External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>We interacted with the CEO and leadership team of Ambuja Cements (ACEM) during our Marwar Mundwa plant visit</li><li>The team appeared energized with defined goals such as: (1) capacity expansion and distribution-led market gains and (2) investment-led major opex reduction by FY28E</li><li>ACEM will be adding ~40mn MT capacities and is optimistic of reducing its opex by ~INR 500/MT by FY28E-end</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We interacted with the CEO and leadership team of Ambuja Cements (ACEM) during our Marwar Mundwa plant visitThe team appeared energized with defined goals such as: (1) capacity expansion and distribution-led market gains and (2) investment-led major opex reduction by FY28EACEM will be adding ~40mn MT capacities and is optimistic of reducing its opex by ~INR 500/MT by FY28E-endContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Ambuja Cement: Targets Set, Execution Underway! Maintain ADD

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Capacity expansion to drive volume and revenue growth: The company is increasing its capacity from 100 MTPA (including 8.5 MTPA from Orient Cement) to 118 MTPA by FY26.</li><li>It is also targeting 140 MTPA by FY28 through additional expansion.</li><li>This capacity growth is expected to support sustained momentum, with volume and revenue projected to grow at 11% and 10% CAGR over FY24–FY27E.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Capacity expansion to drive volume and revenue growth: The company is increasing its capacity from 100 MTPA (including 8.5 MTPA from Orient Cement) to 118 MTPA by FY26.It is also targeting 140 MTPA by FY28 through additional expansion.This capacity growth is expected to support sustained momentum, with volume and revenue projected to grow at 11% and 10% CAGR over FY24–FY27E.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Ambuja Cements Limited - Strong Volume Growth; Cost Optimisation Progressing Well

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

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Read Business Not Stock Prices

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ambuja-cements-ltd" target="_blank" data-smartkarma-citation="entities:14745:1" rel="noopener">Ambuja Cements (ACEM IN)</a>, established in 1983 by traders Narotam Sekhsaria and Suresh Neotia, leveraged strategic foresight to become a premier Indian cement giant within the diversified Adani Group.</li>
<li>In 2022, Adani acquired Ambuja Cement at INR 385/share, valuing it at INR 49,620 crore ($6.4 billion), at EBITDA/ton levels (INR900-INR1,000) similar to the company's current performance.</li>
<li>Ambuja Cement is strategically positioned to achieve a substantial 44% increase in its cement production capacity by FY28, reaching a total of 140 MTPA from the current 97 MTPA.</li>
</ul>



Ambuja Cements (ACEM IN), established in 1983 by traders Narotam Sekhsaria and Suresh Neotia, leveraged strategic foresight to become a premier Indian cement giant within the diversified Adani Group.
In 2022, Adani acquired Ambuja Cement at INR 385/share, valuing it at INR 49,620 crore ($6.4 billion), at EBITDA/ton levels (INR900-INR1,000) similar to the company's current performance.
Ambuja Cement is strategically positioned to achieve a substantial 44% increase in its cement production capacity by FY28, reaching a total of 140 MTPA from the current 97 MTPA.


The Beat Ideas: Adani Cements:  Massive 140 MTPA Capacity Expansion, A Roadmap to FY28

<ul><li>Capacity expansion to drive volume and revenue growth: The company is expanding its capacity from the current 97 MTPA (including 8.5 MTPA of Orient Cement) to 118 MTPA, with the ongoing expansion set to be completed in phases over FY25-FY26.</li><li>Additionally, it is exploring further growth opportunities to achieve a combined capacity of 140 MTPA by FY28.</li><li>This expansion is expected to support the company’s sustained growth momentum. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Capacity expansion to drive volume and revenue growth: The company is expanding its capacity from the current 97 MTPA (including 8.5 MTPA of Orient Cement) to 118 MTPA, with the ongoing expansion set to be completed in phases over FY25-FY26.Additionally, it is exploring further growth opportunities to achieve a combined capacity of 140 MTPA by FY28.This expansion is expected to support the company’s sustained growth momentum. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Ambuja Cements Limited - Beat Largely Driven By Higher Incentives & Other Income

