Upcoming Dividend • Jun 05
Upcoming dividend of ₹2.00 per share Eligible shareholders must have bought the stock before 12 June 2026. Payment date: 01 July 2026. Payout ratio is a comfortable 10% but the company is not cash flow positive. Trailing yield: 0.5%. Lower than top quartile of Indian dividend payers (1.5%). In line with average of industry peers (0.6%). Declared Dividend • May 06
Dividend of ₹2.00 announced Dividend of ₹2.00 is the same as last year. Ex-date: 12th June 2026 Payment date: 26th July 2026 Dividend yield will be 0.4%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (10% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 5.3% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Annonce • May 05
Ambuja Cements Limited announces Annual dividend, payable on July 26, 2026 Ambuja Cements Limited announced Annual dividend of INR 2.0000 per share payable on July 26, 2026, ex-date on June 12, 2026 and record date on June 12, 2026. Reported Earnings • May 05
Full year 2026 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2026 results: EPS: ₹19.15 (up from ₹17.55 in FY 2025). Revenue: ₹413.9b (up 12% from FY 2025). Net income: ₹47.3b (up 9.9% from FY 2025). Profit margin: 11% (in line with FY 2025). Revenue missed analyst estimates by 1.9%. Earnings per share (EPS) exceeded analyst estimates by 24%. Revenue is forecast to grow 9.4% p.a. on average during the next 3 years, compared to a 1.6% decline forecast for the Basic Materials industry in India. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Annonce • May 04
Ambuja Cements Limited, Annual General Meeting, Jun 26, 2026 Ambuja Cements Limited, Annual General Meeting, Jun 26, 2026, at 14:30 Indian Standard Time. Annonce • Apr 14
Ambuja Cements Limited to Report Q4, 2026 Results on May 04, 2026 Ambuja Cements Limited announced that they will report Q4, 2026 results on May 04, 2026 Annonce • Mar 13
Ambuja Cements Limited (BSE:500425) completed the acquisition of remaining 41.92% stake in Sanghi Industries Limited (NSEI:SANGHIIND). Ambuja Cements Limited (BSE:500425) agreed to acquire remaining 41.92% stake in Sanghi Industries Limited (NSEI:SANGHIIND) for INR 7.4 billion on December 17, 2024. The consideration consists of 12.99 million common equity of Ambuja Cements Limited at a ratio of 0.12 per common equity of Sanghi Industries Limited. Before completion, Ambuja Cements Limited owns 58.08% stake in Sanghi Industries Limited. Upon completion, Ambuja Cements Limited will own 100% stake in Sanghi Industries Limited.
The transaction is subject to board, shareholder, creditors and statutory approval and approval of National Company Law Tribunal. Board of Ambuja Cements Limited approved the acquisition. As on July 17, 2025, National Stock Exchange approved the transaction. As of July 18, 2025, Sanghi Industries has also received observation letter dated July 17, 2025 with ‘no adverse objection’ from BSE Limited. As per the announcement dated January 30, 2026 both companies conducted their respective shareholder meetings on November 20, 2025. The NCLT hearing completed on January 29, 2026. The outcome of the matter is awaited as on the time of approval of this financial results. The entire process is expected to be completed by March 2026. NCLT approved the transaction on February 09, 2026.
Vivro Financial Services Private Limited acted as fairness opinion provider to Sanghi Industries Limited. MUFG Intime India Private Limited acted as transfer agent and registrar for Ambuja Cements Limited.
