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Ambuja Cements posts record Q2, lifts FY28 capacity target

PAT rises to Rs 23.02 bn; volumes up 20%; margin widens 450 bps

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Ahmedabad, recently — Ambuja Cements, part of the Adani Portfolio, reported a strong Q2 FY26 performance with consolidated PAT of Rs 23.02 billion (up 364 per cent year on year), highest-ever Q2 sales volume of 16.6 million tonnes (up 20 per cent) and revenue of Rs 91.74 billion (up 21 per cent). EBITDA rose to Rs 17.61 billion with a margin of 19.2 per cent, while EBITDA per tonne reached Rs 1,060 (up 32 per cent). EPS stood at Rs 7.2 (up 267 per cent). The PAT figure includes an income-tax provision reversal of Rs 16.97 billion.
The company raised its FY28 capacity goal by 15 MTPA to 155 MTPA, largely through low-capex debottlenecking at about USD 48 per tonne. Thirteen new blenders are being installed to optimise product mix and lift the share of premium cement, and logistics debottlenecking is expected to add around three per cent utilisation to the existing 107 MTPA base over 24 months.
On projects, a 4 MTPA kiln at Bhatapara has begun trial runs, the 2 MTPA Krishnapatnam grinding unit has been operationalised, and an additional 7 MTPA across three locations is slated for Q3. Renewable power capacity reached 673 MW after commissioning 200 MW, with targets of 900 MW by year-end and 1,122 MW by FY27.
Cost discipline continued: kiln fuel, power and logistics costs declined year on year; green power share of consumption rose to 32.9 per cent; and logistics cost stood at Rs 1,224 per tonne. Management reiterated end-FY26 total cost guidance of about Rs 4,000 per tonne and a pathway to Rs 3,650 per tonne by FY28, supported by higher coal share, newer assets, shorter lead distances (including a growing sea-logistics share), and long-term fly ash/slag tie-ups.
Strategically, Ambuja launched CiNOC (Cement Intelligent Network Operations Centre) to embed AI across sales, production and logistics; deepened engagements with CONCOR, CREDAI and 400+ academic partners; and ordered seven vessels totalling 65,800 DWT to lift coastal movement to five per cent. The company remains debt-free with net worth of Rs 694.93 billion and the highest Crisil ratings (AAA/Stable; A1+).

Concrete

UltraTech becomes first Indian cement firm to cross 2 GW green energy

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UltraTech Cement has crossed 2 GW of captive green energy capacity, with renewables and waste heat recovery meeting 48 per cent of its power needs.

Mumbai

UltraTech Cement Limited has surpassed 2 GW of installed green energy capacity for captive use, becoming the first cement company in India to achieve the milestone. The Aditya Birla Group company commissioned 116.55 MW of wind capacity at its Inter-State Transmission System-connected wind-solar hybrid project in Barmer, Rajasthan, along with 10 MW of Waste Heat Recovery System capacity at Sarlanagar Cement Works in Karnataka.

With these additions, UltraTech’s cumulative installed green energy capacity has reached 2,024 MW. This includes 1,580 MW of renewable energy capacity and 444 MW of waste heat recovery capacity, together meeting around 48 per cent of the company’s current power requirements.

The company said the milestone reflects the progress of its long-term energy transition strategy. In FY27 so far, nearly one-third of UltraTech’s 76 manufacturing units in India have maintained green energy utilisation above 50 per cent of their electricity requirements, while five units have crossed 95 per cent.

K C Jhanwar, Managing Director, UltraTech Cement Limited, said, “Crossing the 2 GW green energy milestone is the result of a strategy we have pursued consistently over the past decade. Cement is an energy-intensive, hard-to-abate sector, and showing that reliability and growth can go hand in hand with a rapid shift to green energy sets a benchmark for the industry. With nearly half of our power needs now met through green energy, we are significantly less exposed to fossil fuel supply constraints and power price volatility. As we scale up renewables, waste heat recovery and battery storage across our operations, we are building an energy foundation for stable, long-term growth.”

UltraTech commissioned 430 MW of green energy capacity in FY26 and continues to expand its renewable energy and waste heat recovery portfolio.

The company is also progressively integrating Battery Energy Storage Systems across its operations to improve renewable energy utilisation and supply reliability.