Thematic (Sector/Industry)

<ul><li>Companies under our coverage delivered YoY growth of 16% in volume, 22% in revenue, 60% in EBITDA, and 195% in PAT, beating our expectations.</li><li>This compares to forecasted growth of 8% in volume, 13% in revenue, 47% in EBITDA, and 68% in PAT.</li><li>EBITDA/tonne during the quarter improved notably. EBITDA margins expanded by 400 bps YoY, supported by higher volumes and realisation, which grew by 16% and 4.5% respectively. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Companies under our coverage delivered YoY growth of 16% in volume, 22% in revenue, 60% in EBITDA, and 195% in PAT, beating our expectations.This compares to forecasted growth of 8% in volume, 13% in revenue, 47% in EBITDA, and 68% in PAT.EBITDA/tonne during the quarter improved notably. EBITDA margins expanded by 400 bps YoY, supported by higher volumes and realisation, which grew by 16% and 4.5% respectively. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Top Conviction Ideas - “Consolidated Q2FY26”

India

Ambuja Cements Limited manufactures cement in India. The Company owns specially designed ships and terminals for bulk transportation of its products. Ambuja Cement sells most of its products domestically, but also has a subsidiary that markets the Group's items in Sri Lanka.

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Ambuja Cements (ACEM IN)

Ambuja Cement: Targets Set, Execution Underway! Maintain ADD

The team appeared energized with defined goals such as: (1) capacity expansion and distribution-led market gains and (2) investment-led major opex...

HDFC Securities

Ambuja Cements Limited - Strong Volume Growth; Cost Optimisation Progressing Well

Capacity expansion to drive volume and revenue growth: The company is increasing its capacity from 100 MTPA (including 8.5 MTPA from Orient Cement)...

Axis Direct

The Beat Ideas: Adani Cements: Massive 140 MTPA Capacity Expansion, A Roadmap to FY28

Ambuja Cements, founded by Sekhsaria and Neotia, was acquired by Adani in 2022 for INR 49,620 crore, with plans to increase production capacity to...

Sudarshan Bhandari

Ambuja Cements Limited - Beat Largely Driven By Higher Incentives & Other Income

The company is expanding its capacity from the current 97 MTPA (including 8.5 MTPA of Orient Cement) to 118 MTPA, with the ongoing expansion set to...

Axis Direct

Top Conviction Ideas - “Consolidated Q2FY26”

Companies under our coverage delivered YoY growth of 16% in volume, 22% in revenue, 60% in EBITDA, and 195% in PAT, beating our expectations.

Axis Direct

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Ambuja Cement: Targets Set, Execution Underway! Maintain ADD

The team appeared energized with defined goals such as: (1) capacity expansion and distribution-led market gains and (2) investment-led major opex...

HDFC Securities

Ambuja Cements Limited - Strong Volume Growth; Cost Optimisation Progressing Well

Capacity expansion to drive volume and revenue growth: The company is increasing its capacity from 100 MTPA (including 8.5 MTPA from Orient Cement)...

Axis Direct

The Beat Ideas: Adani Cements: Massive 140 MTPA Capacity Expansion, A Roadmap to FY28

​Ambuja Cements, founded by Sekhsaria and Neotia, was acquired by Adani in 2022 for INR 49,620 crore, with plans to increase production capacity to...

Sudarshan Bhandari

Ambuja Cements Limited - Beat Largely Driven By Higher Incentives & Other Income

The company is expanding its capacity from the current 97 MTPA (including 8.5 MTPA of Orient Cement) to 118 MTPA, with the ongoing expansion set to...

Axis Direct

Top Conviction Ideas - “Consolidated Q2FY26”

Companies under our coverage delivered YoY growth of 16% in volume, 22% in revenue, 60% in EBITDA, and 195% in PAT, beating our expectations.

Axis Direct

Ambuja Cements, founded by Sekhsaria and Neotia, was acquired by Adani in 2022 for INR 49,620 crore, with plans to increase production capacity to...