Ambuja Cements Limited (BSE:500425) completed the acquisition of remaining 41.92% stake in Sanghi Industries Limited (NSEI:SANGHIIND) on March 12, 2026. Ambuja Cements Limited & Sanghi Industries Limited have filed the certified copy of the NCLT Order with the Registrar of Companies, Ahmedabad, Gujarat today. With this filing, the Company and theTransferor Company have now complied with all the conditions specified in Clause 3.3 of the Scheme. Accordingly, the Scheme has become effective on March 12, 2026 and consequently, Transferor Company stands amalgamated with the Company and dissolved without being wound up. In accordance with the Scheme, the Appointed Date of the Scheme is April 1, 2024. Further, in accordance with the Scheme and pursuant to its effectiveness, the equity shareholders of the Transferor Company whose name appears in the Register of Members of the Transferor Company as on April 6, 2026 will be entitled for allotment of equity shares of the Company. Reported Earnings • Jan 31
Third quarter 2026 earnings released: EPS: ₹0.82 (vs ₹8.59 in 3Q 2025) Third quarter 2026 results: EPS: ₹0.82 (down from ₹8.59 in 3Q 2025). Revenue: ₹102.8b (up 10% from 3Q 2025). Net income: ₹2.04b (down 90% from 3Q 2025). Profit margin: 2.0% (down from 23% in 3Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 12% p.a. on average during the next 3 years, while revenues in the Basic Materials industry in India are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Jan 23
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.6% to ₹519. The fair value is estimated to be ₹663, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.8% over the last 3 years. Earnings per share has grown by 26%. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings are also forecast to grow by 4.1% per annum over the same time period. Annonce • Jan 10
Ambuja Cements Limited to Report Q3, 2026 Results on Jan 30, 2026 Ambuja Cements Limited announced that they will report Q3, 2026 results on Jan 30, 2026 Annonce • Dec 23
Ambuja Cements Limited (BSE:500425) agreed to acquire remaining 27.34% stake in Orient Cement Limited (NSEI:ORIENTCEM) for INR 10 billion. Ambuja Cements Limited (BSE:500425) agreed to acquire remaining 27.34% stake in Orient Cement Limited (NSEI:ORIENTCEM) for INR 10 billion on December 22, 2025. The consideration will be paid by buyer for every 100 equity shares of Orient Cement with a face value of INR 1 each, Ambuja Cements will issue 33 equity shares with a face value of INR 2 each, to eligible shareholders of Orient Cement.
Board of Directors of the Company at its meeting held on December 22, 2025, approved the Scheme of Amalgamation. The Schemes are subject to necessary statutory and regulatory approvals under the applicable laws, including approval of the jurisdictional National Company Law Tribunal.
GT Valuation Advisors Pvt. Ltd. & BDO Valuation Advisory LLP, registered valuers are the independent joint valuers, IDBI Capital Markets & Securities Ltd. and SBI Capital Markets Ltd. have provided opinions fairness of the joint valuations, Cyril Amarchand Mangaldas and Singhi & Co. are legal advisors in deal. Buy Or Sell Opportunity • Dec 08
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.8% to ₹529. The fair value is estimated to be ₹667, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.8% over the last 3 years. Earnings per share has grown by 26%. For the next 3 years, revenue is forecast to grow by 12% per annum. Earnings are also forecast to grow by 3.8% per annum over the same time period. Annonce • Nov 22
Ambuja Cements Limited Announces CFO Changes Ambuja Cements Limited at its board meeting held on November 21, 2025, announced that Mr. Rakesh Tiwary, Chief Financial Officer (Key Managerial Personnel) will relinquish his position as Chief Financial Officer of the Company, in view of transition to a new role which shall be effective from closure of the business hours on November 21, 2025. Pursuant to the ongoing leadership development process across the Adani Group, Mr. Rakesh Tiwary will be assuming a new role within the Adani portfolio of companies. Mr. Rohit Soni who served as Chief Financial Officer of Adani New Industries Limited (ANIL), will assume the role of Chief Financial Officer of the Company (Key Managerial Personnel) effective from November 22, 2025. Mr. Rohit Soni is a distinguished finance leader and Chartered Accountant, as well as an alumnus of Harvard Business School's General Management Program. He served as Chief Financial Officer (CFO) at Adani New Industries Limited (ANIL) since March 2024, where he led financial strategy for green hydrogen and renewable energy initiatives. Previously, he held the position of CFO at Adani Energy Solutions Limited (AESL) from September 2021 to March 2024, successfully raising equity funds and managing finances for over 60 subsidiaries supporting large-scale infrastructure projects. He has also held several leadership positions with the Vedanta Group, including serving as Chief Procurement Officer and also as CFO for various Vedanta Companies. His leadership excellence has been recognized with the ET Great Manager (Senior Leader) award by Economic Times and TAPMI in November 2019. Reported Earnings • Nov 04
