Ambuja Cements (500425) Q4 24/25 earnings summary

Executive summary

• Achieved over 100 million tons cement capacity, becoming the ninth-largest globally in just 13 months, with a target of 140 million tons by FY 2028 through organic and inorganic growth, including the acquisition of Orient Cement in April 2025.

• Highest ever quarterly and annual volumes, with Q4 FY 2025 volume at 18.7 MnT (up 13% YoY) and FY 2025 volume at 65.2 MnT (up 10% YoY).

• Major leadership changes: Vinod Bahety elevated to CEO, Rakesh Tiwary as CFO, and Ajay Kapur as MD, with a focus on talent development and digital transformation.

• Major acquisitions completed: Penna Cement (99.94% stake), Orient Cement (46.66% stake), and expansion of cement capacity beyond 100 MTPA.

• Strong ESG focus, with ACC becoming the first large-scale Indian cement company with SBTi-validated net-zero targets.

Financial highlights

• Q4 FY 2025 revenue at INR 9,889 crore, up 11% year-on-year; annual revenue at INR 35,045 crore, highest ever.

• Q4 EBITDA at INR 1,868 crore (19% margin), EBITDA per ton at INR 1,001; annual EBITDA at INR 5,971 crore.

• Q4 FY 2025 PAT was INR 1,282 crore (down 16% YoY); FY 2025 PAT was INR 5,158 crore (up 9% YoY).

• Consolidated net profit for FY25: ₹5,158.41 crore, up from ₹4,734.63 crore in FY24.

• Cash and cash equivalents at INR 10,125 crore as of March 31, 2025.

Outlook and guidance

• Targeting 118 million tons capacity by FY 2026 and 140 million tons by FY 2028, with clear project blueprints and land acquisitions underway.

• Cost reduction roadmap to achieve INR 3,650 per ton by FY 2028, with INR 150-175 per ton already achieved and further INR 300-325 per ton expected by FY 2028.

• Premium product share targeted to reach 35% by FY 2026, up from 29% in Q4.

• Focus on increasing green power share to 60% and TSR to 27% by 2028.

• Dividend payout and continued investment in new projects signal confidence in future cash flows.