Ambuja Cements

“Volumes are expected to grow ahead of the industry in second half of FY27, supported by accelerated trade volumes and calibrated institutional sales.”

“And now in Q3 and Q4, both of them will start becoming positive and therefore, the overall volume growth will be positive.”

“But although the effort will be to move above the double digit, but as of now, higher single digit will be what we will be looking at.”

“And therefore, I would up my bet on a higher degree of trade growth in Q3 and Q4.”

“So yes, so almost like INR7,500 crores per year for these investments.”

“we are looking at almost sort of like 14 months for GU and about 18 months for IU on a completion basis”

“And I'm going to give you an update with the completion, which is expected in coming 4 to 5 months' time.”

“So as you know, that -- so the Maratha Line-2 already is in advanced stages. And in next couple of quarters, you will see Maratha up and running.”

“because most of them are, say, brownfield expansion and therefore, the risk on the construction also substantially comes down.”

“So Penna, for example, and Sanghi, let us say closer to about, say, 50% ballpark.”

“In terms of WHRS, for example, 18 megawatt coming up in Sanghi in Q3 and some of the AFR.”

“In Q2, it has been a little low around, say, 61%, 62%.”

“I mean, like West has been my predominant 50% is actually coming in West.”

“Yes. So Ashish, a couple of million tons here and there because we are still trying to actually do a proper detailed engineering and see that how cost can be reduced for those plants. But maybe 2-3 million here and there, you can consider that in the fragment.”

“Our ready-mix concrete business achieved quarterly volume of 1.07 million cubic meters, up 19% Y-on-Y with current network of almost 125 plants. We expect the pace of growth in the ready-mix concrete business to accelerate in the coming quarters.”

“But so far as the institutional business is concerned, we wanted to recalibrate that. The negative EBITDA volumes, for example, we have sacrificed.”

“We have got both the kilns absolutely up and running now. And you will see a very substantial improvement in Sanghi utilization as well as cost efficiencies.”

“Yes, I think closer to 7%.”

“Trade volumes increased by 8.6% Y-on-Y, while trade share rose by 6% to 74%.”

“I think we have been very clearly highlighting we are not going to lose market share.”

“At the same time, structural demand remains supported by infrastructure spending, urbanization, rural housing and industrial activity.”

“And you know that Rajesh, many of the governments now are actually promoting blended cement. They're actually promoting green cement. In fact, I have the opportunity to take the leadership in terms of green cement.”

“industry is going to pass on some of this cost to the customers if they are going beyond the reasonable levels.”

“Premium products increased by 2% to 37% of trade sales, while share of blended cement improved from 77% to 82%.”

“Price has sustained at INR255 per bag in otherwise a leaner monsoon quarter. Meanwhile, we have seen a good traction this month where we already have realized INR10 per bag.”

“Green power share stood at 61%, while the net power cost was INR4.8 per unit compared with this INR6 per unit in Q2 of FY26 and INR4.3 per unit in Q1 of FY27.”

“We expect the share of renewable power consumption to increase in the second half, further supporting in terms of lower power costs.”

“Logistics costs were moderately higher year-on-year due to higher diesel costs, which has been partly offset by the reduction in the primary lead from 265 kilometer to 254 kilometer.”

“Better receivables and inventory management has helped to improve the business working capital cycle by 10 days, which is expected to sustain and help to further improve profitability in the coming quarters.”

“Cash and cash equivalents of INR1,070 crores. We continue to remain debt-free with highest rating of AAA long-term and short-term A1+, which provides enough financial strength to support our expansion program.”

“So Pinakin, honestly, for example, if you ask me, this is like a completely self-sustainable capex program.”

“You point would have been about the ICD of ACC that is anyways now with the merger and all, and that is also carrying at 8% interest rate.”

“But for any specific reasons of any interim requirement of any funds, I think balance sheet is strong enough to handle that part, and which will be purely an interim kind of a line.”

“Subject to the requisite regulatory, statutory and NCLT approvals, we expect completion of the mergers within this financial year.”

“In addition, to simplify the corporate structure, the proposed merger is expected to be earnings per share accretive.”

“The whole idea is basically with this merger, which you can hear. Therefore, you have the tax shield of Penna and all.”

“And you are right, the states have actually declared drought. So obviously, there will be repercussion of that and maybe with some lag.”

“Looking ahead, the near-term conditions remains challenging amid the geopolitical conflicts, global uncertainties and the higher energy costs with weaker monsoon as well.”

“We'll see through that. I think -- but as of now, we haven't faced that problem.”

“Ambuja Cements delivered a resilient second quarter performance for FY27, reflecting its focus on quality growth despite the headwinds of elevated fuel and logistics costs.”

“Operating conditions remain challenging with the geopolitical conflicts, monsoon-related headwinds, higher energy costs, global uncertainty and the constraints in domestic coal availability.”

“The key highlights, cement sales volume of 16.5 million metric ton, revenue from operations of INR9,197 crores”

“EBITDA of INR1,271 crores, EBITDA margin of almost 14%, EBITDA per metric ton of INR770, PAT of INR236 crores, net worth of INR72,238 crores.”

“Mostly, yes. In fact, when it comes to Northeast, you will have a little higher degree of incentives, and so is when it comes to UP.”

“The revenue coming from the green power sales is closer to INR136 crores for the second quarter.”

“So in terms of the units which we have sold is closer to 352 million kWh units.”