Second quarter 2026 earnings released: EPS: ₹7.15 (vs ₹1.85 in 2Q 2025) Second quarter 2026 results: EPS: ₹7.15 (up from ₹1.85 in 2Q 2025). Revenue: ₹91.7b (up 22% from 2Q 2025). Net income: ₹17.7b (up 287% from 2Q 2025). Profit margin: 19% (up from 6.1% in 2Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 12% p.a. on average during the next 3 years, while revenues in the Basic Materials industry in India are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Annonce • Oct 15
Ambuja Cements Limited to Report Q2, 2026 Results on Nov 03, 2025 Ambuja Cements Limited announced that they will report Q2, 2026 results at 9:15 AM, Indian Standard Time on Nov 03, 2025 Buy Or Sell Opportunity • Sep 26
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 1.7% to ₹565. The fair value is estimated to be ₹710, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.6% over the last 3 years. Earnings per share has grown by 21%. Revenue is forecast to grow by 38% in 2 years. Earnings are forecast to grow by 21% in the next 2 years. Buy Or Sell Opportunity • Sep 05
Now 20% undervalued Over the last 90 days, the stock has risen 2.1% to ₹567. The fair value is estimated to be ₹710, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.6% over the last 3 years. Earnings per share has grown by 21%. For the next 3 years, revenue is forecast to grow by 13% per annum. Earnings are also forecast to grow by 12% per annum over the same time period. Reported Earnings • Aug 01
First quarter 2026 earnings released: EPS: ₹3.20 (vs ₹2.67 in 1Q 2025) First quarter 2026 results: EPS: ₹3.20 (up from ₹2.67 in 1Q 2025). Revenue: ₹102.9b (up 24% from 1Q 2025). Net income: ₹7.88b (up 22% from 1Q 2025). Profit margin: 7.7% (down from 7.8% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 14% p.a. on average during the next 3 years, while revenues in the Basic Materials industry in India are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 21% per year whereas the company’s share price has increased by 17% per year. Annonce • Jul 15
Ambuja Cements Limited to Report Q1, 2026 Results on Jul 31, 2025 Ambuja Cements Limited announced that they will report Q1, 2026 results on Jul 31, 2025 Upcoming Dividend • Jun 06
Upcoming dividend of ₹2.00 per share Eligible shareholders must have bought the stock before 13 June 2025. Payment date: 26 July 2025. Payout ratio is a comfortable 12% but the company is not cash flow positive. Trailing yield: 0.4%. Lower than top quartile of Indian dividend payers (1.2%). In line with average of industry peers (0.5%). Reported Earnings • Jun 01
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: ₹17.00. Revenue: ₹350.4b (up 5.7% from FY 2024). Net income: ₹41.7b (up 17% from FY 2024). Profit margin: 12% (up from 11% in FY 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 8.9%. Revenue is forecast to grow 15% p.a. on average during the next 3 years, while revenues in the Basic Materials industry in India are expected to remain flat. Declared Dividend • May 01
Dividend of ₹2.00 announced Dividend of ₹2.00 is the same as last year. Ex-date: 13th June 2025 Payment date: 26th July 2025 Dividend yield will be 0.4%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (12% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 42% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Annonce • Apr 30
Ambuja Cements Limited announces Annual dividend, payable on July 26, 2025 Ambuja Cements Limited announced Annual dividend of INR 2.0000 per share payable on July 26, 2025, ex-date on June 13, 2025 and record date on June 13, 2025. Reported Earnings • Apr 30
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: ₹17.00. Revenue: ₹350.4b (up 5.7% from FY 2024). Net income: ₹41.7b (up 17% from FY 2024). Profit margin: 12% (up from 11% in FY 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 6.3%. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 1.1% growth forecast for the Basic Materials industry in India. Annonce • Apr 29
Ambuja Cements Limited, Annual General Meeting, Jun 26, 2025 Ambuja Cements Limited, Annual General Meeting, Jun 26, 2025, at 14:30 Indian Standard Time. Annonce • Apr 24
Ambuja Cements Limited (BSE:500425) completed the acquisition of 8.90% stake in Orient Cement Limited (NSEI:ORIENTCEM). Ambuja Cements Limited (BSE:500425) agreed to acquire 8.90% stake in Orient Cement Limited (NSEI:ORIENTCEM) for INR 7.2 billion on October 22, 2024. A cash consideration of INR 7.21 billion valued at INR 395.4 per share will be paid by Ambuja Cements Limited. As part of consideration, INR 7.21 billion is paid towards common equity of Orient Cement Limited. The transaction will be financed through equity investment of INR 7.21 billion.
The transaction is subject to approval of offer by acquirer board and subject to antitrust regulations. The deal has been approved by the board. As of March 4, 2025, the deal has been approved by Competition Commission of India. Cyril Amarchand Mangaldas acted as legal advisor to Ambuja Cements Limited (BSE:500425) and Khaitan & Co. acted as legal advisor to Orient Cement Limited (NSEI:ORIENTCEM).