In 2025, UltraTech operationalised what it described as India’s first on-site hybrid round-the-clock renewable energy project at Sewagram Cement Works in Gujarat. The project combines solar, wind and battery storage.

As part of its decarbonisation strategy, UltraTech said it has not invested in new captive thermal power capacity for either greenfield projects or brownfield expansions at its integrated units for more than a decade.

The company said its expanding green energy portfolio is helping reduce dependence on conventional grid electricity and fossil fuel-based power, while lowering exposure to fluctuations in coal and electricity prices.

UltraTech aims to increase green energy’s share in its total power mix to 85 per cent by 2030. As a member of RE100, it has also committed to meeting 100 per cent of its electricity requirement through renewable sources by 2050.

UltraTech Cement, the cement flagship of the Aditya Birla Group, has a total grey cement capacity of 210.1 MTPA and white cement and putty capacity of 3.5 MTPA. The company is also a signatory to the GCCA Climate Ambition 2050 and has committed to the GCCA Net Zero Concrete roadmap.

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Concrete

Shiva Cement Merges with JSW Cement

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JSW Cement has announced a scheme of arrangement to merge its listed subsidiary Shiva Cement with itself, creating a single unified cement platform. The boards of both companies have approved the proposal, which will require clearances from stock exchanges, the Securities and Exchange Board of India, the National Company Law Tribunal, Odisha Industrial Infrastructure Development Corporation and other applicable authorities.

The transaction is expected to be completed within 12 to 14 months, subject to the necessary approvals from regulators, shareholders and creditors. Under the scheme, JSW Cement will issue 5 equity shares with a face value of Rs. 10 each for every 41 equity shares with a face value of Rs. 2 each held by Shiva Cement shareholders other than JSW Cement.

The company said the merger would consolidate financial, managerial, technical, distribution and marketing resources while reducing administrative duplication and compliance requirements. It would also provide greater funding flexibility, potentially lower financing costs and eliminate inter-company guarantees.

The consolidation is expected to strengthen backward integration by enabling JSW Cement to use Shiva Cement’s clinker manufacturing facility. This would reduce dependence on external clinker procurement and improve supply-chain efficiency. Public shareholders of Shiva Cement would receive direct ownership in JSW Cement, which has a broader institutional investor base and a more liquid listed presence.

JSW Cement acquired a controlling stake in Shiva Cement through transactions that began in January 2017. Shiva Cement operates a clinker facility in Odisha, near the borders of Odisha, Chhattisgarh and Jharkhand, and commissioned a 1 mtpa cement grinding unit at Sambalpur in FY26 through a commercial arrangement with Bhushan Power and Steel.

JSW Cement has 24.10 mtpa of cement grinding capacity and 9.74 mtpa of clinkerisation capacity. Its Indian operations comprise nine plants, including two integrated units, one clinker unit and six grinding units. The proposed merger is intended to simplify the corporate structure and align the financial statements of the two companies.

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UltraTech’s Kukurdih unit runs fully on green energy

The Chhattisgarh plant has met 100 per cent of its electricity needs through green energy since April 2026.

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UltraTech Cement’s Kukurdih Cement Works in Chhattisgarh has met 100 per cent of its electricity requirement through green energy every month since April 2026. Commissioned in 2024, the integrated cement manufacturing unit has an installed grey cement capacity of 3.3 million tonnes per annum.
The plant meets its electricity requirement through a combination of renewable power sourcing and Waste Heat Recovery Systems (WHRS). UltraTech said the combination enables the unit to meet its power needs through green energy while maintaining operational reliability.
Since April 2026, nearly a third of UltraTech’s 76 manufacturing units in India have maintained green energy utilisation above 50 per cent of their electricity requirement. Five units, including Kukurdih, have exceeded 95 per cent green energy utilisation.
The company is also progressively deploying Battery Energy Storage Systems (BESS) across its manufacturing network to support greater integration of renewable energy. UltraTech said it has not invested in new captive thermal power capacity at its integrated units, including greenfield projects and brownfield expansions, for more than 10 years.
As of Q1FY27, UltraTech’s captive green energy capacity stood at 1,897 MW, comprising 1,463 MW of renewable capacity from solar, wind and hybrid sources, and 434 MW of WHRS capacity.
Under its RE100 commitment, the company aims to increase the share of green power in its total power mix to 85 per cent by 2030 and 100 per cent by 2050.

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