	CARE AAA / CARE A1+New, New	Stable	3,943

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.