Ambuja Cements Limited (BSE:500425) completed the acquisition of 8.90% stake in Orient Cement Limited (NSEI:ORIENTCEM) for April 22, 2025. Annonce • Apr 23
Ambuja Cements Limited (BSE:500425) completed the acquisition of 37.90% stake in Orient Cement Limited (NSEI:ORIENTCEM). Ambuja Cements Limited (BSE:500425) agreed to acquire 37.90% stake in Orient Cement Limited (NSEI:ORIENTCEM) for INR 30.7 billion on October 22, 2024. A cash consideration of INR 30.7 billion valued at INR 395.4 per share will be paid by Ambuja Cements Limited. As part of consideration, INR 30.7 billion is paid towards common equity of Orient Cement Limited. The transaction will be financed through equity investment of INR 30.7 billion.
The transaction is subject to approval of offer by acquirer board and subject to antitrust regulations. The deal has been approved by the board. As of April 22, 2025, Ambuja Cements has completed the acquisition of 9,58,73,163 equity shares constituting 46.66% of the existing share capital of OCL pursuant to the SPAs and the Company will undertake necessary actions in compliance with its obligations under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 in relation to the Open Offer.
Cyril Shroff, L. Viswanathan, Ruetveij Pandya, Abhilasha Malpani, paridhi adani, Smruti Shah, Avaantika kakkar, Ramanuj kumar, Abhilash pillai, Gyanendra Kumar and Monark Gahlot of Cyril Amarchand Mangaldas acted as legal advisor to Ambuja Cements Limited. Ernst & Young Private Limited, Investment Banking Arm acted as the financial advisor to Central India Industries Limited. Mandar Gadkari of BDO India LLP acted as financial advisor to Ambuja Cements Limited.
Ambuja Cements Limited (BSE:500425) completed the acquisition of 37.90% stake in Orient Cement Limited (NSEI:ORIENTCEM) on April 22, 2025. Annonce • Mar 30
Ambuja Cements Limited Approves Chief Financial Officer Changes Ambuja Cements Limited at its meeting held on March 28, 2025 approved Appointment of Mr. Rakesh Tiwary as Chief Financial Officer (Key Managerial Personnel) of the Company with effect from 1st April 2025; Cessation of Mr. Vinod Bahety as Chief Financial Officer of the Company effective from closure of the business hours on 31st March 2025. Reason for change: In alignment with Adani Group's internal leadership transitions and planning to continue fostering sustainable growth and an evolving leadership development consistent with the broader group and Company objectives, a leadership transition is proposed. Mr. Rakesh Tiwary has been appointed as Chief Financial Officer of the Company (Cement business) (Key Managerial Personnel) with effect from 1st April 2025. Pursuant to the said appointment, Mr. Tiwary will cease to be CFO of Adani Airports Holding Limited (AAHL/Airport Business) effective from the close of the business hours on 31st March 2025. Mr. Rakesh Tiwary is a qualified Chartered Accountant, Cost Accountant, Company Secretary and MBA with around 25 years of experience. Prior to Adani Group, Mr. Tiwary worked with various reputed companies like Indian Oil, Reliance Industries Limited and JSW Steel Limited. He joined the Adani Group in February 2016. From 2016 to 2022, he served as the CFO of Mundra Solar Photovoltaic Limited (Adani Solar) and Adani Electricity Mumbai Limited. In April 2022, he transitioned to the role of Head of Financial Management and Control for the Airports Business and later became CFO of the Airports Business. He has over two decades of experience in spearheading a wide spectrum of accounts finance. His expertise is in finance, accounts and commercial functions of business, fund raising management, working capital assessment, credit control, taxation and audit. Mr. Vinod Bahety is Chief Financial Officer of Cement business from 16 September 2022. He has more than 25 years of corporate experience in various leadership positions in the Manufacturing and Finance industries. Prior to joining as the CFO of Cement business, he served as the Group Head for Merger & Acquisition at Adani Group. He played a crucial role in several major M&A mandates for the Group. During his tenure in the banking industry, he successfully led some of the largest mandates in infrastructure projects financing, contributing significantly to nation building. He holds qualifications as a Chartered Accountant (CA) and a Cost and Works Accountant (CWA). Reported Earnings • Jan 30
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: EPS: ₹8.59 (up from ₹4.14 in 3Q 2024). Revenue: ₹93.3b (up 15% from 3Q 2024). Net income: ₹21.2b (up 157% from 3Q 2024). Profit margin: 23% (up from 10% in 3Q 2024). The increase in margin was primarily driven by higher revenue. Revenue exceeded analyst estimates by 14%. Earnings per share (EPS) also surpassed analyst estimates by 196%. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 1.6% growth forecast for the Basic Materials industry in India. Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 10% per year. Annonce • Dec 05
Adani Group Reportedly Evaluates Acquiring Star Cement for Expansion in the North East Adani Enterprises Limited (BSE:512599) unit Ambuja Cements Limited (BSE:500425) is in talks to acquire Star Cement Limited (BSE:540575), a market leader in the North East, as part of its expansion strategy, according to people familiar with the matter. The group is said to have appointed consultancy firm EY for evaluating the deal, they said. Adani Cement did not immediately respond to requests for comment. Star Cement clarified that it is not engaged in any discussions with the group and called the development as 'speculative'. "The company is always evaluating options for growth opportunities," said an Adani Group official. Annonce • Dec 04
Star Cement Denies Reports of Acquisition Talks with Adani Group Star Cement Limited (BSE:540575) on December 4, 2024 dismissed reports suggesting that Adani Enterprises Limited (BSE:512599)’s Ambuja Cements Limited (BSE:500425) is evaluating a potential acquisition of the company to expand its presence in the North East. The company labeled the claims as speculative and clarified that no such discussions are underway. In a filing to the stock exchanges, Star Cement stated, “With reference to the news item that appeared in ‘Money Control,’ we hereby clarify that the above-mentioned news item is speculative, and the company is not engaged in any discussions in this regard.” The company further emphasised its commitment to regulatory compliance, saying, “We have always made and will continue to make disclosures in compliance with our obligations under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.” Earlier, MoneyControl had reported that Ambuja Cement, a subsidiary of the Adani Group, was in talks to acquire Star Cement as part of its expansion strategy in the North East, where Star Cement holds a significant market share. The clarification from Star Cement comes amid heightened scrutiny of merger and acquisition activities in India’s cement sector, following Adani Group’s increasing interest in strengthening its position in the industry. Reported Earnings • Oct 30
Second quarter 2025 earnings: EPS in line with analyst expectations despite revenue beat Second quarter 2025 results: EPS: ₹1.85 (down from ₹3.99 in 2Q 2024). Revenue: ₹75.2b (up 1.2% from 2Q 2024). Net income: ₹4.56b (down 43% from 2Q 2024). Profit margin: 6.1% (down from 11% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 5.4%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 4.2% decline forecast for the Basic Materials industry in India. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 12% per year, which means it is tracking significantly ahead of earnings growth. Annonce • Oct 24
Ambuja Cements Limited (BSE:500425) agreed to acquire 37.90% stake in Orient Cement Limited (NSEI:ORIENTCEM) for INR 30.7 billion. Ambuja Cements Limited (BSE:500425) agreed to acquire 37.90% stake in Orient Cement Limited (NSEI:ORIENTCEM) for INR 30.7 billion on October 22, 2024. A cash consideration of INR 30.7 billion valued at INR 395.4 per share will be paid by Ambuja Cements Limited. As part of consideration, INR 30.7 billion is paid towards common equity of Orient Cement Limited. The transaction will be financed through equity investment of INR 30.7 billion.
The transaction is subject to approval of offer by acquirer board and subject to antitrust regulations. The deal has been approved by the board. Annonce • Oct 08
Adani Group Reportedly Lays Bricks to Buy Heidelberg's India Cement Unit Adani Enterprises Limited (BSE:512599) (The Adani Group) has begun talks to acquire the Indian cement operations of Germany's Heidelberg Materials AG (XTRA:HEI), according to people familiar with the matter. The proposed buyout of Heidelberg's India unit will be led by Adani Group company Ambuja Cements Limited (BSE:500425) (Ambuja Cements) and could be worth around $1.2 billion (INR 100.00 billion), they said. If successful, it will accelerate the consolidation wave that's sweeping the industry. Annonce • Aug 17
Ambuja Cements Limited (BSE:500425) completed the acquisition of Penna Cement Industries Limited from promoter group, P. Pratap Reddy and family. Ambuja Cements Limited (BSE:500425) entered into a binding agreement to acquire Penna Cement Industries Limited from promoter group, P. Pratap Reddy and family for an enterprise value of INR 104 billion on June 13, 2024. The acquisition will be fully funded through internal accruals. The existing dealers of Penna will move to Adani Cement’s market network to bring in formidable synergy. Penna Cement Industries Limited reported total revenue of INR 12.41 billion for FY 23-24. The transaction is subject to subject to necessary government / regulatory approvals. The expected completion of the transaction is expected to close within 3-4 months.
Ambuja Cements Limited (BSE:500425) completed the acquisition of Penna Cement Industries Limited from promoter group, P. Pratap Reddy and family on August 16, 2024. Reported Earnings • Aug 01
First quarter 2025 earnings released: EPS: ₹2.67 (vs ₹4.56 in 1Q 2024) First quarter 2025 results: EPS: ₹2.67 (down from ₹4.56 in 1Q 2024). Revenue: ₹83.1b (down 4.6% from 1Q 2024). Net income: ₹6.46b (down 29% from 1Q 2024). Profit margin: 7.8% (down from 10% in 1Q 2024). The decrease in margin was driven by lower revenue. Revenue is expected to fall by 2.3% p.a. on average during the next 3 years compared to a 5.9% decline forecast for the Basic Materials industry in India. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. Annonce • Jun 14
Ambuja Cements Limited (BSE:500425) entered into a binding agreement to acquire Penna Cement Industries Limited from promoter group, P. Pratap Reddy and family for an enterprise value of INR 104 billion. Ambuja Cements Limited (BSE:500425) entered into a binding agreement to acquire Penna Cement Industries Limited from promoter group, P. Pratap Reddy and family for an enterprise value of INR 104 billion on June 13, 2024. The acquisition will be fully funded through internal accruals. The existing dealers of Penna will move to Adani Cement’s market network to bring in formidable synergy. Penna Cement Industries Limited reported total revenue of INR 12.41 billion for FY 23-24. The transaction is subject to subject to necessary government / regulatory approvals. The expected completion of the transaction is expected to close within 3-4 months. Upcoming Dividend • Jun 07
Upcoming dividend of ₹2.00 per share Eligible shareholders must have bought the stock before 14 June 2024. Payment date: 26 July 2024. Payout ratio is a comfortable 11% and this is well supported by cash flows. Trailing yield: 0.3%. Lower than top quartile of Indian dividend payers (1.2%). Lower than average of industry peers (0.5%). Reported Earnings • Jun 01
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: EPS: ₹17.99 (up from ₹9.69 in FY 2023). Revenue: ₹331.6b (up 6.8% from FY 2023). Net income: ₹35.8b (up 86% from FY 2023). Profit margin: 11% (up from 6.2% in FY 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.9%. Earnings per share (EPS) exceeded analyst estimates by 1.2%. Revenue is expected to fall by 13% p.a. on average during the next 3 years compared to a 6.8% decline forecast for the Basic Materials industry in India. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 24% per year, which means it is well ahead of earnings. Reported Earnings • May 02
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: EPS: ₹17.99 (up from ₹9.69 in FY 2023). Revenue: ₹331.6b (up 6.8% from FY 2023). Net income: ₹35.8b (up 86% from FY 2023). Profit margin: 11% (up from 6.2% in FY 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.9%. Earnings per share (EPS) exceeded analyst estimates by 1.2%. Revenue is expected to fall by 20% p.a. on average during the next 2 years compared to a 4.1% decline forecast for the Basic Materials industry in India. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 26% per year, which means it is well ahead of earnings. Annonce • Apr 21
Ambuja Cements Limited to Report Q4, 2024 Results on May 01, 2024 Ambuja Cements Limited announced that they will report Q4, 2024 results on May 01, 2024 New Risk • Apr 20
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 24% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Shareholders have been diluted in the past year (24% increase in shares outstanding). Price Target Changed • Feb 01
Price target increased by 7.6% to ₹530 Up from ₹493, the current price target is an average from 33 analysts. New target price is 6.2% below last closing price of ₹565. Stock is up 60% over the past year. The company is forecast to post earnings per share of ₹11.86 for next year compared to ₹9.69 last year. Reported Earnings • Feb 01
Third quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2024 results: EPS: ₹4.14 (up from ₹2.19 in 3Q 2023). Revenue: ₹81.3b (up 2.8% from 3Q 2023). Net income: ₹8.23b (up 90% from 3Q 2023). Profit margin: 10% (up from 5.5% in 3Q 2023). The increase in margin was primarily driven by higher revenue. Revenue exceeded analyst estimates by 18%. Earnings per share (EPS) missed analyst estimates by 22%. Revenue is expected to fall by 8.8% p.a. on average during the next 3 years compared to a 2.8% decline forecast for the Basic Materials industry in India. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 27% per year, which means it is well ahead of earnings. Annonce • Jan 31
Ambuja Cements Limited Announces Executive Changes Ambuja Cements Limited announced that Mr. Navin Malhotra has been elevated as Chief Sales & Marketing Officer and SMP of the company, effective January 31, 2024. Mr. Diwakar Payal has assumed a new role of Adviser to CEO office' and ceased to act as Chief Sales and Marketing Officer andSMP, effective January 31, 2024. Mr. Navin Malhotra brings with him an experience of over 2 decades working in Corp. Sector with an acumen in Sales, Marketing, Technical and Logistics function. He is a Graduate in Commerce from Lucknow University, 1993 and holds two Post Graduatedegrees in MIBM (Master of International Business Management with specialization in Sales & Marketing) from University of Lucknowand M.B.A. (Finance) from I.G.N.O.U. Annonce • Jan 18
Ambuja Cements Limited to Report Q3, 2024 Results on Jan 31, 2024 Ambuja Cements Limited announced that they will report Q3, 2024 results on Jan 31, 2024 Annonce • Dec 18
Ambuja Cements Limited Announces Investment of INR 6,000 Million in Renewable Power Projects Ambuja Cements Limited has unveiled an audacious goal solidifying its position as a frontrunner in the global arena of sustainable cement production. In a monumental stride towards a greener future, the Company has committed a significant investment of INR 6,000 million in renewable power projects, targeting a capacity of 1,000 MW. This transformative investment encompasses a diverse portfolio of solar and wind power projects strategically positioned across Gujarat and Rajasthan. The lineup includes a 600 MW Solar Power project and 150 MW Wind Power project in Gujarat and a 250 MW Solar Power project in Rajasthan. This will be achieved by Fiscal Year 2026 (200 MW by March'24) in addition to the existing 84 MW of Solar & Wind Power. The investment not only demonstrates commitment to environmental sustainability but also promises compelling economic advantages to Ambuja's planned larger capacity of 140 MPTA. With lower cost of generation from green power, the power cost will come down from INR 1.30 per kWh (20%), which translates into INR 90 PMT of cement for targeted capacity of 140 MTPA by Fiscal Year 2028, accelerating the Company's ESG targets. Additionally, green power will assist in enabling an increased supply of green cement, making it possible for the user industry (inf infrastructure and housing) to go green. Ambuja Cements is also enhancing its Waste Heat Recovery Systems (WHRS) capacity from the current 103 MW to 397 MW over the period of 5 years (134 MW by March'24), which will further reduce the power cost. These initiatives are pivotal part of a broader vision which will help Ambuja achieve the leading share of Green Power amongst its peers, reaching 60% for the planned capacity of 140 MTPA from the current 19%. Annonce • Dec 06
Ambuja Cements Ltd completed the acquisition of 54.51% stake in Sanghi Industries Limited (NSEI:SANGHIIND) from Ravi Sanghi, Anita Sanghi, Ekta Sanghi, Aditya Sanghi, Alok Sanghi, Sanghi Polymers Private Limited, Samruddhi Investors Services Private Limited, Flarezeal Solutions LLP and Thinkfar Tradelink Private Limited. Ambuja Cements Ltd entered into an agreement to acquire 56.74% stake in Sanghi Industries Limited (NSEI:SANGHIIND) from Ravi Sanghi, Anita Sanghi, Ekta Sanghi, Aditya Sanghi, Alok Sanghi, Sanghi Polymers Private Limited, Samruddhi Investors Services Private Limited, Flarezeal Solutions LLP and Thinkfar Tradelink Private Limited for INR 16.74 billion on August 3, 2023. The transaction will close 3-4 months. Ruetveij Pandya, Paridhi Adani, Jeeta Nayak, Avaantika Kakkar, Kirthi Srinivas and Vijay Pratap Singh Chauhan of Cyril Amarchand Mangaldas assisted Ambuja on this acquisition. Abhishek Dadoo, Gaurav Malhotra, Jayantika Khanna and Astha Tambi of Khaitan & Co as a legal advisor for Sanghi Industries Limited.
Ambuja Cements Ltd completed the acquisition of 54.51% stake in Sanghi Industries Limited (NSEI:SANGHIIND) from Ravi Sanghi, Anita Sanghi, Ekta Sanghi, Aditya Sanghi, Alok Sanghi, Sanghi Polymers Private Limited, Samruddhi Investors Services Private Limited, Flarezeal Solutions LLP and Thinkfar Tradelink Private Limited on December 5, 2023. Valuation Update With 7 Day Price Move • Dec 05
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₹509, the stock trades at a forward P/E ratio of 38x. Average forward P/E is 28x in the Basic Materials industry in India. Total returns to shareholders of 104% over the past three years. Reported Earnings • Nov 02
Second quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2024 results: EPS: ₹3.99 (up from ₹0.47 in 2Q 2023). Revenue: ₹79.0b (up 9.1% from 2Q 2023). Net income: ₹7.93b (up ₹7.00b from 2Q 2023). Profit margin: 10.0% (up from 1.3% in 2Q 2023). Revenue exceeded analyst estimates by 22%. Earnings per share (EPS) missed analyst estimates by 4.1%. Revenue is expected to fall by 23% p.a. on average during the next 6 years compared to a 6.0% decline forecast for the Basic Materials industry in India. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Annonce • Oct 24
Ambuja Cements Limited to Report Q2, 2024 Results on Nov 01, 2023 Ambuja Cements Limited announced that they will report Q2, 2024 results on Nov 01, 2023 Annonce • Sep 06
Ambuja Cements Limited Announces Resignation of KA Chowdary as Chief Projects Officer, Effective from the Closing Hours of 8Th September, 2023 Ambuja Cements Limited announced that Mr. KA Chowdary, Chief Projects Officer has resigned from the services of the Company effective from the closing hours of 8th September, 2023. Price Target Changed • Aug 05
Price target increased by 7.1% to ₹469 Up from ₹438, the current price target is an average from 38 analysts. New target price is approximately in line with last closing price of ₹472. Stock is up 23% over the past year. The company is forecast to post earnings per share of ₹12.18 for next year compared to ₹9.69 last year. Annonce • Aug 05
Ambuja Cements Ltd entered into an agreement to acquire 56.74% stake in Sanghi Industries Limited (NSEI:SANGHIIND) from Ravi Sanghi, Anita Sanghi, Ekta Sanghi, Aditya Sanghi, Alok Sanghi, Sanghi Polymers Private Limited, Samruddhi Investors Services Private Limited, Flarezeal Solutions LLP and Thinkfar Tradelink Private Limited for INR 16.74 billion. Ambuja Cements Ltd entered into an agreement to acquire 56.74% stake in Sanghi Industries Limited (NSEI:SANGHIIND) from Ravi Sanghi, Anita Sanghi, Ekta Sanghi, Aditya Sanghi, Alok Sanghi, Sanghi Polymers Private Limited, Samruddhi Investors Services Private Limited, Flarezeal Solutions LLP and Thinkfar Tradelink Private Limited for INR 16.74 billion on August 3, 2023. The transaction will close 3-4 months. Ruetveij Pandya, Paridhi Adani, Jeeta Nayak, Avaantika Kakkar, Kirthi Srinivas and Vijay Pratap Singh Chauhan of Cyril Amarchand Mangaldas assisted Ambuja on this acquisition. Abhishek Dadoo of Khaitan & Co acted for Sanghi Industries in this deal. Annonce • Aug 04
Ambuja Cements to Make INR 7,670 Million Open Offer to Acquire 26% in Sanghi Industries Ambuja Cements Limited, (BSE:500425) an Adani Group company, has made a INR 7,670 million open offer to acquire up to 67.1 million equity shares or 26% stake of Sanghi Industries Limited (NSEI:SANGHIIND) shares at INR 114.22 a piece. The offer follows Ambuja Cements acquiring 56.74% shares of SIL at an enterprise value of INR 50,000 million from its existing promoter group, Ravi Sanghi & family. Ambuja Cements has proposed to fund the deal through internal accruals. Ambuja Cements will also pump in INR 3,000 million as inter corporate deposit agreement to meet the general corporate purposes of Sanghi Industries. Gautam Adani, Chairman of the Adani Group, said the deal will help Ambuja expand its market presence, strengthen its product portfolio, and reinforce its position as a leader in the construction materials sector. With this acquisition, the Adani Group is on course to achieving its target of 140 MTPA of cement manufacturing capacity by 2028, ahead of time. The acquisition of SIL will enhance Ambuja Cements capacity to 73.6 MTPA from 67.5 MTPA. With a 14 MTPA capex and the commissioning of 5.5 MTPA capacity at Dahej and Ametha by Second Quarter of Fiscal 2024, the Adani Group’s capacity will be 101 MTPA by 